VDB MARCONI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VDB MARCONI
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-81.5%), from €1.7m to €308,351
- Tangible fixed assets +€806,560
up €806,560 (+41.4%), from €1.9m to €2.8m
- Current investments +€550,000
new in 2025: €550,000
- Cash +€53,488
new in 2025: €53,488
mainly Receivables within one year (+€1.4m) and Depreciation (+€108,218)
- Trade debts +€52,974
new in 2025: €52,974
- Gross operating margin +€117,225
up €117,225 (+919%), from €12,750 to €129,975
- Financial income -€74,943
down €74,943 (-94.5%), from €79,295 to €4,352
- Depreciation +€25,498
up €25,498 (+30.8%), from €82,721 to €108,218
- Other operating charges +€20,388
new in 2025: €20,388
- Financial charges -€5,083
down €5,083 (-9.2%), from €55,316 to €50,233
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,196,605 | €5,238,674 | +€42,070 | +0.8% |
| Fixed assets | 21/28 | €3,515,923 | €4,322,483 | +€806,560 | +22.9% |
| Tangible fixed assets | 22/27 | €1,945,865 | €2,752,425 | +€806,560 | +41.4% |
| Land and buildings | 22 | €1,945,865 | €2,752,425 | +€806,560 | +41.4% |
| Financial fixed assets | 28 | €1,570,058 | €1,570,058 | = | 0.0% |
| Current assets | 29/58 | €1,680,682 | €916,191 | -€764,491 | -45.5% |
| Amounts receivable within one year | 40/41 | €1,667,932 | €308,351 | -€1.4m | -81.5% |
| Other amounts receivable | 41 | €1,667,932 | €308,351 | -€1.4m | -81.5% |
| Current investments | 50/53 | - | €550,000 | +€550,000 | |
| Cash at bank and in hand | 54/58 | - | €53,488 | +€53,488 | |
| Deferred charges and accrued income | 490/1 | €12,750 | €4,352 | -€8,398 | -65.9% |
| Total equity and liabilities | 10/49 | €5,196,605 | €5,238,674 | +€42,070 | +0.8% |
| Equity | 10/15 | €4,451,569 | €4,407,056 | -€44,513 | -1.0% |
| Contributions | 10/11 | €1,351,409 | €1,351,409 | = | 0.0% |
| Reserves | 13 | €3,146,152 | €3,146,152 | = | 0.0% |
| Distributable reserves | 133 | €3,146,152 | €3,146,152 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,992 | -€90,504 | -€44,513 | -96.8% |
| Amounts payable | 17/49 | €745,036 | €831,618 | +€86,582 | +11.6% |
| Amounts payable within one year | 42/48 | €689,720 | €781,415 | +€91,695 | +13.3% |
| Trade debts | 44 | - | €52,974 | +€52,974 | |
| Suppliers | 440/4 | - | €52,974 | +€52,974 | |
| Other amounts payable | 47/48 | €689,720 | €728,441 | +€38,721 | +5.6% |
| Accrued charges and deferred income | 492/3 | €55,316 | €50,203 | -€5,113 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,721 | €108,218 | +€25,498 | +30.8% |
| Other operating charges | 640/8 | - | €20,388 | +€20,388 | |
| Gross operating margin | 9900 | €12,750 | €129,975 | +€117,225 | +919% |
| Operating profit (loss) | 9901 | -€69,971 | €1,369 | +€71,339 | |
| Financial income | 75/76B | €79,295 | €4,352 | -€74,943 | -94.5% |
| Recurring financial income | 75 | €79,295 | €4,352 | -€74,943 | -94.5% |
| Financial charges | 65/66B | €55,316 | €50,233 | -€5,083 | -9.2% |
| Recurring financial charges | 65 | €55,316 | €50,233 | -€5,083 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€45,992 | -€44,513 | +€1,479 | +3.2% |
| Profit (loss) for the period | 9904 | -€45,992 | -€44,513 | +€1,479 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,992 | -€44,513 | +€1,479 | +3.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.