VDB Michiel: 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 Michiel
Largest movements
- Cash +€13,733
up €13,733 (+89.2%), from €15,400 to €29,133
mainly Net result for the year (+€21,578) and Depreciation (+€9,132)
- Tangible fixed assets -€9,132
down €9,132 (-23.7%), from €38,480 to €29,348
- Debts after one year -€30,825
down €30,825 (-29.5%), from €104,477 to €73,652
- Profit (loss) carried forward +€21,578
up €21,578 (+23.7%), from €90,972 to €112,550
- Short-term financial debts +€3,353
new in 2025: €3,353
- Trade debts +€2,810
up €2,810, from €0 to €2,810
- Depreciation +€1,952
up €1,952 (+27.2%), from €7,181 to €9,132
- Gross operating margin -€1,577
down €1,577 (-3.3%), from €47,680 to €46,103
- Financial charges +€1,389
up €1,389 (+28.6%), from €4,855 to €6,244
- Other operating charges +€881
up €881 (+156.4%), from €563 to €1,445
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.
Cash bridge derived
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 | €268,448 | €272,375 | +€3,927 | +1.5% |
| Fixed assets | 21/28 | €225,981 | €216,849 | -€9,132 | -4.0% |
| Tangible fixed assets | 22/27 | €38,480 | €29,348 | -€9,132 | -23.7% |
| Leasing and similar rights | 25 | €38,480 | €29,348 | -€9,132 | -23.7% |
| Financial fixed assets | 28 | €187,501 | €187,501 | = | 0.0% |
| Current assets | 29/58 | €42,467 | €55,526 | +€13,059 | +30.8% |
| Amounts receivable within one year | 40/41 | €23,743 | €23,046 | -€697 | -2.9% |
| Trade receivables | 40 | €20,886 | €20,570 | -€316 | -1.5% |
| Other amounts receivable | 41 | €2,857 | €2,476 | -€381 | -13.3% |
| Cash at bank and in hand | 54/58 | €15,400 | €29,133 | +€13,733 | +89.2% |
| Deferred charges and accrued income | 490/1 | €3,324 | €3,347 | +€23 | +0.7% |
| Total equity and liabilities | 10/49 | €268,448 | €272,375 | +€3,927 | +1.5% |
| Equity | 10/15 | €105,972 | €127,550 | +€21,578 | +20.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,972 | €112,550 | +€21,578 | +23.7% |
| Amounts payable | 17/49 | €162,476 | €144,825 | -€17,651 | -10.9% |
| Amounts payable after more than one year | 17 | €104,477 | €73,652 | -€30,825 | -29.5% |
| Financial debts | 170/4 | €104,477 | €73,652 | -€30,825 | -29.5% |
| Amounts payable within one year | 42/48 | €57,999 | €69,239 | +€11,240 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €26,630 | €29,172 | +€2,542 | +9.5% |
| Financial debts | 43 | - | €3,353 | +€3,353 | |
| Credit institutions | 430/8 | - | €3,353 | +€3,353 | |
| Trade debts | 44 | €0 | €2,810 | +€2,810 | |
| Suppliers | 440/4 | €0 | €2,810 | +€2,810 | |
| Taxes, remuneration and social security | 45 | €635 | €2,074 | +€1,439 | +226.7% |
| Taxes | 450/3 | €635 | €2,074 | +€1,439 | +226.7% |
| Other amounts payable | 47/48 | €30,735 | €31,829 | +€1,095 | +3.6% |
| Accrued charges and deferred income | 492/3 | - | €1,934 | +€1,934 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,181 | €9,132 | +€1,952 | +27.2% |
| Other operating charges | 640/8 | €563 | €1,445 | +€881 | +156.4% |
| Gross operating margin | 9900 | €47,680 | €46,103 | -€1,577 | -3.3% |
| Operating profit (loss) | 9901 | €39,936 | €35,526 | -€4,410 | -11.0% |
| Financial charges | 65/66B | €4,855 | €6,244 | +€1,389 | +28.6% |
| Recurring financial charges | 65 | €4,855 | €6,244 | +€1,389 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €35,081 | €29,282 | -€5,799 | -16.5% |
| Income taxes | 67/77 | €7,549 | €7,704 | +€155 | +2.1% |
| Profit (loss) for the period | 9904 | €27,532 | €21,578 | -€5,954 | -21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,532 | €21,578 | -€5,954 | -21.6% |
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 10 October 2026 via checked.be.