VDB ORTHO: 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 ORTHO
Largest movements
- Cash +€76,747
up €76,747 (+52.4%), from €146,354 to €223,102
mainly Net result for the year (+€163,022) and Short-term financial debts (+€35,000)
- Current investments +€59,653
up €59,653 (+59.7%), from €100,000 to €159,653
- Receivables within one year +€47,760
up €47,760 (+30.9%), from €154,711 to €202,471
of which Other amounts receivable: +€24,914
- Receivables after one year +€30,000
up €30,000 (+100%), from €30,000 to €60,000
- Tangible fixed assets -€26,973
down €26,973 (-8.7%), from €310,574 to €283,602
of which Furniture and vehicles: -€19,007
- Reserves +€163,022
up €163,022 (+38.2%), from €427,058 to €590,079
- Short-term financial debts +€35,000
new in 2025: €35,000
- Debts after one year -€15,806
down €15,806 (-8.5%), from €185,500 to €169,694
- Current portion of long-term debt -€15,672
down €15,672 (-49.8%), from €31,478 to €15,806
- Tax, wage and social debts +€13,257
up €13,257 (+52.5%), from €25,257 to €38,514
- Gross operating margin +€43,167
up €43,167 (+18.4%), from €234,735 to €277,902
- Other operating charges +€9,009
up €9,009 (+363%), from €2,481 to €11,490
- Taxes +€7,450
up €7,450 (+11.3%), from €65,922 to €73,372
- Depreciation +€3,695
up €3,695 (+13.7%), from €26,879 to €30,574
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 | €744,112 | €928,828 | +€184,716 | +24.8% |
| Fixed assets | 21/28 | €310,574 | €283,602 | -€26,973 | -8.7% |
| Tangible fixed assets | 22/27 | €310,574 | €283,602 | -€26,973 | -8.7% |
| Land and buildings | 22 | €246,876 | €239,653 | -€7,223 | -2.9% |
| Plant, machinery and equipment | 23 | €11,419 | €10,676 | -€742 | -6.5% |
| Furniture and vehicles | 24 | €52,280 | €33,273 | -€19,007 | -36.4% |
| Current assets | 29/58 | €433,538 | €645,226 | +€211,689 | +48.8% |
| Amounts receivable after more than one year | 29 | €30,000 | €60,000 | +€30,000 | +100% |
| Other amounts receivable | 291 | €30,000 | €60,000 | +€30,000 | +100% |
| Amounts receivable within one year | 40/41 | €154,711 | €202,471 | +€47,760 | +30.9% |
| Trade receivables | 40 | €82,431 | €105,277 | +€22,846 | +27.7% |
| Other amounts receivable | 41 | €72,280 | €97,194 | +€24,914 | +34.5% |
| Current investments | 50/53 | €100,000 | €159,653 | +€59,653 | +59.7% |
| Cash at bank and in hand | 54/58 | €146,354 | €223,102 | +€76,747 | +52.4% |
| Deferred charges and accrued income | 490/1 | €2,472 | - | -€2,472 | |
| Total equity and liabilities | 10/49 | €744,112 | €928,828 | +€184,716 | +24.8% |
| Equity | 10/15 | €445,658 | €608,679 | +€163,022 | +36.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €427,058 | €590,079 | +€163,022 | +38.2% |
| Distributable reserves | 133 | €427,058 | €590,079 | +€163,022 | +38.2% |
| Provisions and deferred taxes | 16 | €45,500 | €45,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €45,500 | €45,500 | = | 0.0% |
| Pensions and similar obligations | 160 | €45,500 | €45,500 | = | 0.0% |
| Amounts payable | 17/49 | €252,955 | €274,648 | +€21,694 | +8.6% |
| Amounts payable after more than one year | 17 | €185,500 | €169,694 | -€15,806 | -8.5% |
| Financial debts | 170/4 | €185,500 | €169,694 | -€15,806 | -8.5% |
| Amounts payable within one year | 42/48 | €61,129 | €104,955 | +€43,826 | +71.7% |
| Current portion of amounts payable after more than one year | 42 | €31,478 | €15,806 | -€15,672 | -49.8% |
| Financial debts | 43 | - | €35,000 | +€35,000 | |
| Credit institutions | 430/8 | - | €35,000 | +€35,000 | |
| Trade debts | 44 | €4,394 | €15,635 | +€11,241 | +256% |
| Suppliers | 440/4 | €4,394 | €15,635 | +€11,241 | +256% |
| Taxes, remuneration and social security | 45 | €25,257 | €38,514 | +€13,257 | +52.5% |
| Taxes | 450/3 | €25,257 | €38,514 | +€13,257 | +52.5% |
| Accrued charges and deferred income | 492/3 | €6,326 | - | -€6,326 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,879 | €30,574 | +€3,695 | +13.7% |
| Other operating charges | 640/8 | €2,481 | €11,490 | +€9,009 | +363% |
| Gross operating margin | 9900 | €234,735 | €277,902 | +€43,167 | +18.4% |
| Operating profit (loss) | 9901 | €205,374 | €235,838 | +€30,464 | +14.8% |
| Financial income | 75/76B | €4,807 | €5,356 | +€549 | +11.4% |
| Recurring financial income | 75 | €4,807 | €5,356 | +€549 | +11.4% |
| Financial charges | 65/66B | €4,735 | €4,800 | +€64 | +1.4% |
| Recurring financial charges | 65 | €4,735 | €4,800 | +€64 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €205,446 | €236,394 | +€30,948 | +15.1% |
| Income taxes | 67/77 | €65,922 | €73,372 | +€7,450 | +11.3% |
| Profit (loss) for the period | 9904 | €139,524 | €163,022 | +€23,498 | +16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €139,524 | €163,022 | +€23,498 | +16.8% |
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 15 October 2026 via checked.be.