VDB Packaging: what changed
Two fiscal 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 Packaging
Largest movements
- Cash -€214,152
down €214,152 (-43.4%), from €493,824 to €279,672
- Receivables within one year +€122,587
up €122,587 (+83.1%), from €147,521 to €270,108
of which Other amounts receivable: +€165,889
- Stocks and contracts +€16,492
up €16,492 (+13.3%), from €123,745 to €140,237
- Other debts -€225,160
down €225,160 (-56.3%), from €399,952 to €174,792
- Reserves +€84,123
up €84,123 (+39.8%), from €211,343 to €295,466
of which Distributable reserves: +€84,123
- Tax, wage and social debts +€41,182
up €41,182 (+621.7%), from €6,624 to €47,807
of which Taxes: +€34,282
- Trade debts +€19,398
up €19,398 (+22.0%), from €88,199 to €107,597
- Financial income +€29,669
up €29,669 (+147.7%), from €20,083 to €49,752
- Taxes -€16,823
down €16,823 (-43.9%), from €38,287 to €21,464
- Depreciation -€12,515
down €12,515 (-97.2%), from €12,873 to €357
- Staff costs -€3,725
down €3,725 (-99.9%), from €3,729 to €4
- Gross operating margin -€3,589
down €3,589 (-2.2%), from €165,285 to €161,696
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €768,918 | €690,919 | -€77,999 | -10.1% |
| Fixed assets | 21/28 | €3,828 | €902 | -€2,926 | -76.4% |
| Intangible fixed assets | 21 | €982 | €625 | -€357 | -36.4% |
| Tangible fixed assets | 22/27 | €2,568 | - | -€2,568 | |
| Plant, machinery and equipment | 23 | €1,355 | - | -€1,355 | |
| Furniture and vehicles | 24 | €1,213 | - | -€1,213 | |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €765,090 | €690,017 | -€75,073 | -9.8% |
| Stocks and contracts in progress | 3 | €123,745 | €140,237 | +€16,492 | +13.3% |
| Stocks | 30/36 | €123,745 | €140,237 | +€16,492 | +13.3% |
| Amounts receivable within one year | 40/41 | €147,521 | €270,108 | +€122,587 | +83.1% |
| Trade receivables | 40 | €140,201 | €96,899 | -€43,302 | -30.9% |
| Other amounts receivable | 41 | €7,320 | €173,209 | +€165,889 | +2266.4% |
| Cash at bank and in hand | 54/58 | €493,824 | €279,672 | -€214,152 | -43.4% |
| Total equity and liabilities | 10/49 | €768,918 | €690,919 | -€77,999 | -10.1% |
| Equity | 10/15 | €273,343 | €357,466 | +€84,123 | +30.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €211,343 | €295,466 | +€84,123 | +39.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €186,393 | €270,516 | +€84,123 | +45.1% |
| Amounts payable | 17/49 | €495,575 | €333,454 | -€162,122 | -32.7% |
| Amounts payable within one year | 42/48 | €494,775 | €330,196 | -€164,579 | -33.3% |
| Trade debts | 44 | €88,199 | €107,597 | +€19,398 | +22.0% |
| Suppliers | 440/4 | €88,199 | €107,597 | +€19,398 | +22.0% |
| Taxes, remuneration and social security | 45 | €6,624 | €47,807 | +€41,182 | +621.7% |
| Taxes | 450/3 | €4,016 | €38,298 | +€34,282 | +853.7% |
| Remuneration and social security | 454/9 | €2,609 | €9,509 | +€6,900 | +264.5% |
| Other amounts payable | 47/48 | €399,952 | €174,792 | -€225,160 | -56.3% |
| Accrued charges and deferred income | 492/3 | €800 | €3,258 | +€2,458 | +307.2% |
| Non-recurring operating income | 76A | - | €23,000 | +€23,000 | |
| Remuneration, social security and pensions | 62 | €3,729 | €4 | -€3,725 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,873 | €357 | -€12,515 | -97.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,028 | - | +€2,028 | |
| Other operating charges | 640/8 | €7,370 | €8,425 | +€1,055 | +14.3% |
| Non-recurring operating charges | 66A | - | €2,568 | +€2,568 | |
| Gross operating margin | 9900 | €165,285 | €161,696 | -€3,589 | -2.2% |
| Operating profit (loss) | 9901 | €143,341 | €150,341 | +€7,000 | +4.9% |
| Financial income | 75/76B | €20,083 | €49,752 | +€29,669 | +147.7% |
| Recurring financial income | 75 | €20,083 | €49,752 | +€29,669 | +147.7% |
| Financial charges | 65/66B | €19,658 | €19,506 | -€152 | -0.8% |
| Recurring financial charges | 65 | €19,658 | €19,506 | -€152 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €143,767 | €180,587 | +€36,821 | +25.6% |
| Income taxes | 67/77 | €38,287 | €21,464 | -€16,823 | -43.9% |
| Profit (loss) for the period | 9904 | €105,479 | €159,123 | +€53,644 | +50.9% |
| Profit (loss) for the period to be appropriated | 9905 | €105,479 | €159,123 | +€53,644 | +50.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.