VDB Properties: 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 Properties
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+149.0%), from €887,161 to €2.2m
of which Land and buildings: +€1.3m
- Stocks and contracts +€231,919
up €231,919 (+29.0%), from €800,466 to €1.0m
- Cash +€123,299
up €123,299 (+112.8%), from €109,304 to €232,603
mainly Debts after one year (+€1.3m) and Short-term financial debts (+€250,000)
- Debts after one year +€1.3m
up €1.3m (+91.8%), from €1.4m to €2.7m
of which Financial debts: +€1.3m
- Short-term financial debts +€250,000
new in 2025: €250,000
- Current portion of long-term debt +€52,105
up €52,105 (+89.5%), from €58,231 to €110,336
- Other debts +€45,460
up €45,460 (+35.5%), from €128,000 to €173,460
- Financial charges +€58,657
up €58,657 (+151.2%), from €38,788 to €97,444
- Depreciation +€50,985
up €50,985 (+193.3%), from €26,373 to €77,358
- Gross operating margin +€40,873
up €40,873 (+20.6%), from €198,028 to €238,901
- Taxes -€16,577
down €16,577 (-61.7%), from €26,871 to €10,293
- Other operating charges +€12,599
up €12,599 (+171.1%), from €7,366 to €19,965
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 | €1,797,105 | €3,478,119 | +€1.7m | +93.5% |
| Fixed assets | 21/28 | €887,161 | €2,209,023 | +€1.3m | +149.0% |
| Tangible fixed assets | 22/27 | €887,161 | €2,209,023 | +€1.3m | +149.0% |
| Land and buildings | 22 | €887,161 | €2,172,612 | +€1.3m | +144.9% |
| Furniture and vehicles | 24 | - | €36,412 | +€36,412 | |
| Current assets | 29/58 | €909,944 | €1,269,096 | +€359,152 | +39.5% |
| Stocks and contracts in progress | 3 | €800,466 | €1,032,385 | +€231,919 | +29.0% |
| Stocks | 30/36 | €800,466 | €1,032,385 | +€231,919 | +29.0% |
| Amounts receivable within one year | 40/41 | - | €559 | +€559 | |
| Trade receivables | 40 | - | €559 | +€559 | |
| Cash at bank and in hand | 54/58 | €109,304 | €232,603 | +€123,299 | +112.8% |
| Deferred charges and accrued income | 490/1 | €174 | €3,548 | +€3,375 | +1943.8% |
| Total equity and liabilities | 10/49 | €1,797,105 | €3,478,119 | +€1.7m | +93.5% |
| Equity | 10/15 | €153,819 | €188,031 | +€34,213 | +22.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €133,819 | €168,031 | +€34,213 | +25.6% |
| Amounts payable | 17/49 | €1,643,287 | €3,290,088 | +€1.6m | +100.2% |
| Amounts payable after more than one year | 17 | €1,429,488 | €2,741,695 | +€1.3m | +91.8% |
| Financial debts | 170/4 | €1,410,508 | €2,708,965 | +€1.3m | +92.1% |
| Other amounts payable | 178/9 | €18,980 | €32,730 | +€13,750 | +72.4% |
| Amounts payable within one year | 42/48 | €213,124 | €548,393 | +€335,269 | +157.3% |
| Current portion of amounts payable after more than one year | 42 | €58,231 | €110,336 | +€52,105 | +89.5% |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €36 | €4,416 | +€4,380 | +12227.2% |
| Suppliers | 440/4 | €36 | €4,416 | +€4,380 | +12227.2% |
| Taxes, remuneration and social security | 45 | €26,857 | €10,182 | -€16,676 | -62.1% |
| Taxes | 450/3 | €26,857 | €10,182 | -€16,676 | -62.1% |
| Other amounts payable | 47/48 | €128,000 | €173,460 | +€45,460 | +35.5% |
| Accrued charges and deferred income | 492/3 | €675 | - | -€675 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,373 | €77,358 | +€50,985 | +193.3% |
| Other operating charges | 640/8 | €7,366 | €19,965 | +€12,599 | +171.1% |
| Gross operating margin | 9900 | €198,028 | €238,901 | +€40,873 | +20.6% |
| Operating profit (loss) | 9901 | €164,289 | €141,578 | -€22,711 | -13.8% |
| Financial income | 75/76B | €51 | €373 | +€321 | +626.7% |
| Recurring financial income | 75 | €51 | €373 | +€321 | +626.7% |
| Financial charges | 65/66B | €38,788 | €97,444 | +€58,657 | +151.2% |
| Recurring financial charges | 65 | €38,788 | €97,444 | +€58,657 | +151.2% |
| Profit (loss) for the period before taxes | 9903 | €125,553 | €44,506 | -€81,046 | -64.6% |
| Income taxes | 67/77 | €26,871 | €10,293 | -€16,577 | -61.7% |
| Profit (loss) for the period | 9904 | €98,682 | €34,213 | -€64,469 | -65.3% |
| Profit (loss) for the period to be appropriated | 9905 | €98,682 | €34,213 | -€64,469 | -65.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.