VDB & Vader: 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 & Vader
Largest movements
- Tangible fixed assets -€25,340
down €25,340 (-83.7%), from €30,278 to €4,938
of which Plant, machinery and equipment: -€18,094
- Cash +€1,415
up €1,415 (+19.1%), from €7,398 to €8,812
mainly Investment in fixed assets (net) (+€21,545) and Net result for the year (+€4,204)
- Receivables within one year +€925
up €925 (+27.4%), from €3,383 to €4,308
of which Trade receivables: +€3,404
- Deferred charges and accrued income -€775
down €775 (-47.4%), from €1,636 to €861
- Other debts -€29,446
down €29,446 (-73.9%), from €39,849 to €10,403
- Profit (loss) carried forward +€10,103
no longer reported in 2025 (was -€10,103)
- Reserves -€5,900
down €5,900 (-61.2%), from €9,637 to €3,737
- Tax, wage and social debts +€772
new in 2025: €772
of which Taxes: +€580
- Trade debts +€696
up €696 (+223.1%), from €312 to €1,007
- Gross operating margin +€35,779
up €35,779 (+120.4%), from €29,724 to €65,503
- Depreciation -€4,963
down €4,963 (-56.7%), from €8,757 to €3,795
- Staff costs -€878
down €878 (-3.0%), from €29,552 to €28,674
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 | €42,694 | €18,919 | -€23,775 | -55.7% |
| Fixed assets | 21/28 | €30,278 | €4,938 | -€25,340 | -83.7% |
| Tangible fixed assets | 22/27 | €30,278 | €4,938 | -€25,340 | -83.7% |
| Land and buildings | 22 | €5,147 | €3,084 | -€2,064 | -40.1% |
| Plant, machinery and equipment | 23 | €18,094 | - | -€18,094 | |
| Furniture and vehicles | 24 | €242 | €1,854 | +€1,612 | +667.4% |
| Other tangible fixed assets | 26 | €6,795 | - | -€6,795 | |
| Current assets | 29/58 | €12,416 | €13,982 | +€1,565 | +12.6% |
| Amounts receivable within one year | 40/41 | €3,383 | €4,308 | +€925 | +27.4% |
| Trade receivables | 40 | €904 | €4,308 | +€3,404 | +376.4% |
| Other amounts receivable | 41 | €2,479 | - | -€2,479 | |
| Cash at bank and in hand | 54/58 | €7,398 | €8,812 | +€1,415 | +19.1% |
| Deferred charges and accrued income | 490/1 | €1,636 | €861 | -€775 | -47.4% |
| Total equity and liabilities | 10/49 | €42,694 | €18,919 | -€23,775 | -55.7% |
| Equity | 10/15 | €2,533 | €6,737 | +€4,204 | +165.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €9,637 | €3,737 | -€5,900 | -61.2% |
| Distributable reserves | 133 | €9,637 | €3,737 | -€5,900 | -61.2% |
| Profit (loss) carried forward | 14 | -€10,103 | - | +€10,103 | |
| Amounts payable | 17/49 | €40,161 | €12,182 | -€27,978 | -69.7% |
| Amounts payable within one year | 42/48 | €40,161 | €12,182 | -€27,978 | -69.7% |
| Trade debts | 44 | €312 | €1,007 | +€696 | +223.1% |
| Suppliers | 440/4 | €312 | €1,007 | +€696 | +223.1% |
| Taxes, remuneration and social security | 45 | - | €772 | +€772 | |
| Taxes | 450/3 | - | €580 | +€580 | |
| Remuneration and social security | 454/9 | - | €193 | +€193 | |
| Other amounts payable | 47/48 | €39,849 | €10,403 | -€29,446 | -73.9% |
| Remuneration, social security and pensions | 62 | €29,552 | €28,674 | -€878 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,757 | €3,795 | -€4,963 | -56.7% |
| Other operating charges | 640/8 | €831 | €785 | -€46 | -5.6% |
| Non-recurring operating charges | 66A | - | €27,094 | +€27,094 | |
| Gross operating margin | 9900 | €29,724 | €65,503 | +€35,779 | +120.4% |
| Operating profit (loss) | 9901 | -€9,417 | €5,155 | +€14,571 | |
| Financial income | 75/76B | €55 | €146 | +€91 | +167.5% |
| Recurring financial income | 75 | €55 | €146 | +€91 | +167.5% |
| Financial charges | 65/66B | €741 | €1,097 | +€356 | +48.0% |
| Recurring financial charges | 65 | €741 | €1,097 | +€356 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,103 | €4,204 | +€14,307 | |
| Profit (loss) for the period | 9904 | -€10,103 | €4,204 | +€14,307 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,103 | €4,204 | +€14,307 |
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 8 October 2026 via checked.be.