VDBH GARE: 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.
VDBH GARE
Largest movements
- Receivables within one year -€39,623
down €39,623 (-74.4%), from €53,230 to €13,607
of which Trade receivables: -€31,018
- Cash +€23,604
up €23,604 (+136%), from €17,359 to €40,963
mainly Receivables within one year (+€39,623) and Net result for the year (+€16,931)
- Tangible fixed assets +€16,112
up €16,112 (+39.3%), from €40,946 to €57,058
of which Furniture and vehicles: +€16,784
- Stocks and contracts +€1,994
up €1,994 (+41.0%), from €4,859 to €6,853
- Deferred charges and accrued income +€1,652
up €1,652 (+198%), from €834 to €2,486
- Profit (loss) carried forward +€16,931
up €16,931 (+30.5%), from €55,582 to €72,513
- Current portion of long-term debt -€4,446
down €4,446 (-52.7%), from €8,441 to €3,995
- Debts after one year -€3,995
down €3,995 (-35.3%), from €11,324 to €7,329
- Trade debts -€2,738
down €2,738 (-52.7%), from €5,192 to €2,454
- Tax, wage and social debts -€2,014
down €2,014 (-10.3%), from €19,466 to €17,452
of which Taxes: -€2,438
- Purchases and services -€197,436
no longer reported in 2025 (was €197,436)
- Gross operating margin +€32,344
up €32,344 (+42.4%), from €76,220 to €108,564
- Staff costs +€24,135
up €24,135 (+52.3%), from €46,171 to €70,306
- Depreciation -€7,838
down €7,838 (-36.3%), from €21,605 to €13,767
- Other operating charges +€1,800
up €1,800 (+54.3%), from €3,319 to €5,119
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 | €120,569 | €124,307 | +€3,738 | +3.1% |
| Fixed assets | 21/28 | €44,286 | €60,398 | +€16,112 | +36.4% |
| Tangible fixed assets | 22/27 | €40,946 | €57,058 | +€16,112 | +39.3% |
| Plant, machinery and equipment | 23 | €8,406 | €7,733 | -€673 | -8.0% |
| Furniture and vehicles | 24 | €30,791 | €47,575 | +€16,784 | +54.5% |
| Other tangible fixed assets | 26 | €1,750 | €1,750 | = | 0.0% |
| Financial fixed assets | 28 | €3,340 | €3,340 | = | 0.0% |
| Current assets | 29/58 | €76,283 | €63,909 | -€12,374 | -16.2% |
| Stocks and contracts in progress | 3 | €4,859 | €6,853 | +€1,994 | +41.0% |
| Stocks | 30/36 | €4,859 | €6,853 | +€1,994 | +41.0% |
| Amounts receivable within one year | 40/41 | €53,230 | €13,607 | -€39,623 | -74.4% |
| Trade receivables | 40 | €43,586 | €12,568 | -€31,018 | -71.2% |
| Other amounts receivable | 41 | €9,645 | €1,039 | -€8,606 | -89.2% |
| Cash at bank and in hand | 54/58 | €17,359 | €40,963 | +€23,604 | +136% |
| Deferred charges and accrued income | 490/1 | €834 | €2,486 | +€1,652 | +198% |
| Total equity and liabilities | 10/49 | €120,569 | €124,307 | +€3,738 | +3.1% |
| Equity | 10/15 | €76,146 | €93,077 | +€16,931 | +22.2% |
| Contributions | 10/11 | €18,610 | €18,610 | = | 0.0% |
| Capital | 10 | €18,610 | - | -€18,610 | |
| Issued capital | 100 | €18,610 | - | -€18,610 | |
| Reserves | 13 | €1,954 | €1,954 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €188 | - | -€188 | |
| Legal reserve | 130 | €188 | - | -€188 | |
| Tax-exempt reserves | 132 | €1,766 | €1,766 | -€0 | 0.0% |
| Distributable reserves | 133 | - | €188 | +€188 | |
| Profit (loss) carried forward | 14 | €55,582 | €72,513 | +€16,931 | +30.5% |
| Amounts payable | 17/49 | €44,423 | €31,230 | -€13,193 | -29.7% |
| Amounts payable after more than one year | 17 | €11,324 | €7,329 | -€3,995 | -35.3% |
| Financial debts | 170/4 | €11,324 | €7,329 | -€3,995 | -35.3% |
| Amounts payable within one year | 42/48 | €33,099 | €23,901 | -€9,198 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €8,441 | €3,995 | -€4,446 | -52.7% |
| Trade debts | 44 | €5,192 | €2,454 | -€2,738 | -52.7% |
| Suppliers | 440/4 | €5,192 | €2,454 | -€2,738 | -52.7% |
| Taxes, remuneration and social security | 45 | €19,466 | €17,452 | -€2,014 | -10.3% |
| Taxes | 450/3 | €9,731 | €7,293 | -€2,438 | -25.1% |
| Remuneration and social security | 454/9 | €9,735 | €10,159 | +€424 | +4.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €197,436 | - | -€197,436 | |
| Remuneration, social security and pensions | 62 | €46,171 | €70,306 | +€24,135 | +52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,605 | €13,767 | -€7,838 | -36.3% |
| Other operating charges | 640/8 | €3,319 | €5,119 | +€1,800 | +54.3% |
| Non-recurring operating charges | 66A | €646 | - | -€646 | |
| Gross operating margin | 9900 | €76,220 | €108,564 | +€32,344 | +42.4% |
| Operating profit (loss) | 9901 | €4,479 | €19,372 | +€14,893 | +333% |
| Financial income | 75/76B | €176 | - | -€176 | |
| Recurring financial income | 75 | €176 | - | -€176 | |
| Financial charges | 65/66B | €1,434 | €41 | -€1,393 | -97.1% |
| Recurring financial charges | 65 | €1,434 | €41 | -€1,393 | -97.1% |
| Profit (loss) for the period before taxes | 9903 | €3,221 | €19,331 | +€16,110 | +500% |
| Income taxes | 67/77 | €3,834 | €2,400 | -€1,434 | -37.4% |
| Profit (loss) for the period | 9904 | -€612 | €16,931 | +€17,543 | |
| Profit (loss) for the period to be appropriated | 9905 | -€612 | €16,931 | +€17,543 |
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 16 October 2026 via checked.be.