VDBONA: 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.
VDBONA
Largest movements
- Cash +€804,018
up €804,018 (+170.9%), from €470,373 to €1.3m
mainly Current investments (+€500,000) and Net result for the year (+€323,905)
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Receivables within one year +€86,498
up €86,498 (+63.1%), from €137,071 to €223,569
of which Other amounts receivable: +€62,549
- Reserves +€278,913
up €278,913 (+25.6%), from €1.1m to €1.4m
of which Distributable reserves: +€278,913
- Tax, wage and social debts +€53,411
up €53,411 (+97.0%), from €55,042 to €108,453
of which Taxes: +€51,077
- Trade debts +€52,914
up €52,914 (+50.3%), from €105,277 to €158,191
- Gross operating margin -€23,159
down €23,159 (-2.9%), from €805,015 to €781,856
- Staff costs +€17,861
up €17,861 (+10.0%), from €178,300 to €196,161
- Taxes -€17,436
down €17,436 (-10.6%), from €164,375 to €146,939
- Depreciation +€13,853
up €13,853 (+12.8%), from €107,843 to €121,696
- Financial income +€11,013
up €11,013 (+114.7%), from €9,605 to €20,619
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 | €1,818,685 | €2,208,876 | +€390,191 | +21.5% |
| Fixed assets | 21/28 | €639,178 | €647,876 | +€8,698 | +1.4% |
| Tangible fixed assets | 22/27 | €595,378 | €604,076 | +€8,698 | +1.5% |
| Land and buildings | 22 | €128,333 | €130,454 | +€2,121 | +1.7% |
| Plant, machinery and equipment | 23 | €424,323 | €369,301 | -€55,022 | -13.0% |
| Furniture and vehicles | 24 | €35,638 | €97,237 | +€61,599 | +172.8% |
| Other tangible fixed assets | 26 | €7,083 | €7,083 | = | 0.0% |
| Financial fixed assets | 28 | €43,800 | €43,800 | = | 0.0% |
| Current assets | 29/58 | €1,179,507 | €1,561,000 | +€381,493 | +32.3% |
| Stocks and contracts in progress | 3 | €60,040 | €51,599 | -€8,441 | -14.1% |
| Stocks | 30/36 | €60,040 | €51,599 | -€8,441 | -14.1% |
| Amounts receivable within one year | 40/41 | €137,071 | €223,569 | +€86,498 | +63.1% |
| Trade receivables | 40 | €137,071 | €161,020 | +€23,949 | +17.5% |
| Other amounts receivable | 41 | €0 | €62,549 | +€62,549 | |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €470,373 | €1,274,391 | +€804,018 | +170.9% |
| Deferred charges and accrued income | 490/1 | €12,023 | €11,441 | -€582 | -4.8% |
| Total equity and liabilities | 10/49 | €1,818,685 | €2,208,876 | +€390,191 | +21.5% |
| Equity | 10/15 | €1,493,664 | €1,770,148 | +€276,484 | +18.5% |
| Contributions | 10/11 | €402,000 | €402,000 | = | 0.0% |
| Reserves | 13 | €1,089,235 | €1,368,148 | +€278,913 | +25.6% |
| Non-distributable reserves | 130/1 | €40,200 | €40,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €40,200 | €40,200 | = | 0.0% |
| Distributable reserves | 133 | €1,049,035 | €1,327,948 | +€278,913 | +26.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €2,429 | €0 | -€2,429 | -100.0% |
| Provisions and deferred taxes | 16 | €810 | €0 | -€810 | -100.0% |
| Deferred taxes | 168 | €810 | €0 | -€810 | -100.0% |
| Amounts payable | 17/49 | €324,211 | €438,727 | +€114,516 | +35.3% |
| Amounts payable after more than one year | 17 | €110,000 | €110,000 | = | 0.0% |
| Financial debts | 170/4 | €110,000 | €110,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €190,984 | €311,750 | +€120,766 | +63.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €105,277 | €158,191 | +€52,914 | +50.3% |
| Suppliers | 440/4 | €105,277 | €158,191 | +€52,914 | +50.3% |
| Taxes, remuneration and social security | 45 | €55,042 | €108,453 | +€53,411 | +97.0% |
| Taxes | 450/3 | €40,820 | €91,897 | +€51,077 | +125.1% |
| Remuneration and social security | 454/9 | €14,221 | €16,556 | +€2,335 | +16.4% |
| Other amounts payable | 47/48 | €30,665 | €45,106 | +€14,441 | +47.1% |
| Accrued charges and deferred income | 492/3 | €23,227 | €16,977 | -€6,250 | -26.9% |
| Remuneration, social security and pensions | 62 | €178,300 | €196,161 | +€17,861 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,843 | €121,696 | +€13,853 | +12.8% |
| Other operating charges | 640/8 | €9,009 | €10,066 | +€1,058 | +11.7% |
| Gross operating margin | 9900 | €805,015 | €781,856 | -€23,159 | -2.9% |
| Operating profit (loss) | 9901 | €509,864 | €453,933 | -€55,931 | -11.0% |
| Financial income | 75/76B | €9,605 | €20,619 | +€11,013 | +114.7% |
| Recurring financial income | 75 | €9,605 | €20,619 | +€11,013 | +114.7% |
| Financial charges | 65/66B | €4,730 | €4,517 | -€213 | -4.5% |
| Recurring financial charges | 65 | €4,730 | €4,517 | -€213 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €514,739 | €470,034 | -€44,705 | -8.7% |
| Transfer from deferred taxes | 780 | €810 | €810 | = | 0.0% |
| Income taxes | 67/77 | €164,375 | €146,939 | -€17,436 | -10.6% |
| Profit (loss) for the period | 9904 | €351,174 | €323,905 | -€27,269 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €351,174 | €323,905 | -€27,269 | -7.8% |
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 6 October 2026 via checked.be.