VDBRAEM: 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.
VDBRAEM
Largest movements
- Receivables within one year +€36,241
up €36,241, from €0 to €36,241
of which Trade receivables: +€36,241
- Cash +€5,734
up €5,734 (+9.1%), from €62,956 to €68,690
mainly Net result for the year (+€31,638) and Tax, wage and social debts (+€8,743)
- Deferred charges and accrued income -€3,904
no longer reported in 2025 (was €3,904)
- Tangible fixed assets -€2,375
down €2,375 (-26.4%), from €8,985 to €6,610
of which Land and buildings: -€1,335
- Profit (loss) carried forward +€31,638
up €31,638 (+64.1%), from €49,328 to €80,966
- Tax, wage and social debts +€8,743
up €8,743 (+229.9%), from €3,803 to €12,547
- Accrued charges and deferred income -€3,056
no longer reported in 2025 (was €3,056)
- Other debts -€2,900
down €2,900 (-32.0%), from €9,067 to €6,168
- Taxes +€10,752
new in 2025: €10,752
- Gross operating margin -€6,976
down €6,976 (-13.3%), from €52,615 to €45,639
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 | €76,583 | €111,828 | +€35,245 | +46.0% |
| Formation expenses | 20 | €738 | €288 | -€450 | -61.0% |
| Fixed assets | 21/28 | €8,985 | €6,610 | -€2,375 | -26.4% |
| Tangible fixed assets | 22/27 | €8,985 | €6,610 | -€2,375 | -26.4% |
| Land and buildings | 22 | €6,930 | €5,596 | -€1,335 | -19.3% |
| Furniture and vehicles | 24 | €2,054 | €1,014 | -€1,040 | -50.6% |
| Current assets | 29/58 | €66,860 | €104,930 | +€38,070 | +56.9% |
| Amounts receivable within one year | 40/41 | €0 | €36,241 | +€36,241 | |
| Trade receivables | 40 | - | €36,241 | +€36,241 | |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €62,956 | €68,690 | +€5,734 | +9.1% |
| Deferred charges and accrued income | 490/1 | €3,904 | - | -€3,904 | |
| Total equity and liabilities | 10/49 | €76,583 | €111,828 | +€35,245 | +46.0% |
| Equity | 10/15 | €59,328 | €90,966 | +€31,638 | +53.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,328 | €80,966 | +€31,638 | +64.1% |
| Amounts payable | 17/49 | €17,255 | €20,862 | +€3,607 | +20.9% |
| Amounts payable within one year | 42/48 | €14,199 | €20,862 | +€6,663 | +46.9% |
| Trade debts | 44 | €1,328 | €2,148 | +€820 | +61.7% |
| Suppliers | 440/4 | €1,328 | €2,148 | +€820 | +61.7% |
| Taxes, remuneration and social security | 45 | €3,803 | €12,547 | +€8,743 | +229.9% |
| Taxes | 450/3 | €3,803 | €12,547 | +€8,743 | +229.9% |
| Other amounts payable | 47/48 | €9,067 | €6,168 | -€2,900 | -32.0% |
| Accrued charges and deferred income | 492/3 | €3,056 | - | -€3,056 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,522 | €2,825 | +€303 | +12.0% |
| Other operating charges | 640/8 | €537 | €378 | -€159 | -29.6% |
| Gross operating margin | 9900 | €52,615 | €45,639 | -€6,976 | -13.3% |
| Operating profit (loss) | 9901 | €49,556 | €42,436 | -€7,120 | -14.4% |
| Financial charges | 65/66B | €227 | €46 | -€182 | -79.8% |
| Recurring financial charges | 65 | €227 | €46 | -€182 | -79.8% |
| Profit (loss) for the period before taxes | 9903 | €49,328 | €42,390 | -€6,939 | -14.1% |
| Income taxes | 67/77 | - | €10,752 | +€10,752 | |
| Profit (loss) for the period | 9904 | €49,328 | €31,638 | -€17,691 | -35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €49,328 | €31,638 | -€17,691 | -35.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.