VDBVDB INVEST: what changed
What changed
VDBVDB INVEST
filed annual accounts (NBB)
Net result for the year
€17,762
2024 · €9,111+€8,651
Equity
€126,873
2024 · €109,111+€17,762
Cash
€46,526
2024 · €23,128+€23,398
Balance sheet total
€3.2m
2024 · €3.3m-€75,032
Largest movements
Assets
- Tangible fixed assets -€92,905
down €92,905 (-2.8%), from €3.3m to €3.2m
of which Land and buildings: -€109,671
Equity and liabilities
- Current portion of long-term debt -€96,937
no longer reported in 2025 (was €96,937)
Income statement
- Gross operating margin +€37,840
up €37,840 (+21.8%), from €173,558 to €211,398
- Other operating charges +€10,123
up €10,123 (+180%), from €5,611 to €15,733
- Financial charges +€5,870
up €5,870 (+11.6%), from €50,689 to €56,559
- Taxes +€5,643
up €5,643 (+248%), from €2,278 to €7,921
- Financial income -€4,192
no longer reported in 2025 (was €4,192)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€9,111
Gross operating margin
+€37,840
Depreciation
-€3,361
Other operating charges
-€10,123
Financial income
-€4,192
Financial charges
-€5,870
Taxes
-€5,643
Result 2025
€17,762
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€136,061
Investment
-€15,725
Financing
-€96,937
Cash 2024
€23,128
From operations (derived)
+€136,061
Net result for the year
+€17,762
Depreciation
+€113,422
Receivables within one year
+€733
Tax, wage and social debts
+€5,643
Other debts
-€1,500
Investment (derived)
-€15,725
Investment in fixed assets (net)
-€15,725
Financing
-€96,937
Current portion of long-term debt
-€96,937
Cash 2025
€46,526
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,300,985 | €3,225,953 | -€75,032 | -2.3% |
| Fixed assets | 21/28 | €3,272,800 | €3,175,103 | -€97,697 | -3.0% |
| Intangible fixed assets | 21 | €1,958 | €937 | -€1,022 | -52.2% |
| Tangible fixed assets | 22/27 | €3,261,974 | €3,169,068 | -€92,905 | -2.8% |
| Land and buildings | 22 | €3,247,162 | €3,137,492 | -€109,671 | -3.4% |
| Plant, machinery and equipment | 23 | €14,812 | €31,577 | +€16,765 | +113% |
| Financial fixed assets | 28 | €8,868 | €5,098 | -€3,770 | -42.5% |
| Current assets | 29/58 | €28,185 | €50,851 | +€22,665 | +80.4% |
| Amounts receivable within one year | 40/41 | €5,058 | €4,324 | -€733 | -14.5% |
| Trade receivables | 40 | €5,058 | - | -€5,058 | |
| Other amounts receivable | 41 | - | €4,324 | +€4,324 | |
| Cash at bank and in hand | 54/58 | €23,128 | €46,526 | +€23,398 | +101% |
| Total equity and liabilities | 10/49 | €3,300,985 | €3,225,953 | -€75,032 | -2.3% |
| Equity | 10/15 | €109,111 | €126,873 | +€17,762 | +16.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | - | €26,873 | +€26,873 | |
| Distributable reserves | 133 | - | €26,873 | +€26,873 | |
| Profit (loss) carried forward | 14 | €9,111 | - | -€9,111 | |
| Amounts payable | 17/49 | €3,191,874 | €3,099,080 | -€92,794 | -2.9% |
| Amounts payable after more than one year | 17 | €1,646,559 | €1,646,559 | = | 0.0% |
| Financial debts | 170/4 | €1,629,309 | €1,629,309 | = | 0.0% |
| Other amounts payable | 178/9 | €17,250 | €17,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,545,315 | €1,452,521 | -€92,794 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €96,937 | - | -€96,937 | |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,278 | €7,921 | +€5,643 | +248% |
| Taxes | 450/3 | €2,278 | €7,921 | +€5,643 | +248% |
| Other amounts payable | 47/48 | €1,446,100 | €1,444,600 | -€1,500 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,062 | €113,422 | +€3,361 | +3.1% |
| Other operating charges | 640/8 | €5,611 | €15,733 | +€10,123 | +180% |
| Gross operating margin | 9900 | €173,558 | €211,398 | +€37,840 | +21.8% |
| Operating profit (loss) | 9901 | €57,886 | €82,242 | +€24,356 | +42.1% |
| Financial income | 75/76B | €4,192 | - | -€4,192 | |
| Recurring financial income | 75 | €4,192 | - | -€4,192 | |
| Financial charges | 65/66B | €50,689 | €56,559 | +€5,870 | +11.6% |
| Recurring financial charges | 65 | €50,689 | €56,559 | +€5,870 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €11,389 | €25,683 | +€14,294 | +126% |
| Income taxes | 67/77 | €2,278 | €7,921 | +€5,643 | +248% |
| Profit (loss) for the period | 9904 | €9,111 | €17,762 | +€8,651 | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,111 | €17,762 | +€8,651 | +94.9% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.