VDC: 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.
VDC
Largest movements
- Cash +€103,492
up €103,492 (+640%), from €16,171 to €119,664
mainly Net result for the year (+€121,104) and Depreciation (+€66,013)
- Tangible fixed assets -€66,013
down €66,013 (-67.1%), from €98,425 to €32,412
of which Furniture and vehicles: -€66,143
- Receivables within one year +€44,233
up €44,233 (+14.4%), from €307,208 to €351,441
of which Trade receivables: +€44,228
- Reserves +€121,105
up €121,105 (+41.1%), from €294,821 to €415,926
of which Distributable reserves: +€121,105
- Trade debts -€36,439
down €36,439 (-67.0%), from €54,351 to €17,911
- Gross operating margin +€133,188
up €133,188 (+35.2%), from €378,312 to €511,500
- Staff costs +€96,542
up €96,542 (+42.8%), from €225,659 to €322,201
- Depreciation -€83,356
down €83,356 (-55.8%), from €149,369 to €66,013
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 | €422,573 | €505,852 | +€83,278 | +19.7% |
| Fixed assets | 21/28 | €98,695 | €32,682 | -€66,013 | -66.9% |
| Tangible fixed assets | 22/27 | €98,425 | €32,412 | -€66,013 | -67.1% |
| Plant, machinery and equipment | 23 | - | €130 | +€130 | |
| Furniture and vehicles | 24 | €98,425 | €32,282 | -€66,143 | -67.2% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €323,878 | €473,169 | +€149,291 | +46.1% |
| Amounts receivable within one year | 40/41 | €307,208 | €351,441 | +€44,233 | +14.4% |
| Trade receivables | 40 | €305,784 | €350,012 | +€44,228 | +14.5% |
| Other amounts receivable | 41 | €1,424 | €1,429 | +€5 | +0.4% |
| Cash at bank and in hand | 54/58 | €16,171 | €119,664 | +€103,492 | +640% |
| Deferred charges and accrued income | 490/1 | €499 | €2,065 | +€1,566 | +314% |
| Total equity and liabilities | 10/49 | €422,573 | €505,852 | +€83,278 | +19.7% |
| Equity | 10/15 | €356,321 | €477,426 | +€121,105 | +34.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €294,821 | €415,926 | +€121,105 | +41.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | - | -€6,150 | |
| Own shares acquired | 1312 | - | €6,150 | +€6,150 | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €269,921 | €391,026 | +€121,105 | +44.9% |
| Amounts payable | 17/49 | €66,252 | €28,426 | -€37,826 | -57.1% |
| Amounts payable within one year | 42/48 | €66,252 | €28,383 | -€37,869 | -57.2% |
| Trade debts | 44 | €54,351 | €17,911 | -€36,439 | -67.0% |
| Suppliers | 440/4 | €54,351 | €17,911 | -€36,439 | -67.0% |
| Taxes, remuneration and social security | 45 | €11,751 | €10,321 | -€1,430 | -12.2% |
| Taxes | 450/3 | €1,517 | €3,574 | +€2,057 | +136% |
| Remuneration and social security | 454/9 | €10,235 | €6,747 | -€3,488 | -34.1% |
| Other amounts payable | 47/48 | €150 | €150 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €43 | +€43 | |
| Remuneration, social security and pensions | 62 | €225,659 | €322,201 | +€96,542 | +42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,369 | €66,013 | -€83,356 | -55.8% |
| Other operating charges | 640/8 | €2,382 | €1,897 | -€485 | -20.4% |
| Non-recurring operating charges | 66A | - | €250 | +€250 | |
| Gross operating margin | 9900 | €378,312 | €511,500 | +€133,188 | +35.2% |
| Operating profit (loss) | 9901 | €902 | €121,139 | +€120,237 | +13,332% |
| Financial income | 75/76B | €1 | €72 | +€71 | +6,813% |
| Recurring financial income | 75 | €1 | €72 | +€71 | +6,813% |
| Financial charges | 65/66B | €86 | €106 | +€21 | +24.1% |
| Recurring financial charges | 65 | €86 | €106 | +€21 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €817 | €121,104 | +€120,287 | +14,718% |
| Income taxes | 67/77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €817 | €121,104 | +€120,287 | +14,723% |
| Profit (loss) for the period to be appropriated | 9905 | €817 | €121,104 | +€120,287 | +14,723% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.