VDC INVEST: 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 INVEST
Largest movements
- Stocks and contracts -€391,864
down €391,864 (-36.7%), from €1.1m to €674,981
- Receivables within one year -€350,252
down €350,252 (-90.0%), from €388,988 to €38,736
of which Trade receivables: -€335,775
- Deferred charges and accrued income +€140,701
up €140,701 (+8,025%), from €1,753 to €142,454
- Cash -€56,953
down €56,953 (-25.4%), from €224,124 to €167,171
mainly Short-term financial debts (-€739,066) and Deferred charges and accrued income (-€140,701)
- Short-term financial debts -€739,066
down €739,066 (-100%), from €739,066 to €0
- Reserves +€344,652
up €344,652 (+58.9%), from €584,952 to €929,603
- Tax, wage and social debts -€120,725
down €120,725 (-76.4%), from €158,014 to €37,288
of which Taxes: -€120,725
- Trade debts -€106,748
down €106,748 (-93.3%), from €114,436 to €7,688
- Other debts -€32,876
down €32,876 (-43.4%), from €75,796 to €42,919
- Gross operating margin +€94,463
up €94,463 (+24.4%), from €387,255 to €481,718
- Taxes +€26,473
up €26,473 (+32.3%), from €81,888 to €108,361
- Financial charges -€15,370
down €15,370 (-43.6%), from €35,278 to €19,908
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 | €1,681,711 | €1,023,343 | -€658,368 | -39.1% |
| Fixed assets | 21/28 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,681,711 | €1,023,343 | -€658,368 | -39.1% |
| Stocks and contracts in progress | 3 | €1,066,845 | €674,981 | -€391,864 | -36.7% |
| Stocks | 30/36 | €1,066,845 | €674,981 | -€391,864 | -36.7% |
| Amounts receivable within one year | 40/41 | €388,988 | €38,736 | -€350,252 | -90.0% |
| Trade receivables | 40 | €374,487 | €38,712 | -€335,775 | -89.7% |
| Other amounts receivable | 41 | €14,502 | €25 | -€14,477 | -99.8% |
| Cash at bank and in hand | 54/58 | €224,124 | €167,171 | -€56,953 | -25.4% |
| Deferred charges and accrued income | 490/1 | €1,753 | €142,454 | +€140,701 | +8,025% |
| Total equity and liabilities | 10/49 | €1,681,711 | €1,023,343 | -€658,368 | -39.1% |
| Equity | 10/15 | €585,452 | €930,103 | +€344,652 | +58.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €584,952 | €929,603 | +€344,652 | +58.9% |
| Distributable reserves | 133 | €584,952 | €929,603 | +€344,652 | +58.9% |
| Amounts payable | 17/49 | €1,096,260 | €93,239 | -€1.0m | -91.5% |
| Amounts payable within one year | 42/48 | €1,087,311 | €87,895 | -€999,416 | -91.9% |
| Financial debts | 43 | €739,066 | €0 | -€739,066 | -100% |
| Credit institutions | 430/8 | €739,066 | €0 | -€739,066 | -100% |
| Trade debts | 44 | €114,436 | €7,688 | -€106,748 | -93.3% |
| Suppliers | 440/4 | €114,436 | €7,688 | -€106,748 | -93.3% |
| Taxes, remuneration and social security | 45 | €158,014 | €37,288 | -€120,725 | -76.4% |
| Taxes | 450/3 | €158,014 | €37,288 | -€120,725 | -76.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €75,796 | €42,919 | -€32,876 | -43.4% |
| Accrued charges and deferred income | 492/3 | €8,948 | €5,345 | -€3,604 | -40.3% |
| Other operating charges | 640/8 | €4,426 | €8,798 | +€4,371 | +98.8% |
| Gross operating margin | 9900 | €387,255 | €481,718 | +€94,463 | +24.4% |
| Operating profit (loss) | 9901 | €382,829 | €472,920 | +€90,092 | +23.5% |
| Financial charges | 65/66B | €35,278 | €19,908 | -€15,370 | -43.6% |
| Recurring financial charges | 65 | €35,278 | €19,908 | -€15,370 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €347,551 | €453,013 | +€105,462 | +30.3% |
| Income taxes | 67/77 | €81,888 | €108,361 | +€26,473 | +32.3% |
| Profit (loss) for the period | 9904 | €265,663 | €344,652 | +€78,989 | +29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €265,663 | €344,652 | +€78,989 | +29.7% |
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 24 October 2026 via checked.be.