VDC-RETAIL: 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.
What changed
VDC-RETAIL
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€622,504
2024 · €3.6m-€2.9m
Equity
€19.4m
2024 · €18.7m+€622,504
Cash
€99,689
2024 · €39,062+€60,627
Balance sheet total
€32.3m
2024 · €28.3m+€4.0m
Largest movements
Assets
- Tangible fixed assets +€4.3m
up €4.3m (+22.6%), from €19.1m to €23.4m
of which Leasing and similar rights: +€3.1m
- Receivables within one year +€1.6m
up €1.6m (+22.6%), from €7.2m to €8.8m
of which Other amounts receivable: +€1.6m
- Financial fixed assets -€954,433
down €954,433 (-99.4%), from €959,833 to €5,400
of which Affiliated companies: -€954,433
- Receivables after one year -€773,171
down €773,171 (-100%), from €773,171 to €0
Equity and liabilities
- Other debts +€2.3m
up €2.3m (+45,305%), from €5,000 to €2.3m
- Debts after one year +€1.3m
up €1.3m (+20.1%), from €6.5m to €7.8m
- Reserves +€622,504
up €622,504 (+4.3%), from €14.6m to €15.2m
of which Tax-exempt reserves: +€1.1m
- Provisions +€357,465
up €357,465 (+41.0%), from €871,473 to €1.2m
Income statement
- Turnover -€11.4m
down €11.4m (-70.4%), from €16.3m to €4.8m
- Goods and materials -€10.4m
down €10.4m (-71.9%), from €14.4m to €4.1m
of which Purchases: -€6.6m
- Services and other goods -€1.7m
down €1.7m (-75.8%), from €2.3m to €546,433
- Taxes -€652,180
down €652,180, from €651,578 to -€602
of which Taxes: -€650,468
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.
Result 2024
€3.6m
Turnover
-€11.4m
Other operating income
+€32,523
Goods and materials
+€10.4m
Services and other goods
+€1.7m
Staff costs
+€4,744
Depreciation
-€30,853
Write-downs
-€1,987
Other operating charges
-€39,246
Other operating items
-€4.4m
Financial income
-€70,230
Financial charges
+€34,206
Taxes
+€652,180
Deferred taxes and other
+€237,261
Result 2025
€622,504
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.8m
Investment
-€3.8m
Financing
+€1.1m
Cash 2024
€39,062
From operations (derived)
+€2.8m
Net result for the year
+€622,504
Depreciation
+€437,250
Receivables after one year
+€773,171
Receivables within one year
-€1.6m
Deferred charges and accrued income
+€256,495
Provisions
+€357,465
Trade debts
-€304,977
Tax, wage and social debts
-€36,858
Other debts
+€2.3m
Accrued charges and deferred income
+€3,071
Investment (derived)
-€3.8m
Investment in fixed assets (net)
-€3.8m
Financing
+€1.1m
Debts after one year
+€1.3m
Current portion of long-term debt
-€207,539
Short-term financial debts
+€3,911
Cash 2025
€99,689
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,334,347 | €32,336,021 | +€4.0m | +14.1% |
| Fixed assets | 21/28 | €20,054,302 | €23,405,345 | +€3.4m | +16.7% |
| Intangible fixed assets | 21 | €1,946 | €1,042 | -€904 | -46.5% |
| Tangible fixed assets | 22/27 | €19,092,523 | €23,398,902 | +€4.3m | +22.6% |
| Land and buildings | 22 | €11,846,661 | €12,758,445 | +€911,784 | +7.7% |
| Plant, machinery and equipment | 23 | €6,154 | €10,771 | +€4,616 | +75.0% |
| Furniture and vehicles | 24 | €45,852 | €26,903 | -€18,949 | -41.3% |
| Leasing and similar rights | 25 | €903,908 | €3,999,529 | +€3.1m | +342% |
| Other tangible fixed assets | 26 | €4,162,570 | €4,015,545 | -€147,026 | -3.5% |
| Assets under construction and advance payments | 27 | €2,127,377 | €2,587,710 | +€460,333 | +21.6% |
| Financial fixed assets | 28 | €959,833 | €5,400 | -€954,433 | -99.4% |
| Affiliated companies | 280/1 | €954,433 | €0 | -€954,433 | -100% |
| Amounts receivable | 281 | €954,433 | €0 | -€954,433 | -100% |
| Other financial fixed assets | 284/8 | €5,400 | €5,400 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €5,400 | €5,400 | = | 0.0% |
| Current assets | 29/58 | €8,280,046 | €8,930,677 | +€650,631 | +7.9% |
| Amounts receivable after more than one year | 29 | €773,171 | €0 | -€773,171 | -100% |
| Other amounts receivable | 291 | €773,171 | €0 | -€773,171 | -100% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Stocks | 30/36 | €0 | - | = | |
| Goods purchased for resale | 34 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €7,163,968 | €8,783,639 | +€1.6m | +22.6% |
| Trade receivables | 40 | €20,642 | €48,129 | +€27,487 | +133% |
| Other amounts receivable | 41 | €7,143,326 | €8,735,510 | +€1.6m | +22.3% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €39,062 | €99,689 | +€60,627 | +155% |
| Deferred charges and accrued income | 490/1 | €303,844 | €47,348 | -€256,495 | -84.4% |
| Total equity and liabilities | 10/49 | €28,334,347 | €32,336,021 | +€4.0m | +14.1% |
| Equity | 10/15 | €18,748,255 | €19,370,759 | +€622,504 | +3.3% |
| Contributions | 10/11 | €4,150,000 | €4,150,000 | = | 0.0% |
| Capital | 10 | €4,150,000 | €4,150,000 | = | 0.0% |
| Issued capital | 100 | €4,150,000 | €4,150,000 | = | 0.0% |
| Reserves | 13 | €14,598,255 | €15,220,759 | +€622,504 | +4.3% |
| Non-distributable reserves | 130/1 | €415,000 | €415,000 | = | 0.0% |
| Legal reserve | 130 | €415,000 | €415,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,075,092 | €11,171,846 | +€1.1m | +10.9% |
| Distributable reserves | 133 | €4,108,162 | €3,633,912 | -€474,250 | -11.5% |
| Provisions and deferred taxes | 16 | €871,473 | €1,228,938 | +€357,465 | +41.0% |
| Deferred taxes | 168 | €871,473 | €1,228,938 | +€357,465 | +41.0% |
| Amounts payable | 17/49 | €8,714,619 | €11,736,325 | +€3.0m | +34.7% |
| Amounts payable after more than one year | 17 | €6,453,540 | €7,752,374 | +€1.3m | +20.1% |
| Financial debts | 170/4 | €6,453,540 | €7,752,374 | +€1.3m | +20.1% |
| Leasing and similar obligations | 172 | €109,337 | €2,498,853 | +€2.4m | +2,185% |
| Credit institutions | 173 | €6,344,203 | €5,253,521 | -€1.1m | -17.2% |
| Amounts payable within one year | 42/48 | €2,260,794 | €3,980,594 | +€1.7m | +76.1% |
| Current portion of amounts payable after more than one year | 42 | €1,545,984 | €1,338,446 | -€207,539 | -13.4% |
| Financial debts | 43 | €0 | €3,911 | +€3,911 | |
| Credit institutions | 430/8 | €0 | €3,911 | +€3,911 | |
| Trade debts | 44 | €667,940 | €362,963 | -€304,977 | -45.7% |
| Suppliers | 440/4 | €667,940 | €362,963 | -€304,977 | -45.7% |
| Taxes, remuneration and social security | 45 | €41,870 | €5,011 | -€36,858 | -88.0% |
| Taxes | 450/3 | €41,861 | €5,011 | -€36,850 | -88.0% |
| Remuneration and social security | 454/9 | €9 | €0 | -€9 | -100% |
| Other amounts payable | 47/48 | €5,000 | €2,270,262 | +€2.3m | +45,305% |
| Accrued charges and deferred income | 492/3 | €286 | €3,357 | +€3,071 | +1,075% |
| Operating income | 70/76A | €22,242,505 | €6,362,331 | -€15.9m | -71.4% |
| Turnover | 70 | €16,251,639 | €4,813,111 | -€11.4m | -70.4% |
| Other operating income | 74 | €9,472 | €41,995 | +€32,523 | +343% |
| Non-recurring operating income | 76A | €5,981,394 | €1,507,224 | -€4.5m | -74.8% |
| Operating charges | 60/66A | €17,332,466 | €5,243,962 | -€12.1m | -69.7% |
| Goods for resale, raw materials and consumables | 60 | €14,438,447 | €4,056,375 | -€10.4m | -71.9% |
| Purchases | 600/8 | €10,693,191 | €4,056,375 | -€6.6m | -62.1% |
| Change in stocks: decrease (increase) | 609 | €3,745,256 | €0 | -€3.7m | -100% |
| Services and other goods | 61 | €2,258,271 | €546,433 | -€1.7m | -75.8% |
| Remuneration, social security and pensions | 62 | €4,744 | €0 | -€4,744 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €406,398 | €437,250 | +€30,853 | +7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,987 | €0 | +€1,987 | |
| Other operating charges | 640/8 | €90,062 | €129,307 | +€39,246 | +43.6% |
| Non-recurring operating charges | 66A | €136,532 | €74,595 | -€61,937 | -45.4% |
| Operating profit (loss) | 9901 | €4,910,039 | €1,118,369 | -€3.8m | -77.2% |
| Financial income | 75/76B | €277,377 | €207,147 | -€70,230 | -25.3% |
| Recurring financial income | 75 | €277,377 | €207,147 | -€70,230 | -25.3% |
| Income from financial fixed assets | 750 | €198,335 | €0 | -€198,335 | -100% |
| Income from current assets | 751 | €77,169 | €194,521 | +€117,352 | +152% |
| Other financial income | 752/9 | €1,873 | €12,626 | +€10,753 | +574% |
| Financial charges | 65/66B | €380,356 | €346,150 | -€34,206 | -9.0% |
| Recurring financial charges | 65 | €380,356 | €346,150 | -€34,206 | -9.0% |
| Debt charges | 650 | €288,583 | €335,131 | +€46,549 | +16.1% |
| Other financial charges | 652/9 | €91,773 | €11,018 | -€80,755 | -88.0% |
| Profit (loss) for the period before taxes | 9903 | €4,807,060 | €979,366 | -€3.8m | -79.6% |
| Transfer from deferred taxes | 780 | €2,030 | €19,342 | +€17,312 | +853% |
| Transfer to deferred taxes | 680 | €596,755 | €376,806 | -€219,949 | -36.9% |
| Income taxes | 67/77 | €651,578 | -€602 | -€652,180 | |
| Taxes | 670/3 | €651,578 | €1,110 | -€650,468 | -99.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,712 | +€1,712 | |
| Profit (loss) for the period | 9904 | €3,560,757 | €622,504 | -€2.9m | -82.5% |
| Transfer from tax-exempt reserves | 789 | - | €33,664 | +€33,664 | |
| Transfer to tax-exempt reserves | 689 | €1,790,266 | €1,130,418 | -€659,847 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,770,491 | -€474,250 | -€2.2m |
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 18 October 2026 via checked.be.