VDC-SYSTEMS: 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-SYSTEMS
Largest movements
- Receivables within one year -€44,592
down €44,592 (-22.1%), from €202,088 to €157,496
of which Trade receivables: -€34,577
- Tangible fixed assets +€27,254
up €27,254 (+5.0%), from €543,969 to €571,223
of which Land and buildings: +€26,716
- Cash +€10,834
up €10,834 (+69.0%), from €15,712 to €26,546
mainly Net result for the year (+€44,684) and Receivables within one year (+€44,592)
- Trade debts -€35,710
down €35,710 (-91.8%), from €38,907 to €3,197
- Reserves +€23,312
up €23,312 (+7.2%), from €324,121 to €347,433
of which Distributable reserves: +€23,312
- Gross operating margin -€9,512
down €9,512 (-9.2%), from €102,959 to €93,447
- Taxes -€6,932
down €6,932 (-28.1%), from €24,696 to €17,764
- Depreciation +€5,903
up €5,903 (+55.1%), from €10,709 to €16,612
- Financial charges +€4,672
up €4,672 (+35.7%), from €13,090 to €17,762
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 | €764,944 | €758,301 | -€6,643 | -0.9% |
| Fixed assets | 21/28 | €543,969 | €571,223 | +€27,254 | +5.0% |
| Tangible fixed assets | 22/27 | €543,969 | €571,223 | +€27,254 | +5.0% |
| Land and buildings | 22 | €534,479 | €561,195 | +€26,716 | +5.0% |
| Plant, machinery and equipment | 23 | €9,359 | €7,853 | -€1,506 | -16.1% |
| Furniture and vehicles | 24 | €131 | €2,176 | +€2,044 | +1,556% |
| Current assets | 29/58 | €220,975 | €187,078 | -€33,897 | -15.3% |
| Amounts receivable within one year | 40/41 | €202,088 | €157,496 | -€44,592 | -22.1% |
| Trade receivables | 40 | €89,754 | €55,177 | -€34,577 | -38.5% |
| Other amounts receivable | 41 | €112,334 | €102,319 | -€10,015 | -8.9% |
| Cash at bank and in hand | 54/58 | €15,712 | €26,546 | +€10,834 | +69.0% |
| Deferred charges and accrued income | 490/1 | €3,175 | €3,037 | -€139 | -4.4% |
| Total equity and liabilities | 10/49 | €764,944 | €758,301 | -€6,643 | -0.9% |
| Equity | 10/15 | €342,721 | €366,033 | +€23,312 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €324,121 | €347,433 | +€23,312 | +7.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €322,261 | €345,573 | +€23,312 | +7.2% |
| Amounts payable | 17/49 | €422,222 | €392,268 | -€29,954 | -7.1% |
| Amounts payable after more than one year | 17 | €342,316 | €341,783 | -€534 | -0.2% |
| Financial debts | 170/4 | €342,316 | €341,783 | -€534 | -0.2% |
| Amounts payable within one year | 42/48 | €79,411 | €50,486 | -€28,925 | -36.4% |
| Current portion of amounts payable after more than one year | 42 | €23,594 | €26,303 | +€2,708 | +11.5% |
| Trade debts | 44 | €38,907 | €3,197 | -€35,710 | -91.8% |
| Suppliers | 440/4 | €38,907 | €3,197 | -€35,710 | -91.8% |
| Taxes, remuneration and social security | 45 | €16,909 | €20,986 | +€4,076 | +24.1% |
| Taxes | 450/3 | €16,909 | €20,986 | +€4,076 | +24.1% |
| Accrued charges and deferred income | 492/3 | €495 | - | -€495 | |
| Non-recurring operating income | 76A | €3,171 | - | -€3,171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,709 | €16,612 | +€5,903 | +55.1% |
| Other operating charges | 640/8 | €1,563 | €2,205 | +€642 | +41.1% |
| Gross operating margin | 9900 | €102,959 | €93,447 | -€9,512 | -9.2% |
| Operating profit (loss) | 9901 | €90,687 | €74,631 | -€16,057 | -17.7% |
| Financial income | 75/76B | €6,395 | €5,579 | -€816 | -12.8% |
| Recurring financial income | 75 | €6,395 | €5,579 | -€816 | -12.8% |
| Financial charges | 65/66B | €13,090 | €17,762 | +€4,672 | +35.7% |
| Recurring financial charges | 65 | €13,090 | €17,762 | +€4,672 | +35.7% |
| Profit (loss) for the period before taxes | 9903 | €83,993 | €62,448 | -€21,545 | -25.7% |
| Income taxes | 67/77 | €24,696 | €17,764 | -€6,932 | -28.1% |
| Profit (loss) for the period | 9904 | €59,297 | €44,684 | -€14,613 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,297 | €44,684 | -€14,613 | -24.6% |
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 13 October 2026 via checked.be.