VDD 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.
VDD INVEST
Largest movements
- Current investments -€1.6m
down €1.6m (-38.7%), from €4.2m to €2.6m
- Cash +€743,121
up €743,121 (+804%), from €92,454 to €835,575
mainly Current investments (+€1.6m) and Net result for the year (+€50,985)
- Receivables within one year +€134,713
up €134,713 (+113%), from €119,509 to €254,222
of which Other amounts receivable: +€108,104
- Reserves -€589,219
down €589,219 (-6.3%), from €9.4m to €8.8m
- Financial income -€5.3m
down €5.3m (-97.6%), from €5.4m to €130,450
of which Non-recurring financial income: -€5.3m
- Taxes -€439,804
down €439,804 (-89.1%), from €493,370 to €53,566
- Gross operating margin -€174,845
down €174,845 (-62.9%), from €278,078 to €103,233
- Financial charges +€44,476
up €44,476 (+98.5%), from €45,155 to €89,631
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 | €10,436,835 | €9,721,414 | -€715,420 | -6.9% |
| Fixed assets | 21/28 | €5,991,280 | €6,037,828 | +€46,548 | +0.8% |
| Tangible fixed assets | 22/27 | €1,450,183 | €1,433,519 | -€16,664 | -1.1% |
| Land and buildings | 22 | €1,283,591 | €1,254,159 | -€29,432 | -2.3% |
| Plant, machinery and equipment | 23 | €456 | €133 | -€323 | -70.7% |
| Furniture and vehicles | 24 | €164,635 | €177,726 | +€13,091 | +8.0% |
| Other tangible fixed assets | 26 | €1,500 | €1,500 | = | 0.0% |
| Financial fixed assets | 28 | €4,541,097 | €4,604,309 | +€63,212 | +1.4% |
| Current assets | 29/58 | €4,445,555 | €3,683,587 | -€761,968 | -17.1% |
| Amounts receivable within one year | 40/41 | €119,509 | €254,222 | +€134,713 | +113% |
| Trade receivables | 40 | €146 | €26,755 | +€26,609 | +18,207% |
| Other amounts receivable | 41 | €119,362 | €227,467 | +€108,104 | +90.6% |
| Current investments | 50/53 | €4,223,426 | €2,586,897 | -€1.6m | -38.7% |
| Cash at bank and in hand | 54/58 | €92,454 | €835,575 | +€743,121 | +804% |
| Deferred charges and accrued income | 490/1 | €10,166 | €6,893 | -€3,273 | -32.2% |
| Total equity and liabilities | 10/49 | €10,436,835 | €9,721,414 | -€715,420 | -6.9% |
| Equity | 10/15 | €9,660,483 | €9,064,277 | -€596,206 | -6.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Revaluation surpluses | 12 | €184,000 | €177,013 | -€6,987 | -3.8% |
| Reserves | 13 | €9,426,483 | €8,837,264 | -€589,219 | -6.3% |
| Distributable reserves | 133 | €9,426,483 | €8,837,264 | -€589,219 | -6.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €776,351 | €657,137 | -€119,214 | -15.4% |
| Amounts payable after more than one year | 17 | €195,000 | €95,000 | -€100,000 | -51.3% |
| Financial debts | 170/4 | €195,000 | €95,000 | -€100,000 | -51.3% |
| Amounts payable within one year | 42/48 | €568,884 | €541,736 | -€27,148 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €4,032 | €3,521 | -€511 | -12.7% |
| Suppliers | 440/4 | €4,032 | €3,521 | -€511 | -12.7% |
| Taxes, remuneration and social security | 45 | €374,676 | €361,980 | -€12,696 | -3.4% |
| Taxes | 450/3 | €374,676 | €361,980 | -€12,696 | -3.4% |
| Other amounts payable | 47/48 | €90,176 | €76,235 | -€13,941 | -15.5% |
| Accrued charges and deferred income | 492/3 | €12,468 | €20,402 | +€7,934 | +63.6% |
| Non-recurring operating income | 76A | €254,742 | €25,000 | -€229,742 | -90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,387 | €31,067 | -€320 | -1.0% |
| Other operating charges | 640/8 | €9,016 | €8,434 | -€582 | -6.5% |
| Gross operating margin | 9900 | €278,078 | €103,233 | -€174,845 | -62.9% |
| Operating profit (loss) | 9901 | €237,675 | €63,732 | -€173,943 | -73.2% |
| Financial income | 75/76B | €5,421,549 | €130,450 | -€5.3m | -97.6% |
| Recurring financial income | 75 | €64,359 | €103,570 | +€39,211 | +60.9% |
| Non-recurring financial income | 76B | €5,357,190 | €26,880 | -€5.3m | -99.5% |
| Financial charges | 65/66B | €45,155 | €89,631 | +€44,476 | +98.5% |
| Recurring financial charges | 65 | €45,155 | €89,631 | +€44,476 | +98.5% |
| Profit (loss) for the period before taxes | 9903 | €5,614,069 | €104,551 | -€5.5m | -98.1% |
| Income taxes | 67/77 | €493,370 | €53,566 | -€439,804 | -89.1% |
| Profit (loss) for the period | 9904 | €5,120,700 | €50,985 | -€5.1m | -99.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,120,700 | €50,985 | -€5.1m | -99.0% |
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 31 October 2026 via checked.be.