VDD KELDERMAN: 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 KELDERMAN
Largest movements
- Intangible fixed assets +€60,000
new in 2025: €60,000
- Receivables within one year -€37,555
down €37,555 (-15.6%), from €240,602 to €203,047
of which Trade receivables: -€44,122
- Tangible fixed assets +€8,904
up €8,904 (+5.2%), from €170,616 to €179,521
of which Furniture and vehicles: +€25,912
- Cash +€7,273
up €7,273 (+8.7%), from €83,795 to €91,068
mainly Trade debts (+€104,864) and Receivables within one year (+€37,555)
- Trade debts +€104,864
up €104,864 (+282.9%), from €37,072 to €141,936
- Current portion of long-term debt -€46,128
no longer reported in 2025 (was €46,128)
- Tax, wage and social debts -€37,097
down €37,097 (-32.2%), from €115,383 to €78,286
of which Taxes: -€28,633
- Reserves +€14,478
up €14,478 (+4.2%), from €346,988 to €361,466
of which Distributable reserves: +€14,478
- Debts after one year -€6,654
down €6,654 (-24.7%), from €26,905 to €20,251
- Gross operating margin +€78,880
up €78,880 (+10.5%), from €754,147 to €833,027
- Staff costs +€63,264
up €63,264 (+9.0%), from €706,440 to €769,704
- Depreciation +€27,858
new in 2025: €27,858
- Taxes -€9,457
no longer reported in 2025 (was €9,457)
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.
Cash bridge derived
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 | €592,475 | €625,189 | +€32,713 | +5.5% |
| Fixed assets | 21/28 | €170,741 | €239,645 | +€68,904 | +40.4% |
| Intangible fixed assets | 21 | - | €60,000 | +€60,000 | |
| Tangible fixed assets | 22/27 | €170,616 | €179,521 | +€8,904 | +5.2% |
| Plant, machinery and equipment | 23 | €142,141 | €125,133 | -€17,008 | -12.0% |
| Furniture and vehicles | 24 | €28,475 | €54,387 | +€25,912 | +91.0% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €421,734 | €385,543 | -€36,191 | -8.6% |
| Stocks and contracts in progress | 3 | €81,780 | €77,543 | -€4,237 | -5.2% |
| Stocks | 30/36 | €81,780 | €77,543 | -€4,237 | -5.2% |
| Amounts receivable within one year | 40/41 | €240,602 | €203,047 | -€37,555 | -15.6% |
| Trade receivables | 40 | €93,315 | €49,193 | -€44,122 | -47.3% |
| Other amounts receivable | 41 | €147,287 | €153,854 | +€6,567 | +4.5% |
| Cash at bank and in hand | 54/58 | €83,795 | €91,068 | +€7,273 | +8.7% |
| Deferred charges and accrued income | 490/1 | €15,558 | €13,886 | -€1,672 | -10.7% |
| Total equity and liabilities | 10/49 | €592,475 | €625,189 | +€32,713 | +5.5% |
| Equity | 10/15 | €366,988 | €381,466 | +€14,478 | +3.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €346,988 | €361,466 | +€14,478 | +4.2% |
| Non-distributable reserves | 130/1 | €203,818 | €203,818 | = | 0.0% |
| Reserves not available under the articles | 1311 | €203,818 | €203,818 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €124,419 | €138,898 | +€14,478 | +11.6% |
| Amounts payable | 17/49 | €225,488 | €243,723 | +€18,235 | +8.1% |
| Amounts payable after more than one year | 17 | €26,905 | €20,251 | -€6,654 | -24.7% |
| Financial debts | 170/4 | €26,905 | €20,251 | -€6,654 | -24.7% |
| Amounts payable within one year | 42/48 | €198,583 | €223,471 | +€24,889 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €46,128 | - | -€46,128 | |
| Trade debts | 44 | €37,072 | €141,936 | +€104,864 | +282.9% |
| Suppliers | 440/4 | €37,072 | €141,936 | +€104,864 | +282.9% |
| Advances received on contracts in progress | 46 | - | €3,250 | +€3,250 | |
| Taxes, remuneration and social security | 45 | €115,383 | €78,286 | -€37,097 | -32.2% |
| Taxes | 450/3 | €70,031 | €41,398 | -€28,633 | -40.9% |
| Remuneration and social security | 454/9 | €45,352 | €36,888 | -€8,464 | -18.7% |
| Remuneration, social security and pensions | 62 | €706,440 | €769,704 | +€63,264 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €27,858 | +€27,858 | |
| Other operating charges | 640/8 | €6,698 | €4,116 | -€2,583 | -38.6% |
| Gross operating margin | 9900 | €754,147 | €833,027 | +€78,880 | +10.5% |
| Operating profit (loss) | 9901 | €41,008 | €31,349 | -€9,659 | -23.6% |
| Financial income | 75/76B | €1,263 | €1,378 | +€115 | +9.1% |
| Recurring financial income | 75 | €1,263 | €1,378 | +€115 | +9.1% |
| Financial charges | 65/66B | €18,182 | €18,249 | +€67 | +0.4% |
| Recurring financial charges | 65 | €17,500 | €18,249 | +€749 | +4.3% |
| Non-recurring financial charges | 66B | €682 | - | -€682 | |
| Profit (loss) for the period before taxes | 9903 | €24,089 | €14,478 | -€9,611 | -39.9% |
| Income taxes | 67/77 | €9,457 | - | -€9,457 | |
| Profit (loss) for the period | 9904 | €14,633 | €14,478 | -€154 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,633 | €14,478 | -€154 | -1.1% |
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 11 October 2026 via checked.be.