VDD WR: 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 WR
Largest movements
- Cash -€1.6m
down €1.6m (-35.7%), from €4.6m to €2.9m
mainly Other debts (-€3.9m) and Receivables within one year (-€836,118)
- Receivables within one year +€836,118
up €836,118 (+9.5%), from €8.8m to €9.7m
of which Trade receivables: +€1.4m
- Financial fixed assets +€265,212
up €265,212 (+5.8%), from €4.6m to €4.8m
- Other debts -€3.9m
down €3.9m (-25.4%), from €15.2m to €11.3m
- Advances received +€3.0m
new in 2025: €3.0m
- Trade debts +€1.3m
up €1.3m (+863%), from €153,455 to €1.5m
- Tax, wage and social debts -€778,669
down €778,669 (-79.7%), from €977,133 to €198,464
- Debts after one year -€332,696
down €332,696 (-6.0%), from €5.6m to €5.3m
- Gross operating margin -€64,136
down €64,136, from €58,721 to -€5,415
- Financial income +€15,481
up €15,481 (+3.1%), from €497,164 to €512,645
- Financial charges -€12,319
down €12,319 (-48.9%), from €25,207 to €12,888
- Taxes -€11,996
down €11,996 (-8.4%), from €141,996 to €130,000
- Other operating charges -€1,930
down €1,930 (-20.1%), from €9,591 to €7,661
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 | €21,950,669 | €21,338,919 | -€611,751 | -2.8% |
| Fixed assets | 21/28 | €4,565,648 | €4,830,860 | +€265,212 | +5.8% |
| Financial fixed assets | 28 | €4,565,648 | €4,830,860 | +€265,212 | +5.8% |
| Current assets | 29/58 | €17,385,021 | €16,508,058 | -€876,963 | -5.0% |
| Stocks and contracts in progress | 3 | €3,877,062 | €3,813,945 | -€63,118 | -1.6% |
| Stocks | 30/36 | €3,423,210 | €3,813,945 | +€390,735 | +11.4% |
| Contracts in progress | 37 | €453,852 | €0 | -€453,852 | -100% |
| Amounts receivable within one year | 40/41 | €8,821,109 | €9,657,227 | +€836,118 | +9.5% |
| Trade receivables | 40 | €2,967,102 | €4,386,955 | +€1.4m | +47.9% |
| Other amounts receivable | 41 | €5,854,007 | €5,270,272 | -€583,735 | -10.0% |
| Cash at bank and in hand | 54/58 | €4,577,154 | €2,940,992 | -€1.6m | -35.7% |
| Deferred charges and accrued income | 490/1 | €109,695 | €95,895 | -€13,800 | -12.6% |
| Total equity and liabilities | 10/49 | €21,950,669 | €21,338,919 | -€611,751 | -2.8% |
| Equity | 10/15 | €7,669 | €2,350 | -€5,319 | -69.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,669 | €1,350 | -€5,319 | -79.8% |
| Amounts payable | 17/49 | €21,943,000 | €21,336,568 | -€606,432 | -2.8% |
| Amounts payable after more than one year | 17 | €5,590,084 | €5,257,387 | -€332,696 | -6.0% |
| Financial debts | 170/4 | €5,590,084 | €5,257,387 | -€332,696 | -6.0% |
| Amounts payable within one year | 42/48 | €16,312,584 | €16,049,826 | -€262,758 | -1.6% |
| Trade debts | 44 | €153,455 | €1,477,870 | +€1.3m | +863% |
| Suppliers | 440/4 | €153,455 | €1,477,870 | +€1.3m | +863% |
| Advances received on contracts in progress | 46 | - | €3,044,802 | +€3.0m | |
| Taxes, remuneration and social security | 45 | €977,133 | €198,464 | -€778,669 | -79.7% |
| Taxes | 450/3 | €977,133 | €198,464 | -€778,669 | -79.7% |
| Other amounts payable | 47/48 | €15,181,997 | €11,328,690 | -€3.9m | -25.4% |
| Accrued charges and deferred income | 492/3 | €40,332 | €29,355 | -€10,977 | -27.2% |
| Other operating charges | 640/8 | €9,591 | €7,661 | -€1,930 | -20.1% |
| Gross operating margin | 9900 | €58,721 | -€5,415 | -€64,136 | |
| Operating profit (loss) | 9901 | €49,130 | -€13,076 | -€62,206 | |
| Financial income | 75/76B | €497,164 | €512,645 | +€15,481 | +3.1% |
| Recurring financial income | 75 | €497,164 | €512,645 | +€15,481 | +3.1% |
| Financial charges | 65/66B | €25,207 | €12,888 | -€12,319 | -48.9% |
| Recurring financial charges | 65 | €25,207 | €12,888 | -€12,319 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | €521,087 | €486,681 | -€34,405 | -6.6% |
| Income taxes | 67/77 | €141,996 | €130,000 | -€11,996 | -8.4% |
| Profit (loss) for the period | 9904 | €379,091 | €356,681 | -€22,409 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €379,091 | €356,681 | -€22,409 | -5.9% |
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 16 October 2026 via checked.be.