VDE: 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.
VDE
Largest movements
- Cash +€40,760
up €40,760 (+35.8%), from €113,699 to €154,460
mainly Other debts (+€94,233) and Net result for the year (+€44,370)
- Current investments +€6,680
up €6,680 (+3.3%), from €200,976 to €207,656
- Other debts +€94,233
new in 2025: €94,233
- Reserves -€55,999
down €55,999 (-17.5%), from €319,173 to €263,174
- Trade debts +€14,822
new in 2025: €14,822
- Tax, wage and social debts -€6,574
down €6,574 (-26.6%), from €24,747 to €18,173
- Gross operating margin -€10,662
down €10,662 (-14.1%), from €75,452 to €64,790
- Taxes -€4,513
down €4,513 (-20.5%), from €21,977 to €17,464
- Financial income -€2,177
down €2,177 (-46.2%), from €4,712 to €2,535
- Depreciation -€942
down €942 (-23.1%), from €4,070 to €3,128
- Financial charges +€936
up €936 (+143%), from €656 to €1,592
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 | €344,991 | €392,864 | +€47,873 | +13.9% |
| Fixed assets | 21/28 | €12,991 | €13,743 | +€752 | +5.8% |
| Tangible fixed assets | 22/27 | €12,991 | €13,743 | +€752 | +5.8% |
| Land and buildings | 22 | €9,603 | €9,100 | -€503 | -5.2% |
| Plant, machinery and equipment | 23 | €928 | €730 | -€198 | -21.4% |
| Furniture and vehicles | 24 | €2,460 | €3,913 | +€1,453 | +59.1% |
| Current assets | 29/58 | €331,999 | €379,120 | +€47,121 | +14.2% |
| Amounts receivable within one year | 40/41 | €17,325 | €17,005 | -€319 | -1.8% |
| Trade receivables | 40 | €3,112 | - | -€3,112 | |
| Other amounts receivable | 41 | €14,213 | €17,005 | +€2,792 | +19.6% |
| Current investments | 50/53 | €200,976 | €207,656 | +€6,680 | +3.3% |
| Cash at bank and in hand | 54/58 | €113,699 | €154,460 | +€40,760 | +35.8% |
| Total equity and liabilities | 10/49 | €344,991 | €392,864 | +€47,873 | +13.9% |
| Equity | 10/15 | €320,173 | €264,174 | -€55,999 | -17.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €319,173 | €263,174 | -€55,999 | -17.5% |
| Distributable reserves | 133 | €319,173 | €263,174 | -€55,999 | -17.5% |
| Amounts payable | 17/49 | €24,818 | €128,690 | +€103,872 | +419% |
| Amounts payable within one year | 42/48 | €24,747 | €127,227 | +€102,480 | +414% |
| Trade debts | 44 | - | €14,822 | +€14,822 | |
| Suppliers | 440/4 | - | €14,822 | +€14,822 | |
| Taxes, remuneration and social security | 45 | €24,747 | €18,173 | -€6,574 | -26.6% |
| Taxes | 450/3 | €24,747 | €18,173 | -€6,574 | -26.6% |
| Other amounts payable | 47/48 | - | €94,233 | +€94,233 | |
| Accrued charges and deferred income | 492/3 | €71 | €1,463 | +€1,392 | +1,953% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,070 | €3,128 | -€942 | -23.1% |
| Other operating charges | 640/8 | €1,021 | €771 | -€249 | -24.4% |
| Gross operating margin | 9900 | €75,452 | €64,790 | -€10,662 | -14.1% |
| Operating profit (loss) | 9901 | €70,362 | €60,891 | -€9,471 | -13.5% |
| Financial income | 75/76B | €4,712 | €2,535 | -€2,177 | -46.2% |
| Recurring financial income | 75 | €4,712 | €2,535 | -€2,177 | -46.2% |
| Financial charges | 65/66B | €656 | €1,592 | +€936 | +143% |
| Recurring financial charges | 65 | €656 | €1,592 | +€936 | +143% |
| Profit (loss) for the period before taxes | 9903 | €74,418 | €61,834 | -€12,584 | -16.9% |
| Income taxes | 67/77 | €21,977 | €17,464 | -€4,513 | -20.5% |
| Profit (loss) for the period | 9904 | €52,441 | €44,370 | -€8,071 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,441 | €44,370 | -€8,071 | -15.4% |
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.