VdE&Co: 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&Co
Largest movements
- Tangible fixed assets +€281,897
up €281,897 (+2,122%), from €13,284 to €295,181
of which Land and buildings: +€274,378
- Current investments -€20,000
no longer reported in 2025 (was €20,000)
- Deferred charges and accrued income +€6,195
up €6,195 (+90.6%), from €6,841 to €13,036
- Debts after one year +€218,781
new in 2025: €218,781
- Profit (loss) carried forward +€21,772
up €21,772 (+315%), from €6,906 to €28,679
- Current portion of long-term debt +€10,436
new in 2025: €10,436
- Tax, wage and social debts +€7,370
up €7,370 (+143%), from €5,161 to €12,531
of which Taxes: +€5,870
- Other debts +€5,198
up €5,198 (+29.9%), from €17,374 to €22,572
- Gross operating margin +€21,398
up €21,398 (+71.3%), from €30,030 to €51,428
- Depreciation +€14,694
up €14,694 (+384%), from €3,826 to €18,521
- Financial charges +€1,917
up €1,917 (+1,937%), from €99 to €2,016
- Financial income +€1,693
up €1,693 (+13,228%), from €13 to €1,706
- Other operating charges +€1,080
up €1,080 (+124%), from €874 to €1,953
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 | €49,587 | €315,839 | +€266,253 | +537% |
| Fixed assets | 21/28 | €13,284 | €295,181 | +€281,897 | +2,122% |
| Tangible fixed assets | 22/27 | €13,284 | €295,181 | +€281,897 | +2,122% |
| Land and buildings | 22 | - | €274,378 | +€274,378 | |
| Plant, machinery and equipment | 23 | - | €1,836 | +€1,836 | |
| Furniture and vehicles | 24 | €820 | €9,903 | +€9,083 | +1,108% |
| Other tangible fixed assets | 26 | €12,464 | €9,064 | -€3,400 | -27.3% |
| Current assets | 29/58 | €36,303 | €20,659 | -€15,645 | -43.1% |
| Amounts receivable within one year | 40/41 | €500 | - | -€500 | |
| Other amounts receivable | 41 | €500 | - | -€500 | |
| Current investments | 50/53 | €20,000 | - | -€20,000 | |
| Cash at bank and in hand | 54/58 | €8,962 | €7,623 | -€1,339 | -14.9% |
| Deferred charges and accrued income | 490/1 | €6,841 | €13,036 | +€6,195 | +90.6% |
| Total equity and liabilities | 10/49 | €49,587 | €315,839 | +€266,253 | +537% |
| Equity | 10/15 | €26,406 | €48,179 | +€21,772 | +82.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €16,500 | €16,500 | = | 0.0% |
| Distributable reserves | 133 | €16,500 | €16,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,906 | €28,679 | +€21,772 | +315% |
| Amounts payable | 17/49 | €23,180 | €267,661 | +€244,480 | +1,055% |
| Amounts payable after more than one year | 17 | - | €218,781 | +€218,781 | |
| Financial debts | 170/4 | - | €218,781 | +€218,781 | |
| Amounts payable within one year | 42/48 | €23,180 | €48,103 | +€24,922 | +108% |
| Current portion of amounts payable after more than one year | 42 | - | €10,436 | +€10,436 | |
| Trade debts | 44 | €645 | €2,564 | +€1,919 | +297% |
| Suppliers | 440/4 | €645 | €2,564 | +€1,919 | +297% |
| Taxes, remuneration and social security | 45 | €5,161 | €12,531 | +€7,370 | +143% |
| Taxes | 450/3 | €5,161 | €11,031 | +€5,870 | +114% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €17,374 | €22,572 | +€5,198 | +29.9% |
| Accrued charges and deferred income | 492/3 | - | €777 | +€777 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,826 | €18,521 | +€14,694 | +384% |
| Other operating charges | 640/8 | €874 | €1,953 | +€1,080 | +124% |
| Gross operating margin | 9900 | €30,030 | €51,428 | +€21,398 | +71.3% |
| Operating profit (loss) | 9901 | €25,330 | €30,954 | +€5,625 | +22.2% |
| Financial income | 75/76B | €13 | €1,706 | +€1,693 | +13,228% |
| Recurring financial income | 75 | €13 | €1,706 | +€1,693 | +13,228% |
| Financial charges | 65/66B | €99 | €2,016 | +€1,917 | +1,937% |
| Recurring financial charges | 65 | €99 | €2,016 | +€1,917 | +1,937% |
| Profit (loss) for the period before taxes | 9903 | €25,244 | €30,645 | +€5,401 | +21.4% |
| Income taxes | 67/77 | €8,661 | €8,872 | +€211 | +2.4% |
| Profit (loss) for the period | 9904 | €16,582 | €21,772 | +€5,190 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,582 | €21,772 | +€5,190 | +31.3% |
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 14 October 2026 via checked.be.