VDE INVESTMENTS: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
VDE INVESTMENTS
Largest movements
- Tangible fixed assets -€498,398
down €498,398 (-18.9%), from €2.6m to €2.1m
of which Land and buildings: -€482,952
- Receivables within one year +€260,037
up €260,037 (+225%), from €115,549 to €375,586
of which Trade receivables: +€178,052
- Cash +€45,167
up €45,167 (+1,326%), from €3,408 to €48,575
mainly Net result for the year (+€288,778) and Investment in fixed assets (net) (+€278,269)
- Reserves -€146,372
down €146,372 (-17.2%), from €850,697 to €704,326
of which Distributable reserves: -€146,372
- Debts after one year -€74,843
down €74,843 (-7.2%), from €1.0m to €958,686
- Tax, wage and social debts +€49,588
up €49,588 (+661%), from €7,504 to €57,092
of which Taxes: +€46,448
- Gross operating margin +€362,737
up €362,737 (+95.7%), from €378,984 to €741,721
- Depreciation -€42,975
down €42,975 (-16.3%), from €263,104 to €220,128
- Taxes +€24,690
up €24,690 (+590%), from €4,187 to €28,878
- Financial charges +€22,160
up €22,160 (+82.9%), from €26,737 to €48,897
- Staff costs +€20,142
up €20,142 (+161%), from €12,500 to €32,642
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,761,682 | €2,568,489 | -€193,193 | -7.0% |
| Fixed assets | 21/28 | €2,642,726 | €2,144,328 | -€498,398 | -18.9% |
| Tangible fixed assets | 22/27 | €2,642,449 | €2,144,051 | -€498,398 | -18.9% |
| Land and buildings | 22 | €2,577,160 | €2,094,208 | -€482,952 | -18.7% |
| Plant, machinery and equipment | 23 | €5,114 | €5,992 | +€878 | +17.2% |
| Furniture and vehicles | 24 | €35,258 | €18,935 | -€16,323 | -46.3% |
| Other tangible fixed assets | 26 | €2,800 | €2,800 | = | 0.0% |
| Assets under construction and advance payments | 27 | €22,117 | €22,117 | = | 0.0% |
| Financial fixed assets | 28 | €277 | €277 | = | 0.0% |
| Current assets | 29/58 | €118,956 | €424,161 | +€305,205 | +257% |
| Amounts receivable within one year | 40/41 | €115,549 | €375,586 | +€260,037 | +225% |
| Trade receivables | 40 | €115,549 | €293,601 | +€178,052 | +154% |
| Other amounts receivable | 41 | €0 | €81,985 | +€81,985 | |
| Cash at bank and in hand | 54/58 | €3,408 | €48,575 | +€45,167 | +1,326% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,761,682 | €2,568,489 | -€193,193 | -7.0% |
| Equity | 10/15 | €890,214 | €743,842 | -€146,372 | -16.4% |
| Contributions | 10/11 | €39,517 | €39,517 | = | 0.0% |
| Reserves | 13 | €850,697 | €704,326 | -€146,372 | -17.2% |
| Non-distributable reserves | 130/1 | €43,878 | €43,878 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43,878 | €43,878 | = | 0.0% |
| Distributable reserves | 133 | €806,820 | €660,448 | -€146,372 | -18.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,871,468 | €1,824,647 | -€46,822 | -2.5% |
| Amounts payable after more than one year | 17 | €1,033,529 | €958,686 | -€74,843 | -7.2% |
| Financial debts | 170/4 | €1,033,529 | €958,686 | -€74,843 | -7.2% |
| Amounts payable within one year | 42/48 | €836,766 | €864,296 | +€27,530 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €73,596 | €74,843 | +€1,246 | +1.7% |
| Trade debts | 44 | €24,639 | €3,430 | -€21,209 | -86.1% |
| Suppliers | 440/4 | €24,639 | €3,430 | -€21,209 | -86.1% |
| Taxes, remuneration and social security | 45 | €7,504 | €57,092 | +€49,588 | +661% |
| Taxes | 450/3 | €4,187 | €50,635 | +€46,448 | +1,109% |
| Remuneration and social security | 454/9 | €3,316 | €6,457 | +€3,140 | +94.7% |
| Other amounts payable | 47/48 | €731,026 | €728,931 | -€2,095 | -0.3% |
| Accrued charges and deferred income | 492/3 | €1,174 | €1,665 | +€491 | +41.8% |
| Non-recurring operating income | 76A | - | €215,585 | +€215,585 | |
| Remuneration, social security and pensions | 62 | €12,500 | €32,642 | +€20,142 | +161% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €263,104 | €220,128 | -€42,975 | -16.3% |
| Other operating charges | 640/8 | €30,582 | €28,123 | -€2,459 | -8.0% |
| Non-recurring operating charges | 66A | - | €94,303 | +€94,303 | |
| Gross operating margin | 9900 | €378,984 | €741,721 | +€362,737 | +95.7% |
| Operating profit (loss) | 9901 | €72,798 | €366,525 | +€293,726 | +403% |
| Financial income | 75/76B | €0 | €28 | +€28 | |
| Recurring financial income | 75 | €0 | €28 | +€28 | |
| Financial charges | 65/66B | €26,737 | €48,897 | +€22,160 | +82.9% |
| Recurring financial charges | 65 | €26,737 | €48,897 | +€22,160 | +82.9% |
| Profit (loss) for the period before taxes | 9903 | €46,061 | €317,656 | +€271,595 | +590% |
| Income taxes | 67/77 | €4,187 | €28,878 | +€24,690 | +590% |
| Profit (loss) for the period | 9904 | €41,874 | €288,778 | +€246,904 | +590% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €41,874 | €288,778 | +€246,904 | +590% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.