VDE Management: 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 Management
Largest movements
- Stocks and contracts +€271,538
new in 2025: €271,538
- Tangible fixed assets -€263,880
down €263,880 (-82.6%), from €319,327 to €55,448
of which Assets under construction and advance payments: -€216,853
- Receivables within one year +€119,461
up €119,461 (+41.1%), from €290,948 to €410,409
- Trade debts +€348,826
up €348,826 (+8,443%), from €4,132 to €352,958
- Other debts -€216,758
down €216,758 (-79.5%), from €272,758 to €56,000
- Debts after one year -€29,847
down €29,847 (-8.8%), from €340,700 to €310,852
- Reserves +€21,599
up €21,599 (+37.4%), from €57,729 to €79,328
- Gross operating margin -€86,806
down €86,806 (-45.4%), from €191,371 to €104,564
- Financial charges +€7,462
up €7,462 (+75.8%), from €9,851 to €17,313
- Financial income -€6,020
down €6,020 (-100%), from €6,020 to €0
- Taxes -€2,370
down €2,370 (-25.0%), from €9,471 to €7,102
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €715,217 | €842,056 | +€126,839 | +17.7% |
| Fixed assets | 21/28 | €319,327 | €55,448 | -€263,880 | -82.6% |
| Tangible fixed assets | 22/27 | €319,327 | €55,448 | -€263,880 | -82.6% |
| Land and buildings | 22 | €35,000 | €0 | -€35,000 | -100% |
| Furniture and vehicles | 24 | €59,659 | €47,633 | -€12,026 | -20.2% |
| Other tangible fixed assets | 26 | €7,815 | €7,815 | = | 0.0% |
| Assets under construction and advance payments | 27 | €216,853 | €0 | -€216,853 | -100% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €395,890 | €786,608 | +€390,718 | +98.7% |
| Stocks and contracts in progress | 3 | - | €271,538 | +€271,538 | |
| Stocks | 30/36 | - | €271,538 | +€271,538 | |
| Amounts receivable within one year | 40/41 | €290,948 | €410,409 | +€119,461 | +41.1% |
| Other amounts receivable | 41 | €290,948 | €410,409 | +€119,461 | +41.1% |
| Cash at bank and in hand | 54/58 | €101,996 | €103,309 | +€1,313 | +1.3% |
| Deferred charges and accrued income | 490/1 | €2,946 | €1,352 | -€1,594 | -54.1% |
| Total equity and liabilities | 10/49 | €715,217 | €842,056 | +€126,839 | +17.7% |
| Equity | 10/15 | €63,929 | €85,528 | +€21,599 | +33.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €57,729 | €79,328 | +€21,599 | +37.4% |
| Distributable reserves | 133 | €57,729 | €79,328 | +€21,599 | +37.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €651,288 | €756,528 | +€105,240 | +16.2% |
| Amounts payable after more than one year | 17 | €340,700 | €310,852 | -€29,847 | -8.8% |
| Financial debts | 170/4 | €340,700 | €310,852 | -€29,847 | -8.8% |
| Amounts payable within one year | 42/48 | €310,589 | €443,862 | +€133,274 | +42.9% |
| Current portion of amounts payable after more than one year | 42 | €31,640 | €29,847 | -€1,793 | -5.7% |
| Financial debts | 43 | €20 | €5,057 | +€5,037 | +25,035% |
| Credit institutions | 430/8 | €20 | €5,057 | +€5,037 | +25,035% |
| Trade debts | 44 | €4,132 | €352,958 | +€348,826 | +8,443% |
| Suppliers | 440/4 | €4,132 | €352,958 | +€348,826 | +8,443% |
| Taxes, remuneration and social security | 45 | €2,039 | €0 | -€2,039 | -100% |
| Taxes | 450/3 | €2,039 | €0 | -€2,039 | -100% |
| Other amounts payable | 47/48 | €272,758 | €56,000 | -€216,758 | -79.5% |
| Accrued charges and deferred income | 492/3 | - | €1,813 | +€1,813 | |
| Non-recurring operating income | 76A | €74,831 | €0 | -€74,831 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,984 | €25,526 | +€1,542 | +6.4% |
| Other operating charges | 640/8 | €2,382 | €3,024 | +€643 | +27.0% |
| Gross operating margin | 9900 | €191,371 | €104,564 | -€86,806 | -45.4% |
| Operating profit (loss) | 9901 | €165,005 | €76,014 | -€88,991 | -53.9% |
| Financial income | 75/76B | €6,020 | €0 | -€6,020 | -100% |
| Recurring financial income | 75 | €6,020 | €0 | -€6,020 | -100% |
| Financial charges | 65/66B | €9,851 | €17,313 | +€7,462 | +75.8% |
| Recurring financial charges | 65 | €9,851 | €17,313 | +€7,462 | +75.8% |
| Profit (loss) for the period before taxes | 9903 | €161,173 | €58,700 | -€102,473 | -63.6% |
| Income taxes | 67/77 | €9,471 | €7,102 | -€2,370 | -25.0% |
| Profit (loss) for the period | 9904 | €151,702 | €51,599 | -€100,103 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €151,702 | €51,599 | -€100,103 | -66.0% |
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 28 October 2026 via checked.be.