VDESIGN: 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.
VDESIGN
Largest movements
- Cash -€32,572
down €32,572 (-9.8%), from €333,796 to €301,223
mainly Investment in fixed assets (net) (-€45,933) and Stocks and contracts (-€19,200)
- Tangible fixed assets +€31,517
up €31,517 (+91.0%), from €34,632 to €66,149
of which Leasing and similar rights: +€23,142
- Stocks and contracts +€19,200
up €19,200 (+22.2%), from €86,500 to €105,700
- Receivables within one year +€8,991
up €8,991 (+4.6%), from €197,224 to €206,215
of which Trade receivables: +€11,436
- Debts after one year +€21,736
new in 2025: €21,736
- Reserves +€16,624
up €16,624 (+4.0%), from €419,288 to €435,912
of which Distributable reserves: +€16,624
- Tax, wage and social debts -€8,961
down €8,961 (-17.1%), from €52,297 to €43,336
of which Taxes: -€12,873
- Current portion of long-term debt +€7,302
new in 2025: €7,302
- Gross operating margin -€57,976
down €57,976 (-41.9%), from €138,518 to €80,542
- Taxes -€22,233
down €22,233 (-72.8%), from €30,540 to €8,308
- Financial income +€14,855
up €14,855 (+77.9%), from €19,077 to €33,932
- Depreciation +€8,697
up €8,697 (+152%), from €5,718 to €14,416
- Write-downs +€8,306
no longer reported in 2025 (was -€8,306)
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 | €653,439 | €681,477 | +€28,038 | +4.3% |
| Fixed assets | 21/28 | €34,681 | €66,198 | +€31,517 | +90.9% |
| Tangible fixed assets | 22/27 | €34,632 | €66,149 | +€31,517 | +91.0% |
| Land and buildings | 22 | €27,521 | €23,800 | -€3,722 | -13.5% |
| Plant, machinery and equipment | 23 | €2,945 | €5,723 | +€2,778 | +94.3% |
| Furniture and vehicles | 24 | €4,165 | €13,485 | +€9,319 | +224% |
| Leasing and similar rights | 25 | - | €23,142 | +€23,142 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €618,758 | €615,279 | -€3,479 | -0.6% |
| Stocks and contracts in progress | 3 | €86,500 | €105,700 | +€19,200 | +22.2% |
| Stocks | 30/36 | €86,500 | €105,700 | +€19,200 | +22.2% |
| Amounts receivable within one year | 40/41 | €197,224 | €206,215 | +€8,991 | +4.6% |
| Trade receivables | 40 | €78,339 | €89,775 | +€11,436 | +14.6% |
| Other amounts receivable | 41 | €118,886 | €116,441 | -€2,445 | -2.1% |
| Cash at bank and in hand | 54/58 | €333,796 | €301,223 | -€32,572 | -9.8% |
| Deferred charges and accrued income | 490/1 | €1,238 | €2,141 | +€902 | +72.9% |
| Total equity and liabilities | 10/49 | €653,439 | €681,477 | +€28,038 | +4.3% |
| Equity | 10/15 | €437,880 | €454,504 | +€16,624 | +3.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €419,288 | €435,912 | +€16,624 | +4.0% |
| Tax-exempt reserves | 132 | €35,123 | €35,123 | = | 0.0% |
| Distributable reserves | 133 | €384,165 | €400,789 | +€16,624 | +4.3% |
| Amounts payable | 17/49 | €215,559 | €226,973 | +€11,414 | +5.3% |
| Amounts payable after more than one year | 17 | - | €21,736 | +€21,736 | |
| Financial debts | 170/4 | - | €21,736 | +€21,736 | |
| Amounts payable within one year | 42/48 | €207,375 | €196,817 | -€10,558 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | - | €7,302 | +€7,302 | |
| Financial debts | 43 | €13,714 | €13,052 | -€662 | -4.8% |
| Credit institutions | 430/8 | €13,714 | €13,052 | -€662 | -4.8% |
| Trade debts | 44 | €69,409 | €64,362 | -€5,047 | -7.3% |
| Suppliers | 440/4 | €69,409 | €64,362 | -€5,047 | -7.3% |
| Taxes, remuneration and social security | 45 | €52,297 | €43,336 | -€8,961 | -17.1% |
| Taxes | 450/3 | €44,844 | €31,970 | -€12,873 | -28.7% |
| Remuneration and social security | 454/9 | €7,453 | €11,366 | +€3,913 | +52.5% |
| Other amounts payable | 47/48 | €71,955 | €68,765 | -€3,190 | -4.4% |
| Accrued charges and deferred income | 492/3 | €8,184 | €8,420 | +€236 | +2.9% |
| Remuneration, social security and pensions | 62 | €58,210 | €61,806 | +€3,596 | +6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,718 | €14,416 | +€8,697 | +152% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,306 | - | +€8,306 | |
| Other operating charges | 640/8 | €3,762 | €3,054 | -€708 | -18.8% |
| Gross operating margin | 9900 | €138,518 | €80,542 | -€57,976 | -41.9% |
| Operating profit (loss) | 9901 | €79,134 | €1,267 | -€77,867 | -98.4% |
| Financial income | 75/76B | €19,077 | €33,932 | +€14,855 | +77.9% |
| Recurring financial income | 75 | €19,077 | €33,932 | +€14,855 | +77.9% |
| Financial charges | 65/66B | €12,547 | €9,435 | -€3,112 | -24.8% |
| Recurring financial charges | 65 | €12,547 | €9,435 | -€3,112 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | €85,664 | €25,764 | -€59,899 | -69.9% |
| Income taxes | 67/77 | €30,540 | €8,308 | -€22,233 | -72.8% |
| Profit (loss) for the period | 9904 | €55,123 | €17,457 | -€37,667 | -68.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,123 | €17,457 | -€37,667 | -68.3% |
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 17 October 2026 via checked.be.