VDF: what changed
Two fiscal 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.
What changed
VDF
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€99,764
2024 · €93,932+€5,832
Equity
€624,327
2024 · €604,564+€19,764
Cash
€222,802
2024 · €228,932-€6,130
Balance sheet total
€710,723
2024 · €742,137-€31,414
Largest movements
Assets
- Tangible fixed assets -€20,401
down €20,401 (-5.3%), from €383,338 to €362,937
of which Other tangible fixed assets: -€33,974
Equity and liabilities
- Reserves +€99,764
up €99,764 (+19.2%), from €518,812 to €618,576
- Contributions -€80,000
down €80,000 (-95.8%), from €83,500 to €3,500
- Other debts -€27,815
down €27,815 (-96.2%), from €28,903 to €1,088
- Debts after one year -€25,077
down €25,077 (-56.7%), from €44,200 to €19,123
Income statement
- Gross operating margin +€17,896
up €17,896 (+8.8%), from €204,154 to €222,050
- Depreciation +€12,603
up €12,603 (+21.2%), from €59,350 to €71,954
- Write-downs -€2,232
down €2,232, from €1,116 to -€1,116
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.
Result 2024
€93,932
Gross operating margin
+€17,896
Depreciation
-€12,603
Write-downs
+€2,232
Other operating charges
-€160
Financial income
-€401
Financial charges
+€909
Taxes
-€2,041
Result 2025
€99,764
Cash bridge derived
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.
From operations
+€149,910
Investment
-€51,553
Financing
-€104,486
Cash 2024
€228,932
From operations (derived)
+€149,910
Net result for the year
+€99,764
Depreciation
+€71,954
Stocks and contracts
+€3,586
Receivables within one year
+€2,480
Deferred charges and accrued income
-€1,182
Smaller working-capital items
-€44
Tax, wage and social debts
+€1,168
Other debts
-€27,815
Investment (derived)
-€51,553
Investment in fixed assets (net)
-€51,553
Financing
-€104,486
Debts after one year
-€25,077
Current portion of long-term debt
+€591
Contributions, distributions and other
-€80,000
Cash 2025
€222,802
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €742,137 | €710,723 | -€31,414 | -4.2% |
| Fixed assets | 21/28 | €383,488 | €363,087 | -€20,401 | -5.3% |
| Tangible fixed assets | 22/27 | €383,338 | €362,937 | -€20,401 | -5.3% |
| Plant, machinery and equipment | 23 | €38,188 | €55,682 | +€17,494 | +45.8% |
| Furniture and vehicles | 24 | €10,258 | €6,339 | -€3,920 | -38.2% |
| Other tangible fixed assets | 26 | €334,892 | €300,917 | -€33,974 | -10.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €358,649 | €347,636 | -€11,013 | -3.1% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €25,673 | €22,088 | -€3,586 | -14.0% |
| Stocks | 30/36 | €25,673 | €22,088 | -€3,586 | -14.0% |
| Amounts receivable within one year | 40/41 | €19,363 | €16,883 | -€2,480 | -12.8% |
| Trade receivables | 40 | €17,888 | €10,900 | -€6,988 | -39.1% |
| Other amounts receivable | 41 | €1,476 | €5,983 | +€4,508 | +305.5% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €228,932 | €222,802 | -€6,130 | -2.7% |
| Deferred charges and accrued income | 490/1 | €4,681 | €5,864 | +€1,182 | +25.3% |
| Total equity and liabilities | 10/49 | €742,137 | €710,723 | -€31,414 | -4.2% |
| Equity | 10/15 | €604,564 | €624,327 | +€19,764 | +3.3% |
| Contributions | 10/11 | €83,500 | €3,500 | -€80,000 | -95.8% |
| Reserves | 13 | €518,812 | €618,576 | +€99,764 | +19.2% |
| Distributable reserves | 133 | €518,812 | €618,576 | +€99,764 | +19.2% |
| Profit (loss) carried forward | 14 | €2,252 | €2,252 | = | 0.0% |
| Amounts payable | 17/49 | €137,574 | €86,396 | -€51,178 | -37.2% |
| Amounts payable after more than one year | 17 | €44,200 | €19,123 | -€25,077 | -56.7% |
| Financial debts | 170/4 | €44,200 | €19,123 | -€25,077 | -56.7% |
| Amounts payable within one year | 42/48 | €93,318 | €67,273 | -€26,045 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €24,486 | €25,077 | +€591 | +2.4% |
| Trade debts | 44 | €18,977 | €18,989 | +€12 | +0.1% |
| Suppliers | 440/4 | €18,977 | €18,989 | +€12 | +0.1% |
| Taxes, remuneration and social security | 45 | €20,951 | €22,119 | +€1,168 | +5.6% |
| Taxes | 450/3 | €17,101 | €18,269 | +€1,168 | +6.8% |
| Remuneration and social security | 454/9 | €3,851 | €3,851 | = | 0.0% |
| Other amounts payable | 47/48 | €28,903 | €1,088 | -€27,815 | -96.2% |
| Accrued charges and deferred income | 492/3 | €56 | €0 | -€56 | -100.0% |
| Non-recurring operating income | 76A | - | €13,789 | +€13,789 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,350 | €71,954 | +€12,603 | +21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,116 | -€1,116 | -€2,232 | |
| Other operating charges | 640/8 | €4,958 | €5,117 | +€160 | +3.2% |
| Gross operating margin | 9900 | €204,154 | €222,050 | +€17,896 | +8.8% |
| Operating profit (loss) | 9901 | €138,730 | €146,095 | +€7,365 | +5.3% |
| Financial income | 75/76B | €1,769 | €1,368 | -€401 | -22.7% |
| Recurring financial income | 75 | €1,769 | €1,368 | -€401 | -22.7% |
| Financial charges | 65/66B | €2,615 | €1,706 | -€909 | -34.8% |
| Recurring financial charges | 65 | €2,615 | €1,706 | -€909 | -34.8% |
| Profit (loss) for the period before taxes | 9903 | €137,884 | €145,757 | +€7,873 | +5.7% |
| Income taxes | 67/77 | €43,952 | €45,993 | +€2,041 | +4.6% |
| Profit (loss) for the period | 9904 | €93,932 | €99,764 | +€5,832 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,932 | €99,764 | +€5,832 | +6.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.