VDF: 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.
VDF
Largest movements
- Intangible fixed assets +€50,213
new in 2025: €50,213
- Receivables within one year -€32,707
down €32,707 (-63.8%), from €51,277 to €18,570
of which Other amounts receivable: -€19,222
- Cash -€26,365
down €26,365 (-54.2%), from €48,626 to €22,262
mainly Investment in fixed assets (net) (-€67,098) and Stocks and contracts (-€15,654)
- Stocks and contracts +€15,654
up €15,654 (+174%), from €9,012 to €24,666
- Trade debts +€25,570
up €25,570 (+21.3%), from €119,941 to €145,511
- Tax, wage and social debts -€14,120
down €14,120 (-55.3%), from €25,517 to €11,397
of which Taxes: -€11,699
- Accrued charges and deferred income -€5,458
no longer reported in 2025 (was €5,458)
- Gross operating margin +€10,678
up €10,678 (+3.6%), from €293,453 to €304,131
- Financial charges +€9,835
up €9,835 (+73.5%), from €13,376 to €23,211
- Depreciation +€6,656
up €6,656 (+56.0%), from €11,894 to €18,551
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 | €163,767 | €169,616 | +€5,849 | +3.6% |
| Fixed assets | 21/28 | €54,851 | €103,399 | +€48,548 | +88.5% |
| Intangible fixed assets | 21 | - | €50,213 | +€50,213 | |
| Tangible fixed assets | 22/27 | €54,851 | €53,186 | -€1,665 | -3.0% |
| Land and buildings | 22 | €31,609 | €37,540 | +€5,932 | +18.8% |
| Plant, machinery and equipment | 23 | €18,956 | €14,889 | -€4,067 | -21.5% |
| Furniture and vehicles | 24 | €4,286 | €757 | -€3,530 | -82.3% |
| Current assets | 29/58 | €108,915 | €66,216 | -€42,699 | -39.2% |
| Stocks and contracts in progress | 3 | €9,012 | €24,666 | +€15,654 | +174% |
| Stocks | 30/36 | €9,012 | €24,666 | +€15,654 | +174% |
| Amounts receivable within one year | 40/41 | €51,277 | €18,570 | -€32,707 | -63.8% |
| Trade receivables | 40 | €16,949 | €3,464 | -€13,484 | -79.6% |
| Other amounts receivable | 41 | €34,328 | €15,106 | -€19,222 | -56.0% |
| Cash at bank and in hand | 54/58 | €48,626 | €22,262 | -€26,365 | -54.2% |
| Deferred charges and accrued income | 490/1 | - | €718 | +€718 | |
| Total equity and liabilities | 10/49 | €163,767 | €169,616 | +€5,849 | +3.6% |
| Equity | 10/15 | €12,656 | €12,663 | +€7 | +0.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €5,930 | €5,930 | = | 0.0% |
| Distributable reserves | 133 | €5,930 | €5,930 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,726 | €3,734 | +€7 | +0.2% |
| Amounts payable | 17/49 | €151,111 | €156,952 | +€5,842 | +3.9% |
| Amounts payable within one year | 42/48 | €145,653 | €156,952 | +€11,300 | +7.8% |
| Trade debts | 44 | €119,941 | €145,511 | +€25,570 | +21.3% |
| Suppliers | 440/4 | €119,941 | €145,511 | +€25,570 | +21.3% |
| Taxes, remuneration and social security | 45 | €25,517 | €11,397 | -€14,120 | -55.3% |
| Taxes | 450/3 | €16,015 | €4,316 | -€11,699 | -73.1% |
| Remuneration and social security | 454/9 | €9,503 | €7,081 | -€2,421 | -25.5% |
| Other amounts payable | 47/48 | €194 | €45 | -€150 | -77.1% |
| Accrued charges and deferred income | 492/3 | €5,458 | - | -€5,458 | |
| Remuneration, social security and pensions | 62 | €261,690 | €261,211 | -€480 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,894 | €18,551 | +€6,656 | +56.0% |
| Other operating charges | 640/8 | €2,766 | €1,324 | -€1,442 | -52.1% |
| Gross operating margin | 9900 | €293,453 | €304,131 | +€10,678 | +3.6% |
| Operating profit (loss) | 9901 | €17,102 | €23,046 | +€5,944 | +34.8% |
| Financial income | 75/76B | - | €172 | +€172 | |
| Recurring financial income | 75 | - | €172 | +€172 | |
| Financial charges | 65/66B | €13,376 | €23,211 | +€9,835 | +73.5% |
| Recurring financial charges | 65 | €13,376 | €23,211 | +€9,835 | +73.5% |
| Profit (loss) for the period before taxes | 9903 | €3,726 | €7 | -€3,719 | -99.8% |
| Profit (loss) for the period | 9904 | €3,726 | €7 | -€3,719 | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €3,726 | €7 | -€3,719 | -99.8% |
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 13 October 2026 via checked.be.