VDF CADO: 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.
VDF CADO
Largest movements
- Cash +€16,330
up €16,330 (+20.8%), from €78,609 to €94,939
mainly Net result for the year (+€18,577) and Depreciation (+€4,000)
- Receivables within one year +€6,667
up €6,667 (+12.9%), from €51,615 to €58,282
of which Other amounts receivable: +€6,931
- Tangible fixed assets -€4,000
down €4,000 (-25.5%), from €15,704 to €11,704
- Reserves +€18,577
up €18,577 (+14.7%), from €126,570 to €145,147
of which Distributable reserves: +€18,577
- Financial income -€2,412
no longer reported in 2025 (was €2,412)
- Taxes -€1,399
down €1,399 (-14.6%), from €9,607 to €8,207
- Gross operating margin -€791
down €791 (-2.4%), from €32,472 to €31,681
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €146,958 | €166,110 | +€19,152 | +13.0% |
| Fixed assets | 21/28 | €15,704 | €11,704 | -€4,000 | -25.5% |
| Tangible fixed assets | 22/27 | €15,704 | €11,704 | -€4,000 | -25.5% |
| Furniture and vehicles | 24 | €15,704 | €11,704 | -€4,000 | -25.5% |
| Current assets | 29/58 | €131,254 | €154,406 | +€23,152 | +17.6% |
| Amounts receivable within one year | 40/41 | €51,615 | €58,282 | +€6,667 | +12.9% |
| Trade receivables | 40 | €4,783 | €4,519 | -€263 | -5.5% |
| Other amounts receivable | 41 | €46,832 | €53,763 | +€6,931 | +14.8% |
| Cash at bank and in hand | 54/58 | €78,609 | €94,939 | +€16,330 | +20.8% |
| Deferred charges and accrued income | 490/1 | €1,030 | €1,184 | +€154 | +15.0% |
| Total equity and liabilities | 10/49 | €146,958 | €166,110 | +€19,152 | +13.0% |
| Equity | 10/15 | €145,162 | €163,739 | +€18,577 | +12.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €126,570 | €145,147 | +€18,577 | +14.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €124,711 | €143,288 | +€18,577 | +14.9% |
| Amounts payable | 17/49 | €1,796 | €2,371 | +€574 | +32.0% |
| Amounts payable within one year | 42/48 | €1,796 | €2,371 | +€574 | +32.0% |
| Trade debts | 44 | €189 | €157 | -€33 | -17.4% |
| Suppliers | 440/4 | €189 | €157 | -€33 | -17.4% |
| Taxes, remuneration and social security | 45 | €1,607 | €2,214 | +€607 | +37.8% |
| Taxes | 450/3 | €1,607 | €2,214 | +€607 | +37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,000 | €4,000 | = | 0.0% |
| Other operating charges | 640/8 | €703 | €854 | +€150 | +21.4% |
| Gross operating margin | 9900 | €32,472 | €31,681 | -€791 | -2.4% |
| Operating profit (loss) | 9901 | €27,768 | €26,827 | -€942 | -3.4% |
| Financial income | 75/76B | €2,412 | - | -€2,412 | |
| Recurring financial income | 75 | €2,412 | - | -€2,412 | |
| Financial charges | 65/66B | €40 | €42 | +€2 | +6.1% |
| Recurring financial charges | 65 | €40 | €42 | +€2 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €30,141 | €26,785 | -€3,356 | -11.1% |
| Income taxes | 67/77 | €9,607 | €8,207 | -€1,399 | -14.6% |
| Profit (loss) for the period | 9904 | €20,534 | €18,577 | -€1,957 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,534 | €18,577 | -€1,957 | -9.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.