VDF Development: 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 Development
Largest movements
- Stocks and contracts -€4.8m
down €4.8m (-41.1%), from €11.6m to €6.9m
- Cash -€800,670
down €800,670 (-70.9%), from €1.1m to €328,850
mainly Accrued charges and deferred income (-€5.3m) and Short-term financial debts (-€1.5m)
- Receivables within one year -€748,013
down €748,013 (-50.7%), from €1.5m to €728,557
of which Trade receivables: -€776,398
- Accrued charges and deferred income -€5.3m
down €5.3m (-57.2%), from €9.3m to €4.0m
- Short-term financial debts -€1.5m
down €1.5m (-76.6%), from €2.0m to €457,359
- Other debts +€485,593
up €485,593 (+52.8%), from €919,849 to €1.4m
- Advances received +€252,449
up €252,449 (+7030.6%), from €3,591 to €256,039
- Tax, wage and social debts -€158,346
down €158,346 (-79.4%), from €199,478 to €41,132
of which Taxes: -€162,184
- Gross operating margin -€112,416
down €112,416 (-54.2%), from €207,371 to €94,954
- Financial charges +€40,995
up €40,995 (+240.7%), from €17,033 to €58,028
- Taxes -€40,232
down €40,232 (-90.4%), from €44,490 to €4,258
- Financial income -€6,870
down €6,870 (-83.3%), from €8,246 to €1,376
- Depreciation -€5,914
down €5,914 (-93.8%), from €6,308 to €394
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 | €14,276,947 | €7,928,191 | -€6.3m | -44.5% |
| Fixed assets | 21/28 | €16,375 | €10,480 | -€5,894 | -36.0% |
| Tangible fixed assets | 22/27 | €6,375 | €480 | -€5,894 | -92.5% |
| Plant, machinery and equipment | 23 | €875 | €480 | -€394 | -45.1% |
| Furniture and vehicles | 24 | €5,500 | - | -€5,500 | |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €14,260,573 | €7,917,710 | -€6.3m | -44.5% |
| Stocks and contracts in progress | 3 | €11,644,082 | €6,859,984 | -€4.8m | -41.1% |
| Stocks | 30/36 | €11,644,082 | €6,859,984 | -€4.8m | -41.1% |
| Amounts receivable within one year | 40/41 | €1,476,570 | €728,557 | -€748,013 | -50.7% |
| Trade receivables | 40 | €1,320,214 | €543,816 | -€776,398 | -58.8% |
| Other amounts receivable | 41 | €156,356 | €184,741 | +€28,385 | +18.2% |
| Cash at bank and in hand | 54/58 | €1,129,520 | €328,850 | -€800,670 | -70.9% |
| Deferred charges and accrued income | 490/1 | €10,400 | €319 | -€10,081 | -96.9% |
| Total equity and liabilities | 10/49 | €14,276,947 | €7,928,191 | -€6.3m | -44.5% |
| Equity | 10/15 | €255,473 | €267,934 | +€12,461 | +4.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €245,473 | €257,934 | +€12,461 | +5.1% |
| Amounts payable | 17/49 | €14,021,475 | €7,660,257 | -€6.4m | -45.4% |
| Amounts payable after more than one year | 17 | €100,000 | - | -€100,000 | |
| Financial debts | 170/4 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €4,669,124 | €3,696,205 | -€972,919 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €41,000 | - | -€41,000 | |
| Financial debts | 43 | €1,958,388 | €457,359 | -€1.5m | -76.6% |
| Credit institutions | 430/8 | €1,958,388 | €457,359 | -€1.5m | -76.6% |
| Trade debts | 44 | €1,546,818 | €1,536,232 | -€10,586 | -0.7% |
| Suppliers | 440/4 | €1,546,818 | €1,536,232 | -€10,586 | -0.7% |
| Advances received on contracts in progress | 46 | €3,591 | €256,039 | +€252,449 | +7030.6% |
| Taxes, remuneration and social security | 45 | €199,478 | €41,132 | -€158,346 | -79.4% |
| Taxes | 450/3 | €196,941 | €34,756 | -€162,184 | -82.4% |
| Remuneration and social security | 454/9 | €2,538 | €6,376 | +€3,838 | +151.3% |
| Other amounts payable | 47/48 | €919,849 | €1,405,442 | +€485,593 | +52.8% |
| Accrued charges and deferred income | 492/3 | €9,252,351 | €3,964,052 | -€5.3m | -57.2% |
| Remuneration, social security and pensions | 62 | €17,393 | €12,556 | -€4,838 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,308 | €394 | -€5,914 | -93.8% |
| Other operating charges | 640/8 | €112 | €152 | +€40 | +35.7% |
| Non-recurring operating charges | 66A | - | €8,482 | +€8,482 | |
| Gross operating margin | 9900 | €207,371 | €94,954 | -€112,416 | -54.2% |
| Operating profit (loss) | 9901 | €183,557 | €73,371 | -€110,186 | -60.0% |
| Financial income | 75/76B | €8,246 | €1,376 | -€6,870 | -83.3% |
| Recurring financial income | 75 | €8,246 | €1,376 | -€6,870 | -83.3% |
| Financial charges | 65/66B | €17,033 | €58,028 | +€40,995 | +240.7% |
| Recurring financial charges | 65 | €17,033 | €58,028 | +€40,995 | +240.7% |
| Profit (loss) for the period before taxes | 9903 | €174,771 | €16,719 | -€158,052 | -90.4% |
| Income taxes | 67/77 | €44,490 | €4,258 | -€40,232 | -90.4% |
| Profit (loss) for the period | 9904 | €130,280 | €12,461 | -€117,819 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €130,280 | €12,461 | -€117,819 | -90.4% |
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 29 September 2026 via checked.be.