VDF REIT: what changed
VDF REIT
Largest movements
- Stocks and contracts -€321,852
down €321,852 (-46.5%), from €692,085 to €370,233
- Receivables within one year -€81,214
down €81,214 (-52.5%), from €154,714 to €73,500
of which Trade receivables: -€112,714
- Short-term financial debts -€457,887
down €457,887 (-89.2%), from €513,393 to €55,506
- Other debts +€43,250
up €43,250 (+22.3%), from €194,341 to €237,591
- Financial charges -€16,840
down €16,840 (-56.0%), from €30,091 to €13,251
- Gross operating margin -€1,737
down €1,737 (-7.9%), from €22,102 to €20,364
- Other operating charges -€1,024
down €1,024 (-67.8%), from €1,511 to €487
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €849,756 | €443,733 | -€406,023 | -47.8% |
| Current assets | 29/58 | €849,756 | €443,733 | -€406,023 | -47.8% |
| Stocks and contracts in progress | 3 | €692,085 | €370,233 | -€321,852 | -46.5% |
| Stocks | 30/36 | €692,085 | €370,233 | -€321,852 | -46.5% |
| Amounts receivable within one year | 40/41 | €154,714 | €73,500 | -€81,214 | -52.5% |
| Trade receivables | 40 | €112,714 | - | -€112,714 | |
| Other amounts receivable | 41 | €42,000 | €73,500 | +€31,500 | +75.0% |
| Cash at bank and in hand | 54/58 | €2,957 | - | -€2,957 | |
| Total equity and liabilities | 10/49 | €849,756 | €443,733 | -€406,023 | -47.8% |
| Equity | 10/15 | €140,500 | €147,126 | +€6,626 | +4.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,500 | -€2,874 | +€6,626 | +69.7% |
| Amounts payable | 17/49 | €709,256 | €296,607 | -€412,649 | -58.2% |
| Amounts payable within one year | 42/48 | €708,667 | €296,607 | -€412,061 | -58.1% |
| Financial debts | 43 | €513,393 | €55,506 | -€457,887 | -89.2% |
| Credit institutions | 430/8 | €513,393 | €55,506 | -€457,887 | -89.2% |
| Trade debts | 44 | €933 | €3,509 | +€2,576 | +276% |
| Suppliers | 440/4 | €933 | €3,509 | +€2,576 | +276% |
| Other amounts payable | 47/48 | €194,341 | €237,591 | +€43,250 | +22.3% |
| Accrued charges and deferred income | 492/3 | €589 | - | -€589 | |
| Other operating charges | 640/8 | €1,511 | €487 | -€1,024 | -67.8% |
| Gross operating margin | 9900 | €22,102 | €20,364 | -€1,737 | -7.9% |
| Operating profit (loss) | 9901 | €20,591 | €19,877 | -€714 | -3.5% |
| Financial charges | 65/66B | €30,091 | €13,251 | -€16,840 | -56.0% |
| Recurring financial charges | 65 | €30,091 | €13,251 | -€16,840 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,500 | €6,626 | +€16,126 | |
| Profit (loss) for the period | 9904 | -€9,500 | €6,626 | +€16,126 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,500 | €6,626 | +€16,126 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.