VDFA: 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.
VDFA
Largest movements
- Cash +€20,048
up €20,048 (+14.1%), from €141,825 to €161,873
mainly Trade debts (+€26,688) and Receivables within one year (+€16,354)
- Receivables within one year -€16,354
down €16,354 (-28.2%), from €57,976 to €41,623
of which Trade receivables: -€16,525
- Tangible fixed assets +€12,624
up €12,624 (+75.5%), from €16,715 to €29,339
of which Furniture and vehicles: +€12,951
- Trade debts +€26,688
up €26,688 (+292.8%), from €9,114 to €35,802
- Profit (loss) carried forward -€8,785
down €8,785 (-7.2%), from €122,240 to €113,455
- Gross operating margin -€21,689
down €21,689 (-42.4%), from €51,205 to €29,516
- Other operating charges -€9,032
down €9,032 (-65.1%), from €13,879 to €4,847
- Taxes -€3,738
down €3,738 (-27.6%), from €13,543 to €9,805
- Depreciation -€2,148
down €2,148 (-21.6%), from €9,945 to €7,797
- Financial charges -€1,822
down €1,822 (-48.0%), from €3,792 to €1,970
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 | €226,935 | €244,459 | +€17,524 | +7.7% |
| Fixed assets | 21/28 | €27,133 | €38,743 | +€11,610 | +42.8% |
| Intangible fixed assets | 21 | €9,018 | €8,004 | -€1,014 | -11.2% |
| Tangible fixed assets | 22/27 | €16,715 | €29,339 | +€12,624 | +75.5% |
| Plant, machinery and equipment | 23 | €785 | €597 | -€188 | -23.9% |
| Furniture and vehicles | 24 | €9,218 | €22,169 | +€12,951 | +140.5% |
| Other tangible fixed assets | 26 | €6,712 | €6,573 | -€139 | -2.1% |
| Financial fixed assets | 28 | €1,400 | €1,400 | = | 0.0% |
| Current assets | 29/58 | €199,802 | €205,716 | +€5,914 | +3.0% |
| Amounts receivable within one year | 40/41 | €57,976 | €41,623 | -€16,354 | -28.2% |
| Trade receivables | 40 | €57,976 | €41,452 | -€16,525 | -28.5% |
| Other amounts receivable | 41 | - | €171 | +€171 | |
| Cash at bank and in hand | 54/58 | €141,825 | €161,873 | +€20,048 | +14.1% |
| Deferred charges and accrued income | 490/1 | - | €2,220 | +€2,220 | |
| Total equity and liabilities | 10/49 | €226,935 | €244,459 | +€17,524 | +7.7% |
| Equity | 10/15 | €142,700 | €133,915 | -€8,785 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,240 | €113,455 | -€8,785 | -7.2% |
| Amounts payable | 17/49 | €84,235 | €110,544 | +€26,309 | +31.2% |
| Amounts payable within one year | 42/48 | €84,235 | €110,544 | +€26,309 | +31.2% |
| Trade debts | 44 | €9,114 | €35,802 | +€26,688 | +292.8% |
| Suppliers | 440/4 | €9,114 | €35,802 | +€26,688 | +292.8% |
| Taxes, remuneration and social security | 45 | €21,912 | €20,829 | -€1,083 | -4.9% |
| Taxes | 450/3 | €21,912 | €20,829 | -€1,083 | -4.9% |
| Other amounts payable | 47/48 | €53,209 | €53,913 | +€704 | +1.3% |
| Non-recurring operating income | 76A | €17,322 | - | -€17,322 | |
| Remuneration, social security and pensions | 62 | - | €306 | +€306 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,945 | €7,797 | -€2,148 | -21.6% |
| Other operating charges | 640/8 | €13,879 | €4,847 | -€9,032 | -65.1% |
| Gross operating margin | 9900 | €51,205 | €29,516 | -€21,689 | -42.4% |
| Operating profit (loss) | 9901 | €27,381 | €16,566 | -€10,816 | -39.5% |
| Financial income | 75/76B | €99 | €542 | +€443 | +445.1% |
| Recurring financial income | 75 | €99 | €542 | +€443 | +445.1% |
| Financial charges | 65/66B | €3,792 | €1,970 | -€1,822 | -48.0% |
| Recurring financial charges | 65 | €3,792 | €1,970 | -€1,822 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | €23,689 | €15,138 | -€8,551 | -36.1% |
| Income taxes | 67/77 | €13,543 | €9,805 | -€3,738 | -27.6% |
| Profit (loss) for the period | 9904 | €10,145 | €5,333 | -€4,813 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,145 | €5,333 | -€4,813 | -47.4% |
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 11 October 2026 via checked.be.