VDFM: 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.
VDFM
Largest movements
- Tangible fixed assets +€12,821
up €12,821 (+47.2%), from €27,186 to €40,007
of which Furniture and vehicles: +€24,725
- Cash -€10,956
down €10,956 (-70.9%), from €15,451 to €4,495
mainly Investment in fixed assets (net) (-€25,620) and Net result for the year (-€13,754)
- Receivables within one year +€1,387
up €1,387 (+30.8%), from €4,508 to €5,895
of which Other amounts receivable: +€3,143
- Profit (loss) carried forward -€11,894
down €11,894 (-137.2%), from -€8,669 to -€20,564
- Debts after one year +€9,883
up €9,883 (+43.0%), from €23,006 to €32,889
- Current portion of long-term debt +€6,406
new in 2025: €6,406
- Reserves -€1,860
down €1,860 (-16.9%), from €11,002 to €9,142
of which Non-distributable reserves: -€1,860
- Gross operating margin -€6,024
down €6,024 (-48.4%), from €12,454 to €6,430
- Other operating charges +€1,505
up €1,505 (+74.0%), from €2,035 to €3,540
- Financial charges -€625
down €625 (-29.6%), from €2,115 to €1,489
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 | €47,645 | €50,897 | +€3,252 | +6.8% |
| Fixed assets | 21/28 | €27,186 | €40,007 | +€12,821 | +47.2% |
| Tangible fixed assets | 22/27 | €27,186 | €40,007 | +€12,821 | +47.2% |
| Land and buildings | 22 | €26,550 | €14,750 | -€11,800 | -44.4% |
| Plant, machinery and equipment | 23 | €636 | €532 | -€104 | -16.3% |
| Furniture and vehicles | 24 | - | €24,725 | +€24,725 | |
| Current assets | 29/58 | €20,459 | €10,890 | -€9,569 | -46.8% |
| Stocks and contracts in progress | 3 | €500 | €500 | = | 0.0% |
| Stocks | 30/36 | €500 | €500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,508 | €5,895 | +€1,387 | +30.8% |
| Trade receivables | 40 | €2,334 | €578 | -€1,756 | -75.3% |
| Other amounts receivable | 41 | €2,175 | €5,317 | +€3,143 | +144.5% |
| Cash at bank and in hand | 54/58 | €15,451 | €4,495 | -€10,956 | -70.9% |
| Total equity and liabilities | 10/49 | €47,645 | €50,897 | +€3,252 | +6.8% |
| Equity | 10/15 | €20,933 | €7,178 | -€13,754 | -65.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,002 | €9,142 | -€1,860 | -16.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €9,142 | €9,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,669 | -€20,564 | -€11,894 | -137.2% |
| Amounts payable | 17/49 | €26,713 | €43,719 | +€17,006 | +63.7% |
| Amounts payable after more than one year | 17 | €23,006 | €32,889 | +€9,883 | +43.0% |
| Financial debts | 170/4 | €23,006 | €32,889 | +€9,883 | +43.0% |
| Amounts payable within one year | 42/48 | €3,707 | €10,830 | +€7,123 | +192.2% |
| Current portion of amounts payable after more than one year | 42 | - | €6,406 | +€6,406 | |
| Trade debts | 44 | €3,113 | €3,032 | -€81 | -2.6% |
| Suppliers | 440/4 | €3,113 | €3,032 | -€81 | -2.6% |
| Taxes, remuneration and social security | 45 | €574 | €925 | +€351 | +61.1% |
| Taxes | 450/3 | €574 | €925 | +€351 | +61.1% |
| Other amounts payable | 47/48 | €19 | €466 | +€447 | +2293.2% |
| Non-recurring operating income | 76A | - | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,789 | €12,799 | +€9 | +0.1% |
| Other operating charges | 640/8 | €2,035 | €3,540 | +€1,505 | +74.0% |
| Non-recurring operating charges | 66A | - | €2,030 | +€2,030 | |
| Gross operating margin | 9900 | €12,454 | €6,430 | -€6,024 | -48.4% |
| Operating profit (loss) | 9901 | -€2,370 | -€11,939 | -€9,569 | -403.8% |
| Financial charges | 65/66B | €2,115 | €1,489 | -€625 | -29.6% |
| Recurring financial charges | 65 | €2,115 | €1,489 | -€625 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,484 | -€13,428 | -€8,944 | -199.4% |
| Income taxes | 67/77 | €309 | €326 | +€17 | +5.4% |
| Profit (loss) for the period | 9904 | -€4,794 | -€13,754 | -€8,961 | -186.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,794 | -€13,754 | -€8,961 | -186.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.