VDK: what changed
VDK
Largest movements
- Cash -€11,659
down €11,659 (-66.3%), from €17,595 to €5,937
mainly Other debts (-€53,239) and Debts after one year (-€8,599)
- Tangible fixed assets -€11,448
down €11,448 (-2.9%), from €401,360 to €389,912
of which Land and buildings: -€9,736
- Receivables within one year -€10,164
down €10,164 (-14.5%), from €70,000 to €59,836
of which Trade receivables: -€11,990
- Other debts -€53,239
down €53,239 (-18.2%), from €293,005 to €239,766
- Tax, wage and social debts +€12,656
up €12,656 (+199%), from €6,355 to €19,012
- Profit (loss) carried forward +€12,490
no longer reported in 2025 (was -€12,490)
- Debts after one year -€8,599
down €8,599 (-11.9%), from €71,965 to €63,366
- Financial income +€27,458
new in 2025: €27,458
of which Financial income: +€27,458
- Gross operating margin -€4,198
down €4,198 (-47.5%), from €8,846 to €4,648
- Depreciation -€3,984
down €3,984 (-20.9%), from €19,054 to €15,070
- Other operating charges -€254
down €254 (-35.5%), from €716 to €462
- Financial charges -€133
down €133 (-9.3%), from €1,427 to €1,294
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 | €489,289 | €456,276 | -€33,013 | -6.7% |
| Fixed assets | 21/28 | €401,360 | €389,912 | -€11,448 | -2.9% |
| Tangible fixed assets | 22/27 | €401,360 | €389,912 | -€11,448 | -2.9% |
| Land and buildings | 22 | €397,689 | €387,954 | -€9,736 | -2.4% |
| Plant, machinery and equipment | 23 | €1,496 | €1,012 | -€484 | -32.4% |
| Furniture and vehicles | 24 | €2,175 | €946 | -€1,229 | -56.5% |
| Current assets | 29/58 | €87,928 | €66,363 | -€21,565 | -24.5% |
| Amounts receivable within one year | 40/41 | €70,000 | €59,836 | -€10,164 | -14.5% |
| Trade receivables | 40 | €70,000 | €58,010 | -€11,990 | -17.1% |
| Other amounts receivable | 41 | - | €1,826 | +€1,826 | |
| Cash at bank and in hand | 54/58 | €17,595 | €5,937 | -€11,659 | -66.3% |
| Deferred charges and accrued income | 490/1 | €333 | €591 | +€258 | +77.7% |
| Total equity and liabilities | 10/49 | €489,289 | €456,276 | -€33,013 | -6.7% |
| Equity | 10/15 | €89,013 | €104,152 | +€15,139 | +17.0% |
| Contributions | 10/11 | €250 | €250 | = | 0.0% |
| Reserves | 13 | €101,253 | €103,902 | +€2,649 | +2.6% |
| Distributable reserves | 133 | €101,253 | €103,902 | +€2,649 | +2.6% |
| Profit (loss) carried forward | 14 | -€12,490 | - | +€12,490 | |
| Amounts payable | 17/49 | €400,276 | €352,124 | -€48,152 | -12.0% |
| Amounts payable after more than one year | 17 | €71,965 | €63,366 | -€8,599 | -11.9% |
| Financial debts | 170/4 | €71,965 | €63,366 | -€8,599 | -11.9% |
| Amounts payable within one year | 42/48 | €328,311 | €288,758 | -€39,552 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €8,481 | €8,599 | +€118 | +1.4% |
| Trade debts | 44 | €20,469 | €21,382 | +€913 | +4.5% |
| Suppliers | 440/4 | €20,469 | €21,382 | +€913 | +4.5% |
| Taxes, remuneration and social security | 45 | €6,355 | €19,012 | +€12,656 | +199% |
| Taxes | 450/3 | €6,355 | €19,012 | +€12,656 | +199% |
| Other amounts payable | 47/48 | €293,005 | €239,766 | -€53,239 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,054 | €15,070 | -€3,984 | -20.9% |
| Other operating charges | 640/8 | €716 | €462 | -€254 | -35.5% |
| Gross operating margin | 9900 | €8,846 | €4,648 | -€4,198 | -47.5% |
| Operating profit (loss) | 9901 | -€10,923 | -€10,884 | +€39 | +0.4% |
| Financial income | 75/76B | - | €27,458 | +€27,458 | |
| Recurring financial income | 75 | - | €27,458 | +€27,458 | |
| Non-recurring financial income | 76B | - | €27,458 | +€27,458 | |
| Financial charges | 65/66B | €1,427 | €1,294 | -€133 | -9.3% |
| Recurring financial charges | 65 | €1,427 | €1,294 | -€133 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,350 | €15,280 | +€27,630 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€12,490 | €15,139 | +€27,629 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,490 | €15,139 | +€27,629 |
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 6 November 2026 via checked.be.