VDK & Co: 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.
VDK & Co
Largest movements
- Tangible fixed assets +€66,790
up €66,790 (+65.0%), from €102,828 to €169,618
of which Land and buildings: +€75,096
- Receivables within one year -€58,987
down €58,987 (-83.7%), from €70,448 to €11,461
of which Trade receivables: -€36,504
- Stocks and contracts -€38,018
down €38,018 (-100.0%), from €38,018 to €0
- Cash -€17,628
down €17,628 (-50.3%), from €35,024 to €17,396
mainly Contributions, distributions and other (-€119,205) and Investment in fixed assets (net) (-€78,811)
- Reserves -€125,446
down €125,446 (-63.6%), from €197,263 to €71,817
of which Distributable reserves: -€117,127
- Debts after one year +€85,726
new in 2025: €85,726
- Trade debts -€18,063
down €18,063 (-78.4%), from €23,043 to €4,980
- Other debts +€14,388
up €14,388, from €0 to €14,388
- Tax, wage and social debts -€5,574
down €5,574 (-100.0%), from €5,574 to €0
- Financial income -€16,757
down €16,757 (-97.1%), from €17,257 to €500
of which Non-recurring financial income: -€13,550
- Depreciation -€6,900
down €6,900 (-36.5%), from €18,921 to €12,021
- Financial charges -€6,845
down €6,845 (-72.6%), from €9,430 to €2,585
- Gross operating margin +€2,023
up €2,023 (+16.1%), from €12,561 to €14,583
- Other operating charges +€1,504
up €1,504 (+29.0%), from €5,177 to €6,681
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 | €249,010 | €199,078 | -€49,932 | -20.1% |
| Fixed assets | 21/28 | €102,878 | €169,668 | +€66,790 | +64.9% |
| Tangible fixed assets | 22/27 | €102,828 | €169,618 | +€66,790 | +65.0% |
| Land and buildings | 22 | €71,615 | €146,711 | +€75,096 | +104.9% |
| Plant, machinery and equipment | 23 | €29,922 | €12,309 | -€17,613 | -58.9% |
| Furniture and vehicles | 24 | €1,291 | €10,598 | +€9,307 | +721.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €146,132 | €29,410 | -€116,722 | -79.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €38,018 | €0 | -€38,018 | -100.0% |
| Stocks | 30/36 | €38,018 | €0 | -€38,018 | -100.0% |
| Amounts receivable within one year | 40/41 | €70,448 | €11,461 | -€58,987 | -83.7% |
| Trade receivables | 40 | €44,052 | €7,548 | -€36,504 | -82.9% |
| Other amounts receivable | 41 | €26,396 | €3,913 | -€22,483 | -85.2% |
| Cash at bank and in hand | 54/58 | €35,024 | €17,396 | -€17,628 | -50.3% |
| Deferred charges and accrued income | 490/1 | €2,641 | €553 | -€2,089 | -79.1% |
| Total equity and liabilities | 10/49 | €249,010 | €199,078 | -€49,932 | -20.1% |
| Equity | 10/15 | €217,263 | €91,817 | -€125,446 | -57.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €197,263 | €71,817 | -€125,446 | -63.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €8,319 | €0 | -€8,319 | -100.0% |
| Distributable reserves | 133 | €188,944 | €71,817 | -€117,127 | -62.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €31,747 | €107,261 | +€75,514 | +237.9% |
| Amounts payable after more than one year | 17 | - | €85,726 | +€85,726 | |
| Financial debts | 170/4 | - | €85,726 | +€85,726 | |
| Amounts payable within one year | 42/48 | €31,573 | €21,535 | -€10,038 | -31.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €2,168 | +€2,168 | |
| Financial debts | 43 | €2,956 | €0 | -€2,956 | -100.0% |
| Credit institutions | 430/8 | €2,956 | €0 | -€2,956 | -100.0% |
| Trade debts | 44 | €23,043 | €4,980 | -€18,063 | -78.4% |
| Suppliers | 440/4 | €23,043 | €4,980 | -€18,063 | -78.4% |
| Taxes, remuneration and social security | 45 | €5,574 | €0 | -€5,574 | -100.0% |
| Taxes | 450/3 | €5,574 | €0 | -€5,574 | -100.0% |
| Other amounts payable | 47/48 | €0 | €14,388 | +€14,388 | |
| Accrued charges and deferred income | 492/3 | €174 | €0 | -€174 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,921 | €12,021 | -€6,900 | -36.5% |
| Other operating charges | 640/8 | €5,177 | €6,681 | +€1,504 | +29.0% |
| Non-recurring operating charges | 66A | €726 | €37 | -€689 | -94.9% |
| Gross operating margin | 9900 | €12,561 | €14,583 | +€2,023 | +16.1% |
| Operating profit (loss) | 9901 | -€12,264 | -€4,155 | +€8,108 | +66.1% |
| Financial income | 75/76B | €17,257 | €500 | -€16,757 | -97.1% |
| Recurring financial income | 75 | €3,208 | €0 | -€3,207 | -100.0% |
| Non-recurring financial income | 76B | €14,050 | €500 | -€13,550 | -96.4% |
| Financial charges | 65/66B | €9,430 | €2,585 | -€6,845 | -72.6% |
| Recurring financial charges | 65 | €9,430 | €2,585 | -€6,845 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,436 | -€6,241 | -€1,804 | -40.7% |
| Income taxes | 67/77 | €128 | €0 | -€128 | -100.0% |
| Profit (loss) for the period | 9904 | -€4,564 | -€6,241 | -€1,676 | -36.7% |
| Transfer from tax-exempt reserves | 789 | - | €8,319 | +€8,319 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,564 | €2,078 | +€6,643 |
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 10 October 2026 via checked.be.