VDK CONSULT & PROJECTS: what changed
Two fiscal 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 CONSULT & PROJECTS
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+141.9%), from €1.0m to €2.5m
of which Land and buildings: +€1.4m
- Receivables within one year -€1.1m
down €1.1m (-73.0%), from €1.5m to €415,080
of which Trade receivables: -€990,673
- Current investments +€108,212
up €108,212 (+5.2%), from €2.1m to €2.2m
- Reserves +€344,800
up €344,800 (+8.0%), from €4.3m to €4.7m
of which Distributable reserves: +€850,000
- Debts after one year +€309,305
up €309,305 (+118.8%), from €260,349 to €569,653
- Short-term financial debts -€291,667
no longer reported in 2025 (was €291,667)
- Current portion of long-term debt +€96,201
up €96,201 (+135.5%), from €71,001 to €167,202
- Gross operating margin -€1.1m
down €1.1m (-52.1%), from €2.0m to €967,940
- Financial income +€116,655
up €116,655 (+314.9%), from €37,045 to €153,700
- Taxes -€57,011
down €57,011 (-9.6%), from €591,287 to €534,277
- Financial charges +€41,778
up €41,778, from -€27,283 to €14,495
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 | €5,116,458 | €5,586,180 | +€469,722 | +9.2% |
| Fixed assets | 21/28 | €1,026,490 | €2,476,309 | +€1.4m | +141.2% |
| Tangible fixed assets | 22/27 | €1,021,558 | €2,471,377 | +€1.4m | +141.9% |
| Land and buildings | 22 | €1,020,383 | €2,470,362 | +€1.4m | +142.1% |
| Furniture and vehicles | 24 | €1,174 | €1,014 | -€160 | -13.6% |
| Financial fixed assets | 28 | €4,933 | €4,933 | = | 0.0% |
| Current assets | 29/58 | €4,089,968 | €3,109,871 | -€980,097 | -24.0% |
| Amounts receivable within one year | 40/41 | €1,537,123 | €415,080 | -€1.1m | -73.0% |
| Trade receivables | 40 | €1,055,217 | €64,544 | -€990,673 | -93.9% |
| Other amounts receivable | 41 | €481,906 | €350,536 | -€131,370 | -27.3% |
| Current investments | 50/53 | €2,068,965 | €2,177,177 | +€108,212 | +5.2% |
| Cash at bank and in hand | 54/58 | €459,875 | €500,946 | +€41,071 | +8.9% |
| Deferred charges and accrued income | 490/1 | €24,005 | €16,668 | -€7,337 | -30.6% |
| Total equity and liabilities | 10/49 | €5,116,458 | €5,586,180 | +€469,722 | +9.2% |
| Equity | 10/15 | €4,402,275 | €4,758,535 | +€356,260 | +8.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,312,200 | €4,657,000 | +€344,800 | +8.0% |
| Tax-exempt reserves | 132 | €1,284,050 | €778,850 | -€505,200 | -39.3% |
| Distributable reserves | 133 | €3,028,150 | €3,878,150 | +€850,000 | +28.1% |
| Profit (loss) carried forward | 14 | €77,675 | €89,135 | +€11,460 | +14.8% |
| Amounts payable | 17/49 | €714,183 | €827,645 | +€113,461 | +15.9% |
| Amounts payable after more than one year | 17 | €260,349 | €569,653 | +€309,305 | +118.8% |
| Financial debts | 170/4 | €260,349 | €569,653 | +€309,305 | +118.8% |
| Amounts payable within one year | 42/48 | €453,834 | €257,991 | -€195,843 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €71,001 | €167,202 | +€96,201 | +135.5% |
| Financial debts | 43 | €291,667 | - | -€291,667 | |
| Credit institutions | 430/8 | €291,667 | - | -€291,667 | |
| Trade debts | 44 | €10,234 | €1,399 | -€8,835 | -86.3% |
| Suppliers | 440/4 | €10,234 | €1,399 | -€8,835 | -86.3% |
| Taxes, remuneration and social security | 45 | €71,308 | €75,708 | +€4,399 | +6.2% |
| Taxes | 450/3 | €71,308 | €75,708 | +€4,399 | +6.2% |
| Other amounts payable | 47/48 | €9,625 | €13,683 | +€4,059 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,323 | €56,723 | +€14,400 | +34.0% |
| Other operating charges | 640/8 | €7,707 | €9,884 | +€2,177 | +28.2% |
| Gross operating margin | 9900 | €2,020,550 | €967,940 | -€1.1m | -52.1% |
| Operating profit (loss) | 9901 | €1,970,519 | €901,333 | -€1.1m | -54.3% |
| Financial income | 75/76B | €37,045 | €153,700 | +€116,655 | +314.9% |
| Recurring financial income | 75 | €37,045 | €153,700 | +€116,655 | +314.9% |
| Financial charges | 65/66B | -€27,283 | €14,495 | +€41,778 | |
| Recurring financial charges | 65 | -€27,283 | €14,495 | +€41,778 | |
| Profit (loss) for the period before taxes | 9903 | €2,034,847 | €1,040,537 | -€994,310 | -48.9% |
| Income taxes | 67/77 | €591,287 | €534,277 | -€57,011 | -9.6% |
| Profit (loss) for the period | 9904 | €1,443,559 | €506,260 | -€937,299 | -64.9% |
| Transfer from tax-exempt reserves | 789 | - | €715,700 | +€715,700 | |
| Transfer to tax-exempt reserves | 689 | €421,000 | €210,500 | -€210,500 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,022,559 | €1,011,460 | -€11,099 | -1.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.