VDK Insights: 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 Insights
Largest movements
- Cash +€559,004
up €559,004 (+1,673%), from €33,417 to €592,421
mainly Current investments (+€336,159) and Receivables within one year (+€281,010)
- Current investments -€336,159
down €336,159 (-13.8%), from €2.4m to €2.1m
- Receivables within one year -€281,010
down €281,010 (-52.5%), from €535,312 to €254,302
of which Other amounts receivable: -€199,980
- Tangible fixed assets +€44,156
new in 2025: €44,156
No liability line moved by more than 1% of the balance sheet total.
- Other operating charges -€64,159
down €64,159 (-97.3%), from €65,941 to €1,782
- Write-downs +€43,343
no longer reported in 2025 (was -€43,343)
- Gross operating margin +€25,923
up €25,923 (+45.0%), from -€57,566 to -€31,643
- Taxes +€17,676
new in 2025: €17,676
- Depreciation +€11,039
new in 2025: €11,039
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.
Derived cash bridge
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 | €3,006,970 | €2,991,711 | -€15,259 | -0.5% |
| Fixed assets | 21/28 | - | €44,156 | +€44,156 | |
| Tangible fixed assets | 22/27 | - | €44,156 | +€44,156 | |
| Furniture and vehicles | 24 | - | €44,156 | +€44,156 | |
| Current assets | 29/58 | €3,006,970 | €2,947,555 | -€59,415 | -2.0% |
| Amounts receivable within one year | 40/41 | €535,312 | €254,302 | -€281,010 | -52.5% |
| Trade receivables | 40 | €158,891 | €77,861 | -€81,030 | -51.0% |
| Other amounts receivable | 41 | €376,421 | €176,441 | -€199,980 | -53.1% |
| Current investments | 50/53 | €2,436,991 | €2,100,832 | -€336,159 | -13.8% |
| Cash at bank and in hand | 54/58 | €33,417 | €592,421 | +€559,004 | +1,673% |
| Deferred charges and accrued income | 490/1 | €1,250 | - | -€1,250 | |
| Total equity and liabilities | 10/49 | €3,006,970 | €2,991,711 | -€15,259 | -0.5% |
| Equity | 10/15 | €2,979,790 | €2,985,465 | +€5,675 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,036,667 | €3,036,667 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,917 | €9,917 | = | 0.0% |
| Distributable reserves | 133 | €3,024,890 | €3,024,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,077 | -€57,402 | +€5,675 | +9.0% |
| Amounts payable | 17/49 | €27,180 | €6,246 | -€20,934 | -77.0% |
| Amounts payable within one year | 42/48 | €26,959 | €6,246 | -€20,713 | -76.8% |
| Trade debts | 44 | €5,564 | €0 | -€5,564 | -100% |
| Suppliers | 440/4 | €5,564 | €0 | -€5,564 | -100% |
| Taxes, remuneration and social security | 45 | €21,395 | €54 | -€21,341 | -99.7% |
| Taxes | 450/3 | €21,086 | €54 | -€21,032 | -99.7% |
| Remuneration and social security | 454/9 | €309 | - | -€309 | |
| Other amounts payable | 47/48 | - | €6,192 | +€6,192 | |
| Accrued charges and deferred income | 492/3 | €221 | - | -€221 | |
| Remuneration, social security and pensions | 62 | €5,753 | - | -€5,753 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €11,039 | +€11,039 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€43,343 | - | +€43,343 | |
| Other operating charges | 640/8 | €65,941 | €1,782 | -€64,159 | -97.3% |
| Gross operating margin | 9900 | -€57,566 | -€31,643 | +€25,923 | +45.0% |
| Operating profit (loss) | 9901 | -€85,917 | -€44,464 | +€41,453 | +48.2% |
| Financial income | 75/76B | €81,129 | €72,483 | -€8,646 | -10.7% |
| Recurring financial income | 75 | €81,129 | €72,483 | -€8,646 | -10.7% |
| Financial charges | 65/66B | €5,407 | €4,668 | -€739 | -13.7% |
| Recurring financial charges | 65 | €5,407 | €4,668 | -€739 | -13.7% |
| Non-recurring financial charges | 66B | €5,407 | - | -€5,407 | |
| Profit (loss) for the period before taxes | 9903 | -€10,195 | €23,351 | +€33,546 | |
| Income taxes | 67/77 | - | €17,676 | +€17,676 | |
| Profit (loss) for the period | 9904 | -€10,195 | €5,675 | +€15,870 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,195 | €5,675 | +€15,870 |
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 30 October 2026 via checked.be.