VDK J-P: 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 J-P
Largest movements
- Tangible fixed assets -€38,468
down €38,468 (-10.0%), from €383,001 to €344,534
- Stocks and contracts -€17,609
down €17,609 (-36.2%), from €48,661 to €31,052
- Cash +€15,236
up €15,236 (+29.5%), from €51,721 to €66,958
mainly Depreciation (+€42,859) and Stocks and contracts (+€17,609)
- Debts after one year -€26,052
down €26,052 (-9.4%), from €278,536 to €252,484
- Trade debts -€24,100
down €24,100 (-24.7%), from €97,702 to €73,602
- Gross operating margin -€29,125
down €29,125 (-22.7%), from €128,541 to €99,417
- Taxes -€8,020
down €8,020 (-72.2%), from €11,112 to €3,092
- Depreciation -€6,116
down €6,116 (-12.5%), from €48,976 to €42,859
- Financial income -€5,420
down €5,420 (-55.6%), from €9,740 to €4,320
of which Non-recurring financial income: -€5,375
- Staff costs -€2,462
down €2,462 (-5.0%), from €49,285 to €46,823
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 | €676,307 | €629,603 | -€46,704 | -6.9% |
| Fixed assets | 21/28 | €385,776 | €347,309 | -€38,468 | -10.0% |
| Tangible fixed assets | 22/27 | €383,001 | €344,534 | -€38,468 | -10.0% |
| Land and buildings | 22 | €309,098 | €296,837 | -€12,261 | -4.0% |
| Plant, machinery and equipment | 23 | €25,902 | €17,905 | -€7,997 | -30.9% |
| Furniture and vehicles | 24 | €45,787 | €28,048 | -€17,738 | -38.7% |
| Other tangible fixed assets | 26 | €2,214 | €1,742 | -€471 | -21.3% |
| Financial fixed assets | 28 | €2,775 | €2,775 | = | 0.0% |
| Current assets | 29/58 | €290,531 | €282,295 | -€8,236 | -2.8% |
| Stocks and contracts in progress | 3 | €48,661 | €31,052 | -€17,609 | -36.2% |
| Contracts in progress | 37 | €48,661 | €31,052 | -€17,609 | -36.2% |
| Amounts receivable within one year | 40/41 | €182,047 | €182,246 | +€199 | +0.1% |
| Trade receivables | 40 | €159,436 | €159,820 | +€384 | +0.2% |
| Other amounts receivable | 41 | €22,611 | €22,426 | -€185 | -0.8% |
| Cash at bank and in hand | 54/58 | €51,721 | €66,958 | +€15,236 | +29.5% |
| Deferred charges and accrued income | 490/1 | €8,101 | €2,038 | -€6,063 | -74.8% |
| Total equity and liabilities | 10/49 | €676,307 | €629,603 | -€46,704 | -6.9% |
| Equity | 10/15 | €198,366 | €201,094 | +€2,728 | +1.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €192,166 | €194,894 | +€2,728 | +1.4% |
| Distributable reserves | 133 | €192,166 | €194,894 | +€2,728 | +1.4% |
| Amounts payable | 17/49 | €477,941 | €428,510 | -€49,432 | -10.3% |
| Amounts payable after more than one year | 17 | €278,536 | €252,484 | -€26,052 | -9.4% |
| Financial debts | 170/4 | €278,536 | €252,484 | -€26,052 | -9.4% |
| Amounts payable within one year | 42/48 | €166,205 | €137,806 | -€28,399 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €25,276 | €21,231 | -€4,045 | -16.0% |
| Trade debts | 44 | €97,702 | €73,602 | -€24,100 | -24.7% |
| Suppliers | 440/4 | €97,702 | €73,602 | -€24,100 | -24.7% |
| Taxes, remuneration and social security | 45 | €10,610 | €7,609 | -€3,001 | -28.3% |
| Taxes | 450/3 | €10,610 | €7,609 | -€3,001 | -28.3% |
| Other amounts payable | 47/48 | €32,616 | €35,363 | +€2,747 | +8.4% |
| Accrued charges and deferred income | 492/3 | €33,201 | €38,220 | +€5,019 | +15.1% |
| Remuneration, social security and pensions | 62 | €49,285 | €46,823 | -€2,462 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,976 | €42,859 | -€6,116 | -12.5% |
| Other operating charges | 640/8 | €2,078 | €2,811 | +€733 | +35.3% |
| Gross operating margin | 9900 | €128,541 | €99,417 | -€29,125 | -22.7% |
| Operating profit (loss) | 9901 | €28,202 | €6,923 | -€21,279 | -75.5% |
| Financial income | 75/76B | €9,740 | €4,320 | -€5,420 | -55.6% |
| Recurring financial income | 75 | €46 | €1 | -€45 | -98.4% |
| Non-recurring financial income | 76B | €9,694 | €4,320 | -€5,375 | -55.4% |
| Financial charges | 65/66B | €4,218 | €3,758 | -€460 | -10.9% |
| Recurring financial charges | 65 | €4,218 | €3,758 | -€460 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €33,724 | €7,486 | -€26,239 | -77.8% |
| Income taxes | 67/77 | €11,112 | €3,092 | -€8,020 | -72.2% |
| Profit (loss) for the period | 9904 | €22,612 | €4,394 | -€18,218 | -80.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,612 | €4,394 | -€18,218 | -80.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.