VDK-LB: 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-LB
Largest movements
- Tangible fixed assets -€99,862
down €99,862 (-5.8%), from €1.7m to €1.6m
of which Land and buildings: -€84,780
- Cash +€55,807
up €55,807 (+27.3%), from €204,748 to €260,555
mainly Depreciation (+€101,105) and Net result for the year (+€33,710)
- Debts after one year -€61,194
no longer reported in 2026 (was €61,194)
- Reserves +€33,710
up €33,710 (+8.9%), from €379,505 to €413,215
- Taxes +€9,451
up €9,451 (+205%), from €4,620 to €14,071
- Financial charges -€8,317
down €8,317 (-16.2%), from €51,440 to €43,123
- Depreciation +€4,860
up €4,860 (+5.0%), from €96,245 to €101,105
- Gross operating margin -€4,528
down €4,528 (-2.2%), from €208,566 to €204,038
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,977,072 | €1,934,374 | -€42,697 | -2.2% |
| Fixed assets | 21/28 | €1,730,818 | €1,630,957 | -€99,862 | -5.8% |
| Tangible fixed assets | 22/27 | €1,730,818 | €1,630,957 | -€99,862 | -5.8% |
| Land and buildings | 22 | €1,661,502 | €1,576,721 | -€84,780 | -5.1% |
| Furniture and vehicles | 24 | €69,317 | €54,236 | -€15,081 | -21.8% |
| Current assets | 29/58 | €246,253 | €303,417 | +€57,164 | +23.2% |
| Amounts receivable within one year | 40/41 | €41,506 | €42,354 | +€849 | +2.0% |
| Trade receivables | 40 | €15,900 | €15,900 | = | 0.0% |
| Other amounts receivable | 41 | €25,606 | €26,454 | +€849 | +3.3% |
| Cash at bank and in hand | 54/58 | €204,748 | €260,555 | +€55,807 | +27.3% |
| Deferred charges and accrued income | 490/1 | - | €509 | +€509 | |
| Total equity and liabilities | 10/49 | €1,977,072 | €1,934,374 | -€42,697 | -2.2% |
| Equity | 10/15 | €1,036,005 | €1,069,715 | +€33,710 | +3.3% |
| Contributions | 10/11 | €656,500 | €656,500 | = | 0.0% |
| Reserves | 13 | €379,505 | €413,215 | +€33,710 | +8.9% |
| Distributable reserves | 133 | €379,505 | €413,215 | +€33,710 | +8.9% |
| Amounts payable | 17/49 | €941,067 | €864,659 | -€76,407 | -8.1% |
| Amounts payable after more than one year | 17 | €61,194 | - | -€61,194 | |
| Financial debts | 170/4 | €61,194 | - | -€61,194 | |
| Amounts payable within one year | 42/48 | €879,872 | €864,659 | -€15,213 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €80,929 | €61,194 | -€19,735 | -24.4% |
| Financial debts | 43 | €34,692 | €29,400 | -€5,292 | -15.3% |
| Other loans | 439 | €34,692 | €29,400 | -€5,292 | -15.3% |
| Trade debts | 44 | €42,013 | €44,391 | +€2,378 | +5.7% |
| Suppliers | 440/4 | €42,013 | €44,391 | +€2,378 | +5.7% |
| Taxes, remuneration and social security | 45 | €22,238 | €29,674 | +€7,436 | +33.4% |
| Taxes | 450/3 | €19,488 | €26,674 | +€7,186 | +36.9% |
| Remuneration and social security | 454/9 | €2,750 | €3,000 | +€250 | +9.1% |
| Other amounts payable | 47/48 | €700,000 | €700,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,245 | €101,105 | +€4,860 | +5.0% |
| Other operating charges | 640/8 | €12,259 | €12,029 | -€230 | -1.9% |
| Gross operating margin | 9900 | €208,566 | €204,038 | -€4,528 | -2.2% |
| Operating profit (loss) | 9901 | €100,063 | €90,904 | -€9,158 | -9.2% |
| Financial charges | 65/66B | €51,440 | €43,123 | -€8,317 | -16.2% |
| Recurring financial charges | 65 | €51,440 | €43,123 | -€8,317 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €48,623 | €47,781 | -€842 | -1.7% |
| Income taxes | 67/77 | €4,620 | €14,071 | +€9,451 | +205% |
| Profit (loss) for the period | 9904 | €44,003 | €33,710 | -€10,293 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,003 | €33,710 | -€10,293 | -23.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.