VDK STONE: 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 STONE
Largest movements
- Cash -€114,907
down €114,907 (-20.3%), from €567,325 to €452,418
mainly Trade debts (-€191,405) and Other debts (-€121,409)
- Tangible fixed assets -€95,199
down €95,199 (-5.7%), from €1.7m to €1.6m
of which Plant, machinery and equipment: -€80,456
- Trade debts -€191,405
down €191,405 (-79.0%), from €242,257 to €50,852
- Reserves +€176,377
up €176,377 (+28.6%), from €616,906 to €793,283
- Other debts -€121,409
down €121,409 (-56.4%), from €215,399 to €93,990
- Debts after one year -€75,939
down €75,939 (-6.4%), from €1.2m to €1.1m
- Gross operating margin -€220,140
down €220,140 (-21.2%), from €1.0m to €816,420
- Taxes -€30,604
down €30,604 (-34.8%), from €87,947 to €57,343
- Other operating charges -€22,164
down €22,164 (-63.5%), from €34,923 to €12,759
- Write-downs +€20,915
up €20,915, from -€11,181 to €9,733
- Staff costs +€14,710
up €14,710 (+5.4%), from €274,894 to €289,604
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 | €2,399,618 | €2,191,194 | -€208,424 | -8.7% |
| Fixed assets | 21/28 | €1,672,922 | €1,577,723 | -€95,199 | -5.7% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,667,922 | €1,572,723 | -€95,199 | -5.7% |
| Land and buildings | 22 | €1,328,209 | €1,318,784 | -€9,425 | -0.7% |
| Plant, machinery and equipment | 23 | €330,407 | €249,951 | -€80,456 | -24.4% |
| Furniture and vehicles | 24 | €9,307 | €3,989 | -€5,318 | -57.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €726,696 | €613,471 | -€113,225 | -15.6% |
| Stocks and contracts in progress | 3 | €41,860 | €43,312 | +€1,452 | +3.5% |
| Stocks | 30/36 | €41,860 | €43,312 | +€1,452 | +3.5% |
| Amounts receivable within one year | 40/41 | €110,084 | €117,591 | +€7,507 | +6.8% |
| Trade receivables | 40 | €37,907 | €49,868 | +€11,961 | +31.6% |
| Other amounts receivable | 41 | €72,177 | €67,723 | -€4,454 | -6.2% |
| Cash at bank and in hand | 54/58 | €567,325 | €452,418 | -€114,907 | -20.3% |
| Deferred charges and accrued income | 490/1 | €7,427 | €150 | -€7,277 | -98.0% |
| Total equity and liabilities | 10/49 | €2,399,618 | €2,191,194 | -€208,424 | -8.7% |
| Equity | 10/15 | €626,206 | €802,583 | +€176,377 | +28.2% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €616,906 | €793,283 | +€176,377 | +28.6% |
| Distributable reserves | 133 | €616,906 | €793,283 | +€176,377 | +28.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,773,412 | €1,388,611 | -€384,801 | -21.7% |
| Amounts payable after more than one year | 17 | €1,182,887 | €1,106,948 | -€75,939 | -6.4% |
| Financial debts | 170/4 | €1,182,887 | €1,106,948 | -€75,939 | -6.4% |
| Amounts payable within one year | 42/48 | €576,692 | €263,337 | -€313,355 | -54.3% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €242,257 | €50,852 | -€191,405 | -79.0% |
| Suppliers | 440/4 | €242,257 | €50,852 | -€191,405 | -79.0% |
| Taxes, remuneration and social security | 45 | €19,036 | €18,495 | -€541 | -2.8% |
| Taxes | 450/3 | €2,947 | €3,264 | +€317 | +10.8% |
| Remuneration and social security | 454/9 | €16,088 | €15,231 | -€858 | -5.3% |
| Other amounts payable | 47/48 | €215,399 | €93,990 | -€121,409 | -56.4% |
| Accrued charges and deferred income | 492/3 | €13,833 | €18,326 | +€4,493 | +32.5% |
| Remuneration, social security and pensions | 62 | €274,894 | €289,604 | +€14,710 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,907 | €157,313 | +€3,406 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,181 | €9,733 | +€20,915 | |
| Other operating charges | 640/8 | €34,923 | €12,759 | -€22,164 | -63.5% |
| Gross operating margin | 9900 | €1,036,559 | €816,420 | -€220,140 | -21.2% |
| Operating profit (loss) | 9901 | €584,016 | €347,010 | -€237,006 | -40.6% |
| Financial income | 75/76B | €8,590 | €3,549 | -€5,040 | -58.7% |
| Recurring financial income | 75 | €8,590 | €3,549 | -€5,040 | -58.7% |
| Financial charges | 65/66B | €30,763 | €41,840 | +€11,076 | +36.0% |
| Recurring financial charges | 65 | €30,763 | €41,840 | +€11,076 | +36.0% |
| Profit (loss) for the period before taxes | 9903 | €561,842 | €308,720 | -€253,123 | -45.1% |
| Income taxes | 67/77 | €87,947 | €57,343 | -€30,604 | -34.8% |
| Profit (loss) for the period | 9904 | €473,895 | €251,377 | -€222,519 | -47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €473,895 | €251,377 | -€222,519 | -47.0% |
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 17 October 2026 via checked.be.