VDL: 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.
VDL
Largest movements
- Tangible fixed assets -€40,474
down €40,474 (-7.1%), from €572,496 to €532,022
of which Land and buildings: -€40,216
- Stocks and contracts -€17,407
down €17,407 (-19.4%), from €89,500 to €72,093
- Profit (loss) carried forward -€42,778
down €42,778 (-38.1%), from -€112,288 to -€155,065
- Other debts +€37,783
up €37,783 (+13.9%), from €272,085 to €309,868
- Debts after one year -€27,830
down €27,830 (-16.0%), from €173,750 to €145,920
- Short-term financial debts -€27,359
down €27,359 (-60.5%), from €45,215 to €17,856
- Tax, wage and social debts -€7,441
down €7,441 (-79.6%), from €9,346 to €1,905
- Gross operating margin -€17,076
down €17,076 (-33.0%), from €51,787 to €34,711
- Taxes +€2,969
up €2,969 (+1473.6%), from €201 to €3,170
- Other operating charges -€2,281
down €2,281 (-34.5%), from €6,617 to €4,336
- Financial charges +€2,201
up €2,201 (+9.1%), from €24,320 to €26,521
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 | €681,252 | €616,547 | -€64,705 | -9.5% |
| Fixed assets | 21/28 | €573,786 | €533,312 | -€40,474 | -7.1% |
| Tangible fixed assets | 22/27 | €572,496 | €532,022 | -€40,474 | -7.1% |
| Land and buildings | 22 | €570,976 | €530,759 | -€40,216 | -7.0% |
| Plant, machinery and equipment | 23 | €297 | €0 | -€297 | -100.0% |
| Furniture and vehicles | 24 | €1,224 | €1,263 | +€39 | +3.2% |
| Financial fixed assets | 28 | €1,290 | €1,290 | = | 0.0% |
| Current assets | 29/58 | €107,466 | €83,235 | -€24,232 | -22.5% |
| Stocks and contracts in progress | 3 | €89,500 | €72,093 | -€17,407 | -19.4% |
| Contracts in progress | 37 | €89,500 | €72,093 | -€17,407 | -19.4% |
| Amounts receivable within one year | 40/41 | €5,711 | €4,367 | -€1,344 | -23.5% |
| Trade receivables | 40 | €5,711 | €4,343 | -€1,368 | -23.9% |
| Other amounts receivable | 41 | - | €24 | +€24 | |
| Cash at bank and in hand | 54/58 | €7,972 | €3,357 | -€4,615 | -57.9% |
| Deferred charges and accrued income | 490/1 | €4,284 | €3,418 | -€866 | -20.2% |
| Total equity and liabilities | 10/49 | €681,252 | €616,547 | -€64,705 | -9.5% |
| Equity | 10/15 | -€62,288 | -€105,065 | -€42,778 | -68.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,288 | -€155,065 | -€42,778 | -38.1% |
| Amounts payable | 17/49 | €743,540 | €721,612 | -€21,928 | -2.9% |
| Amounts payable after more than one year | 17 | €173,750 | €145,920 | -€27,830 | -16.0% |
| Financial debts | 170/4 | €173,750 | €145,920 | -€27,830 | -16.0% |
| Amounts payable within one year | 42/48 | €569,790 | €575,693 | +€5,903 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €226,898 | €227,830 | +€933 | +0.4% |
| Financial debts | 43 | €45,215 | €17,856 | -€27,359 | -60.5% |
| Credit institutions | 430/8 | €45,215 | €17,856 | -€27,359 | -60.5% |
| Trade debts | 44 | €16,246 | €18,233 | +€1,986 | +12.2% |
| Suppliers | 440/4 | €16,246 | €18,233 | +€1,986 | +12.2% |
| Taxes, remuneration and social security | 45 | €9,346 | €1,905 | -€7,441 | -79.6% |
| Taxes | 450/3 | €9,346 | €1,905 | -€7,441 | -79.6% |
| Other amounts payable | 47/48 | €272,085 | €309,868 | +€37,783 | +13.9% |
| Non-recurring operating income | 76A | - | €10 | +€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,824 | €43,468 | -€356 | -0.8% |
| Other operating charges | 640/8 | €6,617 | €4,336 | -€2,281 | -34.5% |
| Gross operating margin | 9900 | €51,787 | €34,711 | -€17,076 | -33.0% |
| Operating profit (loss) | 9901 | €1,346 | -€13,093 | -€14,438 | |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €24,320 | €26,521 | +€2,201 | +9.1% |
| Recurring financial charges | 65 | €24,320 | €26,521 | +€2,201 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,974 | -€39,607 | -€16,633 | -72.4% |
| Income taxes | 67/77 | €201 | €3,170 | +€2,969 | +1473.6% |
| Profit (loss) for the period | 9904 | -€23,176 | -€42,778 | -€19,602 | -84.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,176 | -€42,778 | -€19,602 | -84.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.