VDL BOARD SOLUTIONS: what changed
VDL BOARD SOLUTIONS
Largest movements
- Current investments -€165,000
down €165,000 (-46.2%), from €356,857 to €191,857
- Cash +€116,095
up €116,095 (+127%), from €91,591 to €207,686
mainly Current investments (+€165,000) and Net result for the year (+€85,525)
- Receivables within one year +€111,375
up €111,375 (+226%), from €49,318 to €160,693
of which Other amounts receivable: +€111,531
- Tangible fixed assets +€11,554
up €11,554 (+633%), from €1,826 to €13,380
of which Furniture and vehicles: +€12,360
- Reserves +€85,525
up €85,525 (+18.5%), from €461,404 to €546,928
of which Distributable reserves: +€85,525
- Tax, wage and social debts -€7,707
down €7,707 (-28.7%), from €26,861 to €19,154
- Gross operating margin -€18,728
down €18,728 (-14.6%), from €128,658 to €109,930
- Taxes -€11,877
down €11,877 (-31.1%), from €38,183 to €26,306
- Depreciation +€1,396
up €1,396 (+173%), from €806 to €2,202
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €500,138 | €574,245 | +€74,107 | +14.8% |
| Fixed assets | 21/28 | €1,826 | €13,380 | +€11,554 | +633% |
| Tangible fixed assets | 22/27 | €1,826 | €13,380 | +€11,554 | +633% |
| Plant, machinery and equipment | 23 | €1,826 | €1,020 | -€806 | -44.1% |
| Furniture and vehicles | 24 | - | €12,360 | +€12,360 | |
| Current assets | 29/58 | €498,312 | €560,865 | +€62,553 | +12.6% |
| Amounts receivable within one year | 40/41 | €49,318 | €160,693 | +€111,375 | +226% |
| Trade receivables | 40 | €33,439 | €33,283 | -€156 | -0.5% |
| Other amounts receivable | 41 | €15,879 | €127,410 | +€111,531 | +702% |
| Current investments | 50/53 | €356,857 | €191,857 | -€165,000 | -46.2% |
| Cash at bank and in hand | 54/58 | €91,591 | €207,686 | +€116,095 | +127% |
| Deferred charges and accrued income | 490/1 | €546 | €630 | +€84 | +15.3% |
| Total equity and liabilities | 10/49 | €500,138 | €574,245 | +€74,107 | +14.8% |
| Equity | 10/15 | €467,604 | €553,128 | +€85,525 | +18.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €461,404 | €546,928 | +€85,525 | +18.5% |
| Non-distributable reserves | 130/1 | €5,900 | €5,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,900 | €5,900 | = | 0.0% |
| Distributable reserves | 133 | €455,504 | €541,028 | +€85,525 | +18.8% |
| Amounts payable | 17/49 | €32,534 | €21,117 | -€11,417 | -35.1% |
| Amounts payable within one year | 42/48 | €31,914 | €20,115 | -€11,800 | -37.0% |
| Trade debts | 44 | €5,053 | €961 | -€4,093 | -81.0% |
| Suppliers | 440/4 | €5,053 | €961 | -€4,093 | -81.0% |
| Taxes, remuneration and social security | 45 | €26,861 | €19,154 | -€7,707 | -28.7% |
| Taxes | 450/3 | €26,861 | €19,154 | -€7,707 | -28.7% |
| Accrued charges and deferred income | 492/3 | €619 | €1,002 | +€382 | +61.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €806 | €2,202 | +€1,396 | +173% |
| Other operating charges | 640/8 | €1,292 | €1,260 | -€32 | -2.5% |
| Gross operating margin | 9900 | €128,658 | €109,930 | -€18,728 | -14.6% |
| Operating profit (loss) | 9901 | €126,560 | €106,468 | -€20,092 | -15.9% |
| Financial income | 75/76B | €7,067 | €5,793 | -€1,274 | -18.0% |
| Recurring financial income | 75 | €7,067 | €5,793 | -€1,274 | -18.0% |
| Financial charges | 65/66B | €398 | €431 | +€33 | +8.3% |
| Recurring financial charges | 65 | €398 | €431 | +€33 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €133,230 | €111,831 | -€21,399 | -16.1% |
| Income taxes | 67/77 | €38,183 | €26,306 | -€11,877 | -31.1% |
| Profit (loss) for the period | 9904 | €95,046 | €85,525 | -€9,522 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €95,046 | €85,525 | -€9,522 | -10.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.