VDL CONSULTING: 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.
VDL CONSULTING
Largest movements
- Current investments +€2.5m
up €2.5m (+124%), from €2.0m to €4.4m
- Tangible fixed assets -€1.9m
down €1.9m (-86.6%), from €2.2m to €296,609
of which Land and buildings: -€1.9m
- Cash +€204,503
up €204,503 (+349%), from €58,645 to €263,148
- Profit (loss) carried forward +€1.0m
up €1.0m (+144%), from €710,683 to €1.7m
- Other debts +€255,924
up €255,924 (+72.1%), from €355,007 to €610,931
- Current portion of long-term debt -€199,980
no longer reported in 2025 (was €199,980)
- Reserves -€137,483
down €137,483 (-24.7%), from €555,687 to €418,204
of which Tax-exempt reserves: -€137,483
- Investment grants -€64,849
down €64,849 (-95.0%), from €68,251 to €3,402
- Financial income +€4.2m
up €4.2m (+4,226%), from €100,256 to €4.3m
- Taxes +€1.0m
up €1.0m (+1,518%), from €66,646 to €1.1m
- Gross operating margin -€176,486
down €176,486 (-46.2%), from €382,349 to €205,863
- Financial charges +€70,876
up €70,876 (+222%), from €31,986 to €102,862
- Depreciation -€58,434
down €58,434 (-34.3%), from €170,150 to €111,716
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,245,854 | €5,001,181 | +€755,327 | +17.8% |
| Fixed assets | 21/28 | €2,206,009 | €296,728 | -€1.9m | -86.5% |
| Tangible fixed assets | 22/27 | €2,205,890 | €296,609 | -€1.9m | -86.6% |
| Land and buildings | 22 | €2,204,389 | €292,328 | -€1.9m | -86.7% |
| Plant, machinery and equipment | 23 | €260 | €4,281 | +€4,021 | +1,547% |
| Furniture and vehicles | 24 | €1,241 | - | -€1,241 | |
| Financial fixed assets | 28 | €119 | €119 | = | 0.0% |
| Current assets | 29/58 | €2,039,845 | €4,704,453 | +€2.7m | +131% |
| Amounts receivable within one year | 40/41 | €50 | - | -€50 | |
| Trade receivables | 40 | €50 | - | -€50 | |
| Current investments | 50/53 | €1,979,528 | €4,438,328 | +€2.5m | +124% |
| Cash at bank and in hand | 54/58 | €58,645 | €263,148 | +€204,503 | +349% |
| Deferred charges and accrued income | 490/1 | €1,622 | €2,977 | +€1,355 | +83.5% |
| Total equity and liabilities | 10/49 | €4,245,854 | €5,001,181 | +€755,327 | +17.8% |
| Equity | 10/15 | €3,562,551 | €4,340,901 | +€778,350 | +21.8% |
| Contributions | 10/11 | €2,182,040 | €2,182,040 | = | 0.0% |
| Capital | 10 | €2,182,040 | €2,182,040 | = | 0.0% |
| Issued capital | 100 | €2,182,040 | €2,182,040 | = | 0.0% |
| Revaluation surpluses | 12 | €45,890 | - | -€45,890 | |
| Reserves | 13 | €555,687 | €418,204 | -€137,483 | -24.7% |
| Non-distributable reserves | 130/1 | €218,204 | €218,204 | = | 0.0% |
| Legal reserve | 130 | €218,204 | €218,204 | = | 0.0% |
| Tax-exempt reserves | 132 | €137,483 | - | -€137,483 | |
| Distributable reserves | 133 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €710,683 | €1,737,254 | +€1.0m | +144% |
| Investment grants | 15 | €68,251 | €3,402 | -€64,849 | -95.0% |
| Provisions and deferred taxes | 16 | €45,828 | - | -€45,828 | |
| Deferred taxes | 168 | €45,828 | - | -€45,828 | |
| Amounts payable | 17/49 | €637,475 | €660,280 | +€22,805 | +3.6% |
| Amounts payable after more than one year | 17 | €50,195 | - | -€50,195 | |
| Financial debts | 170/4 | €50,195 | - | -€50,195 | |
| Amounts payable within one year | 42/48 | €575,677 | €611,513 | +€35,835 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €199,980 | - | -€199,980 | |
| Financial debts | 43 | €10,316 | - | -€10,316 | |
| Credit institutions | 430/8 | €10,316 | - | -€10,316 | |
| Trade debts | 44 | €731 | €582 | -€149 | -20.4% |
| Suppliers | 440/4 | €731 | €582 | -€149 | -20.4% |
| Taxes, remuneration and social security | 45 | €9,643 | - | -€9,643 | |
| Taxes | 450/3 | €9,643 | - | -€9,643 | |
| Other amounts payable | 47/48 | €355,007 | €610,931 | +€255,924 | +72.1% |
| Accrued charges and deferred income | 492/3 | €11,603 | €48,768 | +€37,165 | +320% |
| Non-recurring operating income | 76A | €5,124 | €6,612 | +€1,488 | +29.0% |
| Remuneration, social security and pensions | 62 | €31,691 | €1 | -€31,690 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,150 | €111,716 | -€58,434 | -34.3% |
| Other operating charges | 640/8 | €4,005 | €56,245 | +€52,240 | +1,304% |
| Gross operating margin | 9900 | €382,349 | €205,863 | -€176,486 | -46.2% |
| Operating profit (loss) | 9901 | €176,503 | €37,902 | -€138,601 | -78.5% |
| Financial income | 75/76B | €100,256 | €4,336,872 | +€4.2m | +4,226% |
| Recurring financial income | 75 | €100,256 | €4,336,872 | +€4.2m | +4,226% |
| Financial charges | 65/66B | €31,986 | €102,862 | +€70,876 | +222% |
| Recurring financial charges | 65 | €31,986 | €102,862 | +€70,876 | +222% |
| Profit (loss) for the period before taxes | 9903 | €244,773 | €4,271,912 | +€4.0m | +1,645% |
| Transfer from deferred taxes | 780 | €4,455 | €137,483 | +€133,029 | +2,986% |
| Income taxes | 67/77 | €66,646 | €1,078,652 | +€1.0m | +1,518% |
| Profit (loss) for the period | 9904 | €182,582 | €3,330,743 | +€3.1m | +1,724% |
| Transfer from tax-exempt reserves | 789 | €13,364 | €45,828 | +€32,464 | +243% |
| Profit (loss) for the period to be appropriated | 9905 | €195,946 | €3,376,571 | +€3.2m | +1,623% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.