VDL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments +€300,000
up €300,000 (+3,540%), from €8,474 to €308,474
- Tangible fixed assets -€247,627
down €247,627 (-27.2%), from €910,373 to €662,746
of which Land and buildings: -€239,797
- Cash -€146,907
down €146,907 (-67.4%), from €218,003 to €71,095
mainly Current investments (-€300,000) and Contributions, distributions and other (-€253,851)
- Receivables within one year +€27,167
up €27,167 (+298%), from €9,126 to €36,294
of which Trade receivables: +€17,153
- Reserves -€253,851
down €253,851 (-25.8%), from €984,341 to €730,490
of which Distributable reserves: -€253,851
- Other debts +€175,897
up €175,897 (+1,840%), from €9,558 to €185,456
- Debts after one year -€154,802
down €154,802 (-54.0%), from €286,663 to €131,861
of which Financial debts: -€154,802
- Profit (loss) carried forward +€135,214
up €135,214 (+79.3%), from -€170,559 to -€35,345
- Trade debts +€27,760
up €27,760 (+3,492%), from €795 to €28,556
- Gross operating margin +€120,510
up €120,510 (+219%), from €54,992 to €175,501
- Depreciation -€12,213
down €12,213 (-29.1%), from €41,925 to €29,713
- Financial charges -€6,754
down €6,754 (-63.7%), from €10,611 to €3,857
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 | €1,156,701 | €1,087,574 | -€69,128 | -6.0% |
| Fixed assets | 21/28 | €913,698 | €668,201 | -€245,497 | -26.9% |
| Tangible fixed assets | 22/27 | €910,373 | €662,746 | -€247,627 | -27.2% |
| Land and buildings | 22 | €867,195 | €627,398 | -€239,797 | -27.7% |
| Furniture and vehicles | 24 | €11,158 | €10,331 | -€827 | -7.4% |
| Other tangible fixed assets | 26 | €32,020 | €25,017 | -€7,003 | -21.9% |
| Financial fixed assets | 28 | €3,325 | €5,455 | +€2,130 | +64.1% |
| Current assets | 29/58 | €243,003 | €419,373 | +€176,370 | +72.6% |
| Stocks and contracts in progress | 3 | €4,071 | - | -€4,071 | |
| Stocks | 30/36 | €4,071 | - | -€4,071 | |
| Amounts receivable within one year | 40/41 | €9,126 | €36,294 | +€27,167 | +298% |
| Trade receivables | 40 | €8,538 | €25,691 | +€17,153 | +201% |
| Other amounts receivable | 41 | €588 | €10,603 | +€10,014 | +1,703% |
| Current investments | 50/53 | €8,474 | €308,474 | +€300,000 | +3,540% |
| Cash at bank and in hand | 54/58 | €218,003 | €71,095 | -€146,907 | -67.4% |
| Deferred charges and accrued income | 490/1 | €3,330 | €3,510 | +€180 | +5.4% |
| Total equity and liabilities | 10/49 | €1,156,701 | €1,087,574 | -€69,128 | -6.0% |
| Equity | 10/15 | €832,382 | €713,745 | -€118,637 | -14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €984,341 | €730,490 | -€253,851 | -25.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €982,481 | €728,630 | -€253,851 | -25.8% |
| Profit (loss) carried forward | 14 | -€170,559 | -€35,345 | +€135,214 | +79.3% |
| Amounts payable | 17/49 | €324,319 | €373,829 | +€49,509 | +15.3% |
| Amounts payable after more than one year | 17 | €286,663 | €131,861 | -€154,802 | -54.0% |
| Financial debts | 170/4 | €284,363 | €129,561 | -€154,802 | -54.4% |
| Other amounts payable | 178/9 | €2,300 | €2,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €37,656 | €241,967 | +€204,312 | +543% |
| Current portion of amounts payable after more than one year | 42 | €27,303 | €27,956 | +€654 | +2.4% |
| Trade debts | 44 | €795 | €28,556 | +€27,760 | +3,492% |
| Suppliers | 440/4 | €795 | €28,556 | +€27,760 | +3,492% |
| Other amounts payable | 47/48 | €9,558 | €185,456 | +€175,897 | +1,840% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,925 | €29,713 | -€12,213 | -29.1% |
| Other operating charges | 640/8 | €6,642 | €6,730 | +€88 | +1.3% |
| Gross operating margin | 9900 | €54,992 | €175,501 | +€120,510 | +219% |
| Operating profit (loss) | 9901 | €6,424 | €139,059 | +€132,635 | +2,065% |
| Financial income | 75/76B | €6 | €13 | +€7 | +117% |
| Recurring financial income | 75 | €6 | €13 | +€7 | +117% |
| Financial charges | 65/66B | €10,611 | €3,857 | -€6,754 | -63.7% |
| Recurring financial charges | 65 | €10,611 | €3,857 | -€6,754 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,180 | €135,216 | +€139,396 | |
| Income taxes | 67/77 | €1 | €2 | +€1 | +52.8% |
| Profit (loss) for the period | 9904 | -€4,181 | €135,214 | +€139,395 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,181 | €135,214 | +€139,395 |
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 20 October 2026 via checked.be.