VDlaW: 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.
VDlaW
Largest movements
- Deferred charges and accrued income -€62,145
down €62,145 (-99.7%), from €62,325 to €180
- Receivables within one year +€40,506
up €40,506 (+34.9%), from €115,981 to €156,486
of which Trade receivables: +€43,506
- Current investments +€24,000
up €24,000 (+45.0%), from €53,384 to €77,383
- Cash +€19,954
up €19,954 (+89.9%), from €22,207 to €42,161
mainly Other debts (+€83,224) and Deferred charges and accrued income (+€62,145)
- Tangible fixed assets -€7,061
down €7,061 (-8.4%), from €84,404 to €77,343
of which Furniture and vehicles: -€4,930
- Other debts +€83,224
up €83,224 (+138.6%), from €60,035 to €143,259
- Reserves -€49,249
down €49,249 (-23.5%), from €209,153 to €159,904
- Current portion of long-term debt -€32,345
down €32,345 (-89.2%), from €36,260 to €3,915
- Short-term financial debts +€17,500
new in 2025: €17,500
- Debts after one year -€3,915
down €3,915 (-65.9%), from €5,939 to €2,024
- Gross operating margin -€21,104
down €21,104 (-16.2%), from €130,179 to €109,075
- Taxes -€6,699
down €6,699 (-20.2%), from €33,150 to €26,451
- Financial charges +€2,642
up €2,642 (+137.0%), from €1,928 to €4,571
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 | €338,300 | €353,553 | +€15,254 | +4.5% |
| Fixed assets | 21/28 | €84,404 | €77,343 | -€7,061 | -8.4% |
| Tangible fixed assets | 22/27 | €84,404 | €77,343 | -€7,061 | -8.4% |
| Furniture and vehicles | 24 | €17,027 | €12,097 | -€4,930 | -29.0% |
| Other tangible fixed assets | 26 | €67,377 | €65,246 | -€2,131 | -3.2% |
| Current assets | 29/58 | €253,896 | €276,210 | +€22,314 | +8.8% |
| Amounts receivable within one year | 40/41 | €115,981 | €156,486 | +€40,506 | +34.9% |
| Trade receivables | 40 | €2,494 | €46,000 | +€43,506 | +1744.3% |
| Other amounts receivable | 41 | €113,486 | €110,486 | -€3,000 | -2.6% |
| Current investments | 50/53 | €53,384 | €77,383 | +€24,000 | +45.0% |
| Cash at bank and in hand | 54/58 | €22,207 | €42,161 | +€19,954 | +89.9% |
| Deferred charges and accrued income | 490/1 | €62,325 | €180 | -€62,145 | -99.7% |
| Total equity and liabilities | 10/49 | €338,300 | €353,553 | +€15,254 | +4.5% |
| Equity | 10/15 | €214,153 | €164,904 | -€49,249 | -23.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €209,153 | €159,904 | -€49,249 | -23.5% |
| Distributable reserves | 133 | €209,153 | €159,904 | -€49,249 | -23.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €124,147 | €188,649 | +€64,503 | +52.0% |
| Amounts payable after more than one year | 17 | €5,939 | €2,024 | -€3,915 | -65.9% |
| Financial debts | 170/4 | €5,939 | €2,024 | -€3,915 | -65.9% |
| Amounts payable within one year | 42/48 | €118,207 | €185,969 | +€67,762 | +57.3% |
| Current portion of amounts payable after more than one year | 42 | €36,260 | €3,915 | -€32,345 | -89.2% |
| Financial debts | 43 | - | €17,500 | +€17,500 | |
| Credit institutions | 430/8 | - | €17,500 | +€17,500 | |
| Trade debts | 44 | €648 | €3,041 | +€2,394 | +369.6% |
| Suppliers | 440/4 | €648 | €3,041 | +€2,394 | +369.6% |
| Taxes, remuneration and social security | 45 | €21,264 | €18,253 | -€3,011 | -14.2% |
| Taxes | 450/3 | €21,264 | €15,341 | -€5,923 | -27.9% |
| Remuneration and social security | 454/9 | - | €2,912 | +€2,912 | |
| Other amounts payable | 47/48 | €60,035 | €143,259 | +€83,224 | +138.6% |
| Accrued charges and deferred income | 492/3 | - | €657 | +€657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,421 | €18,197 | -€1,224 | -6.3% |
| Other operating charges | 640/8 | €1,310 | €2,339 | +€1,029 | +78.5% |
| Gross operating margin | 9900 | €130,179 | €109,075 | -€21,104 | -16.2% |
| Operating profit (loss) | 9901 | €109,448 | €88,539 | -€20,909 | -19.1% |
| Financial income | 75/76B | €0 | €38 | +€38 | +128133.3% |
| Recurring financial income | 75 | €0 | €38 | +€38 | +128133.3% |
| Financial charges | 65/66B | €1,928 | €4,571 | +€2,642 | +137.0% |
| Recurring financial charges | 65 | €1,928 | €4,571 | +€2,642 | +137.0% |
| Profit (loss) for the period before taxes | 9903 | €107,520 | €84,007 | -€23,513 | -21.9% |
| Income taxes | 67/77 | €33,150 | €26,451 | -€6,699 | -20.2% |
| Profit (loss) for the period | 9904 | €74,370 | €57,555 | -€16,814 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,370 | €57,555 | -€16,814 | -22.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.