VDM: 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.
What changed
VDM
NACE 47.120, Other non-specialised retail sale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€805,564
2024 · €411,434+€394,130
Equity
€189,087
2024 · €183,523+€5,564
Cash
€656,835
2024 · €500,655+€156,181
Balance sheet total
€7.8m
2024 · €7.6m+€211,486
Largest movements
Assets
- Cash +€156,181
up €156,181 (+31.2%), from €500,655 to €656,835
mainly Net result for the year (+€805,564) and Depreciation (+€688,026)
Equity and liabilities
- Other debts +€423,152
up €423,152 (+32.3%), from €1.3m to €1.7m
- Current portion of long-term debt -€242,110
down €242,110 (-17.2%), from €1.4m to €1.2m
- Accrued charges and deferred income -€135,543
down €135,543 (-9.4%), from €1.4m to €1.3m
- Debts after one year +€112,123
up €112,123 (+854%), from €13,129 to €125,252
Income statement
- Gross operating margin +€531,294
up €531,294 (+17.2%), from €3.1m to €3.6m
- Taxes +€131,577
up €131,577 (+93.0%), from €141,484 to €273,062
- Depreciation +€84,329
up €84,329 (+14.0%), from €603,697 to €688,026
- Financial charges +€52,585
up €52,585 (+161%), from €32,647 to €85,232
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.
Result 2024
€411,434
Gross operating margin
+€531,294
Staff costs
+€9,618
Depreciation
-€84,329
Other operating charges
-€7,490
Other operating items
+€130,447
Financial income
-€1,247
Financial charges
-€52,585
Taxes
-€131,577
Result 2025
€805,564
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€1.8m
Investment
-€675,500
Financing
-€929,987
Cash 2024
€500,655
From operations (derived)
+€1.8m
Net result for the year
+€805,564
Depreciation
+€688,026
Stocks and contracts
-€7,782
Receivables within one year
-€56,771
Deferred charges and accrued income
-€3,278
Trade debts
+€35,908
Tax, wage and social debts
+€12,391
Other debts
+€423,152
Accrued charges and deferred income
-€135,543
Investment (derived)
-€675,500
Investment in fixed assets (net)
-€675,500
Financing
-€929,987
Debts after one year
+€112,123
Current portion of long-term debt
-€242,110
Contributions, distributions and other
-€800,000
Cash 2025
€656,835
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,555,768 | €7,767,254 | +€211,486 | +2.8% |
| Fixed assets | 21/28 | €3,489,948 | €3,477,422 | -€12,526 | -0.4% |
| Tangible fixed assets | 22/27 | €3,481,870 | €3,469,361 | -€12,510 | -0.4% |
| Land and buildings | 22 | €1,865,148 | €1,840,359 | -€24,789 | -1.3% |
| Plant, machinery and equipment | 23 | €1,569,829 | €1,386,173 | -€183,657 | -11.7% |
| Furniture and vehicles | 24 | €46,892 | €26,812 | -€20,080 | -42.8% |
| Other tangible fixed assets | 26 | €0 | €216,017 | +€216,017 | |
| Financial fixed assets | 28 | €8,078 | €8,062 | -€17 | -0.2% |
| Current assets | 29/58 | €4,065,819 | €4,289,831 | +€224,012 | +5.5% |
| Stocks and contracts in progress | 3 | €1,086,722 | €1,094,504 | +€7,782 | +0.7% |
| Stocks | 30/36 | €1,086,722 | €1,094,504 | +€7,782 | +0.7% |
| Amounts receivable within one year | 40/41 | €2,457,733 | €2,514,504 | +€56,771 | +2.3% |
| Trade receivables | 40 | €13,508 | €49,583 | +€36,075 | +267% |
| Other amounts receivable | 41 | €2,444,225 | €2,464,921 | +€20,696 | +0.8% |
| Cash at bank and in hand | 54/58 | €500,655 | €656,835 | +€156,181 | +31.2% |
| Deferred charges and accrued income | 490/1 | €20,710 | €23,988 | +€3,278 | +15.8% |
| Total equity and liabilities | 10/49 | €7,555,768 | €7,767,254 | +€211,486 | +2.8% |
| Equity | 10/15 | €183,523 | €189,087 | +€5,564 | +3.0% |
| Contributions | 10/11 | €162,000 | €162,000 | = | 0.0% |
| Capital | 10 | €162,000 | €162,000 | = | 0.0% |
| Issued capital | 100 | €162,000 | €162,000 | = | 0.0% |
| Reserves | 13 | €16,200 | €16,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,200 | €16,200 | = | 0.0% |
| Legal reserve | 130 | €16,200 | €16,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,323 | €10,887 | +€5,564 | +105% |
| Amounts payable | 17/49 | €7,372,245 | €7,578,167 | +€205,922 | +2.8% |
| Amounts payable after more than one year | 17 | €13,129 | €125,252 | +€112,123 | +854% |
| Financial debts | 170/4 | €13,129 | €125,252 | +€112,123 | +854% |
| Amounts payable within one year | 42/48 | €5,911,119 | €6,140,461 | +€229,342 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €1,410,532 | €1,168,422 | -€242,110 | -17.2% |
| Trade debts | 44 | €2,946,770 | €2,982,678 | +€35,908 | +1.2% |
| Suppliers | 440/4 | €2,946,770 | €2,982,678 | +€35,908 | +1.2% |
| Taxes, remuneration and social security | 45 | €243,329 | €255,721 | +€12,391 | +5.1% |
| Taxes | 450/3 | €41,484 | €48,062 | +€6,577 | +15.9% |
| Remuneration and social security | 454/9 | €201,845 | €207,659 | +€5,814 | +2.9% |
| Other amounts payable | 47/48 | €1,310,489 | €1,733,641 | +€423,152 | +32.3% |
| Accrued charges and deferred income | 492/3 | €1,447,997 | €1,312,454 | -€135,543 | -9.4% |
| Non-recurring operating income | 76A | €10,345 | €22,875 | +€12,530 | +121% |
| Remuneration, social security and pensions | 62 | €1,724,480 | €1,714,862 | -€9,618 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €603,697 | €688,026 | +€84,329 | +14.0% |
| Other operating charges | 640/8 | €40,585 | €48,075 | +€7,490 | +18.5% |
| Non-recurring operating charges | 66A | €130,447 | - | -€130,447 | |
| Gross operating margin | 9900 | €3,083,527 | €3,614,821 | +€531,294 | +17.2% |
| Operating profit (loss) | 9901 | €584,318 | €1,163,858 | +€579,540 | +99.2% |
| Financial income | 75/76B | €1,247 | - | -€1,247 | |
| Recurring financial income | 75 | €1,247 | - | -€1,247 | |
| Financial charges | 65/66B | €32,647 | €85,232 | +€52,585 | +161% |
| Recurring financial charges | 65 | €32,647 | €85,232 | +€52,585 | +161% |
| Profit (loss) for the period before taxes | 9903 | €552,918 | €1,078,626 | +€525,707 | +95.1% |
| Income taxes | 67/77 | €141,484 | €273,062 | +€131,577 | +93.0% |
| Profit (loss) for the period | 9904 | €411,434 | €805,564 | +€394,130 | +95.8% |
| Profit (loss) for the period to be appropriated | 9905 | €411,434 | €805,564 | +€394,130 | +95.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.