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.
VDM
Largest movements
- Receivables within one year +€198,363
up €198,363 (+49.3%), from €402,303 to €600,665
of which Trade receivables: +€175,601
- Tangible fixed assets +€172,632
up €172,632 (+15.8%), from €1.1m to €1.3m
of which Leasing and similar rights: +€185,323
- Cash +€102,266
up €102,266 (+31.1%), from €328,814 to €431,080
mainly Net result for the year (+€281,579) and Depreciation (+€177,123)
- Reserves +€253,360
up €253,360 (+40.7%), from €623,190 to €876,549
- Debts after one year +€112,551
up €112,551 (+15.2%), from €741,556 to €854,107
- Trade debts +€56,313
up €56,313 (+43.7%), from €128,885 to €185,197
- Other debts +€37,110
up €37,110 (+32.6%), from €113,763 to €150,873
- Gross operating margin +€307,780
up €307,780 (+58.9%), from €522,882 to €830,662
- Staff costs +€148,204
up €148,204 (+286.0%), from €51,822 to €200,026
- Other operating charges -€113,539
down €113,539 (-84.3%), from €134,733 to €21,194
- Depreciation +€56,737
up €56,737 (+47.1%), from €120,386 to €177,123
- Taxes +€55,890
up €55,890 (+92.4%), from €60,464 to €116,354
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 | €1,838,068 | €2,309,511 | +€471,443 | +25.6% |
| Fixed assets | 21/28 | €1,100,866 | €1,273,498 | +€172,632 | +15.7% |
| Tangible fixed assets | 22/27 | €1,093,061 | €1,265,693 | +€172,632 | +15.8% |
| Land and buildings | 22 | €803,305 | €768,901 | -€34,405 | -4.3% |
| Plant, machinery and equipment | 23 | €85,125 | €87,376 | +€2,251 | +2.6% |
| Furniture and vehicles | 24 | €15,478 | €43,043 | +€27,565 | +178.1% |
| Leasing and similar rights | 25 | €162,293 | €347,616 | +€185,323 | +114.2% |
| Other tangible fixed assets | 26 | €26,859 | €18,757 | -€8,102 | -30.2% |
| Financial fixed assets | 28 | €7,805 | €7,805 | = | 0.0% |
| Current assets | 29/58 | €737,202 | €1,036,013 | +€298,811 | +40.5% |
| Amounts receivable within one year | 40/41 | €402,303 | €600,665 | +€198,363 | +49.3% |
| Trade receivables | 40 | €343,883 | €519,484 | +€175,601 | +51.1% |
| Other amounts receivable | 41 | €58,420 | €81,181 | +€22,762 | +39.0% |
| Cash at bank and in hand | 54/58 | €328,814 | €431,080 | +€102,266 | +31.1% |
| Deferred charges and accrued income | 490/1 | €6,086 | €4,268 | -€1,818 | -29.9% |
| Total equity and liabilities | 10/49 | €1,838,068 | €2,309,511 | +€471,443 | +25.6% |
| Equity | 10/15 | €641,790 | €895,149 | +€253,360 | +39.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €623,190 | €876,549 | +€253,360 | +40.7% |
| Distributable reserves | 133 | €623,190 | €876,549 | +€253,360 | +40.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,196,279 | €1,414,361 | +€218,083 | +18.2% |
| Amounts payable after more than one year | 17 | €741,556 | €854,107 | +€112,551 | +15.2% |
| Financial debts | 170/4 | €741,556 | €854,107 | +€112,551 | +15.2% |
| Amounts payable within one year | 42/48 | €454,723 | €560,255 | +€105,532 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €153,927 | €166,443 | +€12,516 | +8.1% |
| Trade debts | 44 | €128,885 | €185,197 | +€56,313 | +43.7% |
| Suppliers | 440/4 | €128,885 | €185,197 | +€56,313 | +43.7% |
| Taxes, remuneration and social security | 45 | €58,148 | €57,742 | -€407 | -0.7% |
| Taxes | 450/3 | €56,917 | €50,781 | -€6,136 | -10.8% |
| Remuneration and social security | 454/9 | €1,231 | €6,961 | +€5,730 | +465.3% |
| Other amounts payable | 47/48 | €113,763 | €150,873 | +€37,110 | +32.6% |
| Non-recurring operating income | 76A | - | €7,250 | +€7,250 | |
| Remuneration, social security and pensions | 62 | €51,822 | €200,026 | +€148,204 | +286.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,386 | €177,123 | +€56,737 | +47.1% |
| Other operating charges | 640/8 | €134,733 | €21,194 | -€113,539 | -84.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €522,882 | €830,662 | +€307,780 | +58.9% |
| Operating profit (loss) | 9901 | €215,942 | €432,319 | +€216,377 | +100.2% |
| Financial income | 75/76B | €6,589 | €6,876 | +€286 | +4.3% |
| Recurring financial income | 75 | €6,589 | €6,876 | +€286 | +4.3% |
| Financial charges | 65/66B | €16,750 | €41,261 | +€24,512 | +146.3% |
| Recurring financial charges | 65 | €16,750 | €41,261 | +€24,512 | +146.3% |
| Profit (loss) for the period before taxes | 9903 | €205,782 | €397,933 | +€192,151 | +93.4% |
| Income taxes | 67/77 | €60,464 | €116,354 | +€55,890 | +92.4% |
| Profit (loss) for the period | 9904 | €145,317 | €281,579 | +€136,262 | +93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €145,317 | €281,579 | +€136,262 | +93.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.