VDM: 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.
VDM
Largest movements
- Tangible fixed assets +€1.9m
up €1.9m (+229.8%), from €818,928 to €2.7m
of which Land and buildings: +€1.9m
- Cash -€1.3m
down €1.3m (-96.2%), from €1.3m to €50,574
mainly Investment in fixed assets (net) (-€1.9m) and Current investments (-€286,936)
- Current investments +€286,936
new in 2024: €286,936
- Contributions +€831,242
up €831,242 (+43.1%), from €1.9m to €2.8m
- Debts after one year +€192,500
new in 2024: €192,500
- Trade debts -€52,329
down €52,329 (-92.7%), from €56,454 to €4,125
- Profit (loss) carried forward -€48,001
down €48,001 (-17.1%), from -€281,388 to -€329,389
- Gross operating margin +€50,038
up €50,038 (+60.9%), from -€82,115 to -€32,077
- Depreciation +€24,190
up €24,190 (+495.0%), from €4,886 to €29,076
- Financial charges +€8,527
up €8,527 (+7309.3%), from €117 to €8,644
- Financial income -€2,600
down €2,600 (-11.9%), from €21,889 to €19,289
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,166,576 | €3,053,385 | +€886,809 | +40.9% |
| Fixed assets | 21/28 | €818,928 | €2,700,529 | +€1.9m | +229.8% |
| Tangible fixed assets | 22/27 | €818,928 | €2,700,529 | +€1.9m | +229.8% |
| Land and buildings | 22 | €818,582 | €2,700,529 | +€1.9m | +229.9% |
| Plant, machinery and equipment | 23 | €346 | €0 | -€346 | -100.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,347,647 | €352,856 | -€994,792 | -73.8% |
| Stocks and contracts in progress | 3 | €500 | €0 | -€500 | -100.0% |
| Stocks | 30/36 | €500 | €0 | -€500 | -100.0% |
| Amounts receivable within one year | 40/41 | €6,564 | €13,714 | +€7,151 | +108.9% |
| Other amounts receivable | 41 | €6,564 | €13,714 | +€7,151 | +108.9% |
| Current investments | 50/53 | - | €286,936 | +€286,936 | |
| Cash at bank and in hand | 54/58 | €1,339,753 | €50,574 | -€1.3m | -96.2% |
| Deferred charges and accrued income | 490/1 | €831 | €1,631 | +€801 | +96.4% |
| Total equity and liabilities | 10/49 | €2,166,576 | €3,053,385 | +€886,809 | +40.9% |
| Equity | 10/15 | €1,959,123 | €2,738,046 | +€778,923 | +39.8% |
| Contributions | 10/11 | €1,927,100 | €2,758,342 | +€831,242 | +43.1% |
| Reserves | 13 | €313,411 | €309,093 | -€4,318 | -1.4% |
| Tax-exempt reserves | 132 | €313,411 | €309,093 | -€4,318 | -1.4% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€281,388 | -€329,389 | -€48,001 | -17.1% |
| Provisions and deferred taxes | 16 | €78,353 | €77,273 | -€1,079 | -1.4% |
| Deferred taxes | 168 | €78,353 | €77,273 | -€1,079 | -1.4% |
| Amounts payable | 17/49 | €129,100 | €238,065 | +€108,965 | +84.4% |
| Amounts payable after more than one year | 17 | - | €192,500 | +€192,500 | |
| Financial debts | 170/4 | - | €192,500 | +€192,500 | |
| Amounts payable within one year | 42/48 | €129,100 | €45,565 | -€83,535 | -64.7% |
| Trade debts | 44 | €56,454 | €4,125 | -€52,329 | -92.7% |
| Suppliers | 440/4 | €56,454 | €4,125 | -€52,329 | -92.7% |
| Taxes, remuneration and social security | 45 | €71,205 | €41,210 | -€29,995 | -42.1% |
| Taxes | 450/3 | €71,205 | €39,681 | -€31,524 | -44.3% |
| Remuneration and social security | 454/9 | - | €1,529 | +€1,529 | |
| Other amounts payable | 47/48 | €1,441 | €231 | -€1,211 | -84.0% |
| Non-recurring operating income | 76A | €0 | €17,125 | +€17,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,886 | €29,076 | +€24,190 | +495.0% |
| Other operating charges | 640/8 | €2,357 | €2,890 | +€534 | +22.6% |
| Non-recurring operating charges | 66A | €270,118 | €0 | -€270,118 | -100.0% |
| Gross operating margin | 9900 | -€82,115 | -€32,077 | +€50,038 | +60.9% |
| Operating profit (loss) | 9901 | -€359,476 | -€64,044 | +€295,433 | +82.2% |
| Financial income | 75/76B | €21,889 | €19,289 | -€2,600 | -11.9% |
| Recurring financial income | 75 | €21,889 | €19,289 | -€2,600 | -11.9% |
| Financial charges | 65/66B | €117 | €8,644 | +€8,527 | +7309.3% |
| Recurring financial charges | 65 | €117 | €8,644 | +€8,527 | +7309.3% |
| Profit (loss) for the period before taxes | 9903 | -€337,704 | -€53,398 | +€284,305 | +84.2% |
| Transfer from deferred taxes | 780 | €173 | €1,079 | +€907 | +524.8% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€337,531 | -€52,319 | +€285,212 | +84.5% |
| Transfer from tax-exempt reserves | 789 | €691 | €4,318 | +€3,626 | +524.7% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€336,840 | -€48,001 | +€288,838 | +85.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.