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
- Tangible fixed assets -€31,700
down €31,700 (-14.8%), from €214,263 to €182,563
of which Furniture and vehicles: -€16,889
- Debts after one year -€27,251
down €27,251 (-18.5%), from €147,143 to €119,892
- Other debts -€3,185
down €3,185 (-52.0%), from €6,131 to €2,945
- Tax, wage and social debts +€2,601
up €2,601 (+103%), from €2,526 to €5,127
of which Taxes: +€1,913
- Trade debts -€2,474
down €2,474 (-35.3%), from €7,013 to €4,539
- Gross operating margin +€10,658
up €10,658 (+36.0%), from €29,590 to €40,248
- Depreciation +€5,689
up €5,689 (+21.9%), from €26,011 to €31,700
- Financial income -€3,471
down €3,471 (-99.9%), from €3,474 to €3
- Financial charges +€1,091
up €1,091 (+36.2%), from €3,012 to €4,103
- Other operating charges +€727
up €727 (+47.7%), from €1,524 to €2,252
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €244,836 | €216,365 | -€28,472 | -11.6% |
| Fixed assets | 21/28 | €214,398 | €182,698 | -€31,700 | -14.8% |
| Tangible fixed assets | 22/27 | €214,263 | €182,563 | -€31,700 | -14.8% |
| Land and buildings | 22 | €115,000 | €115,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €8,334 | €4,897 | -€3,437 | -41.2% |
| Furniture and vehicles | 24 | €40,212 | €23,323 | -€16,889 | -42.0% |
| Leasing and similar rights | 25 | €34,140 | €25,021 | -€9,119 | -26.7% |
| Other tangible fixed assets | 26 | €16,577 | €14,322 | -€2,256 | -13.6% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €30,439 | €33,667 | +€3,228 | +10.6% |
| Stocks and contracts in progress | 3 | €4,806 | €7,006 | +€2,200 | +45.8% |
| Stocks | 30/36 | €4,806 | €7,006 | +€2,200 | +45.8% |
| Amounts receivable within one year | 40/41 | €12,413 | €13,067 | +€654 | +5.3% |
| Trade receivables | 40 | €10,813 | €9,717 | -€1,096 | -10.1% |
| Other amounts receivable | 41 | €1,600 | €3,350 | +€1,750 | +109% |
| Cash at bank and in hand | 54/58 | €12,417 | €12,149 | -€269 | -2.2% |
| Deferred charges and accrued income | 490/1 | €803 | €1,445 | +€642 | +80.0% |
| Total equity and liabilities | 10/49 | €244,836 | €216,365 | -€28,472 | -11.6% |
| Equity | 10/15 | €55,310 | €56,611 | +€1,301 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,850 | €36,151 | +€1,301 | +3.7% |
| Amounts payable | 17/49 | €189,527 | €159,754 | -€29,773 | -15.7% |
| Amounts payable after more than one year | 17 | €147,143 | €119,892 | -€27,251 | -18.5% |
| Financial debts | 170/4 | €147,143 | €119,892 | -€27,251 | -18.5% |
| Amounts payable within one year | 42/48 | €42,384 | €39,863 | -€2,522 | -5.9% |
| Current portion of amounts payable after more than one year | 42 | €26,714 | €27,251 | +€537 | +2.0% |
| Trade debts | 44 | €7,013 | €4,539 | -€2,474 | -35.3% |
| Suppliers | 440/4 | €7,013 | €4,539 | -€2,474 | -35.3% |
| Taxes, remuneration and social security | 45 | €2,526 | €5,127 | +€2,601 | +103% |
| Taxes | 450/3 | €2,354 | €4,267 | +€1,913 | +81.3% |
| Remuneration and social security | 454/9 | €172 | €860 | +€688 | +399% |
| Other amounts payable | 47/48 | €6,131 | €2,945 | -€3,185 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,011 | €31,700 | +€5,689 | +21.9% |
| Other operating charges | 640/8 | €1,524 | €2,252 | +€727 | +47.7% |
| Gross operating margin | 9900 | €29,590 | €40,248 | +€10,658 | +36.0% |
| Operating profit (loss) | 9901 | €2,055 | €6,297 | +€4,242 | +206% |
| Financial income | 75/76B | €3,474 | €3 | -€3,471 | -99.9% |
| Recurring financial income | 75 | €3,474 | €3 | -€3,471 | -99.9% |
| Financial charges | 65/66B | €3,012 | €4,103 | +€1,091 | +36.2% |
| Recurring financial charges | 65 | €3,012 | €4,103 | +€1,091 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €2,516 | €2,196 | -€320 | -12.7% |
| Income taxes | 67/77 | €911 | €895 | -€17 | -1.8% |
| Profit (loss) for the period | 9904 | €1,605 | €1,301 | -€304 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,605 | €1,301 | -€304 | -18.9% |
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 27 October 2026 via checked.be.