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
- Cash -€39,010
no longer reported in 2023 (was €39,010)
mainly Short-term financial debts (-€102,369) and Investment in fixed assets (net) (-€43,554)
- Stocks and contracts +€13,233
up €13,233 (+8.5%), from €155,534 to €168,767
- Tangible fixed assets +€12,502
up €12,502 (+3.0%), from €420,424 to €432,926
of which Land and buildings: +€16,443
- Receivables within one year -€7,448
down €7,448 (-20.6%), from €36,190 to €28,742
of which Other amounts receivable: -€7,100
- Short-term financial debts -€102,369
down €102,369 (-93.9%), from €109,035 to €6,667
of which Other loans: -€103,000
- Trade debts +€81,669
up €81,669 (+70.5%), from €115,778 to €197,447
- Debts after one year -€38,706
down €38,706 (-39.9%), from €96,888 to €58,182
- Reserves +€22,000
up €22,000 (+20.2%), from €109,073 to €131,073
of which Non-distributable reserves: +€89,271
- Other debts +€15,006
up €15,006 (+190.4%), from €7,880 to €22,887
- Gross operating margin +€21,479
up €21,479 (+20.0%), from €107,569 to €129,048
- Financial charges -€14,376
down €14,376 (-54.6%), from €26,344 to €11,968
- Taxes +€10,009
up €10,009 (+3310.8%), from €302 to €10,312
- Staff costs +€5,968
up €5,968 (+13.5%), from €44,157 to €50,125
- Other operating charges -€4,712
down €4,712 (-56.8%), from €8,299 to €3,588
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €656,554 | €632,798 | -€23,756 | -3.6% |
| Fixed assets | 21/28 | €420,649 | €433,151 | +€12,502 | +3.0% |
| Tangible fixed assets | 22/27 | €420,424 | €432,926 | +€12,502 | +3.0% |
| Land and buildings | 22 | €393,259 | €409,702 | +€16,443 | +4.2% |
| Plant, machinery and equipment | 23 | €26,014 | €22,319 | -€3,696 | -14.2% |
| Furniture and vehicles | 24 | €1,150 | €906 | -€245 | -21.3% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €235,905 | €199,647 | -€36,259 | -15.4% |
| Stocks and contracts in progress | 3 | €155,534 | €168,767 | +€13,233 | +8.5% |
| Stocks | 30/36 | €155,534 | €168,767 | +€13,233 | +8.5% |
| Amounts receivable within one year | 40/41 | €36,190 | €28,742 | -€7,448 | -20.6% |
| Trade receivables | 40 | €21,879 | €21,532 | -€347 | -1.6% |
| Other amounts receivable | 41 | €14,311 | €7,210 | -€7,100 | -49.6% |
| Current investments | 50/53 | €1,099 | - | -€1,099 | |
| Cash at bank and in hand | 54/58 | €39,010 | - | -€39,010 | |
| Deferred charges and accrued income | 490/1 | €4,071 | €2,137 | -€1,934 | -47.5% |
| Total equity and liabilities | 10/49 | €656,554 | €632,798 | -€23,756 | -3.6% |
| Equity | 10/15 | €263,133 | €285,167 | +€22,034 | +8.4% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Capital | 10 | €85,000 | €85,000 | = | 0.0% |
| Issued capital | 100 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €109,073 | €131,073 | +€22,000 | +20.2% |
| Non-distributable reserves | 130/1 | €8,500 | €97,771 | +€89,271 | +1050.2% |
| Legal reserve | 130 | €8,500 | €8,500 | = | 0.0% |
| Other | 1319 | - | €89,271 | +€89,271 | |
| Distributable reserves | 133 | €100,573 | €33,302 | -€67,271 | -66.9% |
| Profit (loss) carried forward | 14 | €69,060 | €69,094 | +€34 | 0.0% |
| Amounts payable | 17/49 | €393,421 | €347,631 | -€45,790 | -11.6% |
| Amounts payable after more than one year | 17 | €96,888 | €58,182 | -€38,706 | -39.9% |
| Financial debts | 170/4 | €96,888 | €58,182 | -€38,706 | -39.9% |
| Amounts payable within one year | 42/48 | €281,942 | €279,763 | -€2,179 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €39,118 | €38,706 | -€412 | -1.1% |
| Financial debts | 43 | €109,035 | €6,667 | -€102,369 | -93.9% |
| Credit institutions | 430/8 | €6,035 | €6,667 | +€631 | +10.5% |
| Other loans | 439 | €103,000 | - | -€103,000 | |
| Trade debts | 44 | €115,778 | €197,447 | +€81,669 | +70.5% |
| Suppliers | 440/4 | €115,778 | €197,447 | +€81,669 | +70.5% |
| Taxes, remuneration and social security | 45 | €10,130 | €14,056 | +€3,926 | +38.8% |
| Taxes | 450/3 | - | €2,820 | +€2,820 | |
| Remuneration and social security | 454/9 | €10,130 | €11,236 | +€1,105 | +10.9% |
| Other amounts payable | 47/48 | €7,880 | €22,887 | +€15,006 | +190.4% |
| Accrued charges and deferred income | 492/3 | €14,591 | €9,686 | -€4,905 | -33.6% |
| Non-recurring operating income | 76A | €5,324 | €3,303 | -€2,021 | -38.0% |
| Remuneration, social security and pensions | 62 | €44,157 | €50,125 | +€5,968 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,705 | €31,051 | +€346 | +1.1% |
| Other operating charges | 640/8 | €8,299 | €3,588 | -€4,712 | -56.8% |
| Gross operating margin | 9900 | €107,569 | €129,048 | +€21,479 | +20.0% |
| Operating profit (loss) | 9901 | €24,408 | €44,284 | +€19,876 | +81.4% |
| Financial income | 75/76B | €5 | €29 | +€24 | +476.4% |
| Recurring financial income | 75 | €5 | €29 | +€24 | +476.4% |
| Financial charges | 65/66B | €26,344 | €11,968 | -€14,376 | -54.6% |
| Recurring financial charges | 65 | €26,344 | €11,968 | -€14,376 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,931 | €32,345 | +€34,277 | |
| Income taxes | 67/77 | €302 | €10,312 | +€10,009 | +3310.8% |
| Profit (loss) for the period | 9904 | -€2,233 | €22,034 | +€24,267 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,233 | €22,034 | +€24,267 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2022 and 30 June 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.