VdM-building: 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-building
Largest movements
- Cash +€7,906
up €7,906 (+44.1%), from €17,935 to €25,841
mainly Net result for the year (+€34,836) and Tax, wage and social debts (+€3,383)
- Receivables within one year +€4,113
up €4,113 (+15.9%), from €25,950 to €30,063
of which Trade receivables: +€4,110
- Reserves +€34,800
up €34,800 (+45.3%), from €76,760 to €111,560
- Debts after one year -€27,263
down €27,263 (-20.9%), from €130,216 to €102,953
- Tax, wage and social debts +€3,383
up €3,383 (+72.2%), from €4,685 to €8,069
- Gross operating margin +€13,583
up €13,583 (+34.2%), from €39,715 to €53,298
- Taxes +€4,146
up €4,146 (+44.0%), from €9,430 to €13,577
- Depreciation -€1,460
down €1,460 (-51.2%), from €2,853 to €1,392
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 | €228,586 | €239,273 | +€10,687 | +4.7% |
| Fixed assets | 21/28 | €181,807 | €180,415 | -€1,392 | -0.8% |
| Tangible fixed assets | 22/27 | €1,807 | €415 | -€1,392 | -77.0% |
| Furniture and vehicles | 24 | €959 | €0 | -€959 | -100% |
| Other tangible fixed assets | 26 | €848 | €415 | -€433 | -51.1% |
| Financial fixed assets | 28 | €180,000 | €180,000 | = | 0.0% |
| Current assets | 29/58 | €46,779 | €58,859 | +€12,079 | +25.8% |
| Amounts receivable within one year | 40/41 | €25,950 | €30,063 | +€4,113 | +15.9% |
| Trade receivables | 40 | €25,410 | €29,520 | +€4,110 | +16.2% |
| Other amounts receivable | 41 | €540 | €543 | +€3 | +0.6% |
| Cash at bank and in hand | 54/58 | €17,935 | €25,841 | +€7,906 | +44.1% |
| Deferred charges and accrued income | 490/1 | €2,895 | €2,955 | +€60 | +2.1% |
| Total equity and liabilities | 10/49 | €228,586 | €239,273 | +€10,687 | +4.7% |
| Equity | 10/15 | €81,825 | €116,661 | +€34,836 | +42.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €76,760 | €111,560 | +€34,800 | +45.3% |
| Distributable reserves | 133 | €76,760 | €111,560 | +€34,800 | +45.3% |
| Profit (loss) carried forward | 14 | €65 | €101 | +€36 | +55.5% |
| Amounts payable | 17/49 | €146,761 | €122,612 | -€24,149 | -16.5% |
| Amounts payable after more than one year | 17 | €130,216 | €102,953 | -€27,263 | -20.9% |
| Financial debts | 170/4 | €130,216 | €102,953 | -€27,263 | -20.9% |
| Amounts payable within one year | 42/48 | €14,664 | €18,172 | +€3,508 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €7,165 | €7,263 | +€99 | +1.4% |
| Trade debts | 44 | €1,030 | €1,008 | -€22 | -2.1% |
| Suppliers | 440/4 | €1,030 | €1,008 | -€22 | -2.1% |
| Taxes, remuneration and social security | 45 | €4,685 | €8,069 | +€3,383 | +72.2% |
| Taxes | 450/3 | €4,685 | €8,069 | +€3,383 | +72.2% |
| Other amounts payable | 47/48 | €1,784 | €1,832 | +€48 | +2.7% |
| Accrued charges and deferred income | 492/3 | €1,881 | €1,488 | -€394 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,853 | €1,392 | -€1,460 | -51.2% |
| Other operating charges | 640/8 | €793 | €812 | +€18 | +2.3% |
| Gross operating margin | 9900 | €39,715 | €53,298 | +€13,583 | +34.2% |
| Operating profit (loss) | 9901 | €36,069 | €51,094 | +€15,025 | +41.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,024 | €2,681 | -€343 | -11.3% |
| Recurring financial charges | 65 | €3,024 | €2,681 | -€343 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | €33,045 | €48,413 | +€15,368 | +46.5% |
| Income taxes | 67/77 | €9,430 | €13,577 | +€4,146 | +44.0% |
| Profit (loss) for the period | 9904 | €23,614 | €34,836 | +€11,222 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,614 | €34,836 | +€11,222 | +47.5% |
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 25 October 2026 via checked.be.