VDM CARS: 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 CARS
Largest movements
- Cash +€210,368
up €210,368 (+120%), from €174,783 to €385,151
mainly Net result for the year (+€116,257) and Current investments (+€98,600)
- Current investments -€98,600
down €98,600 (-2.9%), from €3.4m to €3.3m
- Stocks and contracts +€43,471
up €43,471 (+17.2%), from €252,876 to €296,347
- Profit (loss) carried forward +€116,257
up €116,257 (+11.8%), from €985,529 to €1.1m
- Gross operating margin -€103,749
down €103,749 (-40.9%), from €253,549 to €149,799
- Taxes -€21,775
down €21,775 (-34.6%), from €63,003 to €41,229
- Financial income +€5,719
up €5,719 (+8.2%), from €69,743 to €75,463
- Financial charges +€3,885
up €3,885 (+8.2%), from €47,146 to €51,030
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 | €3,934,440 | €4,067,644 | +€133,204 | +3.4% |
| Fixed assets | 21/28 | €39,262 | €24,475 | -€14,787 | -37.7% |
| Tangible fixed assets | 22/27 | €39,262 | €24,475 | -€14,787 | -37.7% |
| Land and buildings | 22 | €201 | €0 | -€201 | -100% |
| Plant, machinery and equipment | 23 | €3,591 | €2,145 | -€1,447 | -40.3% |
| Furniture and vehicles | 24 | €35,470 | €22,330 | -€13,140 | -37.0% |
| Current assets | 29/58 | €3,895,178 | €4,043,169 | +€147,991 | +3.8% |
| Stocks and contracts in progress | 3 | €252,876 | €296,347 | +€43,471 | +17.2% |
| Stocks | 30/36 | €252,876 | €296,347 | +€43,471 | +17.2% |
| Amounts receivable within one year | 40/41 | €63,191 | €50,962 | -€12,228 | -19.4% |
| Trade receivables | 40 | €33,830 | €20,406 | -€13,424 | -39.7% |
| Other amounts receivable | 41 | €29,360 | €30,556 | +€1,196 | +4.1% |
| Current investments | 50/53 | €3,396,496 | €3,297,896 | -€98,600 | -2.9% |
| Cash at bank and in hand | 54/58 | €174,783 | €385,151 | +€210,368 | +120% |
| Deferred charges and accrued income | 490/1 | €7,833 | €12,813 | +€4,981 | +63.6% |
| Total equity and liabilities | 10/49 | €3,934,440 | €4,067,644 | +€133,204 | +3.4% |
| Equity | 10/15 | €2,388,121 | €2,504,378 | +€116,257 | +4.9% |
| Contributions | 10/11 | €104,000 | €104,000 | = | 0.0% |
| Reserves | 13 | €1,298,591 | €1,298,591 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €2,604 | +€2,604 | |
| Reserves not available under the articles | 1311 | - | €2,604 | +€2,604 | |
| Tax-exempt reserves | 132 | €2,604 | - | -€2,604 | |
| Distributable reserves | 133 | €1,295,987 | €1,295,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | €985,529 | €1,101,787 | +€116,257 | +11.8% |
| Amounts payable | 17/49 | €1,546,319 | €1,563,266 | +€16,946 | +1.1% |
| Amounts payable within one year | 42/48 | €1,544,119 | €1,561,066 | +€16,946 | +1.1% |
| Trade debts | 44 | €3,173 | €2,927 | -€246 | -7.8% |
| Suppliers | 440/4 | €3,173 | €2,927 | -€246 | -7.8% |
| Taxes, remuneration and social security | 45 | €46,059 | €58,962 | +€12,903 | +28.0% |
| Taxes | 450/3 | €46,059 | €58,962 | +€12,903 | +28.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,494,887 | €1,499,176 | +€4,289 | +0.3% |
| Accrued charges and deferred income | 492/3 | €2,200 | €2,200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,702 | €14,787 | -€1,915 | -11.5% |
| Other operating charges | 640/8 | €2,590 | €1,958 | -€632 | -24.4% |
| Gross operating margin | 9900 | €253,549 | €149,799 | -€103,749 | -40.9% |
| Operating profit (loss) | 9901 | €234,256 | €133,054 | -€101,202 | -43.2% |
| Financial income | 75/76B | €69,743 | €75,463 | +€5,719 | +8.2% |
| Recurring financial income | 75 | €69,743 | €75,463 | +€5,719 | +8.2% |
| Financial charges | 65/66B | €47,146 | €51,030 | +€3,885 | +8.2% |
| Recurring financial charges | 65 | €47,146 | €51,030 | +€3,885 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €256,854 | €157,486 | -€99,368 | -38.7% |
| Income taxes | 67/77 | €63,003 | €41,229 | -€21,775 | -34.6% |
| Profit (loss) for the period | 9904 | €193,851 | €116,257 | -€77,593 | -40.0% |
| Profit (loss) for the period to be appropriated | 9905 | €193,851 | €116,257 | -€77,593 | -40.0% |
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 31 October 2026 via checked.be.