VDM DESIGN: 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 DESIGN
Largest movements
- Tangible fixed assets -€249,180
down €249,180 (-15.0%), from €1.7m to €1.4m
of which Leasing and similar rights: -€147,389
- Receivables within one year +€191,349
up €191,349 (+113.6%), from €168,432 to €359,781
of which Trade receivables: +€200,729
- Cash -€79,923
down €79,923 (-75.6%), from €105,718 to €25,795
mainly Receivables within one year (-€191,349) and Debts after one year (-€141,612)
- Debts after one year -€141,612
down €141,612 (-12.1%), from €1.2m to €1.0m
- Accrued charges and deferred income -€140,070
down €140,070 (-14.5%), from €968,329 to €828,259
- Profit (loss) carried forward +€93,801
up €93,801 (+87.7%), from -€106,903 to -€13,103
- Trade debts +€58,941
up €58,941 (+1151.1%), from €5,121 to €64,062
- Purchases and services +€149,614
up €149,614 (+266.1%), from €56,217 to €205,832
- Other operating charges +€53,864
up €53,864 (+3443.5%), from €1,564 to €55,429
- Gross operating margin +€33,953
up €33,953 (+8.4%), from €405,513 to €439,466
- Staff costs -€22,873
down €22,873 (-84.5%), from €27,068 to €4,195
- Depreciation -€8,075
down €8,075 (-3.1%), from €257,501 to €249,426
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.
Cash bridge derived
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 | €2,868,304 | €2,744,831 | -€123,473 | -4.3% |
| Fixed assets | 21/28 | €2,262,073 | €2,012,647 | -€249,426 | -11.0% |
| Intangible fixed assets | 21 | €245 | - | -€245 | |
| Tangible fixed assets | 22/27 | €1,661,828 | €1,412,647 | -€249,180 | -15.0% |
| Land and buildings | 22 | €152,313 | €151,181 | -€1,132 | -0.7% |
| Plant, machinery and equipment | 23 | €287,338 | €186,679 | -€100,659 | -35.0% |
| Leasing and similar rights | 25 | €1,222,177 | €1,074,787 | -€147,389 | -12.1% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €606,231 | €732,184 | +€125,953 | +20.8% |
| Stocks and contracts in progress | 3 | €332,080 | €346,608 | +€14,527 | +4.4% |
| Stocks | 30/36 | €332,080 | €346,608 | +€14,527 | +4.4% |
| Amounts receivable within one year | 40/41 | €168,432 | €359,781 | +€191,349 | +113.6% |
| Trade receivables | 40 | €35,169 | €235,897 | +€200,729 | +570.8% |
| Other amounts receivable | 41 | €133,264 | €123,884 | -€9,380 | -7.0% |
| Cash at bank and in hand | 54/58 | €105,718 | €25,795 | -€79,923 | -75.6% |
| Total equity and liabilities | 10/49 | €2,868,304 | €2,744,831 | -€123,473 | -4.3% |
| Equity | 10/15 | €422,901 | €516,702 | +€93,801 | +22.2% |
| Contributions | 10/11 | €496,000 | €496,000 | = | 0.0% |
| Capital | 10 | €496,000 | €496,000 | = | 0.0% |
| Issued capital | 100 | €496,000 | €496,000 | = | 0.0% |
| Reserves | 13 | €28,919 | €28,919 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,919 | €28,919 | = | 0.0% |
| Legal reserve | 130 | €28,919 | €28,919 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€106,903 | -€13,103 | +€93,801 | +87.7% |
| Investment grants | 15 | €4,886 | €4,886 | = | 0.0% |
| Amounts payable | 17/49 | €2,445,402 | €2,228,129 | -€217,273 | -8.9% |
| Amounts payable after more than one year | 17 | €1,168,087 | €1,026,475 | -€141,612 | -12.1% |
| Financial debts | 170/4 | €1,168,087 | €1,026,475 | -€141,612 | -12.1% |
| Amounts payable within one year | 42/48 | €308,986 | €373,395 | +€64,409 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €176,814 | €176,814 | = | 0.0% |
| Trade debts | 44 | €5,121 | €64,062 | +€58,941 | +1151.1% |
| Suppliers | 440/4 | €5,121 | €64,062 | +€58,941 | +1151.1% |
| Taxes, remuneration and social security | 45 | €49,397 | €56,932 | +€7,535 | +15.3% |
| Taxes | 450/3 | €49,397 | €56,932 | +€7,535 | +15.3% |
| Other amounts payable | 47/48 | €77,654 | €75,587 | -€2,068 | -2.7% |
| Accrued charges and deferred income | 492/3 | €968,329 | €828,259 | -€140,070 | -14.5% |
| Non-recurring operating income | 76A | €140,070 | €140,070 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €56,217 | €205,832 | +€149,614 | +266.1% |
| Remuneration, social security and pensions | 62 | €27,068 | €4,195 | -€22,873 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €257,501 | €249,426 | -€8,075 | -3.1% |
| Other operating charges | 640/8 | €1,564 | €55,429 | +€53,864 | +3443.5% |
| Gross operating margin | 9900 | €405,513 | €439,466 | +€33,953 | +8.4% |
| Operating profit (loss) | 9901 | €119,380 | €130,418 | +€11,037 | +9.2% |
| Financial charges | 65/66B | €30,592 | €36,617 | +€6,025 | +19.7% |
| Recurring financial charges | 65 | €30,592 | €36,617 | +€6,025 | +19.7% |
| Profit (loss) for the period before taxes | 9903 | €88,789 | €93,801 | +€5,012 | +5.6% |
| Income taxes | 67/77 | €413 | - | -€413 | |
| Profit (loss) for the period | 9904 | €88,376 | €93,801 | +€5,424 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €88,376 | €93,801 | +€5,424 | +6.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.