VDM Keuring: 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 Keuring
Largest movements
- Receivables within one year +€14,770
up €14,770 (+93.7%), from €15,755 to €30,525
of which Other amounts receivable: +€12,684
- Cash +€9,427
up €9,427 (+11.1%), from €84,877 to €94,304
mainly Net result for the year (+€17,696) and Other debts (+€16,542)
- Tangible fixed assets -€5,920
down €5,920 (-18.6%), from €31,786 to €25,866
of which Furniture and vehicles: -€9,024
- Other debts +€16,542
up €16,542 (+14290.9%), from €116 to €16,658
- Tax, wage and social debts +€1,899
up €1,899 (+38.9%), from €4,882 to €6,781
- Gross operating margin -€40,602
down €40,602 (-51.9%), from €78,289 to €37,688
- Taxes -€8,708
down €8,708 (-58.0%), from €15,009 to €6,301
- Depreciation +€8,111
up €8,111 (+151.8%), from €5,342 to €13,453
- Other operating charges +€847
new in 2025: €847
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 | €134,029 | €152,737 | +€18,708 | +14.0% |
| Fixed assets | 21/28 | €31,786 | €25,866 | -€5,920 | -18.6% |
| Tangible fixed assets | 22/27 | €31,786 | €25,866 | -€5,920 | -18.6% |
| Plant, machinery and equipment | 23 | €8,116 | €11,220 | +€3,104 | +38.2% |
| Furniture and vehicles | 24 | €23,670 | €14,646 | -€9,024 | -38.1% |
| Current assets | 29/58 | €102,242 | €126,871 | +€24,628 | +24.1% |
| Amounts receivable within one year | 40/41 | €15,755 | €30,525 | +€14,770 | +93.7% |
| Trade receivables | 40 | €11,154 | €13,240 | +€2,086 | +18.7% |
| Other amounts receivable | 41 | €4,601 | €17,285 | +€12,684 | +275.7% |
| Cash at bank and in hand | 54/58 | €84,877 | €94,304 | +€9,427 | +11.1% |
| Deferred charges and accrued income | 490/1 | €1,610 | €2,041 | +€431 | +26.8% |
| Total equity and liabilities | 10/49 | €134,029 | €152,737 | +€18,708 | +14.0% |
| Equity | 10/15 | €128,217 | €129,256 | +€1,039 | +0.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €125,217 | €126,256 | +€1,039 | +0.8% |
| Distributable reserves | 133 | €125,217 | €126,256 | +€1,039 | +0.8% |
| Amounts payable | 17/49 | €5,811 | €23,480 | +€17,669 | +304.0% |
| Amounts payable within one year | 42/48 | €5,811 | €23,480 | +€17,669 | +304.0% |
| Trade debts | 44 | €814 | €42 | -€772 | -94.9% |
| Suppliers | 440/4 | €814 | €42 | -€772 | -94.9% |
| Taxes, remuneration and social security | 45 | €4,882 | €6,781 | +€1,899 | +38.9% |
| Taxes | 450/3 | €4,882 | €6,781 | +€1,899 | +38.9% |
| Other amounts payable | 47/48 | €116 | €16,658 | +€16,542 | +14290.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,342 | €13,453 | +€8,111 | +151.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €520 | - | -€520 | |
| Other operating charges | 640/8 | - | €847 | +€847 | |
| Gross operating margin | 9900 | €78,289 | €37,688 | -€40,602 | -51.9% |
| Operating profit (loss) | 9901 | €72,428 | €23,388 | -€49,040 | -67.7% |
| Financial income | 75/76B | €65 | €753 | +€688 | +1052.9% |
| Recurring financial income | 75 | €65 | €753 | +€688 | +1052.9% |
| Financial charges | 65/66B | €48 | €144 | +€96 | +199.3% |
| Recurring financial charges | 65 | €48 | €144 | +€96 | +199.3% |
| Profit (loss) for the period before taxes | 9903 | €72,445 | €23,997 | -€48,448 | -66.9% |
| Income taxes | 67/77 | €15,009 | €6,301 | -€8,708 | -58.0% |
| Profit (loss) for the period | 9904 | €57,437 | €17,696 | -€39,740 | -69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,437 | €17,696 | -€39,740 | -69.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.