VDM Management: 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 Management
Largest movements
- Cash +€16,430
up €16,430 (+25.5%), from €64,540 to €80,970
mainly Net result for the year (+€48,270) and Receivables within one year (+€4,760)
- Tangible fixed assets +€7,533
new in 2025: €7,533
- Receivables within one year -€4,760
down €4,760 (-22.1%), from €21,503 to €16,744
of which Other amounts receivable: -€3,025
- Reserves +€17,020
up €17,020 (+25.0%), from €68,072 to €85,092
- Tax, wage and social debts +€2,403
up €2,403 (+19.0%), from €12,638 to €15,041
- Gross operating margin +€8,152
up €8,152 (+15.3%), from €53,263 to €61,415
- Financial income -€6,123
down €6,123 (-99.5%), from €6,155 to €32
- Taxes +€970
up €970 (+8.4%), from €11,564 to €12,534
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 | €86,044 | €105,279 | +€19,235 | +22.4% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | - | €7,533 | +€7,533 | |
| Tangible fixed assets | 22/27 | - | €7,533 | +€7,533 | |
| Furniture and vehicles | 24 | - | €7,533 | +€7,533 | |
| Current assets | 29/58 | €86,044 | €97,746 | +€11,702 | +13.6% |
| Amounts receivable within one year | 40/41 | €21,503 | €16,744 | -€4,760 | -22.1% |
| Trade receivables | 40 | €17,753 | €16,018 | -€1,735 | -9.8% |
| Other amounts receivable | 41 | €3,750 | €725 | -€3,025 | -80.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €64,540 | €80,970 | +€16,430 | +25.5% |
| Deferred charges and accrued income | 490/1 | €0 | €32 | +€32 | |
| Total equity and liabilities | 10/49 | €86,044 | €105,279 | +€19,235 | +22.4% |
| Equity | 10/15 | €71,072 | €88,092 | +€17,020 | +23.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €68,072 | €85,092 | +€17,020 | +25.0% |
| Distributable reserves | 133 | €68,072 | €85,092 | +€17,020 | +25.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,972 | €17,187 | +€2,215 | +14.8% |
| Amounts payable within one year | 42/48 | €14,972 | €17,177 | +€2,205 | +14.7% |
| Trade debts | 44 | €2,162 | €2,026 | -€136 | -6.3% |
| Suppliers | 440/4 | €2,162 | €2,026 | -€136 | -6.3% |
| Taxes, remuneration and social security | 45 | €12,638 | €15,041 | +€2,403 | +19.0% |
| Taxes | 450/3 | €12,638 | €15,041 | +€2,403 | +19.0% |
| Other amounts payable | 47/48 | €172 | €110 | -€62 | -36.0% |
| Accrued charges and deferred income | 492/3 | - | €10 | +€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6 | €467 | +€461 | +8372.8% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €53,263 | €61,415 | +€8,152 | +15.3% |
| Operating profit (loss) | 9901 | €53,258 | €60,948 | +€7,691 | +14.4% |
| Financial income | 75/76B | €6,155 | €32 | -€6,123 | -99.5% |
| Recurring financial income | 75 | €6,155 | €32 | -€6,123 | -99.5% |
| Financial charges | 65/66B | €154 | €176 | +€21 | +13.8% |
| Recurring financial charges | 65 | €154 | €176 | +€21 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €59,258 | €60,805 | +€1,546 | +2.6% |
| Income taxes | 67/77 | €11,564 | €12,534 | +€970 | +8.4% |
| Profit (loss) for the period | 9904 | €47,694 | €48,270 | +€576 | +1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,694 | €48,270 | +€576 | +1.2% |
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 9 October 2026 via checked.be.