VDM PARTNERS: 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 PARTNERS
Largest movements
- Receivables after one year -€120,000
down €120,000 (-70.6%), from €170,000 to €50,000
- Receivables within one year -€7,515
down €7,515 (-46.6%), from €16,137 to €8,623
of which Other amounts receivable: -€10,598
- Cash +€4,013
up €4,013 (+315%), from €1,276 to €5,289
mainly Receivables after one year (+€120,000) and Net result for the year (+€8,207)
- Other debts -€81,970
down €81,970 (-71.8%), from €114,237 to €32,267
- Reserves -€28,000
down €28,000 (-28.8%), from €97,137 to €69,137
of which Distributable reserves: -€28,000
- Trade debts -€17,816
down €17,816 (-69.9%), from €25,487 to €7,671
- Debts after one year -€8,971
down €8,971 (-6.6%), from €135,932 to €126,961
- Profit (loss) carried forward +€8,207
up €8,207 (+18.1%), from -€45,410 to -€37,204
- Gross operating margin +€16,917
up €16,917, from -€972 to €15,945
- Financial income -€3,300
down €3,300 (-76.7%), from €4,300 to €1,000
- Financial charges -€454
down €454 (-15.1%), from €3,008 to €2,554
- Depreciation +€322
up €322 (+5.5%), from €5,862 to €6,184
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 | €365,295 | €243,340 | -€121,955 | -33.4% |
| Fixed assets | 21/28 | €168,461 | €170,008 | +€1,547 | +0.9% |
| Tangible fixed assets | 22/27 | €166,016 | €167,563 | +€1,547 | +0.9% |
| Land and buildings | 22 | €166,016 | €167,563 | +€1,547 | +0.9% |
| Financial fixed assets | 28 | €2,445 | €2,445 | = | 0.0% |
| Current assets | 29/58 | €196,833 | €73,332 | -€123,501 | -62.7% |
| Amounts receivable after more than one year | 29 | €170,000 | €50,000 | -€120,000 | -70.6% |
| Other amounts receivable | 291 | €170,000 | €50,000 | -€120,000 | -70.6% |
| Amounts receivable within one year | 40/41 | €16,137 | €8,623 | -€7,515 | -46.6% |
| Trade receivables | 40 | - | €3,083 | +€3,083 | |
| Other amounts receivable | 41 | €16,137 | €5,540 | -€10,598 | -65.7% |
| Current investments | 50/53 | €9,420 | €9,420 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,276 | €5,289 | +€4,013 | +315% |
| Total equity and liabilities | 10/49 | €365,295 | €243,340 | -€121,955 | -33.4% |
| Equity | 10/15 | €57,926 | €38,133 | -€19,793 | -34.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Contributions outside capital | 11 | - | €6,200 | +€6,200 | |
| Other | 1109/19 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €97,137 | €69,137 | -€28,000 | -28.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Tax-exempt reserves | 132 | €67,277 | €67,277 | = | 0.0% |
| Distributable reserves | 133 | €28,000 | - | -€28,000 | |
| Profit (loss) carried forward | 14 | -€45,410 | -€37,204 | +€8,207 | +18.1% |
| Provisions and deferred taxes | 16 | €22,399 | €22,399 | = | 0.0% |
| Deferred taxes | 168 | €22,399 | €22,399 | = | 0.0% |
| Amounts payable | 17/49 | €284,970 | €182,808 | -€102,162 | -35.8% |
| Amounts payable after more than one year | 17 | €135,932 | €126,961 | -€8,971 | -6.6% |
| Financial debts | 170/4 | €135,932 | €126,961 | -€8,971 | -6.6% |
| Amounts payable within one year | 42/48 | €149,038 | €54,023 | -€95,014 | -63.8% |
| Current portion of amounts payable after more than one year | 42 | €8,819 | €8,971 | +€151 | +1.7% |
| Trade debts | 44 | €25,487 | €7,671 | -€17,816 | -69.9% |
| Suppliers | 440/4 | €25,487 | €7,671 | -€17,816 | -69.9% |
| Taxes, remuneration and social security | 45 | €494 | €5,115 | +€4,621 | +936% |
| Taxes | 450/3 | €494 | €5,115 | +€4,621 | +936% |
| Other amounts payable | 47/48 | €114,237 | €32,267 | -€81,970 | -71.8% |
| Accrued charges and deferred income | 492/3 | - | €1,823 | +€1,823 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,862 | €6,184 | +€322 | +5.5% |
| Other operating charges | 640/8 | €88 | - | -€88 | |
| Gross operating margin | 9900 | -€972 | €15,945 | +€16,917 | |
| Operating profit (loss) | 9901 | -€6,922 | €9,761 | +€16,683 | |
| Financial income | 75/76B | €4,300 | €1,000 | -€3,300 | -76.7% |
| Recurring financial income | 75 | €4,300 | €1,000 | -€3,300 | -76.7% |
| Financial charges | 65/66B | €3,008 | €2,554 | -€454 | -15.1% |
| Recurring financial charges | 65 | €3,008 | €2,554 | -€454 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,630 | €8,207 | +€13,837 | |
| Profit (loss) for the period | 9904 | -€5,630 | €8,207 | +€13,837 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,630 | €8,207 | +€13,837 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.