VDM PROMOTION: 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 PROMOTION
Largest movements
- Stocks and contracts -€1.7m
down €1.7m (-100%), from €1.7m to €0
- Receivables within one year +€549,498
up €549,498 (+5,232%), from €10,502 to €560,000
of which Other amounts receivable: +€549,498
- Cash -€34,884
down €34,884 (-26.8%), from €129,925 to €95,040
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Tax, wage and social debts -€141,269
down €141,269 (-100%), from €141,269 to €0
- Trade debts +€31,652
up €31,652 (+5,391%), from €587 to €32,239
- Profit (loss) carried forward -€31,456
down €31,456 (-7.0%), from €451,580 to €420,124
- Gross operating margin +€31,695
up €31,695 (+81.8%), from €38,730 to €70,425
- Other operating charges +€30,542
up €30,542 (+115%), from €26,476 to €57,017
- Financial income +€6,963
up €6,963 (+127%), from €5,499 to €12,462
- Financial charges -€3,106
down €3,106 (-5.2%), from €59,929 to €56,823
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,801,221 | €655,240 | -€1.1m | -63.6% |
| Fixed assets | 21/28 | €200 | €200 | = | 0.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,801,021 | €655,040 | -€1.1m | -63.6% |
| Stocks and contracts in progress | 3 | €1,660,087 | €0 | -€1.7m | -100% |
| Stocks | 30/36 | €1,660,087 | €0 | -€1.7m | -100% |
| Amounts receivable within one year | 40/41 | €10,502 | €560,000 | +€549,498 | +5,232% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €10,502 | €560,000 | +€549,498 | +5,232% |
| Cash at bank and in hand | 54/58 | €129,925 | €95,040 | -€34,884 | -26.8% |
| Deferred charges and accrued income | 490/1 | €509 | €0 | -€509 | -100% |
| Total equity and liabilities | 10/49 | €1,801,221 | €655,240 | -€1.1m | -63.6% |
| Equity | 10/15 | €651,580 | €620,124 | -€31,456 | -4.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €451,580 | €420,124 | -€31,456 | -7.0% |
| Amounts payable | 17/49 | €1,149,642 | €35,117 | -€1.1m | -96.9% |
| Amounts payable within one year | 42/48 | €1,141,856 | €32,239 | -€1.1m | -97.2% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €587 | €32,239 | +€31,652 | +5,391% |
| Suppliers | 440/4 | €587 | €32,239 | +€31,652 | +5,391% |
| Taxes, remuneration and social security | 45 | €141,269 | €0 | -€141,269 | -100% |
| Taxes | 450/3 | €141,269 | €0 | -€141,269 | -100% |
| Accrued charges and deferred income | 492/3 | €7,786 | €2,878 | -€4,908 | -63.0% |
| Other operating charges | 640/8 | €26,476 | €57,017 | +€30,542 | +115% |
| Gross operating margin | 9900 | €38,730 | €70,425 | +€31,695 | +81.8% |
| Operating profit (loss) | 9901 | €12,254 | €13,407 | +€1,153 | +9.4% |
| Financial income | 75/76B | €5,499 | €12,462 | +€6,963 | +127% |
| Recurring financial income | 75 | €5,499 | €12,462 | +€6,963 | +127% |
| Financial charges | 65/66B | €59,929 | €56,823 | -€3,106 | -5.2% |
| Recurring financial charges | 65 | €59,929 | €56,823 | -€3,106 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€42,176 | -€30,954 | +€11,221 | +26.6% |
| Income taxes | 67/77 | €0 | €502 | +€502 | |
| Profit (loss) for the period | 9904 | -€42,176 | -€31,456 | +€10,720 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,176 | -€31,456 | +€10,720 | +25.4% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.