VDM-T: 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-T
Largest movements
- Receivables within one year +€39,134
up €39,134 (+31.5%), from €124,129 to €163,263
of which Trade receivables: +€55,415
- Tangible fixed assets +€27,341
up €27,341 (+12.0%), from €227,037 to €254,378
of which Furniture and vehicles: +€41,434
- Cash +€21,474
up €21,474 (+11.9%), from €181,063 to €202,537
mainly Net result for the year (+€131,229) and Depreciation (+€27,459)
- Stocks and contracts +€20,325
up €20,325 (+22.8%), from €89,331 to €109,656
- Reserves +€131,229
up €131,229 (+33.7%), from €389,598 to €520,827
- Tax, wage and social debts -€14,239
down €14,239 (-45.3%), from €31,436 to €17,198
of which Taxes: -€11,069
- Debts after one year -€12,431
down €12,431 (-7.9%), from €157,394 to €144,964
- Gross operating margin -€37,127
down €37,127 (-14.8%), from €251,628 to €214,501
- Taxes -€15,831
down €15,831 (-22.8%), from €69,394 to €53,563
- Depreciation +€7,885
up €7,885 (+40.3%), from €19,574 to €27,459
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 | €621,560 | €729,832 | +€108,273 | +17.4% |
| Fixed assets | 21/28 | €227,037 | €254,378 | +€27,341 | +12.0% |
| Tangible fixed assets | 22/27 | €227,037 | €254,378 | +€27,341 | +12.0% |
| Land and buildings | 22 | €213,590 | €200,136 | -€13,454 | -6.3% |
| Plant, machinery and equipment | 23 | €2,708 | €2,068 | -€640 | -23.6% |
| Furniture and vehicles | 24 | €10,739 | €52,173 | +€41,434 | +385.8% |
| Current assets | 29/58 | €394,523 | €475,455 | +€80,932 | +20.5% |
| Stocks and contracts in progress | 3 | €89,331 | €109,656 | +€20,325 | +22.8% |
| Contracts in progress | 37 | €89,331 | €109,656 | +€20,325 | +22.8% |
| Amounts receivable within one year | 40/41 | €124,129 | €163,263 | +€39,134 | +31.5% |
| Trade receivables | 40 | €98,288 | €153,703 | +€55,415 | +56.4% |
| Other amounts receivable | 41 | €25,841 | €9,560 | -€16,282 | -63.0% |
| Cash at bank and in hand | 54/58 | €181,063 | €202,537 | +€21,474 | +11.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €621,560 | €729,832 | +€108,273 | +17.4% |
| Equity | 10/15 | €399,598 | €530,827 | +€131,229 | +32.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €389,598 | €520,827 | +€131,229 | +33.7% |
| Distributable reserves | 133 | €389,598 | €520,827 | +€131,229 | +33.7% |
| Amounts payable | 17/49 | €221,961 | €199,005 | -€22,956 | -10.3% |
| Amounts payable after more than one year | 17 | €157,394 | €144,964 | -€12,431 | -7.9% |
| Financial debts | 170/4 | €157,394 | €144,964 | -€12,431 | -7.9% |
| Amounts payable within one year | 42/48 | €61,161 | €52,759 | -€8,403 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €12,191 | €12,431 | +€240 | +2.0% |
| Financial debts | 43 | €8,482 | €8,426 | -€56 | -0.7% |
| Credit institutions | 430/8 | €8,482 | €8,426 | -€56 | -0.7% |
| Trade debts | 44 | €2,744 | €7,901 | +€5,157 | +188.0% |
| Suppliers | 440/4 | €2,744 | €7,901 | +€5,157 | +188.0% |
| Taxes, remuneration and social security | 45 | €31,436 | €17,198 | -€14,239 | -45.3% |
| Taxes | 450/3 | €28,266 | €17,198 | -€11,069 | -39.2% |
| Remuneration and social security | 454/9 | €3,170 | €0 | -€3,170 | -100.0% |
| Other amounts payable | 47/48 | €6,308 | €6,803 | +€495 | +7.8% |
| Accrued charges and deferred income | 492/3 | €3,406 | €1,282 | -€2,123 | -62.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,574 | €27,459 | +€7,885 | +40.3% |
| Other operating charges | 640/8 | €1,930 | €1,909 | -€21 | -1.1% |
| Gross operating margin | 9900 | €251,628 | €214,501 | -€37,127 | -14.8% |
| Operating profit (loss) | 9901 | €230,125 | €185,133 | -€44,991 | -19.6% |
| Financial income | 75/76B | €5,789 | €3,981 | -€1,808 | -31.2% |
| Recurring financial income | 75 | €5,789 | €3,981 | -€1,808 | -31.2% |
| Financial charges | 65/66B | €4,665 | €4,322 | -€343 | -7.4% |
| Recurring financial charges | 65 | €4,665 | €4,322 | -€343 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €231,249 | €184,793 | -€46,457 | -20.1% |
| Income taxes | 67/77 | €69,394 | €53,563 | -€15,831 | -22.8% |
| Profit (loss) for the period | 9904 | €161,855 | €131,229 | -€30,626 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €161,855 | €131,229 | -€30,626 | -18.9% |
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 12 October 2026 via checked.be.