VDM - TRADING: 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 - TRADING
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-46.9%), from €2.3m to €1.2m
- Current investments +€85,478
up €85,478 (+29.6%), from €288,927 to €374,406
- Cash +€53,771
up €53,771 (+1,404%), from €3,831 to €57,602
mainly Current portion of long-term debt (+€1.2m) and Stocks and contracts (+€1.1m)
- Debts after one year -€2.4m
down €2.4m (-95.3%), from €2.5m to €116,096
- Current portion of long-term debt +€1.2m
up €1.2m (+1,586%), from €72,545 to €1.2m
- Profit (loss) carried forward +€268,085
up €268,085 (+65.4%), from -€410,034 to -€141,949
- Trade debts -€112,387
down €112,387 (-88.7%), from €126,721 to €14,334
- Other debts +€97,281
up €97,281 (+12.7%), from €765,922 to €863,203
- Gross operating margin +€240,287
up €240,287 (+637%), from €37,731 to €278,018
- Financial income +€85,660
up €85,660 (+85,659,560%), from €0 to €85,660
- Financial charges -€60,992
down €60,992 (-40.6%), from €150,089 to €89,097
- Other operating charges -€13,248
down €13,248 (-67.1%), from €19,742 to €6,494
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 | €3,081,503 | €2,134,665 | -€946,838 | -30.7% |
| Fixed assets | 21/28 | €1,000 | €1,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €3,080,503 | €2,133,665 | -€946,838 | -30.7% |
| Stocks and contracts in progress | 3 | €2,265,600 | €1,202,797 | -€1.1m | -46.9% |
| Stocks | 30/36 | €2,265,600 | €1,202,797 | -€1.1m | -46.9% |
| Amounts receivable within one year | 40/41 | €522,144 | €498,860 | -€23,284 | -4.5% |
| Trade receivables | 40 | €268,208 | €242,499 | -€25,709 | -9.6% |
| Other amounts receivable | 41 | €253,936 | €256,361 | +€2,425 | +1.0% |
| Current investments | 50/53 | €288,927 | €374,406 | +€85,478 | +29.6% |
| Cash at bank and in hand | 54/58 | €3,831 | €57,602 | +€53,771 | +1,404% |
| Total equity and liabilities | 10/49 | €3,081,503 | €2,134,665 | -€946,838 | -30.7% |
| Equity | 10/15 | -€363,596 | -€95,511 | +€268,085 | +73.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €27,846 | €27,846 | = | 0.0% |
| Distributable reserves | 133 | €27,846 | €27,846 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€410,034 | -€141,949 | +€268,085 | +65.4% |
| Amounts payable | 17/49 | €3,445,098 | €2,230,176 | -€1.2m | -35.3% |
| Amounts payable after more than one year | 17 | €2,475,268 | €116,096 | -€2.4m | -95.3% |
| Financial debts | 170/4 | €2,475,268 | €116,096 | -€2.4m | -95.3% |
| Amounts payable within one year | 42/48 | €969,618 | €2,108,135 | +€1.1m | +117% |
| Current portion of amounts payable after more than one year | 42 | €72,545 | €1,223,214 | +€1.2m | +1,586% |
| Trade debts | 44 | €126,721 | €14,334 | -€112,387 | -88.7% |
| Suppliers | 440/4 | €126,721 | €14,334 | -€112,387 | -88.7% |
| Taxes, remuneration and social security | 45 | €4,430 | €7,384 | +€2,955 | +66.7% |
| Taxes | 450/3 | €4,430 | €7,384 | +€2,955 | +66.7% |
| Other amounts payable | 47/48 | €765,922 | €863,203 | +€97,281 | +12.7% |
| Accrued charges and deferred income | 492/3 | €212 | €5,944 | +€5,732 | +2,702% |
| Other operating charges | 640/8 | €19,742 | €6,494 | -€13,248 | -67.1% |
| Gross operating margin | 9900 | €37,731 | €278,018 | +€240,287 | +637% |
| Operating profit (loss) | 9901 | €17,989 | €271,524 | +€253,535 | +1,409% |
| Financial income | 75/76B | €0 | €85,660 | +€85,660 | +85,659,560% |
| Recurring financial income | 75 | €0 | €85,660 | +€85,660 | +85,659,560% |
| Financial charges | 65/66B | €150,089 | €89,097 | -€60,992 | -40.6% |
| Recurring financial charges | 65 | €150,089 | €89,097 | -€60,992 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | -€132,100 | €268,087 | +€400,187 | |
| Income taxes | 67/77 | €369 | €2 | -€367 | -99.4% |
| Profit (loss) for the period | 9904 | -€132,469 | €268,085 | +€400,553 | |
| Profit (loss) for the period to be appropriated | 9905 | -€132,469 | €268,085 | +€400,553 |
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 31 October 2026 via checked.be.