VDM - TRANS: 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 - TRANS
Largest movements
- Receivables within one year -€170,619
down €170,619 (-15.2%), from €1.1m to €951,160
of which Trade receivables: -€202,435
- Current investments +€100,000
up €100,000 (+38.5%), from €260,000 to €360,000
- Cash +€64,555
up €64,555 (+7.3%), from €882,281 to €946,836
mainly Net result for the year (+€198,734) and Receivables within one year (+€170,619)
- Reserves +€198,734
up €198,734 (+17.5%), from €1.1m to €1.3m
of which Distributable reserves: +€198,734
- Other debts -€151,712
down €151,712 (-94.5%), from €160,600 to €8,888
- Trade debts -€68,711
down €68,711 (-20.9%), from €328,707 to €259,996
- Gross operating margin -€105,373
down €105,373 (-26.4%), from €399,864 to €294,491
- Taxes -€31,909
down €31,909 (-26.2%), from €121,586 to €89,677
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 | €2,427,174 | €2,413,171 | -€14,003 | -0.6% |
| Fixed assets | 21/28 | €152,237 | €145,300 | -€6,937 | -4.6% |
| Tangible fixed assets | 22/27 | €152,237 | €145,300 | -€6,937 | -4.6% |
| Land and buildings | 22 | €124,648 | €122,264 | -€2,385 | -1.9% |
| Plant, machinery and equipment | 23 | €27,588 | €23,036 | -€4,552 | -16.5% |
| Current assets | 29/58 | €2,274,937 | €2,267,871 | -€7,066 | -0.3% |
| Amounts receivable within one year | 40/41 | €1,121,779 | €951,160 | -€170,619 | -15.2% |
| Trade receivables | 40 | €1,121,050 | €918,615 | -€202,435 | -18.1% |
| Other amounts receivable | 41 | €729 | €32,545 | +€31,816 | +4,364% |
| Current investments | 50/53 | €260,000 | €360,000 | +€100,000 | +38.5% |
| Cash at bank and in hand | 54/58 | €882,281 | €946,836 | +€64,555 | +7.3% |
| Deferred charges and accrued income | 490/1 | €10,877 | €9,876 | -€1,002 | -9.2% |
| Total equity and liabilities | 10/49 | €2,427,174 | €2,413,171 | -€14,003 | -0.6% |
| Equity | 10/15 | €1,894,095 | €2,092,829 | +€198,734 | +10.5% |
| Contributions | 10/11 | €755,605 | €755,605 | = | 0.0% |
| Reserves | 13 | €1,138,490 | €1,337,224 | +€198,734 | +17.5% |
| Tax-exempt reserves | 132 | €39,400 | €39,400 | = | 0.0% |
| Distributable reserves | 133 | €1,099,090 | €1,297,824 | +€198,734 | +18.1% |
| Amounts payable | 17/49 | €533,079 | €320,342 | -€212,737 | -39.9% |
| Amounts payable within one year | 42/48 | €533,079 | €320,342 | -€212,737 | -39.9% |
| Trade debts | 44 | €328,707 | €259,996 | -€68,711 | -20.9% |
| Suppliers | 440/4 | €328,707 | €259,996 | -€68,711 | -20.9% |
| Taxes, remuneration and social security | 45 | €43,772 | €51,458 | +€7,686 | +17.6% |
| Taxes | 450/3 | €43,772 | €51,458 | +€7,686 | +17.6% |
| Other amounts payable | 47/48 | €160,600 | €8,888 | -€151,712 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,977 | €9,211 | -€766 | -7.7% |
| Other operating charges | 640/8 | €2,857 | €2,931 | +€74 | +2.6% |
| Gross operating margin | 9900 | €399,864 | €294,491 | -€105,373 | -26.4% |
| Operating profit (loss) | 9901 | €387,030 | €282,349 | -€104,681 | -27.0% |
| Financial income | 75/76B | €7,614 | €7,205 | -€409 | -5.4% |
| Recurring financial income | 75 | €7,614 | €7,205 | -€409 | -5.4% |
| Financial charges | 65/66B | €1,168 | €1,143 | -€25 | -2.2% |
| Recurring financial charges | 65 | €1,168 | €1,143 | -€25 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €393,476 | €288,411 | -€105,065 | -26.7% |
| Income taxes | 67/77 | €121,586 | €89,677 | -€31,909 | -26.2% |
| Profit (loss) for the period | 9904 | €271,890 | €198,734 | -€73,156 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €271,890 | €198,734 | -€73,156 | -26.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.