VDM WELDING: what changed
Two fiscal 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 WELDING
Largest movements
- Receivables within one year +€179,110
up €179,110 (+70.6%), from €253,597 to €432,707
of which Trade receivables: +€145,518
- Cash +€76,917
up €76,917 (+172.8%), from €44,507 to €121,424
mainly Net result for the year (+€232,873) and Short-term financial debts (+€150,000)
- Tangible fixed assets +€63,850
up €63,850 (+3.7%), from €1.7m to €1.8m
of which Plant, machinery and equipment: +€74,306
- Stocks and contracts +€61,238
up €61,238 (+272.6%), from €22,466 to €83,704
- Reserves +€232,873
up €232,873 (+44.6%), from €522,515 to €755,388
- Short-term financial debts +€150,000
new in 2025: €150,000
- Trade debts +€89,932
up €89,932 (+158.0%), from €56,924 to €146,856
- Advances received -€56,825
no longer reported in 2025 (was €56,825)
- Gross operating margin +€199,996
up €199,996 (+65.4%), from €305,834 to €505,830
- Taxes +€47,978
up €47,978 (+194.2%), from €24,705 to €72,683
- Depreciation +€20,404
up €20,404 (+22.9%), from €89,071 to €109,475
- Other operating charges -€9,484
no longer reported in 2025 (was €9,484)
- Staff costs +€7,615
up €7,615 (+16.2%), from €46,865 to €54,480
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 | €2,377,799 | €2,768,099 | +€390,300 | +16.4% |
| Fixed assets | 21/28 | €2,045,978 | €2,115,861 | +€69,882 | +3.4% |
| Tangible fixed assets | 22/27 | €1,724,351 | €1,788,201 | +€63,850 | +3.7% |
| Land and buildings | 22 | €1,511,839 | €1,466,849 | -€44,990 | -3.0% |
| Plant, machinery and equipment | 23 | €186,718 | €261,025 | +€74,306 | +39.8% |
| Furniture and vehicles | 24 | €25,793 | €24,391 | -€1,402 | -5.4% |
| Leasing and similar rights | 25 | - | €35,936 | +€35,936 | |
| Financial fixed assets | 28 | €321,627 | €327,660 | +€6,033 | +1.9% |
| Current assets | 29/58 | €331,821 | €652,238 | +€320,417 | +96.6% |
| Stocks and contracts in progress | 3 | €22,466 | €83,704 | +€61,238 | +272.6% |
| Stocks | 30/36 | €22,466 | €83,704 | +€61,238 | +272.6% |
| Amounts receivable within one year | 40/41 | €253,597 | €432,707 | +€179,110 | +70.6% |
| Trade receivables | 40 | €198,146 | €343,664 | +€145,518 | +73.4% |
| Other amounts receivable | 41 | €55,452 | €89,043 | +€33,592 | +60.6% |
| Cash at bank and in hand | 54/58 | €44,507 | €121,424 | +€76,917 | +172.8% |
| Deferred charges and accrued income | 490/1 | €11,251 | €14,404 | +€3,153 | +28.0% |
| Total equity and liabilities | 10/49 | €2,377,799 | €2,768,099 | +€390,300 | +16.4% |
| Equity | 10/15 | €542,515 | €775,388 | +€232,873 | +42.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €522,515 | €755,388 | +€232,873 | +44.6% |
| Distributable reserves | 133 | €522,515 | €755,388 | +€232,873 | +44.6% |
| Amounts payable | 17/49 | €1,835,284 | €1,992,712 | +€157,427 | +8.6% |
| Amounts payable after more than one year | 17 | €1,176,993 | €1,155,910 | -€21,083 | -1.8% |
| Financial debts | 170/4 | €1,176,993 | €1,155,910 | -€21,083 | -1.8% |
| Amounts payable within one year | 42/48 | €658,291 | €836,261 | +€177,970 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €102,412 | €121,188 | +€18,776 | +18.3% |
| Financial debts | 43 | - | €150,000 | +€150,000 | |
| Credit institutions | 430/8 | - | €150,000 | +€150,000 | |
| Trade debts | 44 | €56,924 | €146,856 | +€89,932 | +158.0% |
| Suppliers | 440/4 | €56,924 | €146,856 | +€89,932 | +158.0% |
| Advances received on contracts in progress | 46 | €56,825 | - | -€56,825 | |
| Taxes, remuneration and social security | 45 | €32,066 | €7,555 | -€24,511 | -76.4% |
| Taxes | 450/3 | €32,066 | €1,681 | -€30,385 | -94.8% |
| Remuneration and social security | 454/9 | - | €5,874 | +€5,874 | |
| Other amounts payable | 47/48 | €410,064 | €410,663 | +€598 | +0.1% |
| Accrued charges and deferred income | 492/3 | - | €540 | +€540 | |
| Remuneration, social security and pensions | 62 | €46,865 | €54,480 | +€7,615 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,071 | €109,475 | +€20,404 | +22.9% |
| Other operating charges | 640/8 | €9,484 | - | -€9,484 | |
| Gross operating margin | 9900 | €305,834 | €505,830 | +€199,996 | +65.4% |
| Operating profit (loss) | 9901 | €160,414 | €341,875 | +€181,461 | +113.1% |
| Financial income | 75/76B | €3,783 | €8,142 | +€4,359 | +115.2% |
| Recurring financial income | 75 | €3,783 | €8,142 | +€4,359 | +115.2% |
| Financial charges | 65/66B | €43,744 | €44,462 | +€718 | +1.6% |
| Recurring financial charges | 65 | €43,744 | €44,462 | +€718 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €120,453 | €305,555 | +€185,102 | +153.7% |
| Income taxes | 67/77 | €24,705 | €72,683 | +€47,978 | +194.2% |
| Profit (loss) for the period | 9904 | €95,748 | €232,873 | +€137,124 | +143.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,748 | €232,873 | +€137,124 | +143.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.