VDMade: 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.
VDMade
Largest movements
- Receivables within one year -€93,022
down €93,022 (-99.9%), from €93,155 to €133
of which Trade receivables: -€76,716
- Tangible fixed assets -€11,770
down €11,770 (-19.4%), from €60,665 to €48,895
of which Furniture and vehicles: -€8,990
- Cash +€9,109
up €9,109 (+142%), from €6,418 to €15,526
mainly Net result for the year (+€136,370) and Receivables within one year (+€93,022)
- Short-term financial debts -€200,000
down €200,000 (-100%), from €200,000 to €0
of which Credit institutions: -€150,000
- Reserves +€136,370
up €136,370 (+205%), from €66,511 to €202,881
- Debts after one year -€39,810
down €39,810 (-12.3%), from €323,134 to €283,323
- Tax, wage and social debts -€30,239
down €30,239 (-76.4%), from €39,581 to €9,342
- Trade debts +€20,179
up €20,179 (+319%), from €6,325 to €26,504
- Financial income +€124,728
up €124,728 (+13,979%), from €892 to €125,620
- Gross operating margin -€68,504
down €68,504 (-54.7%), from €125,251 to €56,747
- Taxes -€19,241
down €19,241 (-81.9%), from €23,500 to €4,259
- Depreciation +€3,328
up €3,328 (+20.4%), from €16,290 to €19,618
- Financial charges +€1,661
up €1,661 (+10.0%), from €16,564 to €18,225
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 | €675,624 | €575,517 | -€100,107 | -14.8% |
| Fixed assets | 21/28 | €576,051 | €559,482 | -€16,570 | -2.9% |
| Intangible fixed assets | 21 | €15,386 | €10,586 | -€4,800 | -31.2% |
| Tangible fixed assets | 22/27 | €60,665 | €48,895 | -€11,770 | -19.4% |
| Plant, machinery and equipment | 23 | €6,921 | €4,141 | -€2,779 | -40.2% |
| Furniture and vehicles | 24 | €53,744 | €44,754 | -€8,990 | -16.7% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €99,573 | €16,035 | -€83,538 | -83.9% |
| Amounts receivable within one year | 40/41 | €93,155 | €133 | -€93,022 | -99.9% |
| Trade receivables | 40 | €76,716 | €0 | -€76,716 | -100% |
| Other amounts receivable | 41 | €16,439 | €133 | -€16,306 | -99.2% |
| Cash at bank and in hand | 54/58 | €6,418 | €15,526 | +€9,109 | +142% |
| Deferred charges and accrued income | 490/1 | - | €376 | +€376 | |
| Total equity and liabilities | 10/49 | €675,624 | €575,517 | -€100,107 | -14.8% |
| Equity | 10/15 | €68,511 | €204,881 | +€136,370 | +199% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €66,511 | €202,881 | +€136,370 | +205% |
| Distributable reserves | 133 | €66,511 | €202,881 | +€136,370 | +205% |
| Amounts payable | 17/49 | €607,113 | €370,636 | -€236,477 | -39.0% |
| Amounts payable after more than one year | 17 | €323,134 | €283,323 | -€39,810 | -12.3% |
| Financial debts | 170/4 | €323,134 | €283,323 | -€39,810 | -12.3% |
| Amounts payable within one year | 42/48 | €283,980 | €87,313 | -€196,667 | -69.3% |
| Current portion of amounts payable after more than one year | 42 | €38,073 | €39,810 | +€1,737 | +4.6% |
| Financial debts | 43 | €200,000 | €0 | -€200,000 | -100% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100% |
| Other loans | 439 | €50,000 | €0 | -€50,000 | -100% |
| Trade debts | 44 | €6,325 | €26,504 | +€20,179 | +319% |
| Suppliers | 440/4 | €6,325 | €26,504 | +€20,179 | +319% |
| Taxes, remuneration and social security | 45 | €39,581 | €9,342 | -€30,239 | -76.4% |
| Taxes | 450/3 | €39,581 | €9,342 | -€30,239 | -76.4% |
| Other amounts payable | 47/48 | - | €11,657 | +€11,657 | |
| Non-recurring operating income | 76A | €6,297 | €0 | -€6,297 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,290 | €19,618 | +€3,328 | +20.4% |
| Other operating charges | 640/8 | €3,278 | €3,896 | +€617 | +18.8% |
| Gross operating margin | 9900 | €125,251 | €56,747 | -€68,504 | -54.7% |
| Operating profit (loss) | 9901 | €105,683 | €33,234 | -€72,449 | -68.6% |
| Financial income | 75/76B | €892 | €125,620 | +€124,728 | +13,979% |
| Recurring financial income | 75 | €892 | €125,620 | +€124,728 | +13,979% |
| Financial charges | 65/66B | €16,564 | €18,225 | +€1,661 | +10.0% |
| Recurring financial charges | 65 | €16,564 | €18,225 | +€1,661 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €90,011 | €140,628 | +€50,618 | +56.2% |
| Income taxes | 67/77 | €23,500 | €4,259 | -€19,241 | -81.9% |
| Profit (loss) for the period | 9904 | €66,511 | €136,370 | +€69,859 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €66,511 | €136,370 | +€69,859 | +105% |
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 14 October 2026 via checked.be.