VDN: 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.
VDN
Largest movements
- Receivables within one year -€74,868
down €74,868 (-33.2%), from €225,323 to €150,455
- Cash +€49,040
up €49,040 (+422.5%), from €11,607 to €60,646
mainly Receivables within one year (+€74,868) and Net result for the year (+€17,377)
- Tangible fixed assets +€9,107
up €9,107 (+116.6%), from €7,814 to €16,921
of which Other tangible fixed assets: +€4,750
- Other debts -€27,478
down €27,478 (-91.7%), from €29,962 to €2,484
- Profit (loss) carried forward +€17,377
up €17,377 (+60.2%), from €28,879 to €46,256
- Tax, wage and social debts -€5,455
down €5,455 (-7.2%), from €75,568 to €70,113
of which Taxes: -€16,436
- Gross operating margin -€59,540
down €59,540 (-19.1%), from €311,633 to €252,093
- Staff costs +€14,313
up €14,313 (+6.9%), from €206,295 to €220,608
- Taxes -€4,000
down €4,000 (-36.4%), from €11,000 to €7,000
- Financial charges -€3,658
down €3,658 (-68.2%), from €5,366 to €1,708
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 | €256,896 | €239,261 | -€17,635 | -6.9% |
| Fixed assets | 21/28 | €10,104 | €19,212 | +€9,107 | +90.1% |
| Tangible fixed assets | 22/27 | €7,814 | €16,921 | +€9,107 | +116.6% |
| Furniture and vehicles | 24 | €4,925 | €9,283 | +€4,358 | +88.5% |
| Other tangible fixed assets | 26 | €2,889 | €7,639 | +€4,750 | +164.4% |
| Financial fixed assets | 28 | €2,290 | €2,290 | = | 0.0% |
| Current assets | 29/58 | €246,792 | €220,049 | -€26,742 | -10.8% |
| Amounts receivable within one year | 40/41 | €225,323 | €150,455 | -€74,868 | -33.2% |
| Trade receivables | 40 | €225,323 | €150,455 | -€74,868 | -33.2% |
| Cash at bank and in hand | 54/58 | €11,607 | €60,646 | +€49,040 | +422.5% |
| Deferred charges and accrued income | 490/1 | €9,862 | €8,948 | -€913 | -9.3% |
| Total equity and liabilities | 10/49 | €256,896 | €239,261 | -€17,635 | -6.9% |
| Equity | 10/15 | €47,479 | €64,856 | +€17,377 | +36.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,879 | €46,256 | +€17,377 | +60.2% |
| Amounts payable | 17/49 | €209,417 | €174,405 | -€35,012 | -16.7% |
| Amounts payable after more than one year | 17 | €3,239 | €1,787 | -€1,452 | -44.8% |
| Other amounts payable | 178/9 | €3,239 | €1,787 | -€1,452 | -44.8% |
| Amounts payable within one year | 42/48 | €206,178 | €172,619 | -€33,560 | -16.3% |
| Trade debts | 44 | €100,648 | €100,022 | -€626 | -0.6% |
| Suppliers | 440/4 | €100,648 | €100,022 | -€626 | -0.6% |
| Taxes, remuneration and social security | 45 | €75,568 | €70,113 | -€5,455 | -7.2% |
| Taxes | 450/3 | €53,532 | €37,096 | -€16,436 | -30.7% |
| Remuneration and social security | 454/9 | €22,036 | €33,017 | +€10,981 | +49.8% |
| Other amounts payable | 47/48 | €29,962 | €2,484 | -€27,478 | -91.7% |
| Remuneration, social security and pensions | 62 | €206,295 | €220,608 | +€14,313 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,470 | €4,574 | +€104 | +2.3% |
| Other operating charges | 640/8 | €3,608 | €1,253 | -€2,355 | -65.3% |
| Gross operating margin | 9900 | €311,633 | €252,093 | -€59,540 | -19.1% |
| Operating profit (loss) | 9901 | €97,260 | €25,657 | -€71,602 | -73.6% |
| Financial income | 75/76B | €690 | €428 | -€262 | -38.0% |
| Recurring financial income | 75 | €690 | €428 | -€262 | -38.0% |
| Financial charges | 65/66B | €5,366 | €1,708 | -€3,658 | -68.2% |
| Recurring financial charges | 65 | €5,366 | €1,708 | -€3,658 | -68.2% |
| Profit (loss) for the period before taxes | 9903 | €92,583 | €24,377 | -€68,207 | -73.7% |
| Income taxes | 67/77 | €11,000 | €7,000 | -€4,000 | -36.4% |
| Profit (loss) for the period | 9904 | €81,583 | €17,377 | -€64,207 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,583 | €17,377 | -€64,207 | -78.7% |
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.