VDN VERZEKERINGEN: 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.
VDN VERZEKERINGEN
Largest movements
- Intangible fixed assets +€763,593
up €763,593 (+224%), from €341,201 to €1.1m
- Tangible fixed assets +€110,651
up €110,651 (+16.4%), from €673,675 to €784,326
of which Furniture and vehicles: +€124,014
- Cash -€41,809
down €41,809 (-78.8%), from €53,034 to €11,225
mainly Investment in fixed assets (net) (-€1.2m) and Deferred charges and accrued income (-€34,246)
- Deferred charges and accrued income +€34,246
up €34,246 (+81.8%), from €41,856 to €76,102
- Debts after one year +€810,894
up €810,894 (+161%), from €502,440 to €1.3m
- Current portion of long-term debt +€63,052
up €63,052 (+50.2%), from €125,577 to €188,630
- Gross operating margin +€155,217
up €155,217 (+19.7%), from €788,279 to €943,496
- Staff costs +€123,180
up €123,180 (+29.0%), from €424,146 to €547,326
- Depreciation +€33,167
up €33,167 (+10.8%), from €306,089 to €339,256
- Financial charges +€28,505
up €28,505 (+341%), from €8,360 to €36,865
- Taxes -€9,979
down €9,979 (-56.7%), from €17,585 to €7,606
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 | €1,109,766 | €1,988,841 | +€879,075 | +79.2% |
| Fixed assets | 21/28 | €1,014,876 | €1,889,120 | +€874,244 | +86.1% |
| Intangible fixed assets | 21 | €341,201 | €1,104,794 | +€763,593 | +224% |
| Tangible fixed assets | 22/27 | €673,675 | €784,326 | +€110,651 | +16.4% |
| Land and buildings | 22 | €512,290 | €495,337 | -€16,954 | -3.3% |
| Plant, machinery and equipment | 23 | €1,314 | €6,024 | +€4,711 | +359% |
| Furniture and vehicles | 24 | €155,590 | €279,605 | +€124,014 | +79.7% |
| Other tangible fixed assets | 26 | €4,480 | €3,360 | -€1,120 | -25.0% |
| Current assets | 29/58 | €94,890 | €99,721 | +€4,831 | +5.1% |
| Amounts receivable within one year | 40/41 | - | €12,394 | +€12,394 | |
| Other amounts receivable | 41 | - | €12,394 | +€12,394 | |
| Cash at bank and in hand | 54/58 | €53,034 | €11,225 | -€41,809 | -78.8% |
| Deferred charges and accrued income | 490/1 | €41,856 | €76,102 | +€34,246 | +81.8% |
| Total equity and liabilities | 10/49 | €1,109,766 | €1,988,841 | +€879,075 | +79.2% |
| Equity | 10/15 | €411,747 | €407,958 | -€3,788 | -0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €393,147 | €389,358 | -€3,788 | -1.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,266 | €8,266 | = | 0.0% |
| Distributable reserves | 133 | €383,020 | €379,232 | -€3,788 | -1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €698,019 | €1,580,883 | +€882,864 | +126% |
| Amounts payable after more than one year | 17 | €502,440 | €1,313,334 | +€810,894 | +161% |
| Financial debts | 170/4 | €502,440 | €1,313,334 | +€810,894 | +161% |
| Amounts payable within one year | 42/48 | €195,579 | €267,549 | +€71,970 | +36.8% |
| Current portion of amounts payable after more than one year | 42 | €125,577 | €188,630 | +€63,052 | +50.2% |
| Trade debts | 44 | €12,295 | €16,652 | +€4,357 | +35.4% |
| Suppliers | 440/4 | €12,295 | €16,652 | +€4,357 | +35.4% |
| Taxes, remuneration and social security | 45 | €47,172 | €54,282 | +€7,109 | +15.1% |
| Taxes | 450/3 | €2,585 | €2,906 | +€321 | +12.4% |
| Remuneration and social security | 454/9 | €44,588 | €51,376 | +€6,788 | +15.2% |
| Other amounts payable | 47/48 | €10,534 | €7,986 | -€2,548 | -24.2% |
| Remuneration, social security and pensions | 62 | €424,146 | €547,326 | +€123,180 | +29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306,089 | €339,256 | +€33,167 | +10.8% |
| Other operating charges | 640/8 | €4,613 | €9,717 | +€5,104 | +111% |
| Non-recurring operating charges | 66A | - | €96 | +€96 | |
| Gross operating margin | 9900 | €788,279 | €943,496 | +€155,217 | +19.7% |
| Operating profit (loss) | 9901 | €53,430 | €47,100 | -€6,330 | -11.8% |
| Financial income | 75/76B | €10 | €1 | -€9 | -93.8% |
| Recurring financial income | 75 | €10 | €1 | -€9 | -93.8% |
| Financial charges | 65/66B | €8,360 | €36,865 | +€28,505 | +341% |
| Recurring financial charges | 65 | €8,360 | €36,865 | +€28,505 | +341% |
| Profit (loss) for the period before taxes | 9903 | €45,080 | €10,236 | -€34,844 | -77.3% |
| Income taxes | 67/77 | €17,585 | €7,606 | -€9,979 | -56.7% |
| Profit (loss) for the period | 9904 | €27,495 | €2,630 | -€24,865 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,495 | €2,630 | -€24,865 | -90.4% |
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 30 October 2026 via checked.be.