VDO: 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.
VDO
Largest movements
- Tangible fixed assets +€27,959
up €27,959 (+53.1%), from €52,682 to €80,641
of which Furniture and vehicles: +€29,442
- Cash -€11,549
down €11,549 (-76.2%), from €15,155 to €3,605
mainly Investment in fixed assets (net) (-€53,276) and Receivables within one year (-€8,346)
- Receivables within one year +€8,346
up €8,346 (+41.8%), from €19,956 to €28,302
of which Other amounts receivable: +€9,329
- Debts after one year +€18,375
up €18,375 (+85.9%), from €21,402 to €39,778
- Current portion of long-term debt +€7,323
up €7,323 (+113%), from €6,455 to €13,778
- Reserves -€3,791
down €3,791 (-7.4%), from €51,024 to €47,234
- Tax, wage and social debts +€1,805
up €1,805 (+246%), from €735 to €2,540
of which Remuneration and social security: +€1,765
- Gross operating margin -€8,101
down €8,101 (-24.1%), from €33,557 to €25,456
- Depreciation +€6,662
up €6,662 (+35.7%), from €18,655 to €25,317
- Taxes -€892
no longer reported in 2025 (was €892)
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 | €90,089 | €115,251 | +€25,163 | +27.9% |
| Fixed assets | 21/28 | €52,682 | €80,641 | +€27,959 | +53.1% |
| Tangible fixed assets | 22/27 | €52,682 | €80,641 | +€27,959 | +53.1% |
| Plant, machinery and equipment | 23 | €1,965 | €482 | -€1,484 | -75.5% |
| Furniture and vehicles | 24 | €50,717 | €80,159 | +€29,442 | +58.1% |
| Current assets | 29/58 | €37,406 | €34,610 | -€2,796 | -7.5% |
| Amounts receivable within one year | 40/41 | €19,956 | €28,302 | +€8,346 | +41.8% |
| Trade receivables | 40 | €8,534 | €7,551 | -€983 | -11.5% |
| Other amounts receivable | 41 | €11,422 | €20,751 | +€9,329 | +81.7% |
| Cash at bank and in hand | 54/58 | €15,155 | €3,605 | -€11,549 | -76.2% |
| Deferred charges and accrued income | 490/1 | €2,295 | €2,703 | +€408 | +17.8% |
| Total equity and liabilities | 10/49 | €90,089 | €115,251 | +€25,163 | +27.9% |
| Equity | 10/15 | €53,524 | €49,734 | -€3,791 | -7.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €51,024 | €47,234 | -€3,791 | -7.4% |
| Distributable reserves | 133 | €51,024 | €47,234 | -€3,791 | -7.4% |
| Amounts payable | 17/49 | €36,564 | €65,517 | +€28,953 | +79.2% |
| Amounts payable after more than one year | 17 | €21,402 | €39,778 | +€18,375 | +85.9% |
| Financial debts | 170/4 | €21,402 | €39,778 | +€18,375 | +85.9% |
| Amounts payable within one year | 42/48 | €15,162 | €25,444 | +€10,282 | +67.8% |
| Current portion of amounts payable after more than one year | 42 | €6,455 | €13,778 | +€7,323 | +113% |
| Financial debts | 43 | €4,750 | €4,729 | -€21 | -0.4% |
| Credit institutions | 430/8 | €4,750 | €4,729 | -€21 | -0.4% |
| Trade debts | 44 | €3,222 | €3,561 | +€339 | +10.5% |
| Suppliers | 440/4 | €3,222 | €3,561 | +€339 | +10.5% |
| Taxes, remuneration and social security | 45 | €735 | €2,540 | +€1,805 | +246% |
| Taxes | 450/3 | €735 | €775 | +€40 | +5.5% |
| Remuneration and social security | 454/9 | - | €1,765 | +€1,765 | |
| Other amounts payable | 47/48 | - | €836 | +€836 | |
| Accrued charges and deferred income | 492/3 | - | €296 | +€296 | |
| Non-recurring operating income | 76A | €591 | €1,510 | +€919 | +155% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,655 | €25,317 | +€6,662 | +35.7% |
| Other operating charges | 640/8 | €1,232 | €923 | -€308 | -25.0% |
| Non-recurring operating charges | 66A | €5,732 | €616 | -€5,116 | -89.3% |
| Gross operating margin | 9900 | €33,557 | €25,456 | -€8,101 | -24.1% |
| Operating profit (loss) | 9901 | €7,938 | -€1,400 | -€9,338 | |
| Financial income | 75/76B | €77 | €65 | -€12 | -15.9% |
| Recurring financial income | 75 | €77 | €65 | -€12 | -15.9% |
| Financial charges | 65/66B | €2,546 | €2,455 | -€91 | -3.6% |
| Recurring financial charges | 65 | €2,546 | €2,455 | -€91 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €5,469 | -€3,791 | -€9,260 | |
| Income taxes | 67/77 | €892 | - | -€892 | |
| Profit (loss) for the period | 9904 | €4,577 | -€3,791 | -€8,368 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,577 | -€3,791 | -€8,368 |
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 26 October 2026 via checked.be.