VDP: 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.
VDP
Largest movements
- Tangible fixed assets +€469,406
up €469,406 (+265.1%), from €177,073 to €646,479
of which Land and buildings: +€417,031
- Stocks and contracts -€286,994
no longer reported in 2025 (was €286,994)
- Cash -€156,666
down €156,666 (-42.9%), from €365,144 to €208,477
mainly Investment in fixed assets (net) (-€489,026) and Other debts (-€17,752)
- Receivables within one year -€18,053
no longer reported in 2025 (was €18,053)
of which Trade receivables: -€13,608
- Reserves +€47,697
up €47,697 (+5.8%), from €822,533 to €870,230
- Other debts -€17,752
down €17,752 (-58.9%), from €30,142 to €12,391
- Trade debts -€13,218
down €13,218 (-98.7%), from €13,394 to €176
- Gross operating margin +€17,895
up €17,895 (+29.8%), from €60,105 to €78,000
- Financial income +€11,717
up €11,717 (+115.7%), from €10,128 to €21,845
- Taxes +€8,523
up €8,523 (+64.8%), from €13,157 to €21,680
- Depreciation +€6,352
up €6,352 (+47.9%), from €13,268 to €19,620
- Other operating charges +€1,507
up €1,507 (+26.6%), from €5,673 to €7,180
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 | €1,037,748 | €1,059,713 | +€21,965 | +2.1% |
| Fixed assets | 21/28 | €177,073 | €646,479 | +€469,406 | +265.1% |
| Tangible fixed assets | 22/27 | €177,073 | €646,479 | +€469,406 | +265.1% |
| Land and buildings | 22 | €162,487 | €579,518 | +€417,031 | +256.7% |
| Plant, machinery and equipment | 23 | €1,376 | €1,376 | = | 0.0% |
| Furniture and vehicles | 24 | €13,210 | €65,585 | +€52,375 | +396.5% |
| Current assets | 29/58 | €860,675 | €413,234 | -€447,441 | -52.0% |
| Stocks and contracts in progress | 3 | €286,994 | - | -€286,994 | |
| Stocks | 30/36 | €286,994 | - | -€286,994 | |
| Amounts receivable within one year | 40/41 | €18,053 | - | -€18,053 | |
| Trade receivables | 40 | €13,608 | - | -€13,608 | |
| Other amounts receivable | 41 | €4,445 | - | -€4,445 | |
| Current investments | 50/53 | €188,509 | €198,511 | +€10,002 | +5.3% |
| Cash at bank and in hand | 54/58 | €365,144 | €208,477 | -€156,666 | -42.9% |
| Deferred charges and accrued income | 490/1 | €1,975 | €6,245 | +€4,270 | +216.2% |
| Total equity and liabilities | 10/49 | €1,037,748 | €1,059,713 | +€21,965 | +2.1% |
| Equity | 10/15 | €884,533 | €932,230 | +€47,697 | +5.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €822,533 | €870,230 | +€47,697 | +5.8% |
| Distributable reserves | 133 | €822,533 | €870,230 | +€47,697 | +5.8% |
| Provisions and deferred taxes | 16 | €107,803 | €107,803 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €107,803 | €107,803 | = | 0.0% |
| Other liabilities and charges | 164/5 | €107,803 | €107,803 | = | 0.0% |
| Amounts payable | 17/49 | €45,412 | €19,680 | -€25,732 | -56.7% |
| Amounts payable within one year | 42/48 | €45,314 | €19,580 | -€25,734 | -56.8% |
| Trade debts | 44 | €13,394 | €176 | -€13,218 | -98.7% |
| Suppliers | 440/4 | €13,394 | €176 | -€13,218 | -98.7% |
| Taxes, remuneration and social security | 45 | €1,778 | €7,013 | +€5,235 | +294.4% |
| Taxes | 450/3 | €1,778 | €7,013 | +€5,235 | +294.4% |
| Other amounts payable | 47/48 | €30,142 | €12,391 | -€17,752 | -58.9% |
| Accrued charges and deferred income | 492/3 | €98 | €100 | +€2 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,268 | €19,620 | +€6,352 | +47.9% |
| Other operating charges | 640/8 | €5,673 | €7,180 | +€1,507 | +26.6% |
| Gross operating margin | 9900 | €60,105 | €78,000 | +€17,895 | +29.8% |
| Operating profit (loss) | 9901 | €41,165 | €51,200 | +€10,036 | +24.4% |
| Financial income | 75/76B | €10,128 | €21,845 | +€11,717 | +115.7% |
| Recurring financial income | 75 | €10,128 | €21,845 | +€11,717 | +115.7% |
| Financial charges | 65/66B | €4,356 | €3,669 | -€687 | -15.8% |
| Recurring financial charges | 65 | €4,356 | €3,669 | -€687 | -15.8% |
| Profit (loss) for the period before taxes | 9903 | €46,936 | €69,377 | +€22,440 | +47.8% |
| Income taxes | 67/77 | €13,157 | €21,680 | +€8,523 | +64.8% |
| Profit (loss) for the period | 9904 | €33,780 | €47,697 | +€13,918 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,780 | €47,697 | +€13,918 | +41.2% |
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 4 October 2026 via checked.be.