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
- Receivables within one year -€1.7m
down €1.7m (-85.5%), from €1.9m to €282,363
of which Trade receivables: -€1.2m
- Cash -€198,771
down €198,771 (-31.8%), from €624,148 to €425,377
mainly Trade debts (-€1.7m) and Contributions, distributions and other (-€601,578)
- Tangible fixed assets +€72,131
up €72,131 (+39.9%), from €180,630 to €252,761
- Trade debts -€1.7m
down €1.7m (-92.6%), from €1.8m to €134,601
- Tax, wage and social debts -€63,666
down €63,666 (-38.0%), from €167,531 to €103,865
of which Taxes: -€71,261
- Current portion of long-term debt -€60,858
down €60,858 (-69.0%), from €88,151 to €27,293
- Other debts +€58,952
up €58,952 (+10.9%), from €542,546 to €601,498
- Gross operating margin +€299,131
up €299,131 (+27.4%), from €1.1m to €1.4m
- Staff costs +€170,100
up €170,100 (+32.9%), from €517,420 to €687,519
- Financial income -€90,224
down €90,224 (-63.5%), from €142,087 to €51,863
of which Financial income: -€71,742
- Taxes -€32,640
down €32,640 (-30.6%), from €106,700 to €74,060
- Depreciation +€21,899
up €21,899 (+44.0%), from €49,741 to €71,640
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 | €2,783,568 | €1,003,294 | -€1.8m | -64.0% |
| Fixed assets | 21/28 | €200,098 | €269,081 | +€68,983 | +34.5% |
| Intangible fixed assets | 21 | €6,957 | €3,436 | -€3,521 | -50.6% |
| Tangible fixed assets | 22/27 | €180,630 | €252,761 | +€72,131 | +39.9% |
| Land and buildings | 22 | €87,012 | €116,741 | +€29,729 | +34.2% |
| Plant, machinery and equipment | 23 | €647 | €7,084 | +€6,437 | +995.2% |
| Furniture and vehicles | 24 | €92,971 | €128,936 | +€35,965 | +38.7% |
| Financial fixed assets | 28 | €12,512 | €12,884 | +€372 | +3.0% |
| Current assets | 29/58 | €2,583,470 | €734,212 | -€1.8m | -71.6% |
| Amounts receivable within one year | 40/41 | €1,945,042 | €282,363 | -€1.7m | -85.5% |
| Trade receivables | 40 | €1,489,609 | €256,401 | -€1.2m | -82.8% |
| Other amounts receivable | 41 | €455,433 | €25,962 | -€429,471 | -94.3% |
| Cash at bank and in hand | 54/58 | €624,148 | €425,377 | -€198,771 | -31.8% |
| Deferred charges and accrued income | 490/1 | €14,279 | €26,473 | +€12,193 | +85.4% |
| Total equity and liabilities | 10/49 | €2,783,568 | €1,003,294 | -€1.8m | -64.0% |
| Equity | 10/15 | €135,866 | €135,687 | -€179 | -0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €73,152 | €73,053 | -€99 | -0.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €66,952 | €66,853 | -€99 | -0.1% |
| Investment grants | 15 | €714 | €634 | -€80 | -11.2% |
| Provisions and deferred taxes | 16 | €368 | €327 | -€41 | -11.2% |
| Deferred taxes | 168 | €368 | €327 | -€41 | -11.2% |
| Amounts payable | 17/49 | €2,647,334 | €867,280 | -€1.8m | -67.2% |
| Amounts payable after more than one year | 17 | €20,478 | - | -€20,478 | |
| Financial debts | 170/4 | €20,478 | - | -€20,478 | |
| Amounts payable within one year | 42/48 | €2,626,765 | €867,257 | -€1.8m | -67.0% |
| Current portion of amounts payable after more than one year | 42 | €88,151 | €27,293 | -€60,858 | -69.0% |
| Trade debts | 44 | €1,828,538 | €134,601 | -€1.7m | -92.6% |
| Suppliers | 440/4 | €1,828,538 | €134,601 | -€1.7m | -92.6% |
| Taxes, remuneration and social security | 45 | €167,531 | €103,865 | -€63,666 | -38.0% |
| Taxes | 450/3 | €107,603 | €36,342 | -€71,261 | -66.2% |
| Remuneration and social security | 454/9 | €59,927 | €67,523 | +€7,596 | +12.7% |
| Other amounts payable | 47/48 | €542,546 | €601,498 | +€58,952 | +10.9% |
| Accrued charges and deferred income | 492/3 | €91 | €23 | -€68 | -74.9% |
| Non-recurring operating income | 76A | €3,347 | - | -€3,347 | |
| Remuneration, social security and pensions | 62 | €517,420 | €687,519 | +€170,100 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,741 | €71,640 | +€21,899 | +44.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,000 | +€2,000 | |
| Other operating charges | 640/8 | €4,315 | €2,697 | -€1,619 | -37.5% |
| Non-recurring operating charges | 66A | €8,918 | - | -€8,918 | |
| Gross operating margin | 9900 | €1,090,007 | €1,389,138 | +€299,131 | +27.4% |
| Operating profit (loss) | 9901 | €509,613 | €625,282 | +€115,669 | +22.7% |
| Financial income | 75/76B | €142,087 | €51,863 | -€90,224 | -63.5% |
| Recurring financial income | 75 | €123,606 | €51,863 | -€71,742 | -58.0% |
| Non-recurring financial income | 76B | €18,481 | - | -€18,481 | |
| Financial charges | 65/66B | €2,532 | €1,728 | -€804 | -31.8% |
| Recurring financial charges | 65 | €2,532 | €1,728 | -€804 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €649,168 | €675,418 | +€26,250 | +4.0% |
| Transfer from deferred taxes | 780 | €41 | €41 | = | 0.0% |
| Income taxes | 67/77 | €106,700 | €74,060 | -€32,640 | -30.6% |
| Profit (loss) for the period | 9904 | €542,509 | €601,399 | +€58,890 | +10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €542,509 | €601,399 | +€58,890 | +10.9% |
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 8 October 2026 via checked.be.