VDP development: 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.
VDP development
Largest movements
- Financial fixed assets +€60,000
up €60,000 (+133%), from €45,000 to €105,000
- Receivables within one year -€54,959
down €54,959 (-67.5%), from €81,473 to €26,513
of which Trade receivables: -€56,884
- Cash -€3,385
down €3,385 (-37.1%), from €9,125 to €5,740
mainly Investment in fixed assets (net) (-€60,974) and Trade debts (-€23,710)
- Tangible fixed assets -€1,737
down €1,737 (-9.9%), from €17,504 to €15,768
of which Furniture and vehicles: -€1,237
- Trade debts -€23,710
down €23,710 (-99.2%), from €23,894 to €184
- Other debts +€23,001
up €23,001 (+96.5%), from €23,836 to €46,837
- Gross operating margin -€62,428
down €62,428 (-89.5%), from €69,775 to €7,347
- Taxes -€12,458
down €12,458 (-95.7%), from €13,016 to €558
- Depreciation +€1,647
up €1,647 (+155%), from €1,064 to €2,711
- Other operating charges +€1,317
up €1,317 (+139%), from €945 to €2,261
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 | €153,400 | €153,085 | -€316 | -0.2% |
| Fixed assets | 21/28 | €62,504 | €120,768 | +€58,263 | +93.2% |
| Tangible fixed assets | 22/27 | €17,504 | €15,768 | -€1,737 | -9.9% |
| Plant, machinery and equipment | 23 | €2,917 | €2,417 | -€500 | -17.1% |
| Furniture and vehicles | 24 | €14,588 | €13,351 | -€1,237 | -8.5% |
| Financial fixed assets | 28 | €45,000 | €105,000 | +€60,000 | +133% |
| Current assets | 29/58 | €90,896 | €32,317 | -€58,579 | -64.4% |
| Amounts receivable within one year | 40/41 | €81,473 | €26,513 | -€54,959 | -67.5% |
| Trade receivables | 40 | €81,473 | €24,589 | -€56,884 | -69.8% |
| Other amounts receivable | 41 | €0 | €1,924 | +€1,924 | +1,012,753% |
| Cash at bank and in hand | 54/58 | €9,125 | €5,740 | -€3,385 | -37.1% |
| Deferred charges and accrued income | 490/1 | €298 | €64 | -€234 | -78.5% |
| Total equity and liabilities | 10/49 | €153,400 | €153,085 | -€316 | -0.2% |
| Equity | 10/15 | €88,158 | €88,393 | +€235 | +0.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €85,158 | €85,393 | +€235 | +0.3% |
| Distributable reserves | 133 | €85,158 | €85,393 | +€235 | +0.3% |
| Amounts payable | 17/49 | €65,243 | €64,692 | -€551 | -0.8% |
| Amounts payable within one year | 42/48 | €61,842 | €60,606 | -€1,236 | -2.0% |
| Trade debts | 44 | €23,894 | €184 | -€23,710 | -99.2% |
| Suppliers | 440/4 | €23,894 | €184 | -€23,710 | -99.2% |
| Taxes, remuneration and social security | 45 | €14,111 | €13,585 | -€526 | -3.7% |
| Taxes | 450/3 | €14,111 | €13,585 | -€526 | -3.7% |
| Other amounts payable | 47/48 | €23,836 | €46,837 | +€23,001 | +96.5% |
| Accrued charges and deferred income | 492/3 | €3,401 | €4,086 | +€685 | +20.2% |
| Non-recurring operating income | 76A | - | €5,500 | +€5,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,064 | €2,711 | +€1,647 | +155% |
| Other operating charges | 640/8 | €945 | €2,261 | +€1,317 | +139% |
| Non-recurring operating charges | 66A | - | €667 | +€667 | |
| Gross operating margin | 9900 | €69,775 | €7,347 | -€62,428 | -89.5% |
| Operating profit (loss) | 9901 | €67,766 | €1,708 | -€66,058 | -97.5% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €264 | €918 | +€654 | +248% |
| Recurring financial charges | 65 | €264 | €918 | +€654 | +248% |
| Profit (loss) for the period before taxes | 9903 | €67,502 | €793 | -€66,709 | -98.8% |
| Income taxes | 67/77 | €13,016 | €558 | -€12,458 | -95.7% |
| Profit (loss) for the period | 9904 | €54,486 | €235 | -€54,251 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,486 | €235 | -€54,251 | -99.6% |
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 16 October 2026 via checked.be.