VdP EXPLOITATION: 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 EXPLOITATION
Largest movements
- Current investments +€1.4m
up €1.4m (+164.4%), from €841,265 to €2.2m
- Receivables within one year -€1.1m
down €1.1m (-99.9%), from €1.1m to €1,426
- Cash -€879,189
down €879,189 (-98.8%), from €889,887 to €10,698
mainly Contributions, distributions and other (-€2.7m) and Current investments (-€1.4m)
- Reserves -€250,000
down €250,000 (-62.4%), from €400,521 to €150,521
of which Distributable reserves: -€250,000
- Other debts -€200,000
down €200,000 (-15.4%), from €1.3m to €1.1m
- Profit (loss) carried forward -€116,176
down €116,176 (-91.2%), from €127,402 to €11,226
- Tax, wage and social debts -€33,017
no longer reported in 2025 (was €33,017)
- Financial income +€3.2m
up €3.2m (+52442.8%), from €6,052 to €3.2m
of which Non-recurring financial income: +€3.2m
- Taxes +€760,110
up €760,110 (+3331.6%), from €22,815 to €782,926
- Gross operating margin -€109,132
down €109,132, from €77,928 to -€31,204
- Other operating charges +€4,504
new in 2025: €4,504
- Financial charges +€2,697
up €2,697 (+190.1%), from €1,419 to €4,115
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 | €2,867,136 | €2,268,653 | -€598,483 | -20.9% |
| Fixed assets | 21/28 | - | €25,933 | +€25,933 | |
| Tangible fixed assets | 22/27 | - | €25,874 | +€25,874 | |
| Furniture and vehicles | 24 | - | €1,874 | +€1,874 | |
| Assets under construction and advance payments | 27 | - | €24,000 | +€24,000 | |
| Financial fixed assets | 28 | - | €59 | +€59 | |
| Current assets | 29/58 | €2,867,136 | €2,242,720 | -€624,416 | -21.8% |
| Amounts receivable within one year | 40/41 | €1,135,984 | €1,426 | -€1.1m | -99.9% |
| Other amounts receivable | 41 | €1,135,984 | €1,426 | -€1.1m | -99.9% |
| Current investments | 50/53 | €841,265 | €2,224,552 | +€1.4m | +164.4% |
| Cash at bank and in hand | 54/58 | €889,887 | €10,698 | -€879,189 | -98.8% |
| Deferred charges and accrued income | 490/1 | - | €6,044 | +€6,044 | |
| Total equity and liabilities | 10/49 | €2,867,136 | €2,268,653 | -€598,483 | -20.9% |
| Equity | 10/15 | €1,533,131 | €1,166,955 | -€366,176 | -23.9% |
| Contributions | 10/11 | €1,005,208 | €1,005,208 | = | 0.0% |
| Capital | 10 | €1,005,208 | €1,005,208 | = | 0.0% |
| Issued capital | 100 | €1,005,208 | €1,005,208 | = | 0.0% |
| Reserves | 13 | €400,521 | €150,521 | -€250,000 | -62.4% |
| Non-distributable reserves | 130/1 | €100,521 | €100,521 | = | 0.0% |
| Legal reserve | 130 | €100,521 | €100,521 | = | 0.0% |
| Distributable reserves | 133 | €300,000 | €50,000 | -€250,000 | -83.3% |
| Profit (loss) carried forward | 14 | €127,402 | €11,226 | -€116,176 | -91.2% |
| Amounts payable | 17/49 | €1,334,005 | €1,101,697 | -€232,307 | -17.4% |
| Amounts payable within one year | 42/48 | €1,334,005 | €1,101,594 | -€232,411 | -17.4% |
| Trade debts | 44 | €987 | €1,594 | +€607 | +61.4% |
| Suppliers | 440/4 | €987 | €1,594 | +€607 | +61.4% |
| Taxes, remuneration and social security | 45 | €33,017 | - | -€33,017 | |
| Taxes | 450/3 | €33,017 | - | -€33,017 | |
| Other amounts payable | 47/48 | €1,300,000 | €1,100,000 | -€200,000 | -15.4% |
| Accrued charges and deferred income | 492/3 | - | €103 | +€103 | |
| Non-recurring operating income | 76A | €80,629 | - | -€80,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €88 | +€88 | |
| Other operating charges | 640/8 | - | €4,504 | +€4,504 | |
| Gross operating margin | 9900 | €77,928 | -€31,204 | -€109,132 | |
| Operating profit (loss) | 9901 | €77,928 | -€35,796 | -€113,724 | |
| Financial income | 75/76B | €6,052 | €3,179,661 | +€3.2m | +52442.8% |
| Recurring financial income | 75 | €6,052 | €11,356 | +€5,304 | +87.7% |
| Non-recurring financial income | 76B | - | €3,168,305 | +€3.2m | |
| Financial charges | 65/66B | €1,419 | €4,115 | +€2,697 | +190.1% |
| Recurring financial charges | 65 | €1,419 | €4,115 | +€2,697 | +190.1% |
| Profit (loss) for the period before taxes | 9903 | €82,561 | €3,139,750 | +€3.1m | +3702.9% |
| Income taxes | 67/77 | €22,815 | €782,926 | +€760,110 | +3331.6% |
| Profit (loss) for the period | 9904 | €59,746 | €2,356,824 | +€2.3m | +3844.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,746 | €2,356,824 | +€2.3m | +3844.8% |
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 3 October 2026 via checked.be.