VDP FINANCE: 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 FINANCE
Largest movements
- Receivables within one year +€177,758
up €177,758 (+630%), from €28,210 to €205,968
- Tangible fixed assets +€46,942
up €46,942 (+159%), from €29,581 to €76,523
of which Leasing and similar rights: +€75,213
- Cash -€35,832
down €35,832 (-59.3%), from €60,471 to €24,639
mainly Receivables within one year (-€177,758) and Investment in fixed assets (net) (-€67,055)
- Profit (loss) carried forward +€147,340
up €147,340 (+11,502%), from €1,281 to €148,621
- Debts after one year +€45,105
up €45,105 (+217%), from €20,777 to €65,882
- Trade debts -€18,474
down €18,474 (-97.9%), from €18,867 to €393
- Tax, wage and social debts +€7,990
up €7,990 (+11.9%), from €66,999 to €74,989
- Current portion of long-term debt +€6,906
up €6,906 (+62.6%), from €11,031 to €17,937
- Gross operating margin +€37,053
up €37,053 (+20.2%), from €183,144 to €220,197
- Depreciation +€5,322
up €5,322 (+36.0%), from €14,791 to €20,113
- Taxes +€2,439
up €2,439 (+5.4%), from €44,889 to €47,328
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 | €227,455 | €416,323 | +€188,868 | +83.0% |
| Fixed assets | 21/28 | €138,774 | €185,716 | +€46,942 | +33.8% |
| Tangible fixed assets | 22/27 | €29,581 | €76,523 | +€46,942 | +159% |
| Furniture and vehicles | 24 | €29,581 | €1,310 | -€28,271 | -95.6% |
| Leasing and similar rights | 25 | - | €75,213 | +€75,213 | |
| Financial fixed assets | 28 | €109,193 | €109,193 | = | 0.0% |
| Current assets | 29/58 | €88,681 | €230,607 | +€141,926 | +160% |
| Amounts receivable within one year | 40/41 | €28,210 | €205,968 | +€177,758 | +630% |
| Other amounts receivable | 41 | €28,210 | €205,968 | +€177,758 | +630% |
| Cash at bank and in hand | 54/58 | €60,471 | €24,639 | -€35,832 | -59.3% |
| Total equity and liabilities | 10/49 | €227,455 | €416,323 | +€188,868 | +83.0% |
| Equity | 10/15 | €109,781 | €257,122 | +€147,341 | +134% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €102,300 | €102,301 | +€1 | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €100,445 | €100,446 | +€1 | 0.0% |
| Profit (loss) carried forward | 14 | €1,281 | €148,621 | +€147,340 | +11,502% |
| Amounts payable | 17/49 | €117,674 | €159,201 | +€41,527 | +35.3% |
| Amounts payable after more than one year | 17 | €20,777 | €65,882 | +€45,105 | +217% |
| Financial debts | 170/4 | €20,777 | €65,882 | +€45,105 | +217% |
| Amounts payable within one year | 42/48 | €96,897 | €93,319 | -€3,578 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €11,031 | €17,937 | +€6,906 | +62.6% |
| Trade debts | 44 | €18,867 | €393 | -€18,474 | -97.9% |
| Suppliers | 440/4 | €18,867 | €393 | -€18,474 | -97.9% |
| Taxes, remuneration and social security | 45 | €66,999 | €74,989 | +€7,990 | +11.9% |
| Taxes | 450/3 | €66,999 | €74,989 | +€7,990 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,791 | €20,113 | +€5,322 | +36.0% |
| Other operating charges | 640/8 | €1,254 | €2,873 | +€1,619 | +129% |
| Gross operating margin | 9900 | €183,144 | €220,197 | +€37,053 | +20.2% |
| Operating profit (loss) | 9901 | €167,099 | €197,211 | +€30,112 | +18.0% |
| Financial charges | 65/66B | €929 | €2,546 | +€1,617 | +174% |
| Recurring financial charges | 65 | €929 | €2,546 | +€1,617 | +174% |
| Profit (loss) for the period before taxes | 9903 | €166,170 | €194,665 | +€28,495 | +17.1% |
| Income taxes | 67/77 | €44,889 | €47,328 | +€2,439 | +5.4% |
| Profit (loss) for the period | 9904 | €121,281 | €147,337 | +€26,056 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €121,281 | €147,337 | +€26,056 | +21.5% |
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 30 October 2026 via checked.be.