VDP GROUP: 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 GROUP
Largest movements
- Cash -€24,877
down €24,877 (-94.3%), from €26,373 to €1,496
mainly Net result for the year (-€57,521) and Debts after one year (-€22,667)
- Tangible fixed assets -€22,286
down €22,286 (-3.3%), from €668,474 to €646,188
of which Land and buildings: -€22,286
- Stocks and contracts -€22,056
down €22,056 (-65.5%), from €33,678 to €11,622
- Profit (loss) carried forward -€57,521
down €57,521 (-27.0%), from -€213,124 to -€270,645
- Debts after one year -€22,667
down €22,667 (-15.7%), from €144,055 to €121,389
- Short-term financial debts +€19,638
up €19,638 (+598%), from €3,286 to €22,925
- Gross operating margin -€11,197
down €11,197 (-282%), from -€3,977 to -€15,174
- Provisions +€10,000
up €10,000, from -€10,000 to €0
- Financial charges -€7,464
down €7,464 (-36.6%), from €20,391 to €12,927
- Depreciation -€2,417
down €2,417 (-9.8%), from €24,702 to €22,286
- Other operating charges -€331
down €331 (-4.5%), from €7,358 to €7,027
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 | €741,175 | €672,016 | -€69,159 | -9.3% |
| Fixed assets | 21/28 | €668,474 | €646,188 | -€22,286 | -3.3% |
| Tangible fixed assets | 22/27 | €668,474 | €646,188 | -€22,286 | -3.3% |
| Land and buildings | 22 | €668,474 | €646,188 | -€22,286 | -3.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €72,701 | €25,828 | -€46,873 | -64.5% |
| Stocks and contracts in progress | 3 | €33,678 | €11,622 | -€22,056 | -65.5% |
| Stocks | 30/36 | €33,678 | €11,622 | -€22,056 | -65.5% |
| Amounts receivable within one year | 40/41 | €9,064 | €10,436 | +€1,373 | +15.1% |
| Trade receivables | 40 | €4,517 | €5,834 | +€1,316 | +29.1% |
| Other amounts receivable | 41 | €4,546 | €4,603 | +€57 | +1.2% |
| Current investments | 50/53 | €49 | €49 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,373 | €1,496 | -€24,877 | -94.3% |
| Deferred charges and accrued income | 490/1 | €3,537 | €2,224 | -€1,312 | -37.1% |
| Total equity and liabilities | 10/49 | €741,175 | €672,016 | -€69,159 | -9.3% |
| Equity | 10/15 | €528,353 | €470,831 | -€57,521 | -10.9% |
| Contributions | 10/11 | €467,826 | €467,826 | = | 0.0% |
| Reserves | 13 | €273,651 | €273,651 | = | 0.0% |
| Distributable reserves | 133 | €273,651 | €273,651 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€213,124 | -€270,645 | -€57,521 | -27.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €212,822 | €201,184 | -€11,637 | -5.5% |
| Amounts payable after more than one year | 17 | €144,055 | €121,389 | -€22,667 | -15.7% |
| Financial debts | 170/4 | €144,055 | €121,389 | -€22,667 | -15.7% |
| Amounts payable within one year | 42/48 | €64,863 | €77,163 | +€12,300 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €22,667 | €22,667 | = | 0.0% |
| Financial debts | 43 | €3,286 | €22,925 | +€19,638 | +598% |
| Credit institutions | 430/8 | €3,286 | €22,925 | +€19,638 | +598% |
| Trade debts | 44 | €3,611 | €1,027 | -€2,584 | -71.6% |
| Suppliers | 440/4 | €3,611 | €1,027 | -€2,584 | -71.6% |
| Taxes, remuneration and social security | 45 | €1,907 | €1,655 | -€252 | -13.2% |
| Taxes | 450/3 | €1,137 | €885 | -€252 | -22.2% |
| Remuneration and social security | 454/9 | €770 | €770 | = | 0.0% |
| Other amounts payable | 47/48 | €33,392 | €28,890 | -€4,502 | -13.5% |
| Accrued charges and deferred income | 492/3 | €3,903 | €2,633 | -€1,271 | -32.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,702 | €22,286 | -€2,417 | -9.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,000 | €0 | +€10,000 | |
| Other operating charges | 640/8 | €7,358 | €7,027 | -€331 | -4.5% |
| Gross operating margin | 9900 | -€3,977 | -€15,174 | -€11,197 | -282% |
| Operating profit (loss) | 9901 | -€26,037 | -€44,486 | -€18,449 | -70.9% |
| Financial charges | 65/66B | €20,391 | €12,927 | -€7,464 | -36.6% |
| Recurring financial charges | 65 | €20,391 | €12,927 | -€7,464 | -36.6% |
| Profit (loss) for the period before taxes | 9903 | -€46,428 | -€57,413 | -€10,985 | -23.7% |
| Income taxes | 67/77 | €262 | €108 | -€154 | -58.7% |
| Profit (loss) for the period | 9904 | -€46,690 | -€57,521 | -€10,832 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,690 | -€57,521 | -€10,832 | -23.2% |
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 15 October 2026 via checked.be.