VDP Masters: what changed
VDP Masters
Largest movements
- Cash +€59,916
up €59,916 (+83.5%), from €71,731 to €131,647
mainly Net result for the year (+€58,416) and Current investments (+€31,325)
- Current investments -€31,325
down €31,325 (-7.1%), from €439,428 to €408,103
- Receivables within one year -€16,386
no longer reported in 2025 (was €16,386)
of which Trade receivables: -€11,757
- Reserves +€58,415
up €58,415 (+17.4%), from €335,956 to €394,371
of which Distributable reserves: +€58,415
- Other debts -€50,496
down €50,496 (-28.6%), from €176,759 to €126,263
- Gross operating margin +€24,553
up €24,553 (+49.8%), from €49,263 to €73,816
- Taxes +€11,476
up €11,476 (+67.4%), from €17,033 to €28,509
- Financial income +€11,121
up €11,121 (+198%), from €5,603 to €16,724
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €532,394 | €543,426 | +€11,032 | +2.1% |
| Fixed assets | 21/28 | €4,679 | €3,506 | -€1,173 | -25.1% |
| Tangible fixed assets | 22/27 | €4,679 | €3,506 | -€1,173 | -25.1% |
| Furniture and vehicles | 24 | €2,342 | €1,712 | -€630 | -26.9% |
| Other tangible fixed assets | 26 | €2,337 | €1,794 | -€543 | -23.2% |
| Current assets | 29/58 | €527,715 | €539,920 | +€12,205 | +2.3% |
| Amounts receivable within one year | 40/41 | €16,386 | - | -€16,386 | |
| Trade receivables | 40 | €11,757 | - | -€11,757 | |
| Other amounts receivable | 41 | €4,629 | - | -€4,629 | |
| Current investments | 50/53 | €439,428 | €408,103 | -€31,325 | -7.1% |
| Cash at bank and in hand | 54/58 | €71,731 | €131,647 | +€59,916 | +83.5% |
| Deferred charges and accrued income | 490/1 | €170 | €170 | = | 0.0% |
| Total equity and liabilities | 10/49 | €532,394 | €543,426 | +€11,032 | +2.1% |
| Equity | 10/15 | €342,156 | €400,571 | +€58,415 | +17.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €335,956 | €394,371 | +€58,415 | +17.4% |
| Non-distributable reserves | 130/1 | €8,985 | €8,985 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,985 | €8,985 | = | 0.0% |
| Distributable reserves | 133 | €326,971 | €385,386 | +€58,415 | +17.9% |
| Amounts payable | 17/49 | €190,238 | €142,855 | -€47,383 | -24.9% |
| Amounts payable within one year | 42/48 | €190,238 | €142,855 | -€47,383 | -24.9% |
| Trade debts | 44 | €2,914 | €1,576 | -€1,338 | -45.9% |
| Suppliers | 440/4 | €2,914 | €1,576 | -€1,338 | -45.9% |
| Taxes, remuneration and social security | 45 | €10,565 | €15,016 | +€4,451 | +42.1% |
| Taxes | 450/3 | €8,615 | €13,066 | +€4,451 | +51.7% |
| Remuneration and social security | 454/9 | €1,950 | €1,950 | = | 0.0% |
| Other amounts payable | 47/48 | €176,759 | €126,263 | -€50,496 | -28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,009 | €1,173 | +€164 | +16.3% |
| Other operating charges | 640/8 | €1,393 | €1,310 | -€83 | -6.0% |
| Gross operating margin | 9900 | €49,263 | €73,816 | +€24,553 | +49.8% |
| Operating profit (loss) | 9901 | €46,861 | €71,333 | +€24,472 | +52.2% |
| Financial income | 75/76B | €5,603 | €16,724 | +€11,121 | +198% |
| Recurring financial income | 75 | €5,603 | €16,724 | +€11,121 | +198% |
| Financial charges | 65/66B | €889 | €1,132 | +€243 | +27.3% |
| Recurring financial charges | 65 | €889 | €962 | +€73 | +8.2% |
| Non-recurring financial charges | 66B | - | €170 | +€170 | |
| Profit (loss) for the period before taxes | 9903 | €51,575 | €86,925 | +€35,350 | +68.5% |
| Income taxes | 67/77 | €17,033 | €28,509 | +€11,476 | +67.4% |
| Profit (loss) for the period | 9904 | €34,542 | €58,416 | +€23,874 | +69.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,542 | €58,416 | +€23,874 | +69.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.