VDP MGMT: 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 MGMT
Largest movements
- Current investments +€43,856
up €43,856 (+61.7%), from €71,032 to €114,888
- Cash +€35,682
up €35,682 (+225%), from €15,835 to €51,517
mainly Net result for the year (+€71,907) and Depreciation (+€18,425)
- Tangible fixed assets -€18,425
down €18,425 (-59.7%), from €30,883 to €12,458
- Receivables within one year +€9,060
up €9,060 (+46.2%), from €19,601 to €28,661
of which Trade receivables: +€7,694
- Profit (loss) carried forward +€71,907
up €71,907 (+77.6%), from €92,689 to €164,596
- Gross operating margin -€47,084
down €47,084 (-30.5%), from €154,304 to €107,220
- Depreciation -€13,628
down €13,628 (-42.5%), from €32,054 to €18,425
- Taxes -€7,702
down €7,702 (-29.5%), from €26,085 to €18,384
- Financial charges -€4,081
down €4,081 (-95.1%), from €4,293 to €212
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 | €138,712 | €207,860 | +€69,148 | +49.9% |
| Fixed assets | 21/28 | €30,883 | €12,458 | -€18,425 | -59.7% |
| Tangible fixed assets | 22/27 | €30,883 | €12,458 | -€18,425 | -59.7% |
| Furniture and vehicles | 24 | €30,883 | €12,458 | -€18,425 | -59.7% |
| Current assets | 29/58 | €107,829 | €195,403 | +€87,574 | +81.2% |
| Amounts receivable within one year | 40/41 | €19,601 | €28,661 | +€9,060 | +46.2% |
| Trade receivables | 40 | €11,314 | €19,008 | +€7,694 | +68.0% |
| Other amounts receivable | 41 | €8,287 | €9,653 | +€1,366 | +16.5% |
| Current investments | 50/53 | €71,032 | €114,888 | +€43,856 | +61.7% |
| Cash at bank and in hand | 54/58 | €15,835 | €51,517 | +€35,682 | +225% |
| Deferred charges and accrued income | 490/1 | €1,362 | €336 | -€1,025 | -75.3% |
| Total equity and liabilities | 10/49 | €138,712 | €207,860 | +€69,148 | +49.9% |
| Equity | 10/15 | €107,689 | €179,596 | +€71,907 | +66.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,689 | €164,596 | +€71,907 | +77.6% |
| Amounts payable | 17/49 | €31,023 | €28,264 | -€2,759 | -8.9% |
| Amounts payable within one year | 42/48 | €31,023 | €28,264 | -€2,759 | -8.9% |
| Trade debts | 44 | €3,962 | €2,954 | -€1,008 | -25.4% |
| Suppliers | 440/4 | €3,962 | €2,954 | -€1,008 | -25.4% |
| Taxes, remuneration and social security | 45 | €27,061 | €25,310 | -€1,751 | -6.5% |
| Taxes | 450/3 | €27,061 | €25,310 | -€1,751 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,054 | €18,425 | -€13,628 | -42.5% |
| Other operating charges | 640/8 | €1,291 | €407 | -€884 | -68.5% |
| Gross operating margin | 9900 | €154,304 | €107,220 | -€47,084 | -30.5% |
| Operating profit (loss) | 9901 | €120,959 | €88,388 | -€32,571 | -26.9% |
| Financial income | 75/76B | €2,108 | €2,115 | +€6 | +0.3% |
| Recurring financial income | 75 | €2,108 | €2,115 | +€6 | +0.3% |
| Financial charges | 65/66B | €4,293 | €212 | -€4,081 | -95.1% |
| Recurring financial charges | 65 | €4,293 | €212 | -€4,081 | -95.1% |
| Profit (loss) for the period before taxes | 9903 | €118,774 | €90,290 | -€28,484 | -24.0% |
| Income taxes | 67/77 | €26,085 | €18,384 | -€7,702 | -29.5% |
| Profit (loss) for the period | 9904 | €92,689 | €71,907 | -€20,782 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,689 | €71,907 | -€20,782 | -22.4% |
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.