VDPhotography: 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.
VDPhotography
Largest movements
- Receivables within one year -€24,742
down €24,742 (-75.3%), from €32,865 to €8,123
of which Other amounts receivable: -€20,489
- Cash -€2,007
down €2,007 (-90.0%), from €2,229 to €222
mainly Net result for the year (-€16,937) and Current portion of long-term debt (-€9,635)
- Tangible fixed assets -€1,911
down €1,911 (-36.0%), from €5,305 to €3,394
of which Plant, machinery and equipment: -€1,927
- Deferred charges and accrued income -€1,487
down €1,487 (-17.3%), from €8,599 to €7,112
- Profit (loss) carried forward -€16,938
down €16,938, from €68 to -€16,870
- Current portion of long-term debt -€9,635
no longer reported in 2025 (was €9,635)
- Trade debts -€4,106
down €4,106 (-47.1%), from €8,726 to €4,620
- Gross operating margin -€19,205
down €19,205, from €6,270 to -€12,935
- Depreciation -€1,280
down €1,280 (-31.4%), from €4,073 to €2,793
- Taxes -€447
down €447 (-58.4%), from €766 to €319
- Financial charges +€355
up €355 (+63.2%), from €562 to €917
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 | €48,998 | €18,851 | -€30,147 | -61.5% |
| Fixed assets | 21/28 | €5,305 | €3,394 | -€1,911 | -36.0% |
| Tangible fixed assets | 22/27 | €5,305 | €3,394 | -€1,911 | -36.0% |
| Plant, machinery and equipment | 23 | €1,927 | - | -€1,927 | |
| Furniture and vehicles | 24 | €858 | €1,162 | +€304 | +35.4% |
| Other tangible fixed assets | 26 | €2,520 | €2,232 | -€288 | -11.4% |
| Current assets | 29/58 | €43,693 | €15,457 | -€28,236 | -64.6% |
| Amounts receivable within one year | 40/41 | €32,865 | €8,123 | -€24,742 | -75.3% |
| Trade receivables | 40 | €5,876 | €1,623 | -€4,253 | -72.4% |
| Other amounts receivable | 41 | €26,989 | €6,500 | -€20,489 | -75.9% |
| Cash at bank and in hand | 54/58 | €2,229 | €222 | -€2,007 | -90.0% |
| Deferred charges and accrued income | 490/1 | €8,599 | €7,112 | -€1,487 | -17.3% |
| Total equity and liabilities | 10/49 | €48,998 | €18,851 | -€30,147 | -61.5% |
| Equity | 10/15 | €29,818 | €12,880 | -€16,938 | -56.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €27,250 | €27,250 | = | 0.0% |
| Distributable reserves | 133 | €27,250 | €27,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68 | -€16,870 | -€16,938 | |
| Amounts payable | 17/49 | €19,180 | €5,971 | -€13,209 | -68.9% |
| Amounts payable within one year | 42/48 | €19,143 | €5,759 | -€13,384 | -69.9% |
| Current portion of amounts payable after more than one year | 42 | €9,635 | - | -€9,635 | |
| Trade debts | 44 | €8,726 | €4,620 | -€4,106 | -47.1% |
| Suppliers | 440/4 | €8,726 | €4,620 | -€4,106 | -47.1% |
| Taxes, remuneration and social security | 45 | €782 | €1,139 | +€357 | +45.7% |
| Taxes | 450/3 | €782 | €1,139 | +€357 | +45.7% |
| Accrued charges and deferred income | 492/3 | €37 | €212 | +€175 | +473% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,073 | €2,793 | -€1,280 | -31.4% |
| Other operating charges | 640/8 | €195 | €73 | -€122 | -62.6% |
| Gross operating margin | 9900 | €6,270 | -€12,935 | -€19,205 | |
| Operating profit (loss) | 9901 | €2,002 | -€15,801 | -€17,803 | |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €562 | €917 | +€355 | +63.2% |
| Recurring financial charges | 65 | €562 | €917 | +€355 | +63.2% |
| Profit (loss) for the period before taxes | 9903 | €1,440 | -€16,618 | -€18,058 | |
| Income taxes | 67/77 | €766 | €319 | -€447 | -58.4% |
| Profit (loss) for the period | 9904 | €674 | -€16,937 | -€17,611 | |
| Profit (loss) for the period to be appropriated | 9905 | €674 | -€16,937 | -€17,611 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.