VDR: what changed
Two fiscal 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.
VDR
Largest movements
- Receivables within one year -€31,398
down €31,398 (-52.7%), from €59,577 to €28,180
of which Trade receivables: -€31,040
- Tangible fixed assets -€12,427
down €12,427 (-2.5%), from €490,959 to €478,532
- Cash -€6,567
down €6,567 (-17.1%), from €38,362 to €31,796
mainly Advances received (-€37,559) and Debts after one year (-€30,414)
- Advances received -€37,559
down €37,559 (-52.4%), from €71,656 to €34,097
- Debts after one year -€30,414
down €30,414 (-10.1%), from €299,662 to €269,247
- Profit (loss) carried forward +€26,674
up €26,674 (+32.1%), from €83,136 to €109,810
- Tax, wage and social debts -€9,223
down €9,223 (-44.1%), from €20,907 to €11,684
- Gross operating margin -€41,920
down €41,920 (-42.3%), from €99,213 to €57,292
- Taxes -€10,785
down €10,785 (-51.9%), from €20,776 to €9,991
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.
Cash bridge derived
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 | €588,898 | €538,507 | -€50,391 | -8.6% |
| Fixed assets | 21/28 | €490,959 | €478,532 | -€12,427 | -2.5% |
| Tangible fixed assets | 22/27 | €490,959 | €478,532 | -€12,427 | -2.5% |
| Land and buildings | 22 | €490,959 | €478,532 | -€12,427 | -2.5% |
| Current assets | 29/58 | €97,940 | €59,975 | -€37,964 | -38.8% |
| Amounts receivable within one year | 40/41 | €59,577 | €28,180 | -€31,398 | -52.7% |
| Trade receivables | 40 | €59,220 | €28,180 | -€31,040 | -52.4% |
| Other amounts receivable | 41 | €357 | - | -€357 | |
| Cash at bank and in hand | 54/58 | €38,362 | €31,796 | -€6,567 | -17.1% |
| Total equity and liabilities | 10/49 | €588,898 | €538,507 | -€50,391 | -8.6% |
| Equity | 10/15 | €163,136 | €189,810 | +€26,674 | +16.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,136 | €109,810 | +€26,674 | +32.1% |
| Amounts payable | 17/49 | €425,762 | €348,697 | -€77,065 | -18.1% |
| Amounts payable after more than one year | 17 | €299,662 | €269,247 | -€30,414 | -10.1% |
| Financial debts | 170/4 | €299,662 | €269,247 | -€30,414 | -10.1% |
| Amounts payable within one year | 42/48 | €126,101 | €79,450 | -€46,651 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €29,702 | €30,414 | +€712 | +2.4% |
| Trade debts | 44 | €2,034 | €1,454 | -€580 | -28.5% |
| Suppliers | 440/4 | €2,034 | €1,454 | -€580 | -28.5% |
| Advances received on contracts in progress | 46 | €71,656 | €34,097 | -€37,559 | -52.4% |
| Taxes, remuneration and social security | 45 | €20,907 | €11,684 | -€9,223 | -44.1% |
| Taxes | 450/3 | €20,907 | €11,684 | -€9,223 | -44.1% |
| Other amounts payable | 47/48 | €1,800 | €1,800 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,427 | €12,427 | = | 0.0% |
| Other operating charges | 640/8 | €944 | €799 | -€145 | -15.3% |
| Gross operating margin | 9900 | €99,213 | €57,292 | -€41,920 | -42.3% |
| Operating profit (loss) | 9901 | €85,842 | €44,066 | -€41,776 | -48.7% |
| Financial charges | 65/66B | €7,992 | €7,401 | -€591 | -7.4% |
| Recurring financial charges | 65 | €7,992 | €7,401 | -€591 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €77,850 | €36,665 | -€41,185 | -52.9% |
| Income taxes | 67/77 | €20,776 | €9,991 | -€10,785 | -51.9% |
| Profit (loss) for the period | 9904 | €57,074 | €26,674 | -€30,400 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €57,074 | €26,674 | -€30,400 | -53.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.