VDR EMLO: 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.
VDR EMLO
Largest movements
- Current investments +€68,192
up €68,192 (+32.4%), from €210,537 to €278,729
- Tangible fixed assets -€17,768
down €17,768 (-7.3%), from €242,037 to €224,269
of which Furniture and vehicles: -€12,878
- Cash +€6,349
up €6,349 (+29.3%), from €21,660 to €28,009
mainly Net result for the year (+€76,592) and Depreciation (+€19,583)
- Reserves +€76,592
up €76,592 (+19.3%), from €396,575 to €473,167
- Debts after one year -€20,841
down €20,841 (-51.9%), from €40,160 to €19,319
- Gross operating margin +€3,449
up €3,449 (+2.9%), from €120,976 to €124,425
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 | €476,753 | €532,966 | +€56,213 | +11.8% |
| Fixed assets | 21/28 | €242,037 | €224,269 | -€17,768 | -7.3% |
| Tangible fixed assets | 22/27 | €242,037 | €224,269 | -€17,768 | -7.3% |
| Land and buildings | 22 | €199,416 | €194,026 | -€5,390 | -2.7% |
| Plant, machinery and equipment | 23 | €2,293 | €2,793 | +€500 | +21.8% |
| Furniture and vehicles | 24 | €40,328 | €27,450 | -€12,878 | -31.9% |
| Current assets | 29/58 | €234,716 | €308,697 | +€73,981 | +31.5% |
| Amounts receivable within one year | 40/41 | €35 | €0 | -€35 | -100% |
| Other amounts receivable | 41 | €35 | €0 | -€35 | -100% |
| Current investments | 50/53 | €210,537 | €278,729 | +€68,192 | +32.4% |
| Cash at bank and in hand | 54/58 | €21,660 | €28,009 | +€6,349 | +29.3% |
| Deferred charges and accrued income | 490/1 | €2,484 | €1,958 | -€526 | -21.2% |
| Total equity and liabilities | 10/49 | €476,753 | €532,966 | +€56,213 | +11.8% |
| Equity | 10/15 | €408,975 | €485,567 | +€76,592 | +18.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €396,575 | €473,167 | +€76,592 | +19.3% |
| Distributable reserves | 133 | €396,575 | €473,167 | +€76,592 | +19.3% |
| Amounts payable | 17/49 | €67,778 | €47,399 | -€20,379 | -30.1% |
| Amounts payable after more than one year | 17 | €40,160 | €19,319 | -€20,841 | -51.9% |
| Financial debts | 170/4 | €40,160 | €19,319 | -€20,841 | -51.9% |
| Amounts payable within one year | 42/48 | €25,319 | €26,588 | +€1,269 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €20,600 | €20,841 | +€241 | +1.2% |
| Trade debts | 44 | €143 | €102 | -€41 | -28.5% |
| Suppliers | 440/4 | €143 | €102 | -€41 | -28.5% |
| Taxes, remuneration and social security | 45 | €4,576 | €5,644 | +€1,069 | +23.4% |
| Taxes | 450/3 | €4,576 | €5,644 | +€1,069 | +23.4% |
| Accrued charges and deferred income | 492/3 | €2,299 | €1,492 | -€807 | -35.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,016 | €19,583 | +€566 | +3.0% |
| Other operating charges | 640/8 | €1,578 | €1,561 | -€17 | -1.1% |
| Gross operating margin | 9900 | €120,976 | €124,425 | +€3,449 | +2.9% |
| Operating profit (loss) | 9901 | €100,382 | €103,281 | +€2,899 | +2.9% |
| Financial income | 75/76B | €4,982 | €4,547 | -€435 | -8.7% |
| Recurring financial income | 75 | €4,982 | €4,547 | -€435 | -8.7% |
| Financial charges | 65/66B | €1,430 | €1,243 | -€188 | -13.1% |
| Recurring financial charges | 65 | €1,430 | €1,243 | -€188 | -13.1% |
| Profit (loss) for the period before taxes | 9903 | €103,934 | €106,586 | +€2,652 | +2.6% |
| Income taxes | 67/77 | €29,069 | €29,994 | +€925 | +3.2% |
| Profit (loss) for the period | 9904 | €74,865 | €76,592 | +€1,727 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,865 | €76,592 | +€1,727 | +2.3% |
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 19 October 2026 via checked.be.