VDR TECHNICAL: 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 TECHNICAL
Largest movements
- Cash -€46,337
down €46,337 (-67.7%), from €68,479 to €22,142
mainly Trade debts (-€128,497) and Investment in fixed assets (net) (-€22,754)
- Receivables within one year -€31,283
down €31,283 (-7.5%), from €415,703 to €384,420
of which Trade receivables: -€30,643
- Tangible fixed assets +€14,250
up €14,250 (+81.8%), from €17,430 to €31,680
of which Plant, machinery and equipment: +€10,582
- Trade debts -€128,497
down €128,497 (-38.8%), from €331,487 to €202,990
- Current portion of long-term debt +€51,187
up €51,187 (+368.9%), from €13,875 to €65,061
- Tax, wage and social debts +€25,477
up €25,477 (+19.0%), from €134,119 to €159,596
of which Taxes: +€28,577
- Other debts -€11,794
down €11,794 (-86.0%), from €13,720 to €1,926
- Gross operating margin +€138,983
up €138,983 (+19.6%), from €707,336 to €846,319
- Staff costs +€116,646
up €116,646 (+16.9%), from €691,906 to €808,553
- Taxes +€23,114
up €23,114 (+641.6%), from €3,603 to €26,717
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 | €519,322 | €455,721 | -€63,601 | -12.2% |
| Fixed assets | 21/28 | €17,565 | €31,815 | +€14,250 | +81.1% |
| Tangible fixed assets | 22/27 | €17,430 | €31,680 | +€14,250 | +81.8% |
| Plant, machinery and equipment | 23 | - | €10,582 | +€10,582 | |
| Furniture and vehicles | 24 | €17,430 | €12,327 | -€5,103 | -29.3% |
| Assets under construction and advance payments | 27 | - | €8,771 | +€8,771 | |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €501,757 | €423,907 | -€77,850 | -15.5% |
| Stocks and contracts in progress | 3 | €17,575 | €17,344 | -€231 | -1.3% |
| Stocks | 30/36 | €17,575 | €17,344 | -€231 | -1.3% |
| Amounts receivable within one year | 40/41 | €415,703 | €384,420 | -€31,283 | -7.5% |
| Trade receivables | 40 | €412,003 | €381,360 | -€30,643 | -7.4% |
| Other amounts receivable | 41 | €3,700 | €3,060 | -€640 | -17.3% |
| Cash at bank and in hand | 54/58 | €68,479 | €22,142 | -€46,337 | -67.7% |
| Total equity and liabilities | 10/49 | €519,322 | €455,721 | -€63,601 | -12.2% |
| Equity | 10/15 | €25,376 | €26,148 | +€772 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,776 | €7,548 | +€772 | +11.4% |
| Amounts payable | 17/49 | €493,946 | €429,574 | -€64,373 | -13.0% |
| Amounts payable within one year | 42/48 | €493,201 | €429,574 | -€63,627 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €13,875 | €65,061 | +€51,187 | +368.9% |
| Trade debts | 44 | €331,487 | €202,990 | -€128,497 | -38.8% |
| Suppliers | 440/4 | €331,487 | €202,990 | -€128,497 | -38.8% |
| Taxes, remuneration and social security | 45 | €134,119 | €159,596 | +€25,477 | +19.0% |
| Taxes | 450/3 | €45,103 | €73,679 | +€28,577 | +63.4% |
| Remuneration and social security | 454/9 | €89,016 | €85,917 | -€3,099 | -3.5% |
| Other amounts payable | 47/48 | €13,720 | €1,926 | -€11,794 | -86.0% |
| Accrued charges and deferred income | 492/3 | €746 | - | -€746 | |
| Remuneration, social security and pensions | 62 | €691,906 | €808,553 | +€116,646 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,353 | €8,505 | +€3,151 | +58.9% |
| Other operating charges | 640/8 | €803 | €1,220 | +€416 | +51.8% |
| Gross operating margin | 9900 | €707,336 | €846,319 | +€138,983 | +19.6% |
| Operating profit (loss) | 9901 | €9,273 | €28,042 | +€18,769 | +202.4% |
| Financial income | 75/76B | €10 | €973 | +€963 | +9547.0% |
| Recurring financial income | 75 | €10 | €973 | +€963 | +9547.0% |
| Financial charges | 65/66B | €2,015 | €1,527 | -€488 | -24.2% |
| Recurring financial charges | 65 | €2,015 | €1,527 | -€488 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €7,268 | €27,488 | +€20,221 | +278.2% |
| Income taxes | 67/77 | €3,603 | €26,717 | +€23,114 | +641.6% |
| Profit (loss) for the period | 9904 | €3,665 | €772 | -€2,893 | -78.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,665 | €772 | -€2,893 | -78.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.