VDS: 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.
What changed
VDS
NACE 46.216, Wholesale of agricultural produce and animal feed, general range
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.4m
2024 · €1.3m+€59,412
Equity
€11.4m
2024 · €10.5m+€911,796
Cash
€1.1m
2024 · €1.4m-€251,587
Balance sheet total
€16.4m
2024 · €15.6m+€789,871
Largest movements
Assets
- Current investments +€1.6m
up €1.6m (+84.0%), from €1.9m to €3.5m
- Stocks and contracts -€535,603
down €535,603 (-18.8%), from €2.8m to €2.3m
- Cash -€251,587
down €251,587 (-18.6%), from €1.4m to €1.1m
mainly Current investments (-€1.6m) and Contributions, distributions and other (-€450,000)
- Receivables within one year +€190,455
up €190,455 (+3.5%), from €5.4m to €5.6m
of which Trade receivables: +€333,241
- Tangible fixed assets -€188,305
down €188,305 (-5.0%), from €3.8m to €3.6m
of which Land and buildings: -€252,153
Equity and liabilities
- Reserves +€885,834
up €885,834 (+8.5%), from €10.4m to €11.3m
of which Distributable reserves: +€1.1m
- Debts after one year -€245,833
down €245,833 (-29.6%), from €830,208 to €584,375
Income statement
- Turnover +€2.8m
up €2.8m (+9.8%), from €28.3m to €31.1m
- Goods and materials +€2.6m
up €2.6m (+11.3%), from €22.6m to €25.2m
of which Purchases: +€1.6m
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.
Result 2024
€1.3m
Turnover
+€2.8m
Other operating income
+€19,766
Goods and materials
-€2.6m
Services and other goods
+€141,369
Staff costs
-€45,103
Depreciation
-€52,005
Write-downs
-€50,950
Other operating charges
+€2,085
Other operating items
-€114,550
Financial income
-€11,343
Financial charges
-€3,772
Taxes
-€36,623
Deferred taxes and other
-€153
Result 2025
€1.4m
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.
From operations
+€2.3m
Investment
-€1.9m
Financing
-€716,667
Cash 2024
€1.4m
From operations (derived)
+€2.3m
Net result for the year
+€1.4m
Depreciation
+€452,769
Stocks and contracts
+€535,603
Receivables within one year
-€190,455
Deferred charges and accrued income
+€19,330
Smaller working-capital items
+€2,462
Trade debts
+€152,193
Accrued charges and deferred income
-€9,914
Investment (derived)
-€1.9m
Investment in fixed assets (net)
-€256,785
Current investments
-€1.6m
Financing
-€716,667
Debts after one year
-€245,833
Current portion of long-term debt
-€20,833
Contributions, distributions and other
-€450,000
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,608,091 | €16,397,962 | +€789,871 | +5.1% |
| Fixed assets | 21/28 | €4,004,865 | €3,808,881 | -€195,984 | -4.9% |
| Intangible fixed assets | 21 | €29,728 | €22,104 | -€7,625 | -25.6% |
| Tangible fixed assets | 22/27 | €3,759,539 | €3,571,234 | -€188,305 | -5.0% |
| Land and buildings | 22 | €2,795,502 | €2,543,349 | -€252,153 | -9.0% |
| Plant, machinery and equipment | 23 | €907,451 | €842,010 | -€65,441 | -7.2% |
| Furniture and vehicles | 24 | €56,586 | €185,875 | +€129,288 | +228.5% |
| Financial fixed assets | 28 | €215,598 | €215,543 | -€55 | 0.0% |
| Affiliated companies | 280/1 | €63,000 | €63,000 | = | 0.0% |
| Participating interests | 280 | €63,000 | €63,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €152,543 | €152,543 | = | 0.0% |
| Participating interests | 282 | €152,543 | €152,543 | = | 0.0% |
| Other financial fixed assets | 284/8 | €55 | €0 | -€55 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €55 | €0 | -€55 | -100.0% |
| Current assets | 29/58 | €11,603,226 | €12,589,082 | +€985,855 | +8.5% |
| Stocks and contracts in progress | 3 | €2,843,017 | €2,307,415 | -€535,603 | -18.8% |
| Stocks | 30/36 | €2,843,017 | €2,307,415 | -€535,603 | -18.8% |
| Raw materials and consumables | 30/31 | €2,530,173 | €1,988,814 | -€541,358 | -21.4% |
| Finished goods | 33 | €312,845 | €264,349 | -€48,496 | -15.5% |
| Goods purchased for resale | 34 | - | €54,251 | +€54,251 | |
| Amounts receivable within one year | 40/41 | €5,426,591 | €5,617,046 | +€190,455 | +3.5% |
| Trade receivables | 40 | €5,125,425 | €5,458,666 | +€333,241 | +6.5% |
| Other amounts receivable | 41 | €301,167 | €158,381 | -€142,786 | -47.4% |
| Current investments | 50/53 | €1,906,339 | €3,508,258 | +€1.6m | +84.0% |
| Other investments | 51/53 | €1,906,339 | €3,508,258 | +€1.6m | +84.0% |
| Cash at bank and in hand | 54/58 | €1,351,955 | €1,100,369 | -€251,587 | -18.6% |
| Deferred charges and accrued income | 490/1 | €75,323 | €55,993 | -€19,330 | -25.7% |
| Total equity and liabilities | 10/49 | €15,608,091 | €16,397,962 | +€789,871 | +5.1% |
| Equity | 10/15 | €10,450,439 | €11,362,235 | +€911,796 | +8.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €10,379,836 | €11,265,670 | +€885,834 | +8.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €223,636 | €9,470 | -€214,166 | -95.8% |
| Distributable reserves | 133 | €10,150,000 | €11,250,000 | +€1.1m | +10.8% |
| Profit (loss) carried forward | 14 | €8,603 | €34,565 | +€25,962 | +301.8% |
| Provisions and deferred taxes | 16 | €2,597 | €1,375 | -€1,222 | -47.1% |
| Deferred taxes | 168 | €2,597 | €1,375 | -€1,222 | -47.1% |
| Amounts payable | 17/49 | €5,155,055 | €5,034,352 | -€120,703 | -2.3% |
| Amounts payable after more than one year | 17 | €830,208 | €584,375 | -€245,833 | -29.6% |
| Financial debts | 170/4 | €830,208 | €584,375 | -€245,833 | -29.6% |
| Credit institutions | 173 | €830,208 | €584,375 | -€245,833 | -29.6% |
| Amounts payable within one year | 42/48 | €4,314,498 | €4,449,542 | +€135,044 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €266,667 | €245,833 | -€20,833 | -7.8% |
| Trade debts | 44 | €3,342,120 | €3,494,313 | +€152,193 | +4.6% |
| Suppliers | 440/4 | €3,342,120 | €3,494,313 | +€152,193 | +4.6% |
| Taxes, remuneration and social security | 45 | €255,711 | €259,395 | +€3,684 | +1.4% |
| Taxes | 450/3 | €64,375 | €50,069 | -€14,306 | -22.2% |
| Remuneration and social security | 454/9 | €191,336 | €209,326 | +€17,990 | +9.4% |
| Other amounts payable | 47/48 | €450,000 | €450,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,349 | €436 | -€9,914 | -95.8% |
| Operating income | 70/76A | €29,039,043 | €31,241,789 | +€2.2m | +7.6% |
| Turnover | 70 | €28,327,876 | €31,102,367 | +€2.8m | +9.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €150,100 | -€48,496 | -€198,596 | |
| Other operating income | 74 | €166,342 | €186,108 | +€19,766 | +11.9% |
| Non-recurring operating income | 76A | €394,725 | €1,810 | -€392,915 | -99.5% |
| Operating charges | 60/66A | €27,428,178 | €29,519,621 | +€2.1m | +7.6% |
| Goods for resale, raw materials and consumables | 60 | €22,620,599 | €25,184,398 | +€2.6m | +11.3% |
| Purchases | 600/8 | €23,092,041 | €24,697,292 | +€1.6m | +7.0% |
| Change in stocks: decrease (increase) | 609 | -€471,442 | €487,107 | +€958,548 | |
| Services and other goods | 61 | €2,028,057 | €1,886,688 | -€141,369 | -7.0% |
| Remuneration, social security and pensions | 62 | €1,859,069 | €1,904,171 | +€45,103 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400,764 | €452,769 | +€52,005 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €50,950 | +€50,950 | |
| Other operating charges | 640/8 | €42,277 | €40,191 | -€2,085 | -4.9% |
| Non-recurring operating charges | 66A | €477,413 | €453 | -€476,960 | -99.9% |
| Operating profit (loss) | 9901 | €1,610,865 | €1,722,168 | +€111,304 | +6.9% |
| Financial income | 75/76B | €129,943 | €118,600 | -€11,343 | -8.7% |
| Recurring financial income | 75 | €129,943 | €118,600 | -€11,343 | -8.7% |
| Income from financial fixed assets | 750 | €50,000 | €50,000 | = | 0.0% |
| Income from current assets | 751 | €72,802 | €58,872 | -€13,930 | -19.1% |
| Other financial income | 752/9 | €7,141 | €9,728 | +€2,587 | +36.2% |
| Financial charges | 65/66B | €47,115 | €50,887 | +€3,772 | +8.0% |
| Recurring financial charges | 65 | €47,115 | €50,887 | +€3,772 | +8.0% |
| Debt charges | 650 | €28,177 | €22,001 | -€6,176 | -21.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€1,878 | -€1,920 | -€42 | -2.2% |
| Other financial charges | 652/9 | €20,816 | €30,805 | +€9,989 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | €1,693,693 | €1,789,881 | +€96,188 | +5.7% |
| Transfer from deferred taxes | 780 | €1,375 | €1,222 | -€153 | -11.1% |
| Income taxes | 67/77 | €392,684 | €429,307 | +€36,623 | +9.3% |
| Taxes | 670/3 | €392,684 | €429,307 | +€36,623 | +9.3% |
| Profit (loss) for the period | 9904 | €1,302,384 | €1,361,796 | +€59,412 | +4.6% |
| Transfer from tax-exempt reserves | 789 | €4,125 | €214,166 | +€210,041 | +5091.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,306,509 | €1,575,962 | +€269,453 | +20.6% |
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 30 September 2026 via checked.be.