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 43.230, Insulation installation
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€30,984
2024 · €113,903-€82,920
Equity
€998,201
2024 · €967,217+€30,984
Cash
€183,354
2024 · €166,263+€17,090
Balance sheet total
€2.8m
2024 · €2.5m+€292,636
Largest movements
Assets
- Receivables within one year +€194,742
up €194,742 (+17.6%), from €1.1m to €1.3m
of which Trade receivables: +€201,130
- Tangible fixed assets +€73,689
up €73,689 (+5.9%), from €1.3m to €1.3m
of which Leasing and similar rights: +€139,630
Equity and liabilities
- Trade debts +€265,084
up €265,084 (+180.5%), from €146,846 to €411,930
- Short-term financial debts -€75,000
down €75,000 (-25.0%), from €300,000 to €225,000
- Tax, wage and social debts +€39,626
up €39,626 (+54.8%), from €72,298 to €111,924
of which Taxes: +€23,067
- Reserves +€31,500
up €31,500 (+3.3%), from €960,467 to €991,967
Income statement
- Staff costs +€75,388
up €75,388 (+54.3%), from €138,839 to €214,227
- Depreciation +€23,877
up €23,877 (+35.3%), from €67,710 to €91,587
- Taxes -€20,658
down €20,658 (-53.6%), from €38,505 to €17,847
- Financial income -€10,583
down €10,583 (-23.5%), from €45,079 to €34,496
- Write-downs +€7,580
up €7,580 (+75.2%), from -€10,080 to -€2,500
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
€113,903
Gross operating margin
+€6,859
Staff costs
-€75,388
Depreciation
-€23,877
Write-downs
-€7,580
Other operating charges
+€3,168
Other operating items
-€1,389
Financial income
-€10,583
Financial charges
+€5,214
Taxes
+€20,658
Result 2025
€30,984
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
+€224,175
Investment
-€166,411
Financing
-€40,673
Cash 2024
€166,263
From operations (derived)
+€224,175
Net result for the year
+€30,984
Depreciation
+€91,587
Stocks and contracts
-€1,064
Receivables within one year
-€194,742
Deferred charges and accrued income
-€4,915
Trade debts
+€265,084
Tax, wage and social debts
+€39,626
Accrued charges and deferred income
-€2,385
Investment (derived)
-€166,411
Investment in fixed assets (net)
-€166,411
Financing
-€40,673
Debts after one year
+€20,210
Current portion of long-term debt
+€14,117
Short-term financial debts
-€75,000
Cash 2025
€183,354
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,539,711 | €2,832,346 | +€292,636 | +11.5% |
| Fixed assets | 21/28 | €1,250,678 | €1,325,503 | +€74,824 | +6.0% |
| Tangible fixed assets | 22/27 | €1,250,678 | €1,324,368 | +€73,689 | +5.9% |
| Land and buildings | 22 | €1,183,958 | €1,140,428 | -€43,531 | -3.7% |
| Plant, machinery and equipment | 23 | €30,751 | €17,765 | -€12,985 | -42.2% |
| Furniture and vehicles | 24 | €35,570 | €26,291 | -€9,279 | -26.1% |
| Leasing and similar rights | 25 | - | €139,630 | +€139,630 | |
| Other tangible fixed assets | 26 | €400 | €254 | -€145 | -36.4% |
| Financial fixed assets | 28 | €0 | €1,135 | +€1,135 | |
| Current assets | 29/58 | €1,289,032 | €1,506,843 | +€217,811 | +16.9% |
| Stocks and contracts in progress | 3 | €5,173 | €6,237 | +€1,064 | +20.6% |
| Stocks | 30/36 | €5,173 | €6,237 | +€1,064 | +20.6% |
| Amounts receivable within one year | 40/41 | €1,107,616 | €1,302,357 | +€194,742 | +17.6% |
| Trade receivables | 40 | €508,700 | €709,829 | +€201,130 | +39.5% |
| Other amounts receivable | 41 | €598,916 | €592,528 | -€6,388 | -1.1% |
| Cash at bank and in hand | 54/58 | €166,263 | €183,354 | +€17,090 | +10.3% |
| Deferred charges and accrued income | 490/1 | €9,980 | €14,896 | +€4,915 | +49.3% |
| Total equity and liabilities | 10/49 | €2,539,711 | €2,832,346 | +€292,636 | +11.5% |
| Equity | 10/15 | €967,217 | €998,201 | +€30,984 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €960,467 | €991,967 | +€31,500 | +3.3% |
| Distributable reserves | 133 | €960,467 | €991,967 | +€31,500 | +3.3% |
| Profit (loss) carried forward | 14 | €550 | €34 | -€516 | -93.8% |
| Amounts payable | 17/49 | €1,572,494 | €1,834,145 | +€261,652 | +16.6% |
| Amounts payable after more than one year | 17 | €978,530 | €998,740 | +€20,210 | +2.1% |
| Financial debts | 170/4 | €978,530 | €998,740 | +€20,210 | +2.1% |
| Amounts payable within one year | 42/48 | €585,487 | €829,313 | +€243,827 | +41.6% |
| Current portion of amounts payable after more than one year | 42 | €66,342 | €80,459 | +€14,117 | +21.3% |
| Financial debts | 43 | €300,000 | €225,000 | -€75,000 | -25.0% |
| Credit institutions | 430/8 | €300,000 | €225,000 | -€75,000 | -25.0% |
| Trade debts | 44 | €146,846 | €411,930 | +€265,084 | +180.5% |
| Suppliers | 440/4 | €146,846 | €411,930 | +€265,084 | +180.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €72,298 | €111,924 | +€39,626 | +54.8% |
| Taxes | 450/3 | €58,087 | €81,155 | +€23,067 | +39.7% |
| Remuneration and social security | 454/9 | €14,211 | €30,769 | +€16,558 | +116.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €8,477 | €6,092 | -€2,385 | -28.1% |
| Non-recurring operating income | 76A | €67,273 | €5,759 | -€61,514 | -91.4% |
| Remuneration, social security and pensions | 62 | €138,839 | €214,227 | +€75,388 | +54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,710 | €91,587 | +€23,877 | +35.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€10,080 | -€2,500 | +€7,580 | +75.2% |
| Other operating charges | 640/8 | €13,093 | €9,925 | -€3,168 | -24.2% |
| Non-recurring operating charges | 66A | €1,020 | €2,409 | +€1,389 | +136.2% |
| Gross operating margin | 9900 | €362,482 | €369,341 | +€6,859 | +1.9% |
| Operating profit (loss) | 9901 | €151,900 | €53,693 | -€98,208 | -64.7% |
| Financial income | 75/76B | €45,079 | €34,496 | -€10,583 | -23.5% |
| Recurring financial income | 75 | €45,079 | €34,496 | -€10,583 | -23.5% |
| Financial charges | 65/66B | €44,571 | €39,357 | -€5,214 | -11.7% |
| Recurring financial charges | 65 | €44,571 | €39,357 | -€5,214 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €152,408 | €48,831 | -€103,577 | -68.0% |
| Income taxes | 67/77 | €38,505 | €17,847 | -€20,658 | -53.6% |
| Profit (loss) for the period | 9904 | €113,903 | €30,984 | -€82,920 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €113,903 | €30,984 | -€82,920 | -72.8% |
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 4 October 2026 via checked.be.