VDS: 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.
VDS
Largest movements
- Tangible fixed assets -€16,766
down €16,766 (-2.5%), from €659,465 to €642,699
- Receivables within one year -€7,772
down €7,772 (-71.5%), from €10,864 to €3,092
of which Trade receivables: -€10,812
- Debts after one year -€43,552
down €43,552 (-9.3%), from €470,785 to €427,232
- Reserves +€26,789
up €26,789 (+20.1%), from €133,089 to €159,878
- Gross operating margin -€1,022
down €1,022 (-1.4%), from €75,208 to €74,187
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 | €677,017 | €656,665 | -€20,352 | -3.0% |
| Fixed assets | 21/28 | €659,465 | €642,699 | -€16,766 | -2.5% |
| Tangible fixed assets | 22/27 | €659,465 | €642,699 | -€16,766 | -2.5% |
| Land and buildings | 22 | €659,465 | €642,699 | -€16,766 | -2.5% |
| Current assets | 29/58 | €17,552 | €13,966 | -€3,587 | -20.4% |
| Amounts receivable within one year | 40/41 | €10,864 | €3,092 | -€7,772 | -71.5% |
| Trade receivables | 40 | €10,812 | - | -€10,812 | |
| Other amounts receivable | 41 | €52 | €3,092 | +€3,040 | +5,821% |
| Cash at bank and in hand | 54/58 | €4,898 | €9,008 | +€4,111 | +83.9% |
| Deferred charges and accrued income | 490/1 | €1,791 | €1,865 | +€74 | +4.1% |
| Total equity and liabilities | 10/49 | €677,017 | €656,665 | -€20,352 | -3.0% |
| Equity | 10/15 | €139,389 | €166,178 | +€26,789 | +19.2% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €133,089 | €159,878 | +€26,789 | +20.1% |
| Distributable reserves | 133 | €133,089 | €159,878 | +€26,789 | +20.1% |
| Amounts payable | 17/49 | €537,628 | €490,487 | -€47,142 | -8.8% |
| Amounts payable after more than one year | 17 | €470,785 | €427,232 | -€43,552 | -9.3% |
| Financial debts | 170/4 | €470,785 | €427,232 | -€43,552 | -9.3% |
| Amounts payable within one year | 42/48 | €66,080 | €62,522 | -€3,558 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €46,125 | €46,590 | +€465 | +1.0% |
| Trade debts | 44 | - | €874 | +€874 | |
| Suppliers | 440/4 | - | €874 | +€874 | |
| Taxes, remuneration and social security | 45 | €1,897 | - | -€1,897 | |
| Taxes | 450/3 | €1,897 | - | -€1,897 | |
| Other amounts payable | 47/48 | €18,058 | €15,058 | -€3,000 | -16.6% |
| Accrued charges and deferred income | 492/3 | €764 | €733 | -€31 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,554 | €19,721 | +€168 | +0.9% |
| Other operating charges | 640/8 | €4,091 | €4,136 | +€45 | +1.1% |
| Gross operating margin | 9900 | €75,208 | €74,187 | -€1,022 | -1.4% |
| Operating profit (loss) | 9901 | €51,564 | €50,329 | -€1,235 | -2.4% |
| Financial charges | 65/66B | €11,146 | €11,137 | -€9 | -0.1% |
| Recurring financial charges | 65 | €11,146 | €11,137 | -€9 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €40,418 | €39,192 | -€1,226 | -3.0% |
| Income taxes | 67/77 | €11,897 | €12,403 | +€506 | +4.3% |
| Profit (loss) for the period | 9904 | €28,521 | €26,789 | -€1,732 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,521 | €26,789 | -€1,732 | -6.1% |
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 20 October 2026 via checked.be.