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 -€33,940
down €33,940 (-9.0%), from €375,920 to €341,981
of which Land and buildings: -€31,009
- Cash -€18,745
down €18,745 (-38.9%), from €48,165 to €29,419
mainly Debts after one year (-€26,200) and Trade debts (-€25,848)
- Receivables within one year -€17,722
down €17,722 (-63.0%), from €28,152 to €10,429
of which Other amounts receivable: -€14,180
- Reserves +€78,312
new in 2025: €78,312
- Profit (loss) carried forward -€75,000
down €75,000 (-80.4%), from €93,262 to €18,262
- Debts after one year -€26,200
down €26,200 (-11.5%), from €228,191 to €201,991
- Trade debts -€25,848
down €25,848 (-41.9%), from €61,645 to €35,797
- Other debts -€9,280
down €9,280 (-36.7%), from €25,300 to €16,019
- Gross operating margin -€44,828
down €44,828 (-33.4%), from €134,276 to €89,448
- Staff costs -€18,587
down €18,587 (-32.3%), from €57,525 to €38,938
- Other operating charges -€4,333
down €4,333 (-48.7%), from €8,897 to €4,564
- Financial charges +€3,255
up €3,255 (+90.5%), from €3,598 to €6,853
- Taxes -€3,087
down €3,087 (-61.9%), from €4,988 to €1,901
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 | €497,245 | €429,503 | -€67,742 | -13.6% |
| Fixed assets | 21/28 | €415,670 | €381,731 | -€33,940 | -8.2% |
| Tangible fixed assets | 22/27 | €375,920 | €341,981 | -€33,940 | -9.0% |
| Land and buildings | 22 | €368,473 | €337,464 | -€31,009 | -8.4% |
| Plant, machinery and equipment | 23 | €6,502 | €3,992 | -€2,511 | -38.6% |
| Furniture and vehicles | 24 | €945 | €525 | -€420 | -44.4% |
| Financial fixed assets | 28 | €39,750 | €39,750 | = | 0.0% |
| Current assets | 29/58 | €81,575 | €47,773 | -€33,802 | -41.4% |
| Stocks and contracts in progress | 3 | €5,259 | €6,124 | +€865 | +16.5% |
| Stocks | 30/36 | €5,259 | €6,124 | +€865 | +16.5% |
| Amounts receivable within one year | 40/41 | €28,152 | €10,429 | -€17,722 | -63.0% |
| Trade receivables | 40 | €11,360 | €7,818 | -€3,542 | -31.2% |
| Other amounts receivable | 41 | €16,791 | €2,611 | -€14,180 | -84.4% |
| Cash at bank and in hand | 54/58 | €48,165 | €29,419 | -€18,745 | -38.9% |
| Deferred charges and accrued income | 490/1 | - | €1,800 | +€1,800 | |
| Total equity and liabilities | 10/49 | €497,245 | €429,503 | -€67,742 | -13.6% |
| Equity | 10/15 | €118,062 | €121,374 | +€3,312 | +2.8% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | - | €78,312 | +€78,312 | |
| Distributable reserves | 133 | - | €78,312 | +€78,312 | |
| Profit (loss) carried forward | 14 | €93,262 | €18,262 | -€75,000 | -80.4% |
| Amounts payable | 17/49 | €379,183 | €308,129 | -€71,054 | -18.7% |
| Amounts payable after more than one year | 17 | €228,191 | €201,991 | -€26,200 | -11.5% |
| Financial debts | 170/4 | €228,191 | €201,991 | -€26,200 | -11.5% |
| Amounts payable within one year | 42/48 | €130,106 | €86,100 | -€44,006 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €29,122 | €26,479 | -€2,643 | -9.1% |
| Trade debts | 44 | €61,645 | €35,797 | -€25,848 | -41.9% |
| Suppliers | 440/4 | €61,645 | €35,797 | -€25,848 | -41.9% |
| Taxes, remuneration and social security | 45 | €14,040 | €7,805 | -€6,235 | -44.4% |
| Taxes | 450/3 | €8,097 | €5,159 | -€2,938 | -36.3% |
| Remuneration and social security | 454/9 | €5,943 | €2,646 | -€3,297 | -55.5% |
| Other amounts payable | 47/48 | €25,300 | €16,019 | -€9,280 | -36.7% |
| Accrued charges and deferred income | 492/3 | €20,886 | €20,038 | -€848 | -4.1% |
| Remuneration, social security and pensions | 62 | €57,525 | €38,938 | -€18,587 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,225 | €33,940 | -€285 | -0.8% |
| Other operating charges | 640/8 | €8,897 | €4,564 | -€4,333 | -48.7% |
| Gross operating margin | 9900 | €134,276 | €89,448 | -€44,828 | -33.4% |
| Operating profit (loss) | 9901 | €33,628 | €12,006 | -€21,622 | -64.3% |
| Financial income | 75/76B | €90 | €60 | -€30 | -33.7% |
| Recurring financial income | 75 | €90 | €60 | -€30 | -33.7% |
| Financial charges | 65/66B | €3,598 | €6,853 | +€3,255 | +90.5% |
| Recurring financial charges | 65 | €3,598 | €6,853 | +€3,255 | +90.5% |
| Profit (loss) for the period before taxes | 9903 | €30,120 | €5,213 | -€24,907 | -82.7% |
| Income taxes | 67/77 | €4,988 | €1,901 | -€3,087 | -61.9% |
| Profit (loss) for the period | 9904 | €25,132 | €3,312 | -€21,820 | -86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €25,132 | €3,312 | -€21,820 | -86.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.