VDS CONCEPTS: 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 CONCEPTS
Largest movements
- Cash +€211,248
up €211,248 (+75.2%), from €281,050 to €492,298
mainly Investment in fixed assets (net) (+€139,529) and Receivables within one year (+€105,980)
- Tangible fixed assets -€187,009
down €187,009 (-31.1%), from €600,423 to €413,415
of which Land and buildings: -€164,683
- Receivables within one year -€105,980
down €105,980 (-20.5%), from €516,682 to €410,702
of which Trade receivables: -€124,259
- Trade debts -€46,618
down €46,618 (-26.5%), from €176,223 to €129,606
- Financial charges +€151,574
up €151,574 (+31,143%), from €487 to €152,061
of which Non-recurring financial charges: +€147,000
- Gross operating margin +€101,076
up €101,076 (+27.5%), from €366,923 to €467,998
- Depreciation -€37,711
down €37,711 (-44.3%), from €85,190 to €47,479
- Other operating charges +€14,977
up €14,977 (+89.4%), from €16,761 to €31,738
- Financial income -€6,086
down €6,086 (-72.5%), from €8,399 to €2,313
of which Non-recurring financial income: -€3,670
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 | €2,213,804 | €2,149,623 | -€64,181 | -2.9% |
| Fixed assets | 21/28 | €601,371 | €414,363 | -€187,009 | -31.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €600,423 | €413,415 | -€187,009 | -31.1% |
| Land and buildings | 22 | €560,800 | €396,117 | -€164,683 | -29.4% |
| Plant, machinery and equipment | 23 | €25,381 | €12,610 | -€12,771 | -50.3% |
| Furniture and vehicles | 24 | €14,242 | €4,688 | -€9,554 | -67.1% |
| Financial fixed assets | 28 | €948 | €948 | = | 0.0% |
| Current assets | 29/58 | €1,612,432 | €1,735,260 | +€122,828 | +7.6% |
| Stocks and contracts in progress | 3 | €486,466 | €501,234 | +€14,768 | +3.0% |
| Stocks | 30/36 | €454,066 | €501,234 | +€47,168 | +10.4% |
| Contracts in progress | 37 | €32,400 | - | -€32,400 | |
| Amounts receivable within one year | 40/41 | €516,682 | €410,702 | -€105,980 | -20.5% |
| Trade receivables | 40 | €503,995 | €379,736 | -€124,259 | -24.7% |
| Other amounts receivable | 41 | €12,687 | €30,966 | +€18,279 | +144% |
| Current investments | 50/53 | €320,000 | €320,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €281,050 | €492,298 | +€211,248 | +75.2% |
| Deferred charges and accrued income | 490/1 | €8,235 | €11,027 | +€2,792 | +33.9% |
| Total equity and liabilities | 10/49 | €2,213,804 | €2,149,623 | -€64,181 | -2.9% |
| Equity | 10/15 | €1,990,622 | €1,991,656 | +€1,034 | +0.1% |
| 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 | €1,928,622 | €1,929,656 | +€1,034 | +0.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,922,422 | €1,923,456 | +€1,034 | +0.1% |
| Amounts payable | 17/49 | €223,181 | €157,967 | -€65,214 | -29.2% |
| Amounts payable within one year | 42/48 | €223,181 | €157,967 | -€65,214 | -29.2% |
| Trade debts | 44 | €176,223 | €129,606 | -€46,618 | -26.5% |
| Suppliers | 440/4 | €176,223 | €129,606 | -€46,618 | -26.5% |
| Advances received on contracts in progress | 46 | €18,000 | - | -€18,000 | |
| Taxes, remuneration and social security | 45 | €5,511 | - | -€5,511 | |
| Taxes | 450/3 | €5,511 | - | -€5,511 | |
| Other amounts payable | 47/48 | €23,447 | €28,361 | +€4,914 | +21.0% |
| Non-recurring operating income | 76A | - | €9,500 | +€9,500 | |
| Remuneration, social security and pensions | 62 | €239,576 | €235,226 | -€4,350 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,190 | €47,479 | -€37,711 | -44.3% |
| Other operating charges | 640/8 | €16,761 | €31,738 | +€14,977 | +89.4% |
| Gross operating margin | 9900 | €366,923 | €467,998 | +€101,076 | +27.5% |
| Operating profit (loss) | 9901 | €25,396 | €153,555 | +€128,159 | +505% |
| Financial income | 75/76B | €8,399 | €2,313 | -€6,086 | -72.5% |
| Recurring financial income | 75 | €4,249 | €1,833 | -€2,416 | -56.9% |
| Non-recurring financial income | 76B | €4,150 | €480 | -€3,670 | -88.4% |
| Financial charges | 65/66B | €487 | €152,061 | +€151,574 | +31,143% |
| Recurring financial charges | 65 | €487 | €5,061 | +€4,574 | +940% |
| Non-recurring financial charges | 66B | - | €147,000 | +€147,000 | |
| Profit (loss) for the period before taxes | 9903 | €33,308 | €3,806 | -€29,501 | -88.6% |
| Income taxes | 67/77 | €340 | €2,773 | +€2,432 | +715% |
| Profit (loss) for the period | 9904 | €32,967 | €1,034 | -€31,933 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,967 | €1,034 | -€31,933 | -96.9% |
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 17 October 2026 via checked.be.