VDS GROUP: 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.
What changed
VDS GROUP
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.8m
2024 · €1.7m+€63,731
Equity
€31.2m
2024 · €29.4m+€1.8m
Cash
€1.3m
2024 · €1.1m+€174,979
Balance sheet total
€33.4m
2024 · €31.9m+€1.6m
Largest movements
Assets
- Receivables after one year +€2.5m
up €2.5m (+75.8%), from €3.3m to €5.7m
- Current investments -€2.2m
down €2.2m (-38.7%), from €5.7m to €3.5m
- Receivables within one year +€1.1m
up €1.1m (+1,464%), from €71,857 to €1.1m
Equity and liabilities
- Reserves +€1.8m
up €1.8m (+7.7%), from €23.3m to €25.0m
of which Distributable reserves: +€1.8m
Income statement
No income-statement line moved by more than 1% of the activity.
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
€1.7m
Other operating charges
-€3,073
Other operating items
-€14,281
Financial income
+€77,133
Financial charges
+€8,325
Taxes
-€4,373
Result 2025
€1.8m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.8m
Investment
+€2.2m
Financing
-€275,239
Cash 2024
€1.1m
From operations (derived)
-€1.8m
Net result for the year
+€1.8m
Receivables after one year
-€2.5m
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€73,496
Trade debts
-€87
Other debts
-€50,000
Accrued charges and deferred income
+€102,514
Investment (derived)
+€2.2m
Investment in fixed assets (net)
-€4,250
Current investments
+€2.2m
Financing
-€275,239
Debts after one year
-€278,085
Current portion of long-term debt
+€2,846
Cash 2025
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,856,930 | €33,421,649 | +€1.6m | +4.9% |
| Fixed assets | 21/28 | €21,485,545 | €21,489,795 | +€4,250 | 0.0% |
| Financial fixed assets | 28 | €21,485,545 | €21,489,795 | +€4,250 | 0.0% |
| Affiliated companies | 280/1 | €21,316,545 | €21,320,795 | +€4,250 | 0.0% |
| Participating interests | 280 | €21,316,545 | €21,320,795 | +€4,250 | 0.0% |
| Companies linked by participating interests | 282/3 | €169,000 | €169,000 | = | 0.0% |
| Participating interests | 282 | €169,000 | €169,000 | = | 0.0% |
| Current assets | 29/58 | €10,371,385 | €11,931,854 | +€1.6m | +15.0% |
| Amounts receivable after more than one year | 29 | €3,264,772 | €5,739,772 | +€2.5m | +75.8% |
| Other amounts receivable | 291 | €3,264,772 | €5,739,772 | +€2.5m | +75.8% |
| Amounts receivable within one year | 40/41 | €71,857 | €1,123,699 | +€1.1m | +1,464% |
| Other amounts receivable | 41 | €71,857 | €1,123,699 | +€1.1m | +1,464% |
| Current investments | 50/53 | €5,721,832 | €3,506,984 | -€2.2m | -38.7% |
| Other investments | 51/53 | €5,721,832 | €3,506,984 | -€2.2m | -38.7% |
| Cash at bank and in hand | 54/58 | €1,116,669 | €1,291,648 | +€174,979 | +15.7% |
| Deferred charges and accrued income | 490/1 | €196,255 | €269,751 | +€73,496 | +37.4% |
| Total equity and liabilities | 10/49 | €31,856,930 | €33,421,649 | +€1.6m | +4.9% |
| Equity | 10/15 | €29,438,351 | €31,225,881 | +€1.8m | +6.1% |
| Contributions | 10/11 | €6,180,300 | €6,180,300 | = | 0.0% |
| Capital | 10 | €6,180,300 | €6,180,300 | = | 0.0% |
| Issued capital | 100 | €6,180,300 | €6,180,300 | = | 0.0% |
| Reserves | 13 | €23,258,051 | €25,045,581 | +€1.8m | +7.7% |
| Non-distributable reserves | 130/1 | €618,030 | €618,030 | = | 0.0% |
| Legal reserve | 130 | €618,030 | €618,030 | = | 0.0% |
| Distributable reserves | 133 | €22,640,021 | €24,427,551 | +€1.8m | +7.9% |
| Amounts payable | 17/49 | €2,418,579 | €2,195,767 | -€222,812 | -9.2% |
| Amounts payable after more than one year | 17 | €1,858,823 | €1,580,738 | -€278,085 | -15.0% |
| Financial debts | 170/4 | €558,823 | €280,738 | -€278,085 | -49.8% |
| Credit institutions | 173 | €558,823 | €280,738 | -€278,085 | -49.8% |
| Other amounts payable | 178/9 | €1,300,000 | €1,300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €429,775 | €382,533 | -€47,241 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €298,293 | €301,140 | +€2,846 | +1.0% |
| Trade debts | 44 | €197 | €110 | -€87 | -44.4% |
| Suppliers | 440/4 | €197 | €110 | -€87 | -44.4% |
| Other amounts payable | 47/48 | €131,284 | €81,284 | -€50,000 | -38.1% |
| Accrued charges and deferred income | 492/3 | €129,981 | €232,496 | +€102,514 | +78.9% |
| Operating charges | 60/66A | €31,942 | €49,296 | +€17,354 | +54.3% |
| Services and other goods | 61 | €26,061 | €37,742 | +€11,681 | +44.8% |
| Other operating charges | 640/8 | €5,882 | €8,954 | +€3,073 | +52.2% |
| Non-recurring operating charges | 66A | - | €2,600 | +€2,600 | |
| Operating profit (loss) | 9901 | -€31,942 | -€49,296 | -€17,354 | -54.3% |
| Financial income | 75/76B | €1,904,780 | €1,981,913 | +€77,133 | +4.0% |
| Recurring financial income | 75 | €1,904,780 | €1,981,913 | +€77,133 | +4.0% |
| Income from financial fixed assets | 750 | €1,609,890 | €1,694,231 | +€84,341 | +5.2% |
| Income from current assets | 751 | €256,522 | €246,727 | -€9,795 | -3.8% |
| Other financial income | 752/9 | €38,369 | €40,955 | +€2,586 | +6.7% |
| Financial charges | 65/66B | €121,872 | €113,547 | -€8,325 | -6.8% |
| Recurring financial charges | 65 | €121,872 | €113,547 | -€8,325 | -6.8% |
| Debt charges | 650 | €125,019 | €106,293 | -€18,726 | -15.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€4,128 | -€1,467 | +€2,661 | +64.5% |
| Other financial charges | 652/9 | €982 | €8,721 | +€7,740 | +789% |
| Profit (loss) for the period before taxes | 9903 | €1,750,966 | €1,819,070 | +€68,104 | +3.9% |
| Income taxes | 67/77 | €27,166 | €31,539 | +€4,373 | +16.1% |
| Taxes | 670/3 | €27,166 | €31,539 | +€4,373 | +16.1% |
| Profit (loss) for the period | 9904 | €1,723,800 | €1,787,531 | +€63,731 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,723,800 | €1,787,531 | +€63,731 | +3.7% |
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 14 October 2026 via checked.be.