VDS Heating: 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.
VDS Heating
Largest movements
- Tangible fixed assets -€18,896
down €18,896 (-25.4%), from €74,467 to €55,570
of which Furniture and vehicles: -€14,163
- Receivables within one year -€15,831
down €15,831 (-37.6%), from €42,065 to €26,234
of which Trade receivables: -€9,929
- Stocks and contracts +€13,160
up €13,160 (+118.1%), from €11,146 to €24,306
of which Stocks: +€11,846
- Cash +€3,737
up €3,737 (+10.6%), from €35,351 to €39,088
mainly Net result for the year (+€20,600) and Depreciation (+€20,248)
- Debts after one year -€10,522
down €10,522 (-19.8%), from €53,049 to €42,527
of which Financial debts: -€10,022
- Reserves -€9,400
down €9,400 (-19.4%), from €48,401 to €39,001
- Other debts +€5,828
up €5,828 (+23.6%), from €24,647 to €30,475
- Current portion of long-term debt -€4,316
down €4,316 (-30.1%), from €14,338 to €10,022
- Tax, wage and social debts -€1,733
down €1,733 (-28.6%), from €6,052 to €4,319
- Gross operating margin -€14,904
down €14,904 (-22.6%), from €65,926 to €51,022
- Depreciation +€11,526
up €11,526 (+132.1%), from €8,722 to €20,248
- Taxes -€6,372
down €6,372 (-53.9%), from €11,819 to €5,447
- Financial charges +€2,307
up €2,307 (+855.3%), from €270 to €2,576
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €166,625 | €148,105 | -€18,520 | -11.1% |
| Fixed assets | 21/28 | €77,589 | €58,192 | -€19,396 | -25.0% |
| Intangible fixed assets | 21 | €3,122 | €2,622 | -€500 | -16.0% |
| Tangible fixed assets | 22/27 | €74,467 | €55,570 | -€18,896 | -25.4% |
| Plant, machinery and equipment | 23 | €299 | €59 | -€240 | -80.4% |
| Furniture and vehicles | 24 | €68,580 | €54,416 | -€14,163 | -20.7% |
| Leasing and similar rights | 25 | €5,215 | €1,022 | -€4,193 | -80.4% |
| Other tangible fixed assets | 26 | €373 | €73 | -€300 | -80.4% |
| Current assets | 29/58 | €89,036 | €89,913 | +€877 | +1.0% |
| Stocks and contracts in progress | 3 | €11,146 | €24,306 | +€13,160 | +118.1% |
| Stocks | 30/36 | €8,646 | €20,492 | +€11,846 | +137.0% |
| Contracts in progress | 37 | €2,500 | €3,814 | +€1,314 | +52.6% |
| Amounts receivable within one year | 40/41 | €42,065 | €26,234 | -€15,831 | -37.6% |
| Trade receivables | 40 | €32,165 | €22,236 | -€9,929 | -30.9% |
| Other amounts receivable | 41 | €9,899 | €3,997 | -€5,902 | -59.6% |
| Cash at bank and in hand | 54/58 | €35,351 | €39,088 | +€3,737 | +10.6% |
| Deferred charges and accrued income | 490/1 | €474 | €285 | -€189 | -39.9% |
| Total equity and liabilities | 10/49 | €166,625 | €148,105 | -€18,520 | -11.1% |
| Equity | 10/15 | €58,401 | €49,001 | -€9,400 | -16.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €48,401 | €39,001 | -€9,400 | -19.4% |
| Distributable reserves | 133 | €48,401 | €39,001 | -€9,400 | -19.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,224 | €99,104 | -€9,119 | -8.4% |
| Amounts payable after more than one year | 17 | €53,049 | €42,527 | -€10,522 | -19.8% |
| Financial debts | 170/4 | €41,549 | €31,527 | -€10,022 | -24.1% |
| Other amounts payable | 178/9 | €11,500 | €11,000 | -€500 | -4.3% |
| Amounts payable within one year | 42/48 | €54,845 | €56,266 | +€1,422 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €14,338 | €10,022 | -€4,316 | -30.1% |
| Trade debts | 44 | €9,807 | €11,450 | +€1,643 | +16.7% |
| Suppliers | 440/4 | €9,807 | €11,450 | +€1,643 | +16.7% |
| Taxes, remuneration and social security | 45 | €6,052 | €4,319 | -€1,733 | -28.6% |
| Taxes | 450/3 | €6,052 | €4,319 | -€1,733 | -28.6% |
| Other amounts payable | 47/48 | €24,647 | €30,475 | +€5,828 | +23.6% |
| Accrued charges and deferred income | 492/3 | €330 | €311 | -€19 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,722 | €20,248 | +€11,526 | +132.1% |
| Other operating charges | 640/8 | €1,606 | €2,151 | +€544 | +33.9% |
| Gross operating margin | 9900 | €65,926 | €51,022 | -€14,904 | -22.6% |
| Operating profit (loss) | 9901 | €55,597 | €28,623 | -€26,974 | -48.5% |
| Financial charges | 65/66B | €270 | €2,576 | +€2,307 | +855.3% |
| Recurring financial charges | 65 | €270 | €2,576 | +€2,307 | +855.3% |
| Profit (loss) for the period before taxes | 9903 | €55,328 | €26,047 | -€29,280 | -52.9% |
| Income taxes | 67/77 | €11,819 | €5,447 | -€6,372 | -53.9% |
| Profit (loss) for the period | 9904 | €43,508 | €20,600 | -€22,909 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,508 | €20,600 | -€22,909 | -52.7% |
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 5 October 2026 via checked.be.