VDS MGMT: 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 MGMT
Largest movements
- Current investments +€99,850
new in 2025: €99,850
- Cash -€72,128
down €72,128 (-48.2%), from €149,620 to €77,492
mainly Current investments (-€99,850) and Debts after one year (-€17,555)
- Tangible fixed assets -€9,681
down €9,681 (-3.6%), from €268,711 to €259,030
of which Other tangible fixed assets: -€9,032
- Profit (loss) carried forward +€46,260
up €46,260 (+61.6%), from €75,072 to €121,332
- Debts after one year -€17,555
down €17,555 (-9.9%), from €177,637 to €160,082
- Tax, wage and social debts -€15,361
down €15,361 (-45.0%), from €34,165 to €18,804
- Other operating charges -€54,920
down €54,920 (-98.2%), from €55,908 to €987
- Gross operating margin +€23,519
up €23,519 (+45.4%), from €51,829 to €75,348
- Taxes +€10,785
up €10,785 (+907%), from €1,189 to €11,974
- Depreciation +€4,430
up €4,430 (+84.4%), from €5,252 to €9,681
- Financial charges +€3,099
up €3,099 (+61.1%), from €5,073 to €8,172
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 | €435,141 | €454,483 | +€19,342 | +4.4% |
| Fixed assets | 21/28 | €268,711 | €259,030 | -€9,681 | -3.6% |
| Tangible fixed assets | 22/27 | €268,711 | €259,030 | -€9,681 | -3.6% |
| Furniture and vehicles | 24 | €650 | - | -€650 | |
| Other tangible fixed assets | 26 | €268,061 | €259,030 | -€9,032 | -3.4% |
| Current assets | 29/58 | €166,430 | €195,453 | +€29,023 | +17.4% |
| Amounts receivable within one year | 40/41 | €16,809 | €18,111 | +€1,301 | +7.7% |
| Trade receivables | 40 | €15,392 | €18,111 | +€2,719 | +17.7% |
| Other amounts receivable | 41 | €1,418 | - | -€1,418 | |
| Current investments | 50/53 | - | €99,850 | +€99,850 | |
| Cash at bank and in hand | 54/58 | €149,620 | €77,492 | -€72,128 | -48.2% |
| Total equity and liabilities | 10/49 | €435,141 | €454,483 | +€19,342 | +4.4% |
| Equity | 10/15 | €205,072 | €251,332 | +€46,260 | +22.6% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,072 | €121,332 | +€46,260 | +61.6% |
| Amounts payable | 17/49 | €230,069 | €203,151 | -€26,918 | -11.7% |
| Amounts payable after more than one year | 17 | €177,637 | €160,082 | -€17,555 | -9.9% |
| Financial debts | 170/4 | €177,637 | €160,082 | -€17,555 | -9.9% |
| Amounts payable within one year | 42/48 | €52,432 | €43,069 | -€9,363 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €16,881 | €17,555 | +€674 | +4.0% |
| Trade debts | 44 | €1,386 | €5,695 | +€4,310 | +311% |
| Suppliers | 440/4 | €1,386 | €5,695 | +€4,310 | +311% |
| Taxes, remuneration and social security | 45 | €34,165 | €18,804 | -€15,361 | -45.0% |
| Taxes | 450/3 | €34,165 | €18,804 | -€15,361 | -45.0% |
| Other amounts payable | 47/48 | - | €1,014 | +€1,014 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,252 | €9,681 | +€4,430 | +84.4% |
| Other operating charges | 640/8 | €55,908 | €987 | -€54,920 | -98.2% |
| Gross operating margin | 9900 | €51,829 | €75,348 | +€23,519 | +45.4% |
| Operating profit (loss) | 9901 | -€9,330 | €64,679 | +€74,009 | |
| Financial income | 75/76B | €696 | €1,727 | +€1,031 | +148% |
| Recurring financial income | 75 | €696 | €1,727 | +€1,031 | +148% |
| Financial charges | 65/66B | €5,073 | €8,172 | +€3,099 | +61.1% |
| Recurring financial charges | 65 | €5,073 | €8,172 | +€3,099 | +61.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,707 | €58,234 | +€71,941 | |
| Income taxes | 67/77 | €1,189 | €11,974 | +€10,785 | +907% |
| Profit (loss) for the period | 9904 | -€14,896 | €46,260 | +€61,157 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,896 | €46,260 | +€61,157 |
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 16 October 2026 via checked.be.