VDS Nivellering: 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 Nivellering
Largest movements
- Tangible fixed assets +€68,229
up €68,229 (+50.8%), from €134,434 to €202,663
of which Furniture and vehicles: +€73,391
- Receivables within one year -€28,116
down €28,116 (-34.5%), from €81,578 to €53,462
of which Trade receivables: -€31,116
- Cash +€22,987
up €22,987 (+61.9%), from €37,146 to €60,132
mainly Depreciation (+€72,140) and Debts after one year (+€47,621)
- Debts after one year +€47,621
up €47,621 (+50.8%), from €93,656 to €141,277
- Short-term financial debts +€19,267
up €19,267 (+105%), from €18,408 to €37,675
- Other debts +€10,939
up €10,939 (+141%), from €7,731 to €18,670
- Profit (loss) carried forward -€6,612
new in 2025: -€6,612
- Tax, wage and social debts -€4,362
down €4,362 (-54.8%), from €7,966 to €3,605
of which Remuneration and social security: -€2,989
- Staff costs +€47,549
up €47,549 (+98.4%), from €48,308 to €95,857
- Gross operating margin +€37,404
up €37,404 (+27.9%), from €134,265 to €171,669
- Depreciation +€17,977
up €17,977 (+33.2%), from €54,162 to €72,140
- Taxes -€6,963
no longer reported in 2025 (was €6,963)
- Financial charges +€3,122
up €3,122 (+44.1%), from €7,086 to €10,208
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 | €253,158 | €316,257 | +€63,100 | +24.9% |
| Fixed assets | 21/28 | €134,434 | €202,663 | +€68,229 | +50.8% |
| Tangible fixed assets | 22/27 | €134,434 | €202,663 | +€68,229 | +50.8% |
| Plant, machinery and equipment | 23 | €27,511 | €22,348 | -€5,162 | -18.8% |
| Furniture and vehicles | 24 | €106,923 | €180,314 | +€73,391 | +68.6% |
| Current assets | 29/58 | €118,724 | €113,595 | -€5,129 | -4.3% |
| Amounts receivable within one year | 40/41 | €81,578 | €53,462 | -€28,116 | -34.5% |
| Trade receivables | 40 | €81,578 | €50,462 | -€31,116 | -38.1% |
| Other amounts receivable | 41 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €37,146 | €60,132 | +€22,987 | +61.9% |
| Total equity and liabilities | 10/49 | €253,158 | €316,257 | +€63,100 | +24.9% |
| Equity | 10/15 | €82,676 | €76,064 | -€6,612 | -8.0% |
| Reserves | 13 | €82,676 | €82,676 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,250 | €3,250 | = | 0.0% |
| Distributable reserves | 133 | €77,566 | €77,566 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,612 | -€6,612 | |
| Amounts payable | 17/49 | €170,482 | €240,193 | +€69,712 | +40.9% |
| Amounts payable after more than one year | 17 | €93,656 | €141,277 | +€47,621 | +50.8% |
| Financial debts | 170/4 | €93,656 | €141,277 | +€47,621 | +50.8% |
| Amounts payable within one year | 42/48 | €76,826 | €98,916 | +€22,091 | +28.8% |
| Current portion of amounts payable after more than one year | 42 | €33,727 | €31,354 | -€2,374 | -7.0% |
| Financial debts | 43 | €18,408 | €37,675 | +€19,267 | +105% |
| Credit institutions | 430/8 | €18,408 | €37,675 | +€19,267 | +105% |
| Trade debts | 44 | €8,993 | €7,613 | -€1,379 | -15.3% |
| Suppliers | 440/4 | €8,993 | €7,613 | -€1,379 | -15.3% |
| Taxes, remuneration and social security | 45 | €7,966 | €3,605 | -€4,362 | -54.8% |
| Taxes | 450/3 | €4,977 | €3,605 | -€1,372 | -27.6% |
| Remuneration and social security | 454/9 | €2,989 | - | -€2,989 | |
| Other amounts payable | 47/48 | €7,731 | €18,670 | +€10,939 | +141% |
| Remuneration, social security and pensions | 62 | €48,308 | €95,857 | +€47,549 | +98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,162 | €72,140 | +€17,977 | +33.2% |
| Other operating charges | 640/8 | - | €116 | +€116 | |
| Gross operating margin | 9900 | €134,265 | €171,669 | +€37,404 | +27.9% |
| Operating profit (loss) | 9901 | €31,795 | €3,556 | -€28,239 | -88.8% |
| Financial income | 75/76B | €20 | €40 | +€20 | +100% |
| Recurring financial income | 75 | €20 | €40 | +€20 | +100% |
| Financial charges | 65/66B | €7,086 | €10,208 | +€3,122 | +44.1% |
| Recurring financial charges | 65 | €7,086 | €10,208 | +€3,122 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €24,729 | -€6,612 | -€31,341 | |
| Income taxes | 67/77 | €6,963 | - | -€6,963 | |
| Profit (loss) for the period | 9904 | €17,766 | -€6,612 | -€24,378 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,766 | -€6,612 | -€24,378 |
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 28 October 2026 via checked.be.