VdS & Partners: 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 & Partners
Largest movements
- Cash +€28,196
up €28,196 (+148%), from €19,051 to €47,247
mainly Net result for the year (+€55,393) and Depreciation (+€31,811)
- Tangible fixed assets +€9,561
up €9,561 (+1.5%), from €647,438 to €657,000
of which Furniture and vehicles: +€16,982
- Receivables within one year -€7,570
down €7,570 (-48.0%), from €15,783 to €8,213
of which Other amounts receivable: -€5,381
- Debts after one year -€31,074
down €31,074 (-5.2%), from €593,000 to €561,925
- Reserves +€24,549
up €24,549 (+117%), from €21,067 to €45,616
- Other debts +€13,862
up €13,862 (+70.1%), from €19,787 to €33,650
- Profit (loss) carried forward +€13,078
no longer reported in 2025 (was -€13,078)
- Trade debts +€10,353
up €10,353 (+81.7%), from €12,680 to €23,033
- Taxes +€16,489
up €16,489 (+10,579%), from €156 to €16,645
- Write-downs -€11,561
down €11,561 (-87.2%), from €13,265 to €1,704
- Gross operating margin +€11,167
up €11,167 (+10.0%), from €111,172 to €122,340
- Financial charges -€5,990
down €5,990 (-52.1%), from €11,500 to €5,510
- Depreciation +€4,173
up €4,173 (+15.1%), from €27,637 to €31,811
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 | €686,554 | €719,080 | +€32,526 | +4.7% |
| Fixed assets | 21/28 | €647,438 | €657,000 | +€9,561 | +1.5% |
| Tangible fixed assets | 22/27 | €647,438 | €657,000 | +€9,561 | +1.5% |
| Land and buildings | 22 | €635,735 | €619,944 | -€15,791 | -2.5% |
| Plant, machinery and equipment | 23 | €2,823 | €11,373 | +€8,550 | +303% |
| Furniture and vehicles | 24 | €8,371 | €25,353 | +€16,982 | +203% |
| Other tangible fixed assets | 26 | €509 | €329 | -€179 | -35.3% |
| Current assets | 29/58 | €39,116 | €62,080 | +€22,964 | +58.7% |
| Stocks and contracts in progress | 3 | €3,256 | €5,486 | +€2,230 | +68.5% |
| Stocks | 30/36 | €3,256 | €5,486 | +€2,230 | +68.5% |
| Amounts receivable within one year | 40/41 | €15,783 | €8,213 | -€7,570 | -48.0% |
| Trade receivables | 40 | €3,472 | €1,284 | -€2,188 | -63.0% |
| Other amounts receivable | 41 | €12,311 | €6,929 | -€5,381 | -43.7% |
| Cash at bank and in hand | 54/58 | €19,051 | €47,247 | +€28,196 | +148% |
| Deferred charges and accrued income | 490/1 | €1,025 | €1,133 | +€109 | +10.6% |
| Total equity and liabilities | 10/49 | €686,554 | €719,080 | +€32,526 | +4.7% |
| Equity | 10/15 | €26,589 | €64,216 | +€37,627 | +142% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,067 | €45,616 | +€24,549 | +117% |
| Distributable reserves | 133 | €21,067 | €45,616 | +€24,549 | +117% |
| Profit (loss) carried forward | 14 | -€13,078 | - | +€13,078 | |
| Amounts payable | 17/49 | €659,965 | €654,864 | -€5,102 | -0.8% |
| Amounts payable after more than one year | 17 | €593,000 | €561,925 | -€31,074 | -5.2% |
| Financial debts | 170/4 | €593,000 | €561,925 | -€31,074 | -5.2% |
| Amounts payable within one year | 42/48 | €64,328 | €88,756 | +€24,428 | +38.0% |
| Current portion of amounts payable after more than one year | 42 | €31,591 | €31,190 | -€401 | -1.3% |
| Trade debts | 44 | €12,680 | €23,033 | +€10,353 | +81.7% |
| Suppliers | 440/4 | €12,680 | €23,033 | +€10,353 | +81.7% |
| Taxes, remuneration and social security | 45 | €270 | €883 | +€613 | +227% |
| Taxes | 450/3 | €270 | €883 | +€613 | +227% |
| Other amounts payable | 47/48 | €19,787 | €33,650 | +€13,862 | +70.1% |
| Accrued charges and deferred income | 492/3 | €2,638 | €4,182 | +€1,545 | +58.6% |
| Non-recurring operating income | 76A | €537 | - | -€537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,637 | €31,811 | +€4,173 | +15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €13,265 | €1,704 | -€11,561 | -87.2% |
| Other operating charges | 640/8 | €8,167 | €8,908 | +€741 | +9.1% |
| Non-recurring operating charges | 66A | €577 | €2,980 | +€2,404 | +417% |
| Gross operating margin | 9900 | €111,172 | €122,340 | +€11,167 | +10.0% |
| Operating profit (loss) | 9901 | €61,527 | €76,937 | +€15,411 | +25.0% |
| Financial income | 75/76B | €24 | €611 | +€586 | +2,421% |
| Recurring financial income | 75 | €24 | €611 | +€586 | +2,421% |
| Financial charges | 65/66B | €11,500 | €5,510 | -€5,990 | -52.1% |
| Recurring financial charges | 65 | €11,500 | €5,510 | -€5,990 | -52.1% |
| Profit (loss) for the period before taxes | 9903 | €50,051 | €72,038 | +€21,987 | +43.9% |
| Income taxes | 67/77 | €156 | €16,645 | +€16,489 | +10,579% |
| Profit (loss) for the period | 9904 | €49,895 | €55,393 | +€5,498 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,895 | €55,393 | +€5,498 | +11.0% |
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 18 October 2026 via checked.be.