VDS PROPERTIES: what changed
What changed
VDS PROPERTIES
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€264,334
2024 · €453,127-€188,793
Equity
€10.1m
2024 · €9.8m+€264,334
Cash
€2.5m
2024 · €1.8m+€680,223
Balance sheet total
€10.3m
2024 · €10.0m+€257,335
Largest movements
Assets
- Cash +€680,223
up €680,223 (+37.9%), from €1.8m to €2.5m
mainly Depreciation (+€407,694) and Net result for the year (+€264,334)
- Tangible fixed assets -€375,925
down €375,925 (-5.0%), from €7.5m to €7.2m
of which Land and buildings: -€291,901
Equity and liabilities
- Reserves +€264,334
up €264,334 (+3.3%), from €7.9m to €8.2m
of which Distributable reserves: +€284,656
Income statement
- Gross operating margin -€230,936
down €230,936 (-22.7%), from €1.0m to €785,915
- Depreciation +€35,430
up €35,430 (+9.5%), from €372,263 to €407,694
- Financial income +€11,362
up €11,362 (+33.6%), from €33,779 to €45,141
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€453,127
Gross operating margin
-€230,936
Depreciation
-€35,430
Other operating charges
-€3,058
Other operating items
+€6,452
Financial income
+€11,362
Financial charges
-€114
Taxes
+€852
Deferred taxes and other
+€62,079
Result 2025
€264,334
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€711,992
Investment
-€31,769
Financing
€0
Cash 2024
€1.8m
From operations (derived)
+€711,992
Net result for the year
+€264,334
Depreciation
+€407,694
Receivables within one year
+€26,633
Deferred charges and accrued income
+€20,330
Provisions
-€6,774
Trade debts
-€17,767
Tax, wage and social debts
+€8,674
Other debts
+€8,867
Investment (derived)
-€31,769
Investment in fixed assets (net)
-€31,769
Cash 2025
€2.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,042,824 | €10,300,158 | +€257,335 | +2.6% |
| Fixed assets | 21/28 | €7,537,250 | €7,161,326 | -€375,925 | -5.0% |
| Tangible fixed assets | 22/27 | €7,537,250 | €7,161,326 | -€375,925 | -5.0% |
| Land and buildings | 22 | €7,104,802 | €6,812,902 | -€291,901 | -4.1% |
| Plant, machinery and equipment | 23 | €14,540 | €15,068 | +€529 | +3.6% |
| Other tangible fixed assets | 26 | €417,908 | €333,355 | -€84,553 | -20.2% |
| Current assets | 29/58 | €2,505,573 | €3,138,833 | +€633,259 | +25.3% |
| Amounts receivable within one year | 40/41 | €688,739 | €662,106 | -€26,633 | -3.9% |
| Trade receivables | 40 | €926 | €657,071 | +€656,145 | +70,839% |
| Other amounts receivable | 41 | €687,813 | €5,035 | -€682,778 | -99.3% |
| Cash at bank and in hand | 54/58 | €1,794,349 | €2,474,572 | +€680,223 | +37.9% |
| Deferred charges and accrued income | 490/1 | €22,485 | €2,155 | -€20,330 | -90.4% |
| Total equity and liabilities | 10/49 | €10,042,824 | €10,300,158 | +€257,335 | +2.6% |
| Equity | 10/15 | €9,822,294 | €10,086,628 | +€264,334 | +2.7% |
| Contributions | 10/11 | €1,915,088 | €1,915,088 | = | 0.0% |
| Capital | 10 | €1,915,088 | €1,915,088 | = | 0.0% |
| Issued capital | 100 | €1,915,088 | €1,915,088 | = | 0.0% |
| Reserves | 13 | €7,907,207 | €8,171,541 | +€264,334 | +3.3% |
| Non-distributable reserves | 130/1 | €243,918 | €243,918 | = | 0.0% |
| Legal reserve | 130 | €191,509 | €191,509 | = | 0.0% |
| Reserves not available under the articles | 1311 | €52,409 | €52,409 | = | 0.0% |
| Tax-exempt reserves | 132 | €596,054 | €575,732 | -€20,322 | -3.4% |
| Distributable reserves | 133 | €7,067,235 | €7,351,891 | +€284,656 | +4.0% |
| Provisions and deferred taxes | 16 | €195,180 | €188,406 | -€6,774 | -3.5% |
| Deferred taxes | 168 | €195,180 | €188,406 | -€6,774 | -3.5% |
| Amounts payable | 17/49 | €25,349 | €25,124 | -€226 | -0.9% |
| Amounts payable within one year | 42/48 | €25,349 | €25,124 | -€226 | -0.9% |
| Trade debts | 44 | €21,728 | €3,960 | -€17,767 | -81.8% |
| Suppliers | 440/4 | €21,728 | €3,960 | -€17,767 | -81.8% |
| Taxes, remuneration and social security | 45 | - | €8,674 | +€8,674 | |
| Taxes | 450/3 | - | €8,674 | +€8,674 | |
| Other amounts payable | 47/48 | €3,622 | €12,489 | +€8,867 | +245% |
| Non-recurring operating income | 76A | €240,986 | - | -€240,986 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €372,263 | €407,694 | +€35,430 | +9.5% |
| Other operating charges | 640/8 | €67,392 | €70,450 | +€3,058 | +4.5% |
| Non-recurring operating charges | 66A | €6,452 | - | -€6,452 | |
| Gross operating margin | 9900 | €1,016,851 | €785,915 | -€230,936 | -22.7% |
| Operating profit (loss) | 9901 | €570,744 | €307,771 | -€262,972 | -46.1% |
| Financial income | 75/76B | €33,779 | €45,141 | +€11,362 | +33.6% |
| Recurring financial income | 75 | €33,779 | €45,141 | +€11,362 | +33.6% |
| Financial charges | 65/66B | €352 | €467 | +€114 | +32.4% |
| Recurring financial charges | 65 | €352 | €467 | +€114 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €604,170 | €352,445 | -€251,725 | -41.7% |
| Transfer from deferred taxes | 780 | €4,941 | €6,774 | +€1,833 | +37.1% |
| Transfer to deferred taxes | 680 | €60,246 | - | -€60,246 | |
| Income taxes | 67/77 | €95,738 | €94,885 | -€852 | -0.9% |
| Profit (loss) for the period | 9904 | €453,127 | €264,334 | -€188,793 | -41.7% |
| Transfer from tax-exempt reserves | 789 | €14,824 | €20,322 | +€5,498 | +37.1% |
| Transfer to tax-exempt reserves | 689 | €180,739 | - | -€180,739 | |
| Profit (loss) for the period to be appropriated | 9905 | €287,213 | €284,656 | -€2,557 | -0.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.