VDSI: 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.
VDSI
Largest movements
- Receivables within one year -€13,483
down €13,483 (-60.0%), from €22,481 to €8,997
of which Trade receivables: -€16,206
- Tangible fixed assets +€1,445
new in 2025: €1,445
- Formation expenses -€394
down €394 (-42.0%), from €939 to €545
- Tax, wage and social debts -€13,019
down €13,019 (-98.5%), from €13,211 to €192
- Profit (loss) carried forward -€6,399
down €6,399 (-146%), from -€4,388 to -€10,787
- Trade debts +€4,083
up €4,083 (+107%), from €3,817 to €7,900
- Other debts +€3,068
up €3,068 (+28.6%), from €10,711 to €13,779
- Gross operating margin -€4,689
down €4,689, from €321 to -€4,368
- Financial charges -€3,168
down €3,168 (-89.6%), from €3,537 to €369
- Depreciation +€426
up €426 (+176%), from €243 to €669
- Other operating charges +€256
up €256 (+34.8%), from €737 to €993
- Taxes -€192
down €192 (-100%), from €192 to €0
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 | €23,551 | €11,284 | -€12,267 | -52.1% |
| Formation expenses | 20 | €939 | €545 | -€394 | -42.0% |
| Fixed assets | 21/28 | - | €1,445 | +€1,445 | |
| Tangible fixed assets | 22/27 | - | €1,445 | +€1,445 | |
| Plant, machinery and equipment | 23 | - | €1,445 | +€1,445 | |
| Current assets | 29/58 | €22,612 | €9,294 | -€13,318 | -58.9% |
| Amounts receivable within one year | 40/41 | €22,481 | €8,997 | -€13,483 | -60.0% |
| Trade receivables | 40 | €22,481 | €6,275 | -€16,206 | -72.1% |
| Other amounts receivable | 41 | - | €2,722 | +€2,722 | |
| Cash at bank and in hand | 54/58 | €132 | €297 | +€166 | +126% |
| Total equity and liabilities | 10/49 | €23,551 | €11,284 | -€12,267 | -52.1% |
| Equity | 10/15 | -€4,188 | -€10,587 | -€6,399 | -153% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,388 | -€10,787 | -€6,399 | -146% |
| Amounts payable | 17/49 | €27,739 | €21,871 | -€5,868 | -21.2% |
| Amounts payable within one year | 42/48 | €27,739 | €21,871 | -€5,868 | -21.2% |
| Trade debts | 44 | €3,817 | €7,900 | +€4,083 | +107% |
| Suppliers | 440/4 | €3,817 | €7,900 | +€4,083 | +107% |
| Taxes, remuneration and social security | 45 | €13,211 | €192 | -€13,019 | -98.5% |
| Taxes | 450/3 | €13,211 | €192 | -€13,019 | -98.5% |
| Other amounts payable | 47/48 | €10,711 | €13,779 | +€3,068 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €243 | €669 | +€426 | +176% |
| Other operating charges | 640/8 | €737 | €993 | +€256 | +34.8% |
| Gross operating margin | 9900 | €321 | -€4,368 | -€4,689 | |
| Operating profit (loss) | 9901 | -€659 | -€6,030 | -€5,371 | -815% |
| Financial charges | 65/66B | €3,537 | €369 | -€3,168 | -89.6% |
| Recurring financial charges | 65 | €3,537 | €369 | -€3,168 | -89.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,196 | -€6,399 | -€2,204 | -52.5% |
| Income taxes | 67/77 | €192 | €0 | -€192 | -100% |
| Profit (loss) for the period | 9904 | -€4,388 | -€6,399 | -€2,011 | -45.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,388 | -€6,399 | -€2,011 | -45.8% |
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 29 October 2026 via checked.be.