VDSN: 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.
VDSN
Largest movements
- Stocks and contracts +€116,977
up €116,977 (+120%), from €97,229 to €214,207
- Receivables within one year +€36,037
up €36,037 (+76.3%), from €47,239 to €83,276
of which Trade receivables: +€39,888
- Cash -€26,930
down €26,930 (-37.8%), from €71,334 to €44,404
mainly Stocks and contracts (-€116,977) and Receivables within one year (-€36,037)
- Profit (loss) carried forward +€78,795
up €78,795 (+120%), from €65,551 to €144,346
- Trade debts +€33,615
up €33,615 (+1,781%), from €1,887 to €35,502
- Tax, wage and social debts +€32,970
up €32,970 (+205%), from €16,119 to €49,088
- Other debts -€20,071
down €20,071 (-28.5%), from €70,409 to €50,338
- Gross operating margin +€32,023
up €32,023 (+38.4%), from €83,322 to €115,345
- Taxes +€13,311
up €13,311 (+82.6%), from €16,119 to €29,429
- Financial charges +€3,191
up €3,191 (+330%), from €968 to €4,158
- Depreciation +€1,501
up €1,501 (+222%), from €677 to €2,178
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 | €230,966 | €356,275 | +€125,309 | +54.3% |
| Fixed assets | 21/28 | €15,164 | €14,388 | -€776 | -5.1% |
| Intangible fixed assets | 21 | - | €1,296 | +€1,296 | |
| Tangible fixed assets | 22/27 | €15,164 | €13,092 | -€2,072 | -13.7% |
| Plant, machinery and equipment | 23 | €15,164 | €13,092 | -€2,072 | -13.7% |
| Current assets | 29/58 | €215,802 | €341,887 | +€126,085 | +58.4% |
| Stocks and contracts in progress | 3 | €97,229 | €214,207 | +€116,977 | +120% |
| Stocks | 30/36 | €97,229 | €214,207 | +€116,977 | +120% |
| Amounts receivable within one year | 40/41 | €47,239 | €83,276 | +€36,037 | +76.3% |
| Trade receivables | 40 | €40,354 | €80,242 | +€39,888 | +98.8% |
| Other amounts receivable | 41 | €6,885 | €3,034 | -€3,851 | -55.9% |
| Cash at bank and in hand | 54/58 | €71,334 | €44,404 | -€26,930 | -37.8% |
| Total equity and liabilities | 10/49 | €230,966 | €356,275 | +€125,309 | +54.3% |
| Equity | 10/15 | €67,551 | €146,346 | +€78,795 | +117% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,551 | €144,346 | +€78,795 | +120% |
| Amounts payable | 17/49 | €163,415 | €209,929 | +€46,514 | +28.5% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Financial debts | 170/4 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €88,415 | €134,929 | +€46,514 | +52.6% |
| Trade debts | 44 | €1,887 | €35,502 | +€33,615 | +1,781% |
| Suppliers | 440/4 | €1,887 | €35,502 | +€33,615 | +1,781% |
| Taxes, remuneration and social security | 45 | €16,119 | €49,088 | +€32,970 | +205% |
| Taxes | 450/3 | €16,119 | €49,088 | +€32,970 | +205% |
| Other amounts payable | 47/48 | €70,409 | €50,338 | -€20,071 | -28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €677 | €2,178 | +€1,501 | +222% |
| Other operating charges | 640/8 | €8 | €787 | +€780 | +10,394% |
| Gross operating margin | 9900 | €83,322 | €115,345 | +€32,023 | +38.4% |
| Operating profit (loss) | 9901 | €82,637 | €112,379 | +€29,742 | +36.0% |
| Financial income | 75/76B | €0 | €4 | +€3 | +4,325% |
| Recurring financial income | 75 | €0 | €4 | +€3 | +4,325% |
| Financial charges | 65/66B | €968 | €4,158 | +€3,191 | +330% |
| Recurring financial charges | 65 | €968 | €4,158 | +€3,191 | +330% |
| Profit (loss) for the period before taxes | 9903 | €81,670 | €108,224 | +€26,555 | +32.5% |
| Income taxes | 67/77 | €16,119 | €29,429 | +€13,311 | +82.6% |
| Profit (loss) for the period | 9904 | €65,551 | €78,795 | +€13,244 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,551 | €78,795 | +€13,244 | +20.2% |
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 14 October 2026 via checked.be.