VDST: 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.
VDST
Largest movements
- Cash -€265,366
down €265,366 (-92.1%), from €288,053 to €22,687
mainly Contributions, distributions and other (-€1.1m) and Tax, wage and social debts (-€12,163)
- Tangible fixed assets -€218,709
down €218,709 (-93.9%), from €232,900 to €14,191
of which Land and buildings: -€218,835
- Reserves -€449,000
down €449,000 (-93.7%), from €479,000 to €30,000
- Contributions -€18,000
down €18,000 (-90.0%), from €20,000 to €2,000
- Tax, wage and social debts -€12,163
down €12,163 (-40.9%), from €29,762 to €17,599
- Gross operating margin +€225,811
up €225,811 (+34.4%), from €657,257 to €883,068
- Taxes +€58,678
up €58,678 (+36.5%), from €160,814 to €219,492
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 | €556,528 | €70,848 | -€485,680 | -87.3% |
| Fixed assets | 21/28 | €232,900 | €14,191 | -€218,709 | -93.9% |
| Tangible fixed assets | 22/27 | €232,900 | €14,191 | -€218,709 | -93.9% |
| Land and buildings | 22 | €218,835 | €0 | -€218,835 | -100% |
| Plant, machinery and equipment | 23 | €4,539 | €4,075 | -€464 | -10.2% |
| Furniture and vehicles | 24 | €9,526 | €10,116 | +€590 | +6.2% |
| Current assets | 29/58 | €323,628 | €56,657 | -€266,971 | -82.5% |
| Amounts receivable within one year | 40/41 | €32,180 | €30,444 | -€1,736 | -5.4% |
| Trade receivables | 40 | €30,476 | €29,649 | -€827 | -2.7% |
| Other amounts receivable | 41 | €1,704 | €795 | -€909 | -53.3% |
| Cash at bank and in hand | 54/58 | €288,053 | €22,687 | -€265,366 | -92.1% |
| Deferred charges and accrued income | 490/1 | €3,396 | €3,526 | +€130 | +3.8% |
| Total equity and liabilities | 10/49 | €556,528 | €70,848 | -€485,680 | -87.3% |
| Equity | 10/15 | €499,380 | €32,594 | -€466,786 | -93.5% |
| Contributions | 10/11 | €20,000 | €2,000 | -€18,000 | -90.0% |
| Reserves | 13 | €479,000 | €30,000 | -€449,000 | -93.7% |
| Distributable reserves | 133 | €479,000 | €30,000 | -€449,000 | -93.7% |
| Profit (loss) carried forward | 14 | €380 | €594 | +€214 | +56.2% |
| Amounts payable | 17/49 | €57,148 | €38,254 | -€18,893 | -33.1% |
| Amounts payable within one year | 42/48 | €52,270 | €37,298 | -€14,972 | -28.6% |
| Trade debts | 44 | €5,677 | €4,427 | -€1,250 | -22.0% |
| Suppliers | 440/4 | €5,677 | €4,427 | -€1,250 | -22.0% |
| Taxes, remuneration and social security | 45 | €29,762 | €17,599 | -€12,163 | -40.9% |
| Taxes | 450/3 | €29,762 | €17,599 | -€12,163 | -40.9% |
| Other amounts payable | 47/48 | €16,831 | €15,272 | -€1,560 | -9.3% |
| Accrued charges and deferred income | 492/3 | €4,877 | €956 | -€3,921 | -80.4% |
| Non-recurring operating income | 76A | - | €26,165 | +€26,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,531 | €3,151 | -€6,380 | -66.9% |
| Other operating charges | 640/8 | €1,348 | €1,799 | +€451 | +33.4% |
| Non-recurring operating charges | 66A | - | €2,257 | +€2,257 | |
| Gross operating margin | 9900 | €657,257 | €883,068 | +€225,811 | +34.4% |
| Operating profit (loss) | 9901 | €646,378 | €875,861 | +€229,483 | +35.5% |
| Financial income | 75/76B | €0 | €1,533 | +€1,533 | |
| Recurring financial income | 75 | €0 | €1,533 | +€1,533 | |
| Financial charges | 65/66B | €6,676 | €2,688 | -€3,988 | -59.7% |
| Recurring financial charges | 65 | €6,676 | €2,688 | -€3,988 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | €639,702 | €874,706 | +€235,004 | +36.7% |
| Income taxes | 67/77 | €160,814 | €219,492 | +€58,678 | +36.5% |
| Profit (loss) for the period | 9904 | €478,888 | €655,214 | +€176,325 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €478,888 | €655,214 | +€176,325 | +36.8% |
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 17 October 2026 via checked.be.