VDSW: what changed
Two fiscal 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.
VDSW
Largest movements
- Receivables within one year -€13,825
down €13,825 (-59.8%), from €23,121 to €9,296
of which Trade receivables: -€14,523
- Cash +€13,190
up €13,190 (+279.1%), from €4,727 to €17,917
mainly Net result for the year (+€33,894) and Tax, wage and social debts (+€20,333)
- Tangible fixed assets +€3,203
new in 2025: €3,203
- Stocks and contracts -€1,339
down €1,339 (-3.0%), from €44,323 to €42,984
- Intangible fixed assets -€864
down €864 (-17.8%), from €4,853 to €3,989
- Trade debts -€53,862
down €53,862 (-84.2%), from €63,997 to €10,135
- Profit (loss) carried forward +€33,894
up €33,894, from -€5,659 to €28,235
- Tax, wage and social debts +€20,333
up €20,333 (+129.6%), from €15,685 to €36,018
of which Remuneration and social security: +€16,583
- Gross operating margin +€33,717
up €33,717 (+740.3%), from €4,555 to €38,271
- Other operating charges -€1,464
down €1,464 (-49.3%), from €2,968 to €1,504
- Financial charges +€883
up €883 (+271.6%), from €325 to €1,208
- Depreciation +€801
up €801 (+92.6%), from €864 to €1,665
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.
Cash bridge derived
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 | €77,023 | €77,388 | +€365 | +0.5% |
| Fixed assets | 21/28 | €4,853 | €7,191 | +€2,338 | +48.2% |
| Intangible fixed assets | 21 | €4,853 | €3,989 | -€864 | -17.8% |
| Tangible fixed assets | 22/27 | - | €3,203 | +€3,203 | |
| Plant, machinery and equipment | 23 | - | €3,203 | +€3,203 | |
| Current assets | 29/58 | €72,170 | €70,197 | -€1,973 | -2.7% |
| Stocks and contracts in progress | 3 | €44,323 | €42,984 | -€1,339 | -3.0% |
| Stocks | 30/36 | €44,323 | €42,984 | -€1,339 | -3.0% |
| Amounts receivable within one year | 40/41 | €23,121 | €9,296 | -€13,825 | -59.8% |
| Trade receivables | 40 | €20,936 | €6,413 | -€14,523 | -69.4% |
| Other amounts receivable | 41 | €2,185 | €2,883 | +€698 | +32.0% |
| Cash at bank and in hand | 54/58 | €4,727 | €17,917 | +€13,190 | +279.1% |
| Total equity and liabilities | 10/49 | €77,023 | €77,388 | +€365 | +0.5% |
| Equity | 10/15 | -€2,659 | €31,235 | +€33,894 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,659 | €28,235 | +€33,894 | |
| Amounts payable | 17/49 | €79,682 | €46,153 | -€33,529 | -42.1% |
| Amounts payable within one year | 42/48 | €79,682 | €46,153 | -€33,529 | -42.1% |
| Trade debts | 44 | €63,997 | €10,135 | -€53,862 | -84.2% |
| Suppliers | 440/4 | €63,997 | €10,135 | -€53,862 | -84.2% |
| Taxes, remuneration and social security | 45 | €15,685 | €36,018 | +€20,333 | +129.6% |
| Taxes | 450/3 | - | €3,750 | +€3,750 | |
| Remuneration and social security | 454/9 | €15,685 | €32,268 | +€16,583 | +105.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €864 | €1,665 | +€801 | +92.6% |
| Other operating charges | 640/8 | €2,968 | €1,504 | -€1,464 | -49.3% |
| Gross operating margin | 9900 | €4,555 | €38,271 | +€33,717 | +740.3% |
| Operating profit (loss) | 9901 | €722 | €35,102 | +€34,380 | +4762.0% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €325 | €1,208 | +€883 | +271.6% |
| Recurring financial charges | 65 | €325 | €1,208 | +€883 | +271.6% |
| Profit (loss) for the period before taxes | 9903 | €397 | €33,894 | +€33,497 | +8439.5% |
| Profit (loss) for the period | 9904 | €397 | €33,894 | +€33,497 | +8439.5% |
| Profit (loss) for the period to be appropriated | 9905 | €397 | €33,894 | +€33,497 | +8439.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.