VDSWA: 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.
VDSWA
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Receivables within one year +€61,851
up €61,851 (+260.8%), from €23,720 to €85,571
of which Trade receivables: +€56,924
- Cash +€35,546
up €35,546 (+68.6%), from €51,837 to €87,383
mainly Current investments (+€100,000) and Net result for the year (+€89,209)
- Tangible fixed assets -€25,102
down €25,102 (-12.6%), from €199,676 to €174,574
of which Furniture and vehicles: -€20,067
- Stocks and contracts +€9,950
up €9,950 (+6.5%), from €152,782 to €162,732
- Trade debts -€155,636
down €155,636 (-46.7%), from €332,986 to €177,350
- Reserves +€89,209
up €89,209 (+311.9%), from €28,605 to €117,814
- Other debts +€25,091
up €25,091 (+21.0%), from €119,642 to €144,733
- Tax, wage and social debts +€22,957
up €22,957 (+332.5%), from €6,905 to €29,862
- Gross operating margin +€93,092
up €93,092 (+135.3%), from €68,803 to €161,895
- Taxes +€26,301
up €26,301 (+631.6%), from €4,164 to €30,466
- Financial income +€3,546
up €3,546 (+2479.0%), from €143 to €3,689
- Depreciation -€1,922
down €1,922 (-4.2%), from €45,948 to €44,026
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 | €538,138 | €520,927 | -€17,210 | -3.2% |
| Fixed assets | 21/28 | €203,637 | €177,549 | -€26,088 | -12.8% |
| Intangible fixed assets | 21 | €3,961 | €2,975 | -€986 | -24.9% |
| Tangible fixed assets | 22/27 | €199,676 | €174,574 | -€25,102 | -12.6% |
| Land and buildings | 22 | €128,793 | €123,342 | -€5,451 | -4.2% |
| Plant, machinery and equipment | 23 | €25,080 | €25,496 | +€416 | +1.7% |
| Furniture and vehicles | 24 | €45,803 | €25,736 | -€20,067 | -43.8% |
| Current assets | 29/58 | €334,501 | €343,378 | +€8,878 | +2.7% |
| Stocks and contracts in progress | 3 | €152,782 | €162,732 | +€9,950 | +6.5% |
| Stocks | 30/36 | €152,782 | €162,732 | +€9,950 | +6.5% |
| Amounts receivable within one year | 40/41 | €23,720 | €85,571 | +€61,851 | +260.8% |
| Trade receivables | 40 | €23,720 | €80,644 | +€56,924 | +240.0% |
| Other amounts receivable | 41 | - | €4,927 | +€4,927 | |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €51,837 | €87,383 | +€35,546 | +68.6% |
| Deferred charges and accrued income | 490/1 | €6,162 | €7,693 | +€1,531 | +24.9% |
| Total equity and liabilities | 10/49 | €538,138 | €520,927 | -€17,210 | -3.2% |
| Equity | 10/15 | €78,605 | €167,814 | +€89,209 | +113.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €28,605 | €117,814 | +€89,209 | +311.9% |
| Distributable reserves | 133 | €28,605 | €117,814 | +€89,209 | +311.9% |
| Amounts payable | 17/49 | €459,533 | €353,114 | -€106,419 | -23.2% |
| Amounts payable within one year | 42/48 | €459,533 | €351,945 | -€107,588 | -23.4% |
| Trade debts | 44 | €332,986 | €177,350 | -€155,636 | -46.7% |
| Suppliers | 440/4 | €332,986 | €177,350 | -€155,636 | -46.7% |
| Taxes, remuneration and social security | 45 | €6,905 | €29,862 | +€22,957 | +332.5% |
| Taxes | 450/3 | €6,905 | €29,862 | +€22,957 | +332.5% |
| Other amounts payable | 47/48 | €119,642 | €144,733 | +€25,091 | +21.0% |
| Accrued charges and deferred income | 492/3 | €0 | €1,169 | +€1,169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,948 | €44,026 | -€1,922 | -4.2% |
| Other operating charges | 640/8 | €2,954 | €1,840 | -€1,114 | -37.7% |
| Gross operating margin | 9900 | €68,803 | €161,895 | +€93,092 | +135.3% |
| Operating profit (loss) | 9901 | €19,902 | €116,029 | +€96,127 | +483.0% |
| Financial income | 75/76B | €143 | €3,689 | +€3,546 | +2479.0% |
| Recurring financial income | 75 | €143 | €3,689 | +€3,546 | +2479.0% |
| Financial charges | 65/66B | €69 | €43 | -€25 | -36.5% |
| Recurring financial charges | 65 | €69 | €43 | -€25 | -36.5% |
| Profit (loss) for the period before taxes | 9903 | €19,976 | €119,674 | +€99,698 | +499.1% |
| Income taxes | 67/77 | €4,164 | €30,466 | +€26,301 | +631.6% |
| Profit (loss) for the period | 9904 | €15,812 | €89,209 | +€73,397 | +464.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,812 | €89,209 | +€73,397 | +464.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.