VDT DEVELOPMENT: 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.
VDT DEVELOPMENT
Largest movements
- Receivables within one year -€191,624
down €191,624 (-79.0%), from €242,566 to €50,942
of which Other amounts receivable: -€226,783
- Cash -€19,422
down €19,422 (-18.4%), from €105,285 to €85,863
mainly Other debts (-€108,941) and Current portion of long-term debt (-€94,747)
- Other debts -€108,941
down €108,941 (-79.7%), from €136,640 to €27,699
- Current portion of long-term debt -€94,747
down €94,747 (-90.3%), from €104,974 to €10,227
- Reserves -€19,000
down €19,000 (-19.8%), from €95,792 to €76,792
- Trade debts +€17,024
up €17,024 (+605%), from €2,815 to €19,839
- Debts after one year -€10,227
down €10,227 (-37.3%), from €27,388 to €17,161
- Gross operating margin -€107,095
down €107,095 (-75.5%), from €141,754 to €34,659
- Financial charges -€70,994
down €70,994 (-90.5%), from €78,443 to €7,449
- Depreciation -€19,771
down €19,771 (-56.0%), from €35,315 to €15,544
- Other operating charges -€8,595
down €8,595 (-82.8%), from €10,377 to €1,782
- Taxes -€6,644
down €6,644 (-44.0%), from €15,083 to €8,440
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 | €410,774 | €198,582 | -€212,192 | -51.7% |
| Fixed assets | 21/28 | €59,216 | €57,488 | -€1,728 | -2.9% |
| Intangible fixed assets | 21 | €1,029 | €754 | -€275 | -26.7% |
| Tangible fixed assets | 22/27 | €57,137 | €55,684 | -€1,453 | -2.5% |
| Furniture and vehicles | 24 | €44,162 | €42,709 | -€1,453 | -3.3% |
| Other tangible fixed assets | 26 | €12,975 | €12,975 | = | 0.0% |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €351,558 | €141,094 | -€210,464 | -59.9% |
| Amounts receivable within one year | 40/41 | €242,566 | €50,942 | -€191,624 | -79.0% |
| Trade receivables | 40 | €14,251 | €49,410 | +€35,159 | +247% |
| Other amounts receivable | 41 | €228,315 | €1,532 | -€226,783 | -99.3% |
| Cash at bank and in hand | 54/58 | €105,285 | €85,863 | -€19,422 | -18.4% |
| Deferred charges and accrued income | 490/1 | €3,707 | €4,289 | +€582 | +15.7% |
| Total equity and liabilities | 10/49 | €410,774 | €198,582 | -€212,192 | -51.7% |
| Equity | 10/15 | €129,126 | €111,941 | -€17,185 | -13.3% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €95,792 | €76,792 | -€19,000 | -19.8% |
| Distributable reserves | 133 | €95,792 | €76,792 | -€19,000 | -19.8% |
| Profit (loss) carried forward | 14 | €11,334 | €13,149 | +€1,815 | +16.0% |
| Amounts payable | 17/49 | €281,647 | €86,641 | -€195,006 | -69.2% |
| Amounts payable after more than one year | 17 | €27,388 | €17,161 | -€10,227 | -37.3% |
| Financial debts | 170/4 | €27,388 | €17,161 | -€10,227 | -37.3% |
| Amounts payable within one year | 42/48 | €254,259 | €69,480 | -€184,779 | -72.7% |
| Current portion of amounts payable after more than one year | 42 | €104,974 | €10,227 | -€94,747 | -90.3% |
| Trade debts | 44 | €2,815 | €19,839 | +€17,024 | +605% |
| Suppliers | 440/4 | €2,815 | €19,839 | +€17,024 | +605% |
| Taxes, remuneration and social security | 45 | €9,830 | €11,715 | +€1,885 | +19.2% |
| Taxes | 450/3 | €9,830 | €11,715 | +€1,885 | +19.2% |
| Other amounts payable | 47/48 | €136,640 | €27,699 | -€108,941 | -79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,315 | €15,544 | -€19,771 | -56.0% |
| Other operating charges | 640/8 | €10,377 | €1,782 | -€8,595 | -82.8% |
| Non-recurring operating charges | 66A | - | €179 | +€179 | |
| Gross operating margin | 9900 | €141,754 | €34,659 | -€107,095 | -75.5% |
| Operating profit (loss) | 9901 | €96,062 | €17,154 | -€78,907 | -82.1% |
| Financial income | 75/76B | €1,264 | €549 | -€715 | -56.6% |
| Recurring financial income | 75 | €1,264 | €549 | -€715 | -56.6% |
| Financial charges | 65/66B | €78,443 | €7,449 | -€70,994 | -90.5% |
| Recurring financial charges | 65 | €78,443 | €7,449 | -€70,994 | -90.5% |
| Profit (loss) for the period before taxes | 9903 | €18,883 | €10,254 | -€8,629 | -45.7% |
| Income taxes | 67/77 | €15,083 | €8,440 | -€6,644 | -44.0% |
| Profit (loss) for the period | 9904 | €3,800 | €1,815 | -€1,985 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,800 | €1,815 | -€1,985 | -52.2% |
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 15 October 2026 via checked.be.