VDV: 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.
VDV
Largest movements
- Cash -€195,120
down €195,120 (-62.9%), from €310,341 to €115,221
mainly Contributions, distributions and other (-€250,259) and Other debts (-€191,510)
- Tangible fixed assets -€152,251
down €152,251 (-96.9%), from €157,140 to €4,889
of which Land and buildings: -€144,931
- Receivables within one year +€81,320
up €81,320 (+36.2%), from €224,447 to €305,767
of which Other amounts receivable: +€100,168
- Trade debts +€241,257
up €241,257 (+799%), from €30,180 to €271,437
- Reserves -€203,529
down €203,529 (-65.9%), from €308,905 to €105,376
of which Distributable reserves: -€187,846
- Other debts -€191,510
down €191,510 (-100%), from €191,510 to €0
- Tax, wage and social debts -€85,913
down €85,913 (-63.2%), from €136,022 to €50,109
of which Taxes: -€69,011
- Contributions -€14,578
down €14,578 (-78.4%), from €18,592 to €4,014
- Gross operating margin -€254,310
down €254,310 (-50.7%), from €501,340 to €247,030
- Taxes -€49,895
down €49,895 (-75.9%), from €65,705 to €15,810
- Staff costs -€43,922
down €43,922 (-19.0%), from €230,590 to €186,668
- Depreciation -€16,799
down €16,799 (-65.5%), from €25,647 to €8,848
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 | €693,284 | €431,066 | -€262,219 | -37.8% |
| Fixed assets | 21/28 | €158,203 | €6,143 | -€152,061 | -96.1% |
| Intangible fixed assets | 21 | €948 | €1,138 | +€190 | +20.1% |
| Tangible fixed assets | 22/27 | €157,140 | €4,889 | -€152,251 | -96.9% |
| Land and buildings | 22 | €144,931 | €0 | -€144,931 | -100% |
| Plant, machinery and equipment | 23 | €3,543 | €1,317 | -€2,226 | -62.8% |
| Furniture and vehicles | 24 | €7,764 | €3,572 | -€4,192 | -54.0% |
| Other tangible fixed assets | 26 | €902 | €0 | -€902 | -100% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €535,081 | €424,923 | -€110,158 | -20.6% |
| Amounts receivable within one year | 40/41 | €224,447 | €305,767 | +€81,320 | +36.2% |
| Trade receivables | 40 | €212,553 | €193,706 | -€18,848 | -8.9% |
| Other amounts receivable | 41 | €11,893 | €112,062 | +€100,168 | +842% |
| Current investments | 50/53 | - | €888 | +€888 | |
| Cash at bank and in hand | 54/58 | €310,341 | €115,221 | -€195,120 | -62.9% |
| Deferred charges and accrued income | 490/1 | €293 | €3,047 | +€2,753 | +938% |
| Total equity and liabilities | 10/49 | €693,284 | €431,066 | -€262,219 | -37.8% |
| Equity | 10/15 | €327,497 | €109,390 | -€218,107 | -66.6% |
| Contributions | 10/11 | €18,592 | €4,014 | -€14,578 | -78.4% |
| Reserves | 13 | €308,905 | €105,376 | -€203,529 | -65.9% |
| Tax-exempt reserves | 132 | €15,683 | €0 | -€15,683 | -100% |
| Distributable reserves | 133 | €293,222 | €105,376 | -€187,846 | -64.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €8,076 | €0 | -€8,076 | -100% |
| Deferred taxes | 168 | €8,076 | €0 | -€8,076 | -100% |
| Amounts payable | 17/49 | €357,712 | €321,676 | -€36,036 | -10.1% |
| Amounts payable within one year | 42/48 | €357,712 | €321,676 | -€36,036 | -10.1% |
| Financial debts | 43 | - | €129 | +€129 | |
| Credit institutions | 430/8 | - | €129 | +€129 | |
| Trade debts | 44 | €30,180 | €271,437 | +€241,257 | +799% |
| Suppliers | 440/4 | €30,180 | €271,437 | +€241,257 | +799% |
| Taxes, remuneration and social security | 45 | €136,022 | €50,109 | -€85,913 | -63.2% |
| Taxes | 450/3 | €107,667 | €38,656 | -€69,011 | -64.1% |
| Remuneration and social security | 454/9 | €28,355 | €11,454 | -€16,901 | -59.6% |
| Other amounts payable | 47/48 | €191,510 | €0 | -€191,510 | -100% |
| Non-recurring operating income | 76A | - | €8,228 | +€8,228 | |
| Remuneration, social security and pensions | 62 | €230,590 | €186,668 | -€43,922 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,647 | €8,848 | -€16,799 | -65.5% |
| Other operating charges | 640/8 | €3,236 | €1,398 | -€1,838 | -56.8% |
| Gross operating margin | 9900 | €501,340 | €247,030 | -€254,310 | -50.7% |
| Operating profit (loss) | 9901 | €241,867 | €50,116 | -€191,751 | -79.3% |
| Financial income | 75/76B | €787 | €298 | -€489 | -62.2% |
| Recurring financial income | 75 | €787 | €298 | -€489 | -62.2% |
| Financial charges | 65/66B | €1,465 | €2,452 | +€986 | +67.3% |
| Recurring financial charges | 65 | €1,465 | €2,452 | +€986 | +67.3% |
| Profit (loss) for the period before taxes | 9903 | €241,188 | €47,962 | -€193,227 | -80.1% |
| Transfer from deferred taxes | 780 | €2,019 | €0 | -€2,019 | -100% |
| Income taxes | 67/77 | €65,705 | €15,810 | -€49,895 | -75.9% |
| Profit (loss) for the period | 9904 | €177,502 | €32,152 | -€145,350 | -81.9% |
| Transfer from tax-exempt reserves | 789 | €3,921 | - | -€3,921 | |
| Profit (loss) for the period to be appropriated | 9905 | €181,422 | €32,152 | -€149,271 | -82.3% |
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 29 October 2026 via checked.be.