VDV: 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.
VDV
Largest movements
- Receivables within one year -€43,678
down €43,678 (-59.6%), from €73,230 to €29,552
of which Trade receivables: -€42,884
- Cash +€34,123
up €34,123 (+139.9%), from €24,396 to €58,519
mainly Receivables within one year (+€43,678) and Other debts (+€5,894)
- Advances received -€12,544
no longer reported in 2025 (was €12,544)
- Trade debts -€6,964
down €6,964 (-58.4%), from €11,924 to €4,960
- Other debts +€5,894
up €5,894 (+8.8%), from €67,246 to €73,140
- Profit (loss) carried forward +€3,015
up €3,015 (+8.2%), from -€36,586 to -€33,571
- Write-downs +€17,616
new in 2025: €17,616
- Financial charges +€5,884
up €5,884 (+76.7%), from €7,667 to €13,551
- Financial income +€1,007
up €1,007 (+6863.2%), from €15 to €1,022
- Taxes +€553
new in 2025: €553
- Gross operating margin -€549
down €549 (-1.6%), from €34,541 to €33,992
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 | €97,931 | €88,071 | -€9,860 | -10.1% |
| Current assets | 29/58 | €97,931 | €88,071 | -€9,860 | -10.1% |
| Amounts receivable within one year | 40/41 | €73,230 | €29,552 | -€43,678 | -59.6% |
| Trade receivables | 40 | €71,043 | €28,159 | -€42,884 | -60.4% |
| Other amounts receivable | 41 | €2,187 | €1,393 | -€794 | -36.3% |
| Cash at bank and in hand | 54/58 | €24,396 | €58,519 | +€34,123 | +139.9% |
| Deferred charges and accrued income | 490/1 | €305 | - | -€305 | |
| Total equity and liabilities | 10/49 | €97,931 | €88,071 | -€9,860 | -10.1% |
| Equity | 10/15 | €6,106 | €9,121 | +€3,015 | +49.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €24,092 | €24,092 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50 | - | -€50 | |
| Reserves not available under the articles | 1311 | €50 | - | -€50 | |
| Distributable reserves | 133 | €24,042 | €24,092 | +€50 | +0.2% |
| Profit (loss) carried forward | 14 | -€36,586 | -€33,571 | +€3,015 | +8.2% |
| Amounts payable | 17/49 | €91,825 | €78,950 | -€12,875 | -14.0% |
| Amounts payable within one year | 42/48 | €91,825 | €78,950 | -€12,875 | -14.0% |
| Trade debts | 44 | €11,924 | €4,960 | -€6,964 | -58.4% |
| Suppliers | 440/4 | €11,924 | €4,960 | -€6,964 | -58.4% |
| Advances received on contracts in progress | 46 | €12,544 | - | -€12,544 | |
| Taxes, remuneration and social security | 45 | €111 | €850 | +€739 | +666.5% |
| Taxes | 450/3 | €111 | €850 | +€739 | +666.5% |
| Other amounts payable | 47/48 | €67,246 | €73,140 | +€5,894 | +8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,616 | +€17,616 | |
| Other operating charges | 640/8 | €206 | €278 | +€72 | +35.0% |
| Gross operating margin | 9900 | €34,541 | €33,992 | -€549 | -1.6% |
| Operating profit (loss) | 9901 | €34,335 | €16,098 | -€18,237 | -53.1% |
| Financial income | 75/76B | €15 | €1,022 | +€1,007 | +6863.2% |
| Recurring financial income | 75 | €15 | €1,022 | +€1,007 | +6863.2% |
| Financial charges | 65/66B | €7,667 | €13,551 | +€5,884 | +76.7% |
| Recurring financial charges | 65 | €7,667 | €13,551 | +€5,884 | +76.7% |
| Profit (loss) for the period before taxes | 9903 | €26,682 | €3,568 | -€23,114 | -86.6% |
| Income taxes | 67/77 | - | €553 | +€553 | |
| Profit (loss) for the period | 9904 | €26,682 | €3,015 | -€23,667 | -88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,682 | €3,015 | -€23,667 | -88.7% |
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 30 September 2026 via checked.be.