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
- Cash +€54,397
up €54,397 (+59.6%), from €91,217 to €145,614
mainly Net result for the year (+€87,677) and Tax, wage and social debts (+€11,925)
- Current investments +€26,175
up €26,175 (+20.9%), from €125,417 to €151,592
- Receivables within one year -€8,969
down €8,969 (-49.7%), from €18,044 to €9,075
of which Trade receivables: -€9,507
- Tangible fixed assets +€5,740
up €5,740 (+48.5%), from €11,822 to €17,562
of which Land and buildings: +€4,111
- Reserves +€87,677
up €87,677 (+23.3%), from €376,452 to €464,129
of which Distributable reserves: +€87,677
- Other debts -€21,471
no longer reported in 2025 (was €21,471)
- Tax, wage and social debts +€11,925
up €11,925 (+108.2%), from €11,017 to €22,942
- Financial charges +€15,067
up €15,067 (+384.4%), from €3,920 to €18,987
- Gross operating margin +€13,898
up €13,898 (+12.3%), from €112,573 to €126,471
- Taxes +€6,556
up €6,556 (+21.2%), from €30,966 to €37,522
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 | €432,633 | €510,275 | +€77,642 | +17.9% |
| Fixed assets | 21/28 | €24,722 | €30,462 | +€5,740 | +23.2% |
| Tangible fixed assets | 22/27 | €11,822 | €17,562 | +€5,740 | +48.5% |
| Land and buildings | 22 | €11,822 | €15,934 | +€4,111 | +34.8% |
| Furniture and vehicles | 24 | €0 | €1,629 | +€1,629 | |
| Financial fixed assets | 28 | €12,900 | €12,900 | = | 0.0% |
| Current assets | 29/58 | €407,910 | €479,812 | +€71,902 | +17.6% |
| Amounts receivable after more than one year | 29 | €170,000 | €170,000 | = | 0.0% |
| Other amounts receivable | 291 | €170,000 | €170,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,044 | €9,075 | -€8,969 | -49.7% |
| Trade receivables | 40 | €18,044 | €8,537 | -€9,507 | -52.7% |
| Other amounts receivable | 41 | - | €538 | +€538 | |
| Current investments | 50/53 | €125,417 | €151,592 | +€26,175 | +20.9% |
| Cash at bank and in hand | 54/58 | €91,217 | €145,614 | +€54,397 | +59.6% |
| Deferred charges and accrued income | 490/1 | €3,232 | €3,532 | +€300 | +9.3% |
| Total equity and liabilities | 10/49 | €432,633 | €510,275 | +€77,642 | +17.9% |
| Equity | 10/15 | €388,852 | €476,529 | +€87,677 | +22.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €376,452 | €464,129 | +€87,677 | +23.3% |
| Tax-exempt reserves | 132 | €127 | €127 | = | 0.0% |
| Distributable reserves | 133 | €376,325 | €464,002 | +€87,677 | +23.3% |
| Amounts payable | 17/49 | €43,781 | €33,746 | -€10,035 | -22.9% |
| Amounts payable within one year | 42/48 | €41,667 | €32,240 | -€9,427 | -22.6% |
| Financial debts | 43 | €8,462 | €8,425 | -€36 | -0.4% |
| Credit institutions | 430/8 | €8,462 | €8,425 | -€36 | -0.4% |
| Trade debts | 44 | €717 | €872 | +€155 | +21.6% |
| Suppliers | 440/4 | €717 | €872 | +€155 | +21.6% |
| Taxes, remuneration and social security | 45 | €11,017 | €22,942 | +€11,925 | +108.2% |
| Taxes | 450/3 | €11,017 | €22,942 | +€11,925 | +108.2% |
| Other amounts payable | 47/48 | €21,471 | - | -€21,471 | |
| Accrued charges and deferred income | 492/3 | €2,113 | €1,506 | -€607 | -28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,616 | €2,449 | -€167 | -6.4% |
| Other operating charges | 640/8 | €1,473 | €1,314 | -€158 | -10.8% |
| Gross operating margin | 9900 | €112,573 | €126,471 | +€13,898 | +12.3% |
| Operating profit (loss) | 9901 | €108,484 | €122,708 | +€14,224 | +13.1% |
| Financial income | 75/76B | €21,053 | €21,478 | +€424 | +2.0% |
| Recurring financial income | 75 | €21,053 | €21,478 | +€424 | +2.0% |
| Financial charges | 65/66B | €3,920 | €18,987 | +€15,067 | +384.4% |
| Recurring financial charges | 65 | €3,920 | €18,987 | +€15,067 | +384.4% |
| Profit (loss) for the period before taxes | 9903 | €125,617 | €125,199 | -€419 | -0.3% |
| Income taxes | 67/77 | €30,966 | €37,522 | +€6,556 | +21.2% |
| Profit (loss) for the period | 9904 | €94,652 | €87,677 | -€6,975 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €94,652 | €87,677 | -€6,975 | -7.4% |
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 28 September 2026 via checked.be.