VDV Activities: 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 Activities
Largest movements
- Cash +€58,871
up €58,871 (+23.6%), from €249,031 to €307,902
mainly Net result for the year (+€125,278) and Depreciation (+€39,601)
- Tangible fixed assets -€39,601
down €39,601 (-9.5%), from €418,947 to €379,347
of which Land and buildings: -€35,361
- Receivables within one year -€24,154
down €24,154 (-39.6%), from €60,994 to €36,840
of which Other amounts receivable: -€25,049
- Profit (loss) carried forward +€125,278
up €125,278 (+504.1%), from €24,850 to €150,128
- Debts after one year -€115,787
no longer reported in 2025 (was €115,787)
- Trade debts -€7,800
down €7,800 (-100.0%), from €7,804 to €4
- Gross operating margin +€133,806
up €133,806 (+169.5%), from €78,929 to €212,735
- Financial income -€30,082
down €30,082 (-90.4%), from €33,274 to €3,192
- Taxes +€26,894
up €26,894 (+174.8%), from €15,382 to €42,276
- Financial charges +€8,691
up €8,691 (+10732.0%), from €81 to €8,772
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 | €744,568 | €739,685 | -€4,883 | -0.7% |
| Fixed assets | 21/28 | €434,543 | €394,943 | -€39,601 | -9.1% |
| Tangible fixed assets | 22/27 | €418,947 | €379,347 | -€39,601 | -9.5% |
| Land and buildings | 22 | €414,030 | €378,668 | -€35,361 | -8.5% |
| Plant, machinery and equipment | 23 | €1,018 | €679 | -€339 | -33.3% |
| Furniture and vehicles | 24 | €3,900 | - | -€3,900 | |
| Financial fixed assets | 28 | €15,596 | €15,596 | = | 0.0% |
| Current assets | 29/58 | €310,025 | €344,742 | +€34,717 | +11.2% |
| Amounts receivable within one year | 40/41 | €60,994 | €36,840 | -€24,154 | -39.6% |
| Trade receivables | 40 | €27,321 | €28,216 | +€895 | +3.3% |
| Other amounts receivable | 41 | €33,673 | €8,624 | -€25,049 | -74.4% |
| Cash at bank and in hand | 54/58 | €249,031 | €307,902 | +€58,871 | +23.6% |
| Total equity and liabilities | 10/49 | €744,568 | €739,685 | -€4,883 | -0.7% |
| Equity | 10/15 | €534,113 | €656,199 | +€122,086 | +22.9% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Revaluation surpluses | 12 | €192,328 | €192,328 | = | 0.0% |
| Reserves | 13 | €108,591 | €108,591 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €102,391 | €102,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,850 | €150,128 | +€125,278 | +504.1% |
| Investment grants | 15 | €22,344 | €19,152 | -€3,192 | -14.3% |
| Amounts payable | 17/49 | €210,456 | €83,486 | -€126,970 | -60.3% |
| Amounts payable after more than one year | 17 | €115,787 | - | -€115,787 | |
| Financial debts | 170/4 | €115,787 | - | -€115,787 | |
| Amounts payable within one year | 42/48 | €11,186 | €4 | -€11,182 | -100.0% |
| Trade debts | 44 | €7,804 | €4 | -€7,800 | -100.0% |
| Suppliers | 440/4 | €7,804 | €4 | -€7,800 | -100.0% |
| Taxes, remuneration and social security | 45 | €3,382 | - | -€3,382 | |
| Taxes | 450/3 | €3,382 | - | -€3,382 | |
| Accrued charges and deferred income | 492/3 | €83,483 | €83,483 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,601 | €39,601 | = | 0.0% |
| Gross operating margin | 9900 | €78,929 | €212,735 | +€133,806 | +169.5% |
| Operating profit (loss) | 9901 | €39,328 | €173,134 | +€133,806 | +340.2% |
| Financial income | 75/76B | €33,274 | €3,192 | -€30,082 | -90.4% |
| Recurring financial income | 75 | €33,274 | €3,192 | -€30,082 | -90.4% |
| Financial charges | 65/66B | €81 | €8,772 | +€8,691 | +10732.0% |
| Recurring financial charges | 65 | €81 | €8,772 | +€8,691 | +10732.0% |
| Profit (loss) for the period before taxes | 9903 | €72,522 | €167,554 | +€95,032 | +131.0% |
| Income taxes | 67/77 | €15,382 | €42,276 | +€26,894 | +174.8% |
| Profit (loss) for the period | 9904 | €57,140 | €125,278 | +€68,139 | +119.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,140 | €125,278 | +€68,139 | +119.2% |
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 4 October 2026 via checked.be.