VDV Advisory: 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 Advisory
Largest movements
- Cash +€28,046
up €28,046 (+6.9%), from €406,021 to €434,066
mainly Net result for the year (+€461,041) and Other debts (+€53,978)
- Tangible fixed assets -€25,238
down €25,238 (-6.4%), from €395,165 to €369,927
- Other debts +€53,978
up €53,978 (+8.0%), from €674,727 to €728,705
- Reserves -€38,959
down €38,959 (-28.6%), from €136,379 to €97,420
of which Distributable reserves: -€37,099
- Gross operating margin -€179,788
down €179,788 (-22.1%), from €811,862 to €632,074
- Taxes -€64,217
down €64,217 (-31.6%), from €203,373 to €139,155
- Financial charges -€13,952
down €13,952 (-98.8%), from €14,116 to €164
of which Non-recurring financial charges: -€13,000
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 | €874,022 | €880,706 | +€6,684 | +0.8% |
| Fixed assets | 21/28 | €456,629 | €434,505 | -€22,125 | -4.8% |
| Tangible fixed assets | 22/27 | €395,165 | €369,927 | -€25,238 | -6.4% |
| Land and buildings | 22 | €282,724 | €275,502 | -€7,222 | -2.6% |
| Plant, machinery and equipment | 23 | €42,439 | €34,035 | -€8,404 | -19.8% |
| Furniture and vehicles | 24 | €70,002 | €60,390 | -€9,612 | -13.7% |
| Financial fixed assets | 28 | €61,465 | €64,578 | +€3,113 | +5.1% |
| Current assets | 29/58 | €417,393 | €446,201 | +€28,808 | +6.9% |
| Amounts receivable within one year | 40/41 | €8,256 | €8,918 | +€662 | +8.0% |
| Trade receivables | 40 | €1,629 | €3,073 | +€1,444 | +88.7% |
| Other amounts receivable | 41 | €6,627 | €5,845 | -€783 | -11.8% |
| Cash at bank and in hand | 54/58 | €406,021 | €434,066 | +€28,046 | +6.9% |
| Deferred charges and accrued income | 490/1 | €3,116 | €3,217 | +€101 | +3.2% |
| Total equity and liabilities | 10/49 | €874,022 | €880,706 | +€6,684 | +0.8% |
| Equity | 10/15 | €148,779 | €109,820 | -€38,959 | -26.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €136,379 | €97,420 | -€38,959 | -28.6% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €134,519 | €97,420 | -€37,099 | -27.6% |
| Amounts payable | 17/49 | €725,243 | €770,885 | +€45,642 | +6.3% |
| Amounts payable within one year | 42/48 | €723,443 | €770,885 | +€47,442 | +6.6% |
| Trade debts | 44 | €2,269 | €852 | -€1,417 | -62.5% |
| Suppliers | 440/4 | €2,269 | €852 | -€1,417 | -62.5% |
| Taxes, remuneration and social security | 45 | €46,447 | €41,329 | -€5,119 | -11.0% |
| Taxes | 450/3 | €46,447 | €41,329 | -€5,119 | -11.0% |
| Other amounts payable | 47/48 | €674,727 | €728,705 | +€53,978 | +8.0% |
| Accrued charges and deferred income | 492/3 | €1,800 | - | -€1,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,289 | €30,028 | +€738 | +2.5% |
| Other operating charges | 640/8 | €2,137 | €1,703 | -€434 | -20.3% |
| Gross operating margin | 9900 | €811,862 | €632,074 | -€179,788 | -22.1% |
| Operating profit (loss) | 9901 | €780,436 | €600,344 | -€180,092 | -23.1% |
| Financial income | 75/76B | €7,162 | €17 | -€7,145 | -99.8% |
| Recurring financial income | 75 | €7,162 | €17 | -€7,145 | -99.8% |
| Financial charges | 65/66B | €14,116 | €164 | -€13,952 | -98.8% |
| Recurring financial charges | 65 | €1,116 | €164 | -€952 | -85.3% |
| Non-recurring financial charges | 66B | €13,000 | - | -€13,000 | |
| Profit (loss) for the period before taxes | 9903 | €773,482 | €600,196 | -€173,286 | -22.4% |
| Income taxes | 67/77 | €203,373 | €139,155 | -€64,217 | -31.6% |
| Profit (loss) for the period | 9904 | €570,109 | €461,041 | -€109,068 | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €570,109 | €461,041 | -€109,068 | -19.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.