VdV & C: 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 & C
Largest movements
- Tangible fixed assets -€36,547
down €36,547 (-9.9%), from €369,584 to €333,037
- Financial fixed assets +€29,280
new in 2025: €29,280
- Deferred charges and accrued income +€14,320
up €14,320 (+49.0%), from €29,247 to €43,567
- Cash -€13,908
down €13,908 (-10.3%), from €135,633 to €121,725
mainly Investment in fixed assets (net) (-€37,438) and Debts after one year (-€19,850)
- Receivables within one year +€6,852
up €6,852 (+128.4%), from €5,338 to €12,190
of which Other amounts receivable: +€5,265
- Reserves +€22,104
up €22,104 (+14.4%), from €153,525 to €175,629
- Debts after one year -€19,850
down €19,850 (-6.8%), from €290,024 to €270,173
- Gross operating margin -€14,248
down €14,248 (-10.4%), from €136,536 to €122,288
- Taxes -€1,554
down €1,554 (-6.8%), from €22,909 to €21,355
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 | €539,801 | €539,799 | -€2 | 0.0% |
| Fixed assets | 21/28 | €369,584 | €362,317 | -€7,267 | -2.0% |
| Tangible fixed assets | 22/27 | €369,584 | €333,037 | -€36,547 | -9.9% |
| Land and buildings | 22 | €279,307 | €263,811 | -€15,496 | -5.5% |
| Plant, machinery and equipment | 23 | €22,369 | €15,844 | -€6,525 | -29.2% |
| Furniture and vehicles | 24 | €24,699 | €18,252 | -€6,447 | -26.1% |
| Other tangible fixed assets | 26 | €43,208 | €35,130 | -€8,078 | -18.7% |
| Financial fixed assets | 28 | - | €29,280 | +€29,280 | |
| Current assets | 29/58 | €170,218 | €177,482 | +€7,264 | +4.3% |
| Amounts receivable within one year | 40/41 | €5,338 | €12,190 | +€6,852 | +128.4% |
| Trade receivables | 40 | - | €1,587 | +€1,587 | |
| Other amounts receivable | 41 | €5,338 | €10,602 | +€5,265 | +98.6% |
| Cash at bank and in hand | 54/58 | €135,633 | €121,725 | -€13,908 | -10.3% |
| Deferred charges and accrued income | 490/1 | €29,247 | €43,567 | +€14,320 | +49.0% |
| Total equity and liabilities | 10/49 | €539,801 | €539,799 | -€2 | 0.0% |
| Equity | 10/15 | €160,148 | €182,253 | +€22,104 | +13.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €153,525 | €175,629 | +€22,104 | +14.4% |
| Distributable reserves | 133 | €153,525 | €175,629 | +€22,104 | +14.4% |
| Profit (loss) carried forward | 14 | €423 | €423 | = | 0.0% |
| Amounts payable | 17/49 | €379,653 | €357,546 | -€22,107 | -5.8% |
| Amounts payable after more than one year | 17 | €290,024 | €270,173 | -€19,850 | -6.8% |
| Financial debts | 170/4 | €290,024 | €270,173 | -€19,850 | -6.8% |
| Amounts payable within one year | 42/48 | €89,629 | €84,203 | -€5,426 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €20,870 | €19,850 | -€1,020 | -4.9% |
| Trade debts | 44 | €18,520 | €14,786 | -€3,734 | -20.2% |
| Suppliers | 440/4 | €18,520 | €14,786 | -€3,734 | -20.2% |
| Taxes, remuneration and social security | 45 | €2,485 | - | -€2,485 | |
| Taxes | 450/3 | €2,485 | - | -€2,485 | |
| Other amounts payable | 47/48 | €47,755 | €49,567 | +€1,812 | +3.8% |
| Accrued charges and deferred income | 492/3 | - | €3,170 | +€3,170 | |
| Non-recurring operating income | 76A | - | €5,593 | +€5,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,641 | €44,704 | +€1,063 | +2.4% |
| Other operating charges | 640/8 | €2,156 | €2,590 | +€434 | +20.1% |
| Gross operating margin | 9900 | €136,536 | €122,288 | -€14,248 | -10.4% |
| Operating profit (loss) | 9901 | €90,739 | €74,994 | -€15,745 | -17.4% |
| Financial income | 75/76B | €11 | €1,252 | +€1,241 | +11251.9% |
| Recurring financial income | 75 | €11 | €1,252 | +€1,241 | +11251.9% |
| Financial charges | 65/66B | €13,810 | €13,386 | -€423 | -3.1% |
| Recurring financial charges | 65 | €13,810 | €13,386 | -€423 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €76,940 | €62,860 | -€14,081 | -18.3% |
| Income taxes | 67/77 | €22,909 | €21,355 | -€1,554 | -6.8% |
| Profit (loss) for the period | 9904 | €54,031 | €41,504 | -€12,527 | -23.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,031 | €41,504 | -€12,527 | -23.2% |
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 9 October 2026 via checked.be.