VDV Concept: 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 Concept
Largest movements
- Receivables within one year +€17,761
up €17,761 (+34.1%), from €52,147 to €69,908
of which Other amounts receivable: +€18,836
- Cash +€1,140
up €1,140 (+13.0%), from €8,740 to €9,880
mainly Net result for the year (+€16,475) and Current portion of long-term debt (+€3,088)
- Reserves +€16,400
up €16,400 (+33.8%), from €48,500 to €64,900
- Tax, wage and social debts -€3,336
down €3,336 (-40.1%), from €8,309 to €4,973
of which Taxes: -€2,336
- Current portion of long-term debt +€3,088
up €3,088 (+141%), from €2,195 to €5,283
- Debts after one year +€2,715
new in 2025: €2,715
- Gross operating margin -€14,899
down €14,899 (-36.8%), from €40,448 to €25,549
- Taxes -€4,843
down €4,843 (-39.2%), from €12,340 to €7,498
- Financial income -€2,625
down €2,625 (-50.2%), from €5,223 to €2,599
of which Non-recurring financial income: -€3,244
- Other operating charges -€567
down €567 (-46.3%), from €1,223 to €657
- Financial charges -€564
down €564 (-45.0%), from €1,253 to €689
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 | €67,627 | €86,590 | +€18,963 | +28.0% |
| Fixed assets | 21/28 | €6,740 | €6,803 | +€63 | +0.9% |
| Tangible fixed assets | 22/27 | €6,740 | €6,553 | -€187 | -2.8% |
| Plant, machinery and equipment | 23 | - | €2,354 | +€2,354 | |
| Furniture and vehicles | 24 | €6,740 | €4,199 | -€2,541 | -37.7% |
| Financial fixed assets | 28 | - | €250 | +€250 | |
| Current assets | 29/58 | €60,887 | €79,787 | +€18,901 | +31.0% |
| Amounts receivable within one year | 40/41 | €52,147 | €69,908 | +€17,761 | +34.1% |
| Trade receivables | 40 | €13,175 | €12,100 | -€1,075 | -8.2% |
| Other amounts receivable | 41 | €38,971 | €57,808 | +€18,836 | +48.3% |
| Cash at bank and in hand | 54/58 | €8,740 | €9,880 | +€1,140 | +13.0% |
| Total equity and liabilities | 10/49 | €67,627 | €86,590 | +€18,963 | +28.0% |
| Equity | 10/15 | €54,115 | €70,590 | +€16,475 | +30.4% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €48,500 | €64,900 | +€16,400 | +33.8% |
| Distributable reserves | 133 | €48,500 | €64,900 | +€16,400 | +33.8% |
| Profit (loss) carried forward | 14 | €1,615 | €1,690 | +€75 | +4.6% |
| Amounts payable | 17/49 | €13,512 | €16,000 | +€2,489 | +18.4% |
| Amounts payable after more than one year | 17 | - | €2,715 | +€2,715 | |
| Financial debts | 170/4 | - | €2,715 | +€2,715 | |
| Amounts payable within one year | 42/48 | €13,512 | €13,286 | -€226 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €2,195 | €5,283 | +€3,088 | +141% |
| Trade debts | 44 | €3,008 | €3,029 | +€21 | +0.7% |
| Suppliers | 440/4 | €3,008 | €3,029 | +€21 | +0.7% |
| Taxes, remuneration and social security | 45 | €8,309 | €4,973 | -€3,336 | -40.1% |
| Taxes | 450/3 | €7,309 | €4,973 | -€2,336 | -32.0% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,428 | €2,829 | +€401 | +16.5% |
| Other operating charges | 640/8 | €1,223 | €657 | -€567 | -46.3% |
| Gross operating margin | 9900 | €40,448 | €25,549 | -€14,899 | -36.8% |
| Operating profit (loss) | 9901 | €36,796 | €22,063 | -€14,733 | -40.0% |
| Financial income | 75/76B | €5,223 | €2,599 | -€2,625 | -50.2% |
| Recurring financial income | 75 | €1,980 | €2,599 | +€619 | +31.3% |
| Non-recurring financial income | 76B | €3,244 | - | -€3,244 | |
| Financial charges | 65/66B | €1,253 | €689 | -€564 | -45.0% |
| Recurring financial charges | 65 | €1,253 | €689 | -€564 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €40,767 | €23,972 | -€16,794 | -41.2% |
| Income taxes | 67/77 | €12,340 | €7,498 | -€4,843 | -39.2% |
| Profit (loss) for the period | 9904 | €28,426 | €16,475 | -€11,951 | -42.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,426 | €16,475 | -€11,951 | -42.0% |
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 24 October 2026 via checked.be.