VDV ELEC: 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 ELEC
Largest movements
- Tangible fixed assets +€199,327
up €199,327 (+1047.5%), from €19,030 to €218,356
of which Land and buildings: +€199,285
- Cash +€22,990
up €22,990 (+8.4%), from €273,580 to €296,570
mainly Debts after one year (+€141,616) and Net result for the year (+€72,719)
- Receivables within one year -€8,958
down €8,958 (-38.2%), from €23,460 to €14,502
of which Trade receivables: -€5,648
- Stocks and contracts -€6,836
down €6,836 (-26.9%), from €25,411 to €18,576
- Debts after one year +€141,616
new in 2025: €141,616
- Reserves +€72,719
up €72,719 (+49.7%), from €146,246 to €218,965
- Tax, wage and social debts -€18,086
down €18,086 (-60.7%), from €29,808 to €11,722
- Current portion of long-term debt +€7,750
new in 2025: €7,750
- Gross operating margin +€82,124
up €82,124 (+55.8%), from €147,225 to €229,349
- Staff costs +€34,194
up €34,194 (+61.6%), from €55,552 to €89,746
- Other operating charges +€24,536
up €24,536 (+1224.8%), from €2,003 to €26,540
- Depreciation +€3,889
up €3,889 (+35.2%), from €11,052 to €14,941
- Taxes +€3,731
up €3,731 (+23.2%), from €16,090 to €19,821
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 | €345,210 | €554,445 | +€209,236 | +60.6% |
| Fixed assets | 21/28 | €19,204 | €218,530 | +€199,327 | +1038.0% |
| Tangible fixed assets | 22/27 | €19,030 | €218,356 | +€199,327 | +1047.5% |
| Land and buildings | 22 | - | €199,285 | +€199,285 | |
| Plant, machinery and equipment | 23 | €5,732 | €6,516 | +€784 | +13.7% |
| Furniture and vehicles | 24 | €13,297 | €12,556 | -€742 | -5.6% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €326,006 | €335,915 | +€9,909 | +3.0% |
| Stocks and contracts in progress | 3 | €25,411 | €18,576 | -€6,836 | -26.9% |
| Stocks | 30/36 | €25,411 | €18,576 | -€6,836 | -26.9% |
| Amounts receivable within one year | 40/41 | €23,460 | €14,502 | -€8,958 | -38.2% |
| Trade receivables | 40 | €7,675 | €2,027 | -€5,648 | -73.6% |
| Other amounts receivable | 41 | €15,784 | €12,475 | -€3,309 | -21.0% |
| Cash at bank and in hand | 54/58 | €273,580 | €296,570 | +€22,990 | +8.4% |
| Deferred charges and accrued income | 490/1 | €3,555 | €6,268 | +€2,712 | +76.3% |
| Total equity and liabilities | 10/49 | €345,210 | €554,445 | +€209,236 | +60.6% |
| Equity | 10/15 | €151,246 | €223,965 | +€72,719 | +48.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €146,246 | €218,965 | +€72,719 | +49.7% |
| Distributable reserves | 133 | €146,246 | €218,965 | +€72,719 | +49.7% |
| Amounts payable | 17/49 | €193,964 | €330,481 | +€136,517 | +70.4% |
| Amounts payable after more than one year | 17 | - | €141,616 | +€141,616 | |
| Financial debts | 170/4 | - | €141,616 | +€141,616 | |
| Amounts payable within one year | 42/48 | €193,964 | €188,720 | -€5,244 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,750 | +€7,750 | |
| Trade debts | 44 | €2,625 | €2,112 | -€513 | -19.5% |
| Suppliers | 440/4 | €2,625 | €2,112 | -€513 | -19.5% |
| Advances received on contracts in progress | 46 | - | €5,300 | +€5,300 | |
| Taxes, remuneration and social security | 45 | €29,808 | €11,722 | -€18,086 | -60.7% |
| Taxes | 450/3 | €29,808 | €11,722 | -€18,086 | -60.7% |
| Other amounts payable | 47/48 | €161,532 | €161,837 | +€305 | +0.2% |
| Accrued charges and deferred income | 492/3 | - | €144 | +€144 | |
| Remuneration, social security and pensions | 62 | €55,552 | €89,746 | +€34,194 | +61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,052 | €14,941 | +€3,889 | +35.2% |
| Other operating charges | 640/8 | €2,003 | €26,540 | +€24,536 | +1224.8% |
| Gross operating margin | 9900 | €147,225 | €229,349 | +€82,124 | +55.8% |
| Operating profit (loss) | 9901 | €78,618 | €98,123 | +€19,506 | +24.8% |
| Financial income | 75/76B | €80 | €22 | -€58 | -72.1% |
| Recurring financial income | 75 | €80 | €22 | -€58 | -72.1% |
| Financial charges | 65/66B | €2,002 | €5,606 | +€3,604 | +180.1% |
| Recurring financial charges | 65 | €2,002 | €5,606 | +€3,604 | +180.1% |
| Profit (loss) for the period before taxes | 9903 | €76,696 | €92,540 | +€15,844 | +20.7% |
| Income taxes | 67/77 | €16,090 | €19,821 | +€3,731 | +23.2% |
| Profit (loss) for the period | 9904 | €60,606 | €72,719 | +€12,113 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,606 | €72,719 | +€12,113 | +20.0% |
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 12 October 2026 via checked.be.