VDV EQUIPMENT: 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 EQUIPMENT
Largest movements
- Cash +€199,405
up €199,405 (+262%), from €76,252 to €275,657
mainly Other debts (+€203,900) and Depreciation (+€199,293)
- Tangible fixed assets -€199,293
down €199,293 (-31.0%), from €643,314 to €444,021
of which Leasing and similar rights: -€123,650
- Receivables within one year -€38,591
down €38,591 (-28.7%), from €134,553 to €95,962
- Deferred charges and accrued income -€32,072
down €32,072 (-77.4%), from €41,438 to €9,365
- Other debts +€203,900
up €203,900 (+364%), from €56,025 to €259,925
- Debts after one year -€149,853
down €149,853 (-56.5%), from €265,061 to €115,208
- Reserves -€80,731
down €80,731 (-23.2%), from €347,866 to €267,135
of which Distributable reserves: -€80,731
- Tax, wage and social debts -€19,290
down €19,290 (-78.9%), from €24,438 to €5,148
- Trade debts -€18,076
down €18,076 (-73.9%), from €24,446 to €6,370
- Depreciation -€102,100
down €102,100 (-33.9%), from €301,393 to €199,293
- Gross operating margin -€6,116
down €6,116 (-2.4%), from €260,144 to €254,029
- Financial charges -€5,138
down €5,138 (-30.0%), from €17,131 to €11,993
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 | €895,557 | €825,005 | -€70,551 | -7.9% |
| Fixed assets | 21/28 | €643,314 | €444,021 | -€199,293 | -31.0% |
| Tangible fixed assets | 22/27 | €643,314 | €444,021 | -€199,293 | -31.0% |
| Plant, machinery and equipment | 23 | €46,515 | €10,077 | -€36,438 | -78.3% |
| Furniture and vehicles | 24 | €89,813 | €50,608 | -€39,205 | -43.7% |
| Leasing and similar rights | 25 | €506,985 | €383,335 | -€123,650 | -24.4% |
| Current assets | 29/58 | €252,243 | €380,985 | +€128,742 | +51.0% |
| Amounts receivable within one year | 40/41 | €134,553 | €95,962 | -€38,591 | -28.7% |
| Trade receivables | 40 | €134,553 | €95,962 | -€38,591 | -28.7% |
| Cash at bank and in hand | 54/58 | €76,252 | €275,657 | +€199,405 | +262% |
| Deferred charges and accrued income | 490/1 | €41,438 | €9,365 | -€32,072 | -77.4% |
| Total equity and liabilities | 10/49 | €895,557 | €825,005 | -€70,551 | -7.9% |
| Equity | 10/15 | €363,007 | €282,276 | -€80,731 | -22.2% |
| Contributions | 10/11 | €15,140 | €15,140 | = | 0.0% |
| Reserves | 13 | €347,866 | €267,135 | -€80,731 | -23.2% |
| Non-distributable reserves | 130/1 | €1,517 | €1,517 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,517 | €1,517 | = | 0.0% |
| Distributable reserves | 133 | €346,349 | €265,619 | -€80,731 | -23.3% |
| Amounts payable | 17/49 | €532,550 | €542,730 | +€10,179 | +1.9% |
| Amounts payable after more than one year | 17 | €265,061 | €115,208 | -€149,853 | -56.5% |
| Financial debts | 170/4 | €265,061 | €115,208 | -€149,853 | -56.5% |
| Amounts payable within one year | 42/48 | €267,489 | €421,296 | +€153,808 | +57.5% |
| Current portion of amounts payable after more than one year | 42 | €162,579 | €149,853 | -€12,726 | -7.8% |
| Trade debts | 44 | €24,446 | €6,370 | -€18,076 | -73.9% |
| Suppliers | 440/4 | €24,446 | €6,370 | -€18,076 | -73.9% |
| Taxes, remuneration and social security | 45 | €24,438 | €5,148 | -€19,290 | -78.9% |
| Taxes | 450/3 | €24,438 | €5,148 | -€19,290 | -78.9% |
| Other amounts payable | 47/48 | €56,025 | €259,925 | +€203,900 | +364% |
| Accrued charges and deferred income | 492/3 | - | €6,225 | +€6,225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301,393 | €199,293 | -€102,100 | -33.9% |
| Other operating charges | 640/8 | €3,864 | €3,474 | -€389 | -10.1% |
| Gross operating margin | 9900 | €260,144 | €254,029 | -€6,116 | -2.4% |
| Operating profit (loss) | 9901 | -€45,113 | €51,262 | +€96,374 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €17,131 | €11,993 | -€5,138 | -30.0% |
| Recurring financial charges | 65 | €17,131 | €11,993 | -€5,138 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | -€62,243 | €39,269 | +€101,513 | |
| Profit (loss) for the period | 9904 | -€62,243 | €39,269 | +€101,513 | |
| Profit (loss) for the period to be appropriated | 9905 | -€62,243 | €39,269 | +€101,513 |
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 28 October 2026 via checked.be.