VDV Equity: what changed
Two fiscal 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 Equity
Largest movements
- Financial fixed assets -€417,517
no longer reported in 2025 (was €417,517)
- Receivables within one year +€125,635
up €125,635 (+41.8%), from €300,512 to €426,147
of which Trade receivables: +€126,411
- Tangible fixed assets -€14,216
down €14,216 (-3.1%), from €456,094 to €441,878
- Revaluation surpluses -€370,700
no longer reported in 2025 (was €370,700)
- Reserves +€57,443
new in 2025: €57,443
- Profit (loss) carried forward +€12,949
no longer reported in 2025 (was -€12,949)
- Financial income +€78,183
new in 2025: €78,183
of which Financial income: +€78,183
- Depreciation -€3,991
down €3,991 (-21.1%), from €18,882 to €14,891
- Other operating charges -€1,553
down €1,553 (-47.3%), from €3,283 to €1,730
- Gross operating margin -€443
down €443 (-4.8%), from €9,318 to €8,875
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 | €1,178,868 | €877,561 | -€301,307 | -25.6% |
| Formation expenses | 20 | €2,264 | €1,589 | -€675 | -29.8% |
| Fixed assets | 21/28 | €873,611 | €441,878 | -€431,733 | -49.4% |
| Tangible fixed assets | 22/27 | €456,094 | €441,878 | -€14,216 | -3.1% |
| Land and buildings | 22 | €456,094 | €441,878 | -€14,216 | -3.1% |
| Financial fixed assets | 28 | €417,517 | - | -€417,517 | |
| Current assets | 29/58 | €302,993 | €434,094 | +€131,101 | +43.3% |
| Amounts receivable within one year | 40/41 | €300,512 | €426,147 | +€125,635 | +41.8% |
| Trade receivables | 40 | €1,053 | €127,464 | +€126,411 | +12005.2% |
| Other amounts receivable | 41 | €299,459 | €298,683 | -€776 | -0.3% |
| Cash at bank and in hand | 54/58 | €2,481 | €7,947 | +€5,466 | +220.3% |
| Total equity and liabilities | 10/49 | €1,178,868 | €877,561 | -€301,307 | -25.6% |
| Equity | 10/15 | €372,751 | €72,443 | -€300,308 | -80.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Revaluation surpluses | 12 | €370,700 | - | -€370,700 | |
| Reserves | 13 | - | €57,443 | +€57,443 | |
| Distributable reserves | 133 | - | €57,443 | +€57,443 | |
| Profit (loss) carried forward | 14 | -€12,949 | - | +€12,949 | |
| Amounts payable | 17/49 | €806,118 | €805,119 | -€999 | -0.1% |
| Amounts payable after more than one year | 17 | €440,000 | €440,000 | = | 0.0% |
| Other amounts payable | 178/9 | €440,000 | €440,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €366,118 | €365,119 | -€999 | -0.3% |
| Trade debts | 44 | €1,491 | €102 | -€1,390 | -93.2% |
| Suppliers | 440/4 | €1,491 | €102 | -€1,390 | -93.2% |
| Taxes, remuneration and social security | 45 | €3,040 | €3,431 | +€390 | +12.8% |
| Taxes | 450/3 | €3,040 | €3,431 | +€390 | +12.8% |
| Other amounts payable | 47/48 | €361,586 | €361,586 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,882 | €14,891 | -€3,991 | -21.1% |
| Other operating charges | 640/8 | €3,283 | €1,730 | -€1,553 | -47.3% |
| Gross operating margin | 9900 | €9,318 | €8,875 | -€443 | -4.8% |
| Operating profit (loss) | 9901 | -€12,847 | -€7,746 | +€5,101 | +39.7% |
| Financial income | 75/76B | - | €78,183 | +€78,183 | |
| Recurring financial income | 75 | - | €78,183 | +€78,183 | |
| Non-recurring financial income | 76B | - | €78,183 | +€78,183 | |
| Financial charges | 65/66B | €102 | €45 | -€57 | -55.9% |
| Recurring financial charges | 65 | €102 | €45 | -€57 | -55.9% |
| Profit (loss) for the period before taxes | 9903 | -€12,949 | €70,392 | +€83,341 | |
| Profit (loss) for the period | 9904 | -€12,949 | €70,392 | +€83,341 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,949 | €70,392 | +€83,341 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.