VDV-G: 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.
What changed
VDV-G
NACE 46.713, Wholesale trade
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€176,775
2023 · €325,585-€148,810
Equity
€1.0m
2023 · €860,155+€176,775
Cash
€151,365
2023 · €150,643+€722
Balance sheet total
€2.5m
2023 · €2.3m+€235,501
Largest movements
Assets
- Stocks and contracts +€195,500
up €195,500 (+31.5%), from €620,000 to €815,500
- Tangible fixed assets +€36,483
up €36,483 (+2.6%), from €1.4m to €1.4m
of which Other tangible fixed assets: +€32,993
Equity and liabilities
- Reserves +€176,775
up €176,775 (+33.4%), from €528,570 to €705,345
- Current portion of long-term debt +€53,392
up €53,392 (+51.4%), from €103,830 to €157,222
- Short-term financial debts +€49,950
new in 2024: €49,950
- Debts after one year -€34,081
down €34,081 (-4.8%), from €710,353 to €676,272
Income statement
- Gross operating margin -€134,019
down €134,019 (-22.0%), from €608,349 to €474,330
- Taxes -€34,029
down €34,029 (-32.1%), from €105,953 to €71,924
- Staff costs +€32,642
up €32,642 (+122.3%), from €26,700 to €59,342
- Depreciation +€16,258
up €16,258 (+13.5%), from €120,267 to €136,524
From the 2023 result to the 2024 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.
Result 2023
€325,585
Gross operating margin
-€134,019
Staff costs
-€32,642
Depreciation
-€16,258
Other operating charges
+€1,007
Financial income
+€2,663
Financial charges
-€3,590
Taxes
+€34,029
Result 2024
€176,775
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€104,067
Investment
-€172,607
Financing
+€69,262
Cash 2023
€150,643
From operations (derived)
+€104,067
Net result for the year
+€176,775
Depreciation
+€136,524
Stocks and contracts
-€195,500
Receivables within one year
-€5,934
Deferred charges and accrued income
+€2,738
Trade debts
-€19,221
Tax, wage and social debts
-€5,511
Other debts
+€14,197
Investment (derived)
-€172,607
Investment in fixed assets (net)
-€172,607
Financing
+€69,262
Debts after one year
-€34,081
Current portion of long-term debt
+€53,392
Short-term financial debts
+€49,950
Cash 2024
€151,365
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,251,026 | €2,486,527 | +€235,501 | +10.5% |
| Fixed assets | 21/28 | €1,396,977 | €1,433,060 | +€36,083 | +2.6% |
| Intangible fixed assets | 21 | €459 | €59 | -€400 | -87.2% |
| Tangible fixed assets | 22/27 | €1,396,383 | €1,432,866 | +€36,483 | +2.6% |
| Land and buildings | 22 | €1,116,450 | €1,142,431 | +€25,981 | +2.3% |
| Plant, machinery and equipment | 23 | €80,944 | €108,337 | +€27,393 | +33.8% |
| Furniture and vehicles | 24 | €80,581 | €40,996 | -€39,585 | -49.1% |
| Leasing and similar rights | 25 | €110,727 | €100,427 | -€10,300 | -9.3% |
| Other tangible fixed assets | 26 | €7,681 | €40,675 | +€32,993 | +429.5% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €854,049 | €1,053,468 | +€199,419 | +23.3% |
| Stocks and contracts in progress | 3 | €620,000 | €815,500 | +€195,500 | +31.5% |
| Stocks | 30/36 | €620,000 | €815,500 | +€195,500 | +31.5% |
| Amounts receivable within one year | 40/41 | €80,128 | €86,063 | +€5,934 | +7.4% |
| Trade receivables | 40 | €64,975 | €55,156 | -€9,820 | -15.1% |
| Other amounts receivable | 41 | €15,153 | €30,907 | +€15,754 | +104.0% |
| Cash at bank and in hand | 54/58 | €150,643 | €151,365 | +€722 | +0.5% |
| Deferred charges and accrued income | 490/1 | €3,278 | €540 | -€2,738 | -83.5% |
| Total equity and liabilities | 10/49 | €2,251,026 | €2,486,527 | +€235,501 | +10.5% |
| Equity | 10/15 | €860,155 | €1,036,930 | +€176,775 | +20.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €528,570 | €705,345 | +€176,775 | +33.4% |
| Distributable reserves | 133 | €528,570 | €705,345 | +€176,775 | +33.4% |
| Profit (loss) carried forward | 14 | €325,585 | €325,585 | = | 0.0% |
| Amounts payable | 17/49 | €1,390,871 | €1,449,597 | +€58,726 | +4.2% |
| Amounts payable after more than one year | 17 | €710,353 | €676,272 | -€34,081 | -4.8% |
| Financial debts | 170/4 | €710,353 | €676,272 | -€34,081 | -4.8% |
| Amounts payable within one year | 42/48 | €680,518 | €773,325 | +€92,807 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €103,830 | €157,222 | +€53,392 | +51.4% |
| Financial debts | 43 | - | €49,950 | +€49,950 | |
| Credit institutions | 430/8 | - | €49,950 | +€49,950 | |
| Trade debts | 44 | €20,999 | €1,778 | -€19,221 | -91.5% |
| Suppliers | 440/4 | €20,999 | €1,778 | -€19,221 | -91.5% |
| Taxes, remuneration and social security | 45 | €79,726 | €74,215 | -€5,511 | -6.9% |
| Taxes | 450/3 | €76,844 | €68,024 | -€8,820 | -11.5% |
| Remuneration and social security | 454/9 | €2,882 | €6,191 | +€3,308 | +114.8% |
| Other amounts payable | 47/48 | €475,963 | €490,159 | +€14,197 | +3.0% |
| Non-recurring operating income | 76A | - | €3,816 | +€3,816 | |
| Remuneration, social security and pensions | 62 | €26,700 | €59,342 | +€32,642 | +122.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,267 | €136,524 | +€16,258 | +13.5% |
| Other operating charges | 640/8 | €10,297 | €9,290 | -€1,007 | -9.8% |
| Gross operating margin | 9900 | €608,349 | €474,330 | -€134,019 | -22.0% |
| Operating profit (loss) | 9901 | €451,085 | €269,173 | -€181,912 | -40.3% |
| Financial income | 75/76B | €20,488 | €23,151 | +€2,663 | +13.0% |
| Recurring financial income | 75 | €20,488 | €23,151 | +€2,663 | +13.0% |
| Financial charges | 65/66B | €40,035 | €43,625 | +€3,590 | +9.0% |
| Recurring financial charges | 65 | €39,693 | €43,625 | +€3,932 | +9.9% |
| Non-recurring financial charges | 66B | €342 | - | -€342 | |
| Profit (loss) for the period before taxes | 9903 | €431,538 | €248,699 | -€182,839 | -42.4% |
| Income taxes | 67/77 | €105,953 | €71,924 | -€34,029 | -32.1% |
| Profit (loss) for the period | 9904 | €325,585 | €176,775 | -€148,810 | -45.7% |
| Profit (loss) for the period to be appropriated | 9905 | €325,585 | €176,775 | -€148,810 | -45.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.