VDV - HERBS: 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 - HERBS
Largest movements
- Cash -€114,614
down €114,614 (-63.8%), from €179,766 to €65,152
mainly Receivables within one year (-€110,175) and Investment in fixed assets (net) (-€98,242)
- Receivables within one year +€110,175
up €110,175 (+40.8%), from €270,183 to €380,358
of which Other amounts receivable: +€84,411
- Tangible fixed assets -€28,211
down €28,211 (-4.3%), from €651,783 to €623,572
of which Plant, machinery and equipment: -€27,193
- Other debts -€74,375
no longer reported in 2025 (was €74,375)
- Debts after one year -€56,908
down €56,908 (-45.0%), from €126,492 to €69,584
- Short-term financial debts +€50,000
new in 2025: €50,000
- Reserves +€39,784
up €39,784 (+6.4%), from €621,209 to €660,993
of which Distributable reserves: +€42,690
- Current portion of long-term debt -€18,110
down €18,110 (-24.1%), from €75,019 to €56,908
- Gross operating margin +€69,547
up €69,547 (+11.8%), from €590,919 to €660,466
- Staff costs +€35,357
up €35,357 (+11.9%), from €297,922 to €333,279
- Depreciation +€15,398
up €15,398 (+13.9%), from €111,055 to €126,453
- Taxes -€9,799
down €9,799 (-14.3%), from €68,344 to €58,545
- Financial charges -€8,917
down €8,917 (-49.9%), from €17,870 to €8,953
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 | €1,102,671 | €1,070,129 | -€32,541 | -3.0% |
| Fixed assets | 21/28 | €651,918 | €623,707 | -€28,211 | -4.3% |
| Tangible fixed assets | 22/27 | €651,783 | €623,572 | -€28,211 | -4.3% |
| Land and buildings | 22 | €293,822 | €279,807 | -€14,016 | -4.8% |
| Plant, machinery and equipment | 23 | €231,654 | €204,460 | -€27,193 | -11.7% |
| Furniture and vehicles | 24 | €126,307 | €139,305 | +€12,998 | +10.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €450,753 | €446,422 | -€4,330 | -1.0% |
| Amounts receivable within one year | 40/41 | €270,183 | €380,358 | +€110,175 | +40.8% |
| Trade receivables | 40 | €245,047 | €270,811 | +€25,764 | +10.5% |
| Other amounts receivable | 41 | €25,136 | €109,547 | +€84,411 | +336% |
| Cash at bank and in hand | 54/58 | €179,766 | €65,152 | -€114,614 | -63.8% |
| Deferred charges and accrued income | 490/1 | €804 | €912 | +€108 | +13.4% |
| Total equity and liabilities | 10/49 | €1,102,671 | €1,070,129 | -€32,541 | -3.0% |
| Equity | 10/15 | €627,409 | €667,193 | +€39,784 | +6.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €621,209 | €660,993 | +€39,784 | +6.4% |
| Tax-exempt reserves | 132 | €121,798 | €118,891 | -€2,907 | -2.4% |
| Distributable reserves | 133 | €499,412 | €542,102 | +€42,690 | +8.5% |
| Provisions and deferred taxes | 16 | €5,258 | €4,531 | -€727 | -13.8% |
| Deferred taxes | 168 | €5,258 | €4,531 | -€727 | -13.8% |
| Amounts payable | 17/49 | €470,004 | €398,406 | -€71,598 | -15.2% |
| Amounts payable after more than one year | 17 | €126,492 | €69,584 | -€56,908 | -45.0% |
| Financial debts | 170/4 | €126,492 | €69,584 | -€56,908 | -45.0% |
| Amounts payable within one year | 42/48 | €339,312 | €328,822 | -€10,490 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €75,019 | €56,908 | -€18,110 | -24.1% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €120,341 | €136,869 | +€16,528 | +13.7% |
| Suppliers | 440/4 | €120,341 | €136,869 | +€16,528 | +13.7% |
| Taxes, remuneration and social security | 45 | €69,577 | €85,044 | +€15,468 | +22.2% |
| Taxes | 450/3 | €39,548 | €47,564 | +€8,016 | +20.3% |
| Remuneration and social security | 454/9 | €30,028 | €37,480 | +€7,452 | +24.8% |
| Other amounts payable | 47/48 | €74,375 | - | -€74,375 | |
| Accrued charges and deferred income | 492/3 | €4,200 | - | -€4,200 | |
| Non-recurring operating income | 76A | €6,799 | €11,700 | +€4,901 | +72.1% |
| Remuneration, social security and pensions | 62 | €297,922 | €333,279 | +€35,357 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,055 | €126,453 | +€15,398 | +13.9% |
| Other operating charges | 640/8 | €10,146 | €12,222 | +€2,076 | +20.5% |
| Gross operating margin | 9900 | €590,919 | €660,466 | +€69,547 | +11.8% |
| Operating profit (loss) | 9901 | €171,796 | €188,512 | +€16,716 | +9.7% |
| Financial income | 75/76B | €531 | €2,103 | +€1,572 | +296% |
| Recurring financial income | 75 | €531 | €2,103 | +€1,572 | +296% |
| Financial charges | 65/66B | €17,870 | €8,953 | -€8,917 | -49.9% |
| Recurring financial charges | 65 | €17,870 | €8,953 | -€8,917 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €154,457 | €181,662 | +€27,205 | +17.6% |
| Transfer from deferred taxes | 780 | €687 | €727 | +€40 | +5.8% |
| Income taxes | 67/77 | €68,344 | €58,545 | -€9,799 | -14.3% |
| Profit (loss) for the period | 9904 | €86,800 | €123,844 | +€37,044 | +42.7% |
| Transfer from tax-exempt reserves | 789 | €2,990 | €2,907 | -€83 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,790 | €126,751 | +€36,961 | +41.2% |
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 16 October 2026 via checked.be.