VDV.K - solutions: 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.K - solutions
Largest movements
- Receivables within one year +€68,134
up €68,134 (+65.4%), from €104,246 to €172,380
of which Other amounts receivable: +€62,610
- Tangible fixed assets +€34,137
up €34,137 (+168%), from €20,279 to €54,416
of which Leasing and similar rights: +€29,720
- Profit (loss) carried forward +€53,632
up €53,632 (+67.6%), from €79,286 to €132,919
- Debts after one year +€20,299
new in 2025: €20,299
- Tax, wage and social debts +€18,800
up €18,800 (+69.6%), from €26,993 to €45,793
of which Taxes: +€17,800
- Current portion of long-term debt +€6,964
new in 2025: €6,964
- Gross operating margin +€63,061
up €63,061 (+201%), from €31,310 to €94,371
- Taxes +€15,071
up €15,071 (+263%), from €5,739 to €20,810
- Depreciation +€10,343
up €10,343 (+245%), from €4,227 to €14,570
- Financial charges +€2,413
up €2,413 (+479%), from €504 to €2,917
- Staff costs +€1,737
new in 2025: €1,737
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 | €137,996 | €238,402 | +€100,406 | +72.8% |
| Fixed assets | 21/28 | €20,279 | €54,416 | +€34,137 | +168% |
| Tangible fixed assets | 22/27 | €20,279 | €54,416 | +€34,137 | +168% |
| Plant, machinery and equipment | 23 | €17,277 | €21,846 | +€4,569 | +26.4% |
| Furniture and vehicles | 24 | €3,001 | €2,849 | -€152 | -5.1% |
| Leasing and similar rights | 25 | - | €29,720 | +€29,720 | |
| Current assets | 29/58 | €117,717 | €183,987 | +€66,270 | +56.3% |
| Stocks and contracts in progress | 3 | €2,510 | €2,679 | +€170 | +6.8% |
| Stocks | 30/36 | €2,510 | €2,679 | +€170 | +6.8% |
| Amounts receivable within one year | 40/41 | €104,246 | €172,380 | +€68,134 | +65.4% |
| Trade receivables | 40 | €48,297 | €53,820 | +€5,524 | +11.4% |
| Other amounts receivable | 41 | €55,949 | €118,559 | +€62,610 | +112% |
| Cash at bank and in hand | 54/58 | €8,785 | €7,003 | -€1,782 | -20.3% |
| Deferred charges and accrued income | 490/1 | €2,177 | €1,925 | -€252 | -11.6% |
| Total equity and liabilities | 10/49 | €137,996 | €238,402 | +€100,406 | +72.8% |
| Equity | 10/15 | €81,286 | €134,919 | +€53,632 | +66.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,286 | €132,919 | +€53,632 | +67.6% |
| Amounts payable | 17/49 | €56,710 | €103,484 | +€46,774 | +82.5% |
| Amounts payable after more than one year | 17 | - | €20,299 | +€20,299 | |
| Financial debts | 170/4 | - | €20,299 | +€20,299 | |
| Amounts payable within one year | 42/48 | €56,710 | €83,185 | +€26,475 | +46.7% |
| Current portion of amounts payable after more than one year | 42 | - | €6,964 | +€6,964 | |
| Trade debts | 44 | €27,149 | €27,893 | +€744 | +2.7% |
| Suppliers | 440/4 | €27,149 | €27,893 | +€744 | +2.7% |
| Taxes, remuneration and social security | 45 | €26,993 | €45,793 | +€18,800 | +69.6% |
| Taxes | 450/3 | €24,393 | €42,193 | +€17,800 | +73.0% |
| Remuneration and social security | 454/9 | €2,600 | €3,600 | +€1,000 | +38.5% |
| Other amounts payable | 47/48 | €2,568 | €2,535 | -€33 | -1.3% |
| Remuneration, social security and pensions | 62 | - | €1,737 | +€1,737 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,227 | €14,570 | +€10,343 | +245% |
| Other operating charges | 640/8 | €1,974 | €705 | -€1,269 | -64.3% |
| Gross operating margin | 9900 | €31,310 | €94,371 | +€63,061 | +201% |
| Operating profit (loss) | 9901 | €25,109 | €77,358 | +€52,249 | +208% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,214% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,214% |
| Financial charges | 65/66B | €504 | €2,917 | +€2,413 | +479% |
| Recurring financial charges | 65 | €504 | €2,917 | +€2,413 | +479% |
| Profit (loss) for the period before taxes | 9903 | €24,605 | €74,442 | +€49,837 | +203% |
| Income taxes | 67/77 | €5,739 | €20,810 | +€15,071 | +263% |
| Profit (loss) for the period | 9904 | €18,866 | €53,632 | +€34,766 | +184% |
| Profit (loss) for the period to be appropriated | 9905 | €18,866 | €53,632 | +€34,766 | +184% |
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.