VdV Light: 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 Light
Largest movements
- Intangible fixed assets +€20,387
new in 2025: €20,387
- Tangible fixed assets -€20,323
down €20,323 (-46.6%), from €43,639 to €23,316
of which Plant, machinery and equipment: -€10,825
- Stocks and contracts -€15,420
down €15,420 (-15.6%), from €98,640 to €83,220
- Deferred charges and accrued income -€9,216
down €9,216 (-71.6%), from €12,869 to €3,652
- Cash +€5,418
up €5,418 (+470.3%), from €1,152 to €6,570
mainly Depreciation (+€19,878) and Stocks and contracts (+€15,420)
- Current portion of long-term debt -€14,429
down €14,429 (-100.0%), from €14,429 to €0
- Short-term financial debts -€5,133
down €5,133 (-14.6%), from €35,163 to €30,030
- Other debts -€1,879
down €1,879 (-1.9%), from €98,367 to €96,488
- Gross operating margin +€9,688
up €9,688 (+33.5%), from €28,878 to €38,565
- Taxes +€3,668
up €3,668 (+285.8%), from €1,283 to €4,951
- Other operating charges +€3,084
up €3,084 (+179.6%), from €1,717 to €4,801
- Depreciation -€2,601
down €2,601 (-11.6%), from €22,480 to €19,878
- Financial charges -€881
down €881 (-26.4%), from €3,333 to €2,452
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 | €170,127 | €148,655 | -€21,472 | -12.6% |
| Fixed assets | 21/28 | €46,099 | €43,703 | -€2,396 | -5.2% |
| Intangible fixed assets | 21 | - | €20,387 | +€20,387 | |
| Tangible fixed assets | 22/27 | €43,639 | €23,316 | -€20,323 | -46.6% |
| Plant, machinery and equipment | 23 | €12,695 | €1,870 | -€10,825 | -85.3% |
| Furniture and vehicles | 24 | €30,945 | €21,446 | -€9,498 | -30.7% |
| Financial fixed assets | 28 | €2,460 | €0 | -€2,460 | -100.0% |
| Current assets | 29/58 | €124,027 | €104,952 | -€19,075 | -15.4% |
| Stocks and contracts in progress | 3 | €98,640 | €83,220 | -€15,420 | -15.6% |
| Stocks | 30/36 | €98,640 | €83,220 | -€15,420 | -15.6% |
| Amounts receivable within one year | 40/41 | €11,367 | €11,509 | +€143 | +1.3% |
| Trade receivables | 40 | €11,116 | €1,558 | -€9,558 | -86.0% |
| Other amounts receivable | 41 | €251 | €9,952 | +€9,701 | +3869.8% |
| Cash at bank and in hand | 54/58 | €1,152 | €6,570 | +€5,418 | +470.3% |
| Deferred charges and accrued income | 490/1 | €12,869 | €3,652 | -€9,216 | -71.6% |
| Total equity and liabilities | 10/49 | €170,127 | €148,655 | -€21,472 | -12.6% |
| Equity | 10/15 | €11,740 | €11,856 | +€116 | +1.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €5,094 | €5,094 | = | 0.0% |
| Distributable reserves | 133 | €5,094 | €5,094 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,354 | -€3,238 | +€116 | +3.4% |
| Amounts payable | 17/49 | €158,387 | €136,799 | -€21,587 | -13.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €158,387 | €136,799 | -€21,587 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €14,429 | €0 | -€14,429 | -100.0% |
| Financial debts | 43 | €35,163 | €30,030 | -€5,133 | -14.6% |
| Credit institutions | 430/8 | €35,163 | €30,030 | -€5,133 | -14.6% |
| Trade debts | 44 | €7,163 | €7,786 | +€623 | +8.7% |
| Suppliers | 440/4 | €7,163 | €7,786 | +€623 | +8.7% |
| Taxes, remuneration and social security | 45 | €3,265 | €2,496 | -€769 | -23.5% |
| Taxes | 450/3 | €3,265 | €2,496 | -€769 | -23.5% |
| Other amounts payable | 47/48 | €98,367 | €96,488 | -€1,879 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,480 | €19,878 | -€2,601 | -11.6% |
| Other operating charges | 640/8 | €1,717 | €4,801 | +€3,084 | +179.6% |
| Non-recurring operating charges | 66A | - | €6,385 | +€6,385 | |
| Gross operating margin | 9900 | €28,878 | €38,565 | +€9,688 | +33.5% |
| Operating profit (loss) | 9901 | €4,681 | €7,501 | +€2,820 | +60.2% |
| Financial income | 75/76B | €14 | €18 | +€4 | +32.6% |
| Recurring financial income | 75 | €14 | €18 | +€4 | +32.6% |
| Financial charges | 65/66B | €3,333 | €2,452 | -€881 | -26.4% |
| Recurring financial charges | 65 | €3,333 | €2,452 | -€881 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €1,361 | €5,067 | +€3,706 | +272.2% |
| Income taxes | 67/77 | €1,283 | €4,951 | +€3,668 | +285.8% |
| Profit (loss) for the period | 9904 | €78 | €116 | +€38 | +48.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78 | €116 | +€38 | +48.4% |
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 11 October 2026 via checked.be.