VDV MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€72,406
down €72,406 (-67.1%), from €107,921 to €35,515
mainly Investment in fixed assets (net) (-€54,457) and Receivables within one year (-€27,717)
- Tangible fixed assets +€38,890
up €38,890 (+31.2%), from €124,741 to €163,631
of which Land and buildings: +€38,957
- Receivables within one year +€27,717
up €27,717 (+9324.3%), from €297 to €28,015
of which Trade receivables: +€28,015
- Receivables after one year -€11,416
down €11,416 (-4.5%), from €256,377 to €244,961
- Reserves +€28,913
up €28,913 (+7.9%), from €363,790 to €392,703
of which Distributable reserves: +€28,913
- Trade debts -€27,430
down €27,430 (-78.5%), from €34,939 to €7,509
- Tax, wage and social debts -€14,737
down €14,737 (-16.9%), from €87,141 to €72,404
- Gross operating margin -€25,944
down €25,944 (-27.8%), from €93,257 to €67,314
- Taxes -€7,378
down €7,378 (-27.7%), from €26,627 to €19,249
- Financial income +€7,163
up €7,163 (+90.1%), from €7,952 to €15,115
- Other operating charges +€4,300
up €4,300 (+54.3%), from €7,918 to €12,218
- Depreciation +€4,086
up €4,086 (+48.2%), from €8,481 to €12,567
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 | €510,236 | €496,022 | -€14,215 | -2.8% |
| Fixed assets | 21/28 | €143,641 | €185,531 | +€41,890 | +29.2% |
| Tangible fixed assets | 22/27 | €124,741 | €163,631 | +€38,890 | +31.2% |
| Land and buildings | 22 | €43,539 | €82,496 | +€38,957 | +89.5% |
| Plant, machinery and equipment | 23 | €45,049 | €43,438 | -€1,611 | -3.6% |
| Furniture and vehicles | 24 | €22,706 | €20,201 | -€2,505 | -11.0% |
| Other tangible fixed assets | 26 | €13,447 | €15,430 | +€1,983 | +14.7% |
| Assets under construction and advance payments | 27 | - | €2,066 | +€2,066 | |
| Financial fixed assets | 28 | €18,900 | €21,900 | +€3,000 | +15.9% |
| Current assets | 29/58 | €366,595 | €310,491 | -€56,105 | -15.3% |
| Amounts receivable after more than one year | 29 | €256,377 | €244,961 | -€11,416 | -4.5% |
| Other amounts receivable | 291 | €256,377 | €244,961 | -€11,416 | -4.5% |
| Amounts receivable within one year | 40/41 | €297 | €28,015 | +€27,717 | +9324.3% |
| Trade receivables | 40 | €0 | €28,015 | +€28,015 | |
| Other amounts receivable | 41 | €297 | €0 | -€297 | -100.0% |
| Cash at bank and in hand | 54/58 | €107,921 | €35,515 | -€72,406 | -67.1% |
| Deferred charges and accrued income | 490/1 | €2,000 | €2,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €510,236 | €496,022 | -€14,215 | -2.8% |
| Equity | 10/15 | €382,390 | €411,303 | +€28,913 | +7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €363,790 | €392,703 | +€28,913 | +7.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €361,930 | €390,843 | +€28,913 | +8.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €127,846 | €84,718 | -€43,128 | -33.7% |
| Amounts payable within one year | 42/48 | €127,846 | €84,651 | -€43,195 | -33.8% |
| Trade debts | 44 | €34,939 | €7,509 | -€27,430 | -78.5% |
| Suppliers | 440/4 | €34,939 | €7,509 | -€27,430 | -78.5% |
| Taxes, remuneration and social security | 45 | €87,141 | €72,404 | -€14,737 | -16.9% |
| Taxes | 450/3 | €87,141 | €72,404 | -€14,737 | -16.9% |
| Other amounts payable | 47/48 | €5,766 | €4,738 | -€1,028 | -17.8% |
| Accrued charges and deferred income | 492/3 | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,481 | €12,567 | +€4,086 | +48.2% |
| Other operating charges | 640/8 | €7,918 | €12,218 | +€4,300 | +54.3% |
| Gross operating margin | 9900 | €93,257 | €67,314 | -€25,944 | -27.8% |
| Operating profit (loss) | 9901 | €76,858 | €42,529 | -€34,329 | -44.7% |
| Financial income | 75/76B | €7,952 | €15,115 | +€7,163 | +90.1% |
| Recurring financial income | 75 | €7,952 | €15,115 | +€7,163 | +90.1% |
| Financial charges | 65/66B | €9,672 | €7,764 | -€1,908 | -19.7% |
| Recurring financial charges | 65 | €9,672 | €7,764 | -€1,908 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €75,138 | €49,880 | -€25,258 | -33.6% |
| Income taxes | 67/77 | €26,627 | €19,249 | -€7,378 | -27.7% |
| Profit (loss) for the period | 9904 | €48,511 | €30,631 | -€17,880 | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,511 | €30,631 | -€17,880 | -36.9% |
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 10 October 2026 via checked.be.