VDV MANAGEMENT SERVICES: 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 SERVICES
Largest movements
- Cash +€182,427
up €182,427 (+1,396%), from €13,064 to €195,492
mainly Net result for the year (+€105,955) and Depreciation (+€38,286)
- Tangible fixed assets -€47,308
down €47,308 (-8.4%), from €563,768 to €516,460
of which Land and buildings: -€152,220
- Receivables within one year -€32,504
down €32,504 (-67.1%), from €48,437 to €15,933
of which Trade receivables: -€19,702
- Reserves +€105,955
up €105,955 (+79.4%), from €133,484 to €239,438
of which Distributable reserves: +€105,955
- Tax, wage and social debts +€38,129
up €38,129 (+283%), from €13,481 to €51,610
of which Taxes: +€41,129
- Current portion of long-term debt -€18,312
down €18,312 (-68.8%), from €26,632 to €8,319
- Debts after one year -€8,319
no longer reported in 2025 (was €8,319)
- Accrued charges and deferred income -€8,151
down €8,151 (-67.2%), from €12,127 to €3,976
- Gross operating margin +€152,872
up €152,872 (+354%), from €43,190 to €196,062
- Taxes +€44,053
up €44,053 (+1,617%), from €2,724 to €46,778
- Depreciation +€3,699
up €3,699 (+10.7%), from €34,587 to €38,286
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 | €629,095 | €733,778 | +€104,683 | +16.6% |
| Fixed assets | 21/28 | €563,768 | €516,460 | -€47,308 | -8.4% |
| Tangible fixed assets | 22/27 | €563,768 | €516,460 | -€47,308 | -8.4% |
| Land and buildings | 22 | €557,536 | €405,316 | -€152,220 | -27.3% |
| Plant, machinery and equipment | 23 | €6,013 | €4,852 | -€1,161 | -19.3% |
| Furniture and vehicles | 24 | €219 | €106,292 | +€106,073 | +48,402% |
| Current assets | 29/58 | €65,327 | €217,318 | +€151,991 | +233% |
| Amounts receivable within one year | 40/41 | €48,437 | €15,933 | -€32,504 | -67.1% |
| Trade receivables | 40 | €34,352 | €14,650 | -€19,702 | -57.4% |
| Other amounts receivable | 41 | €14,085 | €1,283 | -€12,802 | -90.9% |
| Cash at bank and in hand | 54/58 | €13,064 | €195,492 | +€182,427 | +1,396% |
| Deferred charges and accrued income | 490/1 | €3,827 | €5,894 | +€2,067 | +54.0% |
| Total equity and liabilities | 10/49 | €629,095 | €733,778 | +€104,683 | +16.6% |
| Equity | 10/15 | €563,330 | €669,285 | +€105,955 | +18.8% |
| Contributions | 10/11 | €293,800 | €293,800 | = | 0.0% |
| Reserves | 13 | €133,484 | €239,438 | +€105,955 | +79.4% |
| Tax-exempt reserves | 132 | €7,800 | €7,800 | = | 0.0% |
| Distributable reserves | 133 | €125,684 | €231,638 | +€105,955 | +84.3% |
| Profit (loss) carried forward | 14 | €136,047 | €136,047 | = | 0.0% |
| Amounts payable | 17/49 | €65,765 | €64,493 | -€1,272 | -1.9% |
| Amounts payable after more than one year | 17 | €8,319 | - | -€8,319 | |
| Financial debts | 170/4 | €8,319 | - | -€8,319 | |
| Amounts payable within one year | 42/48 | €45,319 | €60,518 | +€15,198 | +33.5% |
| Current portion of amounts payable after more than one year | 42 | €26,632 | €8,319 | -€18,312 | -68.8% |
| Trade debts | 44 | €5,207 | €588 | -€4,619 | -88.7% |
| Suppliers | 440/4 | €5,207 | €588 | -€4,619 | -88.7% |
| Taxes, remuneration and social security | 45 | €13,481 | €51,610 | +€38,129 | +283% |
| Taxes | 450/3 | €10,481 | €51,610 | +€41,129 | +392% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Accrued charges and deferred income | 492/3 | €12,127 | €3,976 | -€8,151 | -67.2% |
| Non-recurring operating income | 76A | - | €144,874 | +€144,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,587 | €38,286 | +€3,699 | +10.7% |
| Other operating charges | 640/8 | €3,383 | €4,220 | +€837 | +24.7% |
| Non-recurring operating charges | 66A | €513 | - | -€513 | |
| Gross operating margin | 9900 | €43,190 | €196,062 | +€152,872 | +354% |
| Operating profit (loss) | 9901 | €4,707 | €153,556 | +€148,849 | +3,162% |
| Financial income | 75/76B | €100 | €573 | +€473 | +474% |
| Recurring financial income | 75 | €100 | €573 | +€473 | +474% |
| Financial charges | 65/66B | €1,969 | €1,396 | -€573 | -29.1% |
| Recurring financial charges | 65 | €1,969 | €1,396 | -€573 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €2,837 | €152,732 | +€149,895 | +5,283% |
| Income taxes | 67/77 | €2,724 | €46,778 | +€44,053 | +1,617% |
| Profit (loss) for the period | 9904 | €113 | €105,955 | +€105,841 | +93,458% |
| Profit (loss) for the period to be appropriated | 9905 | €113 | €105,955 | +€105,841 | +93,458% |
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.