VDVB Invest: 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.
VDVB Invest
Largest movements
- Financial fixed assets +€490,000
up €490,000 (+7,127%), from €6,875 to €496,875
- Tangible fixed assets +€66,524
up €66,524 (+21.8%), from €304,753 to €371,276
of which Land and buildings: +€75,328
- Cash -€36,097
down €36,097 (-93.1%), from €38,766 to €2,670
mainly Investment in fixed assets (net) (-€580,694) and Contributions, distributions and other (-€190,000)
- Receivables within one year -€18,709
down €18,709 (-44.0%), from €42,478 to €23,770
of which Other amounts receivable: -€14,736
- Other debts +€334,079
up €334,079 (+1,977%), from €16,894 to €350,973
- Debts after one year +€215,077
up €215,077 (+109%), from €196,503 to €411,581
- Reserves -€101,108
down €101,108 (-91.0%), from €111,092 to €9,984
of which Distributable reserves: -€101,108
- Current portion of long-term debt +€45,618
up €45,618 (+155%), from €29,521 to €75,139
- Gross operating margin +€31,984
up €31,984 (+28.0%), from €114,228 to €146,212
- Financial charges +€5,065
up €5,065 (+52.3%), from €9,676 to €14,741
- Depreciation +€3,873
up €3,873 (+19.1%), from €20,297 to €24,171
- Taxes -€2,679
down €2,679 (-16.1%), from €16,676 to €13,998
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 | €403,004 | €905,387 | +€502,383 | +125% |
| Fixed assets | 21/28 | €311,628 | €868,151 | +€556,524 | +179% |
| Tangible fixed assets | 22/27 | €304,753 | €371,276 | +€66,524 | +21.8% |
| Land and buildings | 22 | €190,907 | €266,236 | +€75,328 | +39.5% |
| Furniture and vehicles | 24 | €55 | - | -€55 | |
| Other tangible fixed assets | 26 | €113,790 | €105,040 | -€8,750 | -7.7% |
| Financial fixed assets | 28 | €6,875 | €496,875 | +€490,000 | +7,127% |
| Current assets | 29/58 | €91,376 | €37,236 | -€54,140 | -59.3% |
| Amounts receivable within one year | 40/41 | €42,478 | €23,770 | -€18,709 | -44.0% |
| Trade receivables | 40 | €16,010 | €12,037 | -€3,973 | -24.8% |
| Other amounts receivable | 41 | €26,468 | €11,732 | -€14,736 | -55.7% |
| Cash at bank and in hand | 54/58 | €38,766 | €2,670 | -€36,097 | -93.1% |
| Deferred charges and accrued income | 490/1 | €10,131 | €10,796 | +€665 | +6.6% |
| Total equity and liabilities | 10/49 | €403,004 | €905,387 | +€502,383 | +125% |
| Equity | 10/15 | €129,692 | €28,584 | -€101,108 | -78.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,092 | €9,984 | -€101,108 | -91.0% |
| Tax-exempt reserves | 132 | €7,059 | €7,059 | = | 0.0% |
| Distributable reserves | 133 | €104,033 | €2,925 | -€101,108 | -97.2% |
| Amounts payable | 17/49 | €273,312 | €876,803 | +€603,491 | +221% |
| Amounts payable after more than one year | 17 | €196,503 | €411,581 | +€215,077 | +109% |
| Financial debts | 170/4 | €196,503 | €411,581 | +€215,077 | +109% |
| Amounts payable within one year | 42/48 | €72,746 | €460,079 | +€387,333 | +532% |
| Current portion of amounts payable after more than one year | 42 | €29,521 | €75,139 | +€45,618 | +155% |
| Trade debts | 44 | €8,824 | €11,746 | +€2,923 | +33.1% |
| Suppliers | 440/4 | €8,824 | €11,746 | +€2,923 | +33.1% |
| Taxes, remuneration and social security | 45 | €17,508 | €22,221 | +€4,713 | +26.9% |
| Taxes | 450/3 | €17,508 | €22,221 | +€4,713 | +26.9% |
| Other amounts payable | 47/48 | €16,894 | €350,973 | +€334,079 | +1,977% |
| Accrued charges and deferred income | 492/3 | €4,062 | €5,143 | +€1,080 | +26.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,297 | €24,171 | +€3,873 | +19.1% |
| Other operating charges | 640/8 | €3,600 | €4,413 | +€813 | +22.6% |
| Gross operating margin | 9900 | €114,228 | €146,212 | +€31,984 | +28.0% |
| Operating profit (loss) | 9901 | €90,331 | €117,629 | +€27,298 | +30.2% |
| Financial income | 75/76B | €8 | €2 | -€6 | -75.4% |
| Recurring financial income | 75 | €8 | €2 | -€6 | -75.4% |
| Financial charges | 65/66B | €9,676 | €14,741 | +€5,065 | +52.3% |
| Recurring financial charges | 65 | €9,676 | €14,741 | +€5,065 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €80,663 | €102,890 | +€22,227 | +27.6% |
| Income taxes | 67/77 | €16,676 | €13,998 | -€2,679 | -16.1% |
| Profit (loss) for the period | 9904 | €63,987 | €88,892 | +€24,906 | +38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,987 | €88,892 | +€24,906 | +38.9% |
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 27 October 2026 via checked.be.