VDVD: 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.
VDVD
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+32.2%), from €4.7m to €6.2m
of which Trade receivables: +€1.8m
- Cash +€445,869
up €445,869 (+137%), from €324,643 to €770,512
mainly Net result for the year (+€1.4m) and Trade debts (+€252,864)
- Profit (loss) carried forward +€1.4m
up €1.4m (+81,546%), from €1,730 to €1.4m
- Reserves -€303,500
down €303,500 (-26.0%), from €1.2m to €865,030
of which Distributable reserves: -€303,500
- Trade debts +€252,864
up €252,864 (+53.1%), from €476,549 to €729,413
- Accrued charges and deferred income +€228,696
up €228,696 (+48.3%), from €473,837 to €702,533
- Other debts +€223,357
up €223,357 (+16.2%), from €1.4m to €1.6m
- Gross operating margin +€1.1m
up €1.1m (+37.8%), from €2.8m to €3.9m
- Taxes +€319,327
up €319,327 (+184%), from €173,679 to €493,005
- Staff costs +€222,701
up €222,701 (+13.0%), from €1.7m to €1.9m
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 | €5,345,707 | €7,313,715 | +€2.0m | +36.8% |
| Fixed assets | 21/28 | €321,095 | €324,505 | +€3,409 | +1.1% |
| Intangible fixed assets | 21 | €753 | €21 | -€732 | -97.2% |
| Tangible fixed assets | 22/27 | €241,262 | €245,403 | +€4,141 | +1.7% |
| Land and buildings | 22 | €50,000 | €50,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,127 | €5,486 | +€359 | +7.0% |
| Furniture and vehicles | 24 | €23,003 | €7,623 | -€15,380 | -66.9% |
| Other tangible fixed assets | 26 | €163,133 | €182,294 | +€19,162 | +11.7% |
| Financial fixed assets | 28 | €79,081 | €79,081 | = | 0.0% |
| Current assets | 29/58 | €5,024,612 | €6,989,210 | +€2.0m | +39.1% |
| Amounts receivable within one year | 40/41 | €4,683,319 | €6,191,082 | +€1.5m | +32.2% |
| Trade receivables | 40 | €4,067,455 | €5,847,799 | +€1.8m | +43.8% |
| Other amounts receivable | 41 | €615,864 | €343,284 | -€272,580 | -44.3% |
| Cash at bank and in hand | 54/58 | €324,643 | €770,512 | +€445,869 | +137% |
| Deferred charges and accrued income | 490/1 | €16,650 | €27,616 | +€10,966 | +65.9% |
| Total equity and liabilities | 10/49 | €5,345,707 | €7,313,715 | +€2.0m | +36.8% |
| Equity | 10/15 | €2,233,007 | €3,340,025 | +€1.1m | +49.6% |
| Contributions | 10/11 | €1,062,747 | €1,062,750 | +€3 | 0.0% |
| Reserves | 13 | €1,168,530 | €865,030 | -€303,500 | -26.0% |
| Tax-exempt reserves | 132 | €15,016 | €15,016 | = | 0.0% |
| Distributable reserves | 133 | €1,153,514 | €850,014 | -€303,500 | -26.3% |
| Profit (loss) carried forward | 14 | €1,730 | €1,412,245 | +€1.4m | +81,546% |
| Amounts payable | 17/49 | €3,112,700 | €3,973,690 | +€860,990 | +27.7% |
| Amounts payable after more than one year | 17 | €244,290 | €164,152 | -€80,138 | -32.8% |
| Financial debts | 170/4 | €244,290 | €164,152 | -€80,138 | -32.8% |
| Amounts payable within one year | 42/48 | €2,394,572 | €3,107,005 | +€712,432 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €239,882 | €431,216 | +€191,335 | +79.8% |
| Trade debts | 44 | €476,549 | €729,413 | +€252,864 | +53.1% |
| Suppliers | 440/4 | €476,549 | €729,413 | +€252,864 | +53.1% |
| Taxes, remuneration and social security | 45 | €298,202 | €343,079 | +€44,877 | +15.0% |
| Taxes | 450/3 | €99,799 | €116,350 | +€16,551 | +16.6% |
| Remuneration and social security | 454/9 | €198,403 | €226,730 | +€28,327 | +14.3% |
| Other amounts payable | 47/48 | €1,379,940 | €1,603,296 | +€223,357 | +16.2% |
| Accrued charges and deferred income | 492/3 | €473,837 | €702,533 | +€228,696 | +48.3% |
| Remuneration, social security and pensions | 62 | €1,715,917 | €1,938,618 | +€222,701 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,925 | €12,607 | -€12,318 | -49.4% |
| Other operating charges | 640/8 | €8,619 | €3,926 | -€4,693 | -54.4% |
| Non-recurring operating charges | 66A | €520,449 | €1,345 | -€519,104 | -99.7% |
| Gross operating margin | 9900 | €2,817,911 | €3,884,448 | +€1.1m | +37.8% |
| Operating profit (loss) | 9901 | €548,001 | €1,927,952 | +€1.4m | +252% |
| Financial income | 75/76B | €418 | €318 | -€100 | -23.8% |
| Recurring financial income | 75 | €418 | €318 | -€100 | -23.8% |
| Financial charges | 65/66B | €24,644 | €24,750 | +€106 | +0.4% |
| Recurring financial charges | 65 | €24,644 | €24,750 | +€106 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €523,775 | €1,903,520 | +€1.4m | +263% |
| Income taxes | 67/77 | €173,679 | €493,005 | +€319,327 | +184% |
| Profit (loss) for the period | 9904 | €350,096 | €1,410,515 | +€1.1m | +303% |
| Profit (loss) for the period to be appropriated | 9905 | €350,096 | €1,410,515 | +€1.1m | +303% |
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.