VDVinvest: 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.
VDVinvest
Largest movements
- Tangible fixed assets +€39,625
up €39,625 (+4.0%), from €996,280 to €1.0m
of which Other tangible fixed assets: +€39,625
- Receivables within one year +€23,059
up €23,059 (+346%), from €6,671 to €29,730
of which Other amounts receivable: +€22,767
- Reserves +€90,331
up €90,331 (+66.8%), from €135,300 to €225,631
- Debts after one year -€28,466
down €28,466 (-21.9%), from €129,948 to €101,482
- Financial income +€63,450
up €63,450 (+285%), from €22,235 to €85,685
- Taxes +€9,033
new in 2025: €9,033
- Gross operating margin +€2,300
up €2,300 (+10.9%), from €21,076 to €23,376
- Financial charges -€781
down €781 (-21.5%), from €3,630 to €2,849
- Other operating charges +€485
up €485 (+18.8%), from €2,575 to €3,060
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 | €1,614,664 | €1,690,193 | +€75,530 | +4.7% |
| Fixed assets | 21/28 | €996,280 | €1,038,504 | +€42,225 | +4.2% |
| Tangible fixed assets | 22/27 | €996,280 | €1,035,904 | +€39,625 | +4.0% |
| Land and buildings | 22 | €989,584 | €989,584 | = | 0.0% |
| Other tangible fixed assets | 26 | €6,695 | €46,320 | +€39,625 | +592% |
| Financial fixed assets | 28 | - | €2,600 | +€2,600 | |
| Current assets | 29/58 | €618,384 | €651,689 | +€33,305 | +5.4% |
| Amounts receivable within one year | 40/41 | €6,671 | €29,730 | +€23,059 | +346% |
| Trade receivables | 40 | - | €292 | +€292 | |
| Other amounts receivable | 41 | €6,671 | €29,438 | +€22,767 | +341% |
| Current investments | 50/53 | €580,721 | €595,617 | +€14,896 | +2.6% |
| Cash at bank and in hand | 54/58 | €30,992 | €24,767 | -€6,225 | -20.1% |
| Deferred charges and accrued income | 490/1 | - | €1,576 | +€1,576 | |
| Total equity and liabilities | 10/49 | €1,614,664 | €1,690,193 | +€75,530 | +4.7% |
| Equity | 10/15 | €72,438 | €162,769 | +€90,331 | +125% |
| Contributions | 10/11 | €1,353,000 | €1,353,000 | = | 0.0% |
| Reserves | 13 | €135,300 | €225,631 | +€90,331 | +66.8% |
| Distributable reserves | 133 | €135,300 | €225,631 | +€90,331 | +66.8% |
| Profit (loss) carried forward | 14 | -€1,415,862 | -€1,415,862 | = | 0.0% |
| Amounts payable | 17/49 | €1,542,226 | €1,527,424 | -€14,802 | -1.0% |
| Amounts payable after more than one year | 17 | €129,948 | €101,482 | -€28,466 | -21.9% |
| Financial debts | 170/4 | €129,948 | €101,482 | -€28,466 | -21.9% |
| Amounts payable within one year | 42/48 | €1,412,278 | €1,425,942 | +€13,664 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €27,925 | €28,466 | +€541 | +1.9% |
| Trade debts | 44 | €109 | €340 | +€231 | +212% |
| Suppliers | 440/4 | €109 | €340 | +€231 | +212% |
| Advances received on contracts in progress | 46 | €1,190 | €1,190 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €9,033 | +€9,033 | |
| Taxes | 450/3 | - | €9,033 | +€9,033 | |
| Other amounts payable | 47/48 | €1,383,054 | €1,386,913 | +€3,859 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,584 | €3,787 | +€203 | +5.7% |
| Other operating charges | 640/8 | €2,575 | €3,060 | +€485 | +18.8% |
| Gross operating margin | 9900 | €21,076 | €23,376 | +€2,300 | +10.9% |
| Operating profit (loss) | 9901 | €14,917 | €16,529 | +€1,612 | +10.8% |
| Financial income | 75/76B | €22,235 | €85,685 | +€63,450 | +285% |
| Recurring financial income | 75 | €22,235 | €85,685 | +€63,450 | +285% |
| Financial charges | 65/66B | €3,630 | €2,849 | -€781 | -21.5% |
| Recurring financial charges | 65 | €3,630 | €2,849 | -€781 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €33,522 | €99,365 | +€65,842 | +196% |
| Income taxes | 67/77 | - | €9,033 | +€9,033 | |
| Profit (loss) for the period | 9904 | €33,522 | €90,331 | +€56,809 | +169% |
| Profit (loss) for the period to be appropriated | 9905 | €33,522 | €90,331 | +€56,809 | +169% |
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 13 October 2026 via checked.be.