VDVL: what changed
Two fiscal 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.
VDVL
Largest movements
- Tangible fixed assets +€21,143
up €21,143 (+9.1%), from €231,234 to €252,377
of which Plant, machinery and equipment: +€55,593
- Cash -€15,367
down €15,367 (-45.5%), from €33,744 to €18,378
mainly Contributions, distributions and other (-€242,750) and Investment in fixed assets (net) (-€100,546)
- Stocks and contracts -€14,750
down €14,750 (-96.7%), from €15,250 to €500
of which Contracts in progress: -€15,000
- Receivables within one year -€5,172
down €5,172 (-20.4%), from €25,312 to €20,141
of which Trade receivables: -€10,099
- Financial fixed assets +€3,600
up €3,600 (+566.9%), from €635 to €4,235
- Reserves -€189,115
down €189,115 (-77.2%), from €245,106 to €55,991
- Debts after one year +€107,480
new in 2025: €107,480
- Other debts +€49,814
up €49,814 (+2554.3%), from €1,950 to €51,765
- Tax, wage and social debts -€36,983
down €36,983 (-90.2%), from €41,007 to €4,024
of which Taxes: -€34,983
- Current portion of long-term debt +€25,135
up €25,135 (+728.9%), from €3,448 to €28,583
- Gross operating margin -€62,744
down €62,744 (-29.5%), from €212,720 to €149,976
- Taxes -€21,576
down €21,576 (-55.3%), from €39,003 to €17,427
- Depreciation +€19,588
up €19,588 (+34.8%), from €56,215 to €75,803
- Financial charges +€2,600
up €2,600 (+1594.2%), from €163 to €2,763
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 | €306,175 | €295,630 | -€10,546 | -3.4% |
| Fixed assets | 21/28 | €231,869 | €256,612 | +€24,743 | +10.7% |
| Tangible fixed assets | 22/27 | €231,234 | €252,377 | +€21,143 | +9.1% |
| Plant, machinery and equipment | 23 | €107,822 | €163,415 | +€55,593 | +51.6% |
| Furniture and vehicles | 24 | €123,412 | €88,961 | -€34,451 | -27.9% |
| Financial fixed assets | 28 | €635 | €4,235 | +€3,600 | +566.9% |
| Current assets | 29/58 | €74,307 | €39,018 | -€35,288 | -47.5% |
| Stocks and contracts in progress | 3 | €15,250 | €500 | -€14,750 | -96.7% |
| Stocks | 30/36 | €250 | €500 | +€250 | +100.0% |
| Contracts in progress | 37 | €15,000 | - | -€15,000 | |
| Amounts receivable within one year | 40/41 | €25,312 | €20,141 | -€5,172 | -20.4% |
| Trade receivables | 40 | €16,757 | €6,659 | -€10,099 | -60.3% |
| Other amounts receivable | 41 | €8,555 | €13,482 | +€4,927 | +57.6% |
| Cash at bank and in hand | 54/58 | €33,744 | €18,378 | -€15,367 | -45.5% |
| Total equity and liabilities | 10/49 | €306,175 | €295,630 | -€10,546 | -3.4% |
| Equity | 10/15 | €250,106 | €60,991 | -€189,115 | -75.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €245,106 | €55,991 | -€189,115 | -77.2% |
| Distributable reserves | 133 | €245,106 | €55,991 | -€189,115 | -77.2% |
| Amounts payable | 17/49 | €56,070 | €234,639 | +€178,569 | +318.5% |
| Amounts payable after more than one year | 17 | - | €107,480 | +€107,480 | |
| Financial debts | 170/4 | - | €107,480 | +€107,480 | |
| Amounts payable within one year | 42/48 | €56,070 | €127,158 | +€71,089 | +126.8% |
| Current portion of amounts payable after more than one year | 42 | €3,448 | €28,583 | +€25,135 | +728.9% |
| Financial debts | 43 | - | €5,024 | +€5,024 | |
| Other loans | 439 | - | €5,024 | +€5,024 | |
| Trade debts | 44 | €9,664 | €17,763 | +€8,099 | +83.8% |
| Suppliers | 440/4 | €9,664 | €17,763 | +€8,099 | +83.8% |
| Advances received on contracts in progress | 46 | - | €20,000 | +€20,000 | |
| Taxes, remuneration and social security | 45 | €41,007 | €4,024 | -€36,983 | -90.2% |
| Taxes | 450/3 | €39,007 | €4,024 | -€34,983 | -89.7% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €1,950 | €51,765 | +€49,814 | +2554.3% |
| Non-recurring operating income | 76A | €3,499 | €2,638 | -€860 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,215 | €75,803 | +€19,588 | +34.8% |
| Other operating charges | 640/8 | €1,447 | €1,787 | +€340 | +23.5% |
| Gross operating margin | 9900 | €212,720 | €149,976 | -€62,744 | -29.5% |
| Operating profit (loss) | 9901 | €155,057 | €72,386 | -€82,672 | -53.3% |
| Financial income | 75/76B | €2,288 | €1,439 | -€848 | -37.1% |
| Recurring financial income | 75 | €2,288 | €1,439 | -€848 | -37.1% |
| Financial charges | 65/66B | €163 | €2,763 | +€2,600 | +1594.2% |
| Recurring financial charges | 65 | €163 | €2,763 | +€2,600 | +1594.2% |
| Profit (loss) for the period before taxes | 9903 | €157,182 | €71,062 | -€86,120 | -54.8% |
| Income taxes | 67/77 | €39,003 | €17,427 | -€21,576 | -55.3% |
| Profit (loss) for the period | 9904 | €118,179 | €53,635 | -€64,544 | -54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €118,179 | €53,635 | -€64,544 | -54.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.