VDVM: 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.
VDVM
Largest movements
- Cash +€45,874
up €45,874 (+4829.5%), from €950 to €46,824
mainly Net result for the year (+€46,291) and Tax, wage and social debts (+€18,527)
- Receivables within one year +€14,473
up €14,473 (+3073.0%), from €471 to €14,944
of which Trade receivables: +€14,944
- Tangible fixed assets +€7,997
new in 2025: €7,997
of which Plant, machinery and equipment: +€4,253
- Reserves +€42,462
new in 2025: €42,462
- Tax, wage and social debts +€18,527
new in 2025: €18,527
- Profit (loss) carried forward +€3,829
up €3,829, from -€3,829 to €0
- Other debts +€2,944
up €2,944 (+90.6%), from €3,250 to €6,194
- Trade debts +€908
new in 2025: €908
- Gross operating margin +€64,040
up €64,040, from -€3,372 to €60,668
- Taxes +€11,691
new in 2025: €11,691
- Depreciation +€1,461
new in 2025: €1,461
- Financial charges +€1,067
up €1,067 (+3540.1%), from €30 to €1,097
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 | €1,421 | €70,091 | +€68,670 | +4833.1% |
| Fixed assets | 21/28 | - | €7,997 | +€7,997 | |
| Tangible fixed assets | 22/27 | - | €7,997 | +€7,997 | |
| Plant, machinery and equipment | 23 | - | €4,253 | +€4,253 | |
| Furniture and vehicles | 24 | - | €3,744 | +€3,744 | |
| Current assets | 29/58 | €1,421 | €62,094 | +€60,673 | +4270.3% |
| Amounts receivable within one year | 40/41 | €471 | €14,944 | +€14,473 | +3073.0% |
| Trade receivables | 40 | - | €14,944 | +€14,944 | |
| Other amounts receivable | 41 | €471 | €0 | -€471 | -100.0% |
| Cash at bank and in hand | 54/58 | €950 | €46,824 | +€45,874 | +4829.5% |
| Deferred charges and accrued income | 490/1 | - | €327 | +€327 | |
| Total equity and liabilities | 10/49 | €1,421 | €70,091 | +€68,670 | +4833.1% |
| Equity | 10/15 | -€1,829 | €44,462 | +€46,291 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €42,462 | +€42,462 | |
| Distributable reserves | 133 | - | €42,462 | +€42,462 | |
| Profit (loss) carried forward | 14 | -€3,829 | €0 | +€3,829 | |
| Amounts payable | 17/49 | €3,250 | €25,629 | +€22,379 | +688.6% |
| Amounts payable within one year | 42/48 | €3,250 | €25,629 | +€22,379 | +688.6% |
| Trade debts | 44 | - | €908 | +€908 | |
| Suppliers | 440/4 | - | €908 | +€908 | |
| Taxes, remuneration and social security | 45 | - | €18,527 | +€18,527 | |
| Taxes | 450/3 | - | €18,527 | +€18,527 | |
| Other amounts payable | 47/48 | €3,250 | €6,194 | +€2,944 | +90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,461 | +€1,461 | |
| Other operating charges | 640/8 | €427 | €128 | -€299 | -70.0% |
| Gross operating margin | 9900 | -€3,372 | €60,668 | +€64,040 | |
| Operating profit (loss) | 9901 | -€3,799 | €59,079 | +€62,878 | |
| Financial charges | 65/66B | €30 | €1,097 | +€1,067 | +3540.1% |
| Recurring financial charges | 65 | €30 | €1,097 | +€1,067 | +3540.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,829 | €57,982 | +€61,811 | |
| Income taxes | 67/77 | - | €11,691 | +€11,691 | |
| Profit (loss) for the period | 9904 | -€3,829 | €46,291 | +€50,120 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,829 | €46,291 | +€50,120 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.