VDW: 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.
VDW
Largest movements
- Tangible fixed assets -€976,512
down €976,512 (-27.0%), from €3.6m to €2.6m
of which Land and buildings: -€1.1m
- Receivables within one year +€147,226
up €147,226 (+33.9%), from €434,388 to €581,615
of which Trade receivables: +€155,449
- Debts after one year -€1.5m
down €1.5m (-55.0%), from €2.7m to €1.2m
of which Advances received on contracts in progress: -€1.5m
- Other debts +€1.0m
up €1.0m (+135.3%), from €751,227 to €1.8m
- Profit (loss) carried forward -€684,848
down €684,848 (-194.0%), from -€353,033 to -€1.0m
- Trade debts +€224,252
up €224,252 (+152.6%), from €146,910 to €371,162
- Current portion of long-term debt +€114,221
up €114,221 (+43.6%), from €262,105 to €376,327
- Gross operating margin +€179,499
up €179,499 (+741.2%), from €24,216 to €203,715
- Financial charges +€129,197
up €129,197 (+151.0%), from €85,536 to €214,734
- Financial income +€7,087
new in 2024: €7,087
- Depreciation +€3,695
up €3,695 (+1.4%), from €261,229 to €264,923
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,126,239 | €3,320,985 | -€805,255 | -19.5% |
| Fixed assets | 21/28 | €3,638,827 | €2,662,315 | -€976,512 | -26.8% |
| Tangible fixed assets | 22/27 | €3,613,827 | €2,637,315 | -€976,512 | -27.0% |
| Land and buildings | 22 | €3,041,121 | €1,982,668 | -€1.1m | -34.8% |
| Plant, machinery and equipment | 23 | €527,122 | €452,283 | -€74,839 | -14.2% |
| Furniture and vehicles | 24 | €45,585 | €202,363 | +€156,779 | +343.9% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €487,412 | €658,670 | +€171,258 | +35.1% |
| Amounts receivable within one year | 40/41 | €434,388 | €581,615 | +€147,226 | +33.9% |
| Trade receivables | 40 | €81,050 | €236,499 | +€155,449 | +191.8% |
| Other amounts receivable | 41 | €353,338 | €345,115 | -€8,223 | -2.3% |
| Cash at bank and in hand | 54/58 | €51,209 | €73,987 | +€22,777 | +44.5% |
| Deferred charges and accrued income | 490/1 | €1,814 | €3,069 | +€1,254 | +69.1% |
| Total equity and liabilities | 10/49 | €4,126,239 | €3,320,985 | -€805,255 | -19.5% |
| Equity | 10/15 | €231,026 | -€453,822 | -€684,848 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €565,459 | €565,459 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €563,599 | €565,459 | +€1,860 | +0.3% |
| Profit (loss) carried forward | 14 | -€353,033 | -€1,037,881 | -€684,848 | -194.0% |
| Provisions and deferred taxes | 16 | €47,225 | €47,225 | = | 0.0% |
| Deferred taxes | 168 | €47,225 | €47,225 | = | 0.0% |
| Amounts payable | 17/49 | €3,847,989 | €3,727,582 | -€120,407 | -3.1% |
| Amounts payable after more than one year | 17 | €2,687,746 | €1,208,394 | -€1.5m | -55.0% |
| Financial debts | 170/4 | €165,797 | €147,962 | -€17,835 | -10.8% |
| Advances received on contracts in progress | 176 | €2,334,733 | €804,213 | -€1.5m | -65.6% |
| Other amounts payable | 178/9 | €187,216 | €256,219 | +€69,003 | +36.9% |
| Amounts payable within one year | 42/48 | €1,160,243 | €2,519,188 | +€1.4m | +117.1% |
| Current portion of amounts payable after more than one year | 42 | €262,105 | €376,327 | +€114,221 | +43.6% |
| Trade debts | 44 | €146,910 | €371,162 | +€224,252 | +152.6% |
| Suppliers | 440/4 | €146,910 | €371,162 | +€224,252 | +152.6% |
| Taxes, remuneration and social security | 45 | - | €3,886 | +€3,886 | |
| Taxes | 450/3 | - | €3,886 | +€3,886 | |
| Other amounts payable | 47/48 | €751,227 | €1,767,813 | +€1.0m | +135.3% |
| Non-recurring operating income | 76A | €12,430 | - | -€12,430 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €261,229 | €264,923 | +€3,695 | +1.4% |
| Other operating charges | 640/8 | €8,078 | €8,850 | +€772 | +9.6% |
| Non-recurring operating charges | 66A | - | €407,053 | +€407,053 | |
| Gross operating margin | 9900 | €24,216 | €203,715 | +€179,499 | +741.2% |
| Operating profit (loss) | 9901 | -€245,091 | -€477,111 | -€232,020 | -94.7% |
| Financial income | 75/76B | - | €7,087 | +€7,087 | |
| Recurring financial income | 75 | - | €7,087 | +€7,087 | |
| Financial charges | 65/66B | €85,536 | €214,734 | +€129,197 | +151.0% |
| Recurring financial charges | 65 | €85,536 | €214,734 | +€129,197 | +151.0% |
| Profit (loss) for the period before taxes | 9903 | -€330,627 | -€684,758 | -€354,130 | -107.1% |
| Income taxes | 67/77 | €187 | €90 | -€97 | -51.7% |
| Profit (loss) for the period | 9904 | -€330,815 | -€684,848 | -€354,034 | -107.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€330,815 | -€684,848 | -€354,034 | -107.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 September 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.