VDW: what changed
VDW
Largest movements
- Receivables within one year +€100,251
up €100,251 (+52.1%), from €192,458 to €292,710
of which Trade receivables: +€77,649
- Cash -€65,919
down €65,919 (-41.6%), from €158,360 to €92,441
mainly Contributions, distributions and other (-€105,000) and Receivables within one year (-€100,251)
- Tangible fixed assets -€43,398
down €43,398 (-23.4%), from €185,553 to €142,155
of which Furniture and vehicles: -€34,283
- Other debts +€95,676
up €95,676 (+70.8%), from €135,085 to €230,761
- Reserves -€90,779
down €90,779 (-83.0%), from €109,404 to €18,624
of which Distributable reserves: -€90,779
- Tax, wage and social debts -€16,095
down €16,095 (-16.8%), from €95,999 to €79,904
of which Taxes: -€10,054
- Gross operating margin -€58,246
down €58,246 (-17.6%), from €331,018 to €272,772
- Staff costs +€31,937
up €31,937 (+19.6%), from €162,976 to €194,913
- Taxes -€27,439
down €27,439 (-73.9%), from €37,146 to €9,707
- Depreciation +€14,453
up €14,453 (+39.2%), from €36,850 to €51,303
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €552,116 | €540,083 | -€12,033 | -2.2% |
| Fixed assets | 21/28 | €188,500 | €142,155 | -€46,345 | -24.6% |
| Intangible fixed assets | 21 | €2,946 | €0 | -€2,946 | -100% |
| Tangible fixed assets | 22/27 | €185,553 | €142,155 | -€43,398 | -23.4% |
| Land and buildings | 22 | €2,545 | €2,148 | -€397 | -15.6% |
| Plant, machinery and equipment | 23 | €37,888 | €29,532 | -€8,357 | -22.1% |
| Furniture and vehicles | 24 | €144,033 | €109,750 | -€34,283 | -23.8% |
| Other tangible fixed assets | 26 | €1,087 | €725 | -€362 | -33.3% |
| Current assets | 29/58 | €363,616 | €397,928 | +€34,312 | +9.4% |
| Amounts receivable within one year | 40/41 | €192,458 | €292,710 | +€100,251 | +52.1% |
| Trade receivables | 40 | €163,897 | €241,546 | +€77,649 | +47.4% |
| Other amounts receivable | 41 | €28,561 | €51,163 | +€22,602 | +79.1% |
| Cash at bank and in hand | 54/58 | €158,360 | €92,441 | -€65,919 | -41.6% |
| Deferred charges and accrued income | 490/1 | €12,798 | €12,777 | -€21 | -0.2% |
| Total equity and liabilities | 10/49 | €552,116 | €540,083 | -€12,033 | -2.2% |
| Equity | 10/15 | €128,004 | €37,224 | -€90,779 | -70.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,404 | €18,624 | -€90,779 | -83.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €109,404 | €18,624 | -€90,779 | -83.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €9,765 | €9,765 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €9,765 | €9,765 | = | 0.0% |
| Other liabilities and charges | 164/5 | €9,765 | €9,765 | = | 0.0% |
| Amounts payable | 17/49 | €414,348 | €493,094 | +€78,746 | +19.0% |
| Amounts payable within one year | 42/48 | €414,348 | €493,094 | +€78,746 | +19.0% |
| Financial debts | 43 | €13 | €0 | -€13 | -100% |
| Credit institutions | 430/8 | €13 | €0 | -€13 | -100% |
| Trade debts | 44 | €183,250 | €182,429 | -€821 | -0.4% |
| Suppliers | 440/4 | €183,250 | €182,429 | -€821 | -0.4% |
| Taxes, remuneration and social security | 45 | €95,999 | €79,904 | -€16,095 | -16.8% |
| Taxes | 450/3 | €70,419 | €60,366 | -€10,054 | -14.3% |
| Remuneration and social security | 454/9 | €25,580 | €19,538 | -€6,041 | -23.6% |
| Other amounts payable | 47/48 | €135,085 | €230,761 | +€95,676 | +70.8% |
| Remuneration, social security and pensions | 62 | €162,976 | €194,913 | +€31,937 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,850 | €51,303 | +€14,453 | +39.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,462 | €3,940 | +€1,478 | +60.0% |
| Gross operating margin | 9900 | €331,018 | €272,772 | -€58,246 | -17.6% |
| Operating profit (loss) | 9901 | €128,731 | €22,616 | -€106,115 | -82.4% |
| Financial income | 75/76B | €1,922 | €1,444 | -€478 | -24.9% |
| Recurring financial income | 75 | €1,922 | €1,444 | -€478 | -24.9% |
| Financial charges | 65/66B | €426 | €132 | -€294 | -68.9% |
| Recurring financial charges | 65 | €426 | €132 | -€294 | -68.9% |
| Profit (loss) for the period before taxes | 9903 | €130,227 | €23,928 | -€106,299 | -81.6% |
| Income taxes | 67/77 | €37,146 | €9,707 | -€27,439 | -73.9% |
| Profit (loss) for the period | 9904 | €93,080 | €14,221 | -€78,860 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €93,080 | €14,221 | -€78,860 | -84.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.