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
- Cash +€30,723
up €30,723 (+80.7%), from €38,077 to €68,801
mainly Net result for the year (+€31,155) and Depreciation (+€29,202)
- Stocks and contracts -€7,090
down €7,090 (-58.6%), from €12,090 to €5,000
- Receivables within one year +€6,241
up €6,241 (+33.3%), from €18,741 to €24,983
of which Trade receivables: +€8,896
- Deferred charges and accrued income +€5,343
up €5,343 (+290.8%), from €1,837 to €7,180
- Tangible fixed assets -€4,392
down €4,392 (-4.9%), from €90,177 to €85,785
of which Furniture and vehicles: -€10,018
- Reserves +€31,000
up €31,000 (+112.3%), from €27,600 to €58,600
- Debts after one year -€17,503
down €17,503 (-25.6%), from €68,484 to €50,981
- Tax, wage and social debts +€10,021
new in 2025: €10,021
of which Remuneration and social security: +€5,437
- Trade debts +€6,638
up €6,638 (+62.7%), from €10,585 to €17,224
- Depreciation -€13,751
down €13,751 (-32.0%), from €42,953 to €29,202
- Taxes +€3,731
up €3,731 (+44.7%), from €8,353 to €12,084
- Gross operating margin -€877
down €877 (-1.1%), from €77,550 to €76,674
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 | €160,922 | €191,748 | +€30,826 | +19.2% |
| Fixed assets | 21/28 | €90,177 | €85,785 | -€4,392 | -4.9% |
| Tangible fixed assets | 22/27 | €90,177 | €85,785 | -€4,392 | -4.9% |
| Plant, machinery and equipment | 23 | €10,224 | €15,850 | +€5,626 | +55.0% |
| Furniture and vehicles | 24 | €79,953 | €69,935 | -€10,018 | -12.5% |
| Current assets | 29/58 | €70,745 | €105,963 | +€35,218 | +49.8% |
| Stocks and contracts in progress | 3 | €12,090 | €5,000 | -€7,090 | -58.6% |
| Stocks | 30/36 | €12,090 | €5,000 | -€7,090 | -58.6% |
| Amounts receivable within one year | 40/41 | €18,741 | €24,983 | +€6,241 | +33.3% |
| Trade receivables | 40 | €11,451 | €20,347 | +€8,896 | +77.7% |
| Other amounts receivable | 41 | €7,291 | €4,636 | -€2,655 | -36.4% |
| Cash at bank and in hand | 54/58 | €38,077 | €68,801 | +€30,723 | +80.7% |
| Deferred charges and accrued income | 490/1 | €1,837 | €7,180 | +€5,343 | +290.8% |
| Total equity and liabilities | 10/49 | €160,922 | €191,748 | +€30,826 | +19.2% |
| Equity | 10/15 | €64,865 | €96,019 | +€31,155 | +48.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €27,600 | €58,600 | +€31,000 | +112.3% |
| Distributable reserves | 133 | €27,600 | €58,600 | +€31,000 | +112.3% |
| Profit (loss) carried forward | 14 | €27,265 | €27,419 | +€155 | +0.6% |
| Amounts payable | 17/49 | €96,058 | €95,728 | -€329 | -0.3% |
| Amounts payable after more than one year | 17 | €68,484 | €50,981 | -€17,503 | -25.6% |
| Financial debts | 170/4 | €68,484 | €50,981 | -€17,503 | -25.6% |
| Amounts payable within one year | 42/48 | €27,574 | €44,747 | +€17,173 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €16,988 | €17,503 | +€514 | +3.0% |
| Trade debts | 44 | €10,585 | €17,224 | +€6,638 | +62.7% |
| Suppliers | 440/4 | €10,585 | €17,224 | +€6,638 | +62.7% |
| Taxes, remuneration and social security | 45 | - | €10,021 | +€10,021 | |
| Taxes | 450/3 | - | €4,584 | +€4,584 | |
| Remuneration and social security | 454/9 | - | €5,437 | +€5,437 | |
| Non-recurring operating income | 76A | €96 | €0 | -€96 | -100.0% |
| Remuneration, social security and pensions | 62 | €690 | €100 | -€591 | -85.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,953 | €29,202 | -€13,751 | -32.0% |
| Other operating charges | 640/8 | €1,131 | €1,134 | +€3 | +0.2% |
| Gross operating margin | 9900 | €77,550 | €76,674 | -€877 | -1.1% |
| Operating profit (loss) | 9901 | €32,776 | €46,238 | +€13,462 | +41.1% |
| Financial income | 75/76B | - | €53 | +€53 | |
| Recurring financial income | 75 | - | €53 | +€53 | |
| Financial charges | 65/66B | €2,931 | €3,053 | +€122 | +4.2% |
| Recurring financial charges | 65 | €2,931 | €3,053 | +€122 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €29,845 | €43,239 | +€13,394 | +44.9% |
| Income taxes | 67/77 | €8,353 | €12,084 | +€3,731 | +44.7% |
| Profit (loss) for the period | 9904 | €21,492 | €31,155 | +€9,663 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,492 | €31,155 | +€9,663 | +45.0% |
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 6 October 2026 via checked.be.