VDW: what changed
Two financial 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
- Receivables within one year -€5,750
down €5,750 (-31.9%), from €18,035 to €12,285
of which Trade receivables: -€9,075
- Tangible fixed assets -€1,369
down €1,369 (-42.3%), from €3,236 to €1,867
- Deferred charges and accrued income +€491
new in 2025: €491
- Other debts -€6,307
down €6,307 (-98.0%), from €6,437 to €130
- Short-term financial debts +€1,477
up €1,477 (+231%), from €640 to €2,117
- Trade debts -€1,417
down €1,417 (-58.4%), from €2,426 to €1,009
- Tax, wage and social debts -€872
down €872 (-17.7%), from €4,921 to €4,050
- Reserves +€346
up €346 (+6.6%), from €5,264 to €5,610
- Depreciation +€298
up €298 (+27.9%), from €1,071 to €1,369
- Gross operating margin +€269
up €269 (+7.6%), from €3,550 to €3,819
- Financial charges +€191
up €191 (+52.7%), from €363 to €555
- Other operating charges -€186
down €186 (-20.5%), from €905 to €719
- Financial income +€141
up €141, from €0 to €141
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.
Derived cash bridge
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 | €29,689 | €22,916 | -€6,773 | -22.8% |
| Fixed assets | 21/28 | €3,236 | €1,867 | -€1,369 | -42.3% |
| Tangible fixed assets | 22/27 | €3,236 | €1,867 | -€1,369 | -42.3% |
| Furniture and vehicles | 24 | €3,236 | €1,867 | -€1,369 | -42.3% |
| Current assets | 29/58 | €26,453 | €21,049 | -€5,404 | -20.4% |
| Amounts receivable within one year | 40/41 | €18,035 | €12,285 | -€5,750 | -31.9% |
| Trade receivables | 40 | €9,535 | €460 | -€9,075 | -95.2% |
| Other amounts receivable | 41 | €8,500 | €11,825 | +€3,325 | +39.1% |
| Cash at bank and in hand | 54/58 | €8,418 | €8,273 | -€145 | -1.7% |
| Deferred charges and accrued income | 490/1 | - | €491 | +€491 | |
| Total equity and liabilities | 10/49 | €29,689 | €22,916 | -€6,773 | -22.8% |
| Equity | 10/15 | €15,264 | €15,610 | +€346 | +2.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €5,264 | €5,610 | +€346 | +6.6% |
| Distributable reserves | 133 | €5,264 | €5,610 | +€346 | +6.6% |
| Amounts payable | 17/49 | €14,425 | €7,306 | -€7,119 | -49.4% |
| Amounts payable within one year | 42/48 | €14,425 | €7,306 | -€7,119 | -49.4% |
| Financial debts | 43 | €640 | €2,117 | +€1,477 | +231% |
| Credit institutions | 430/8 | €640 | €2,117 | +€1,477 | +231% |
| Trade debts | 44 | €2,426 | €1,009 | -€1,417 | -58.4% |
| Suppliers | 440/4 | €2,426 | €1,009 | -€1,417 | -58.4% |
| Taxes, remuneration and social security | 45 | €4,921 | €4,050 | -€872 | -17.7% |
| Taxes | 450/3 | €4,921 | €4,050 | -€872 | -17.7% |
| Other amounts payable | 47/48 | €6,437 | €130 | -€6,307 | -98.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,071 | €1,369 | +€298 | +27.9% |
| Other operating charges | 640/8 | €905 | €719 | -€186 | -20.5% |
| Gross operating margin | 9900 | €3,550 | €3,819 | +€269 | +7.6% |
| Operating profit (loss) | 9901 | €1,574 | €1,730 | +€156 | +9.9% |
| Financial income | 75/76B | €0 | €141 | +€141 | |
| Recurring financial income | 75 | €0 | €141 | +€141 | |
| Financial charges | 65/66B | €363 | €555 | +€191 | +52.7% |
| Recurring financial charges | 65 | €363 | €555 | +€191 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | €1,211 | €1,316 | +€105 | +8.7% |
| Income taxes | 67/77 | €985 | €970 | -€15 | -1.5% |
| Profit (loss) for the period | 9904 | €226 | €346 | +€120 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €226 | €346 | +€120 | +53.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.