VDW Bikes: 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 Bikes
Largest movements
- Stocks and contracts -€2.5m
down €2.5m (-44.4%), from €5.6m to €3.1m
- Receivables within one year -€147,354
down €147,354 (-15.1%), from €976,360 to €829,005
of which Trade receivables: -€144,755
- Intangible fixed assets -€100,000
down €100,000 (-85.7%), from €116,667 to €16,667
- Debts after one year -€2.3m
down €2.3m (-75.1%), from €3.0m to €750,000
of which Other amounts payable: -€2.3m
- Trade debts -€294,000
down €294,000 (-50.8%), from €578,959 to €284,960
- Current portion of long-term debt -€91,666
down €91,666 (-84.6%), from €108,333 to €16,667
- Tax, wage and social debts -€73,026
down €73,026 (-40.0%), from €182,356 to €109,330
of which Remuneration and social security: -€68,781
- Financial income +€852,458
up €852,458 (+106%), from €801,931 to €1.7m
of which Non-recurring financial income: +€850,000
- Gross operating margin -€546,792
down €546,792, from €213,246 to -€333,545
- Write-downs +€332,301
up €332,301 (+572%), from €58,145 to €390,445
- Staff costs -€72,934
down €72,934 (-12.6%), from €579,450 to €506,516
- Financial charges +€22,709
up €22,709 (+8.4%), from €270,853 to €293,563
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 | €6,983,421 | €4,268,934 | -€2.7m | -38.9% |
| Fixed assets | 21/28 | €126,189 | €28,234 | -€97,955 | -77.6% |
| Intangible fixed assets | 21 | €116,667 | €16,667 | -€100,000 | -85.7% |
| Tangible fixed assets | 22/27 | €9,522 | €11,567 | +€2,045 | +21.5% |
| Plant, machinery and equipment | 23 | €8,120 | €10,793 | +€2,674 | +32.9% |
| Furniture and vehicles | 24 | €1,402 | €774 | -€629 | -44.8% |
| Current assets | 29/58 | €6,857,232 | €4,240,700 | -€2.6m | -38.2% |
| Stocks and contracts in progress | 3 | €5,611,552 | €3,121,165 | -€2.5m | -44.4% |
| Stocks | 30/36 | €5,611,552 | €3,121,165 | -€2.5m | -44.4% |
| Amounts receivable within one year | 40/41 | €976,360 | €829,005 | -€147,354 | -15.1% |
| Trade receivables | 40 | €972,578 | €827,823 | -€144,755 | -14.9% |
| Other amounts receivable | 41 | €3,782 | €1,182 | -€2,600 | -68.7% |
| Cash at bank and in hand | 54/58 | €264,244 | €281,200 | +€16,956 | +6.4% |
| Deferred charges and accrued income | 490/1 | €5,077 | €9,330 | +€4,252 | +83.8% |
| Total equity and liabilities | 10/49 | €6,983,421 | €4,268,934 | -€2.7m | -38.9% |
| Equity | 10/15 | €347,105 | €347,938 | +€833 | +0.2% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€652,895 | -€652,062 | +€833 | +0.1% |
| Amounts payable | 17/49 | €6,636,316 | €3,920,996 | -€2.7m | -40.9% |
| Amounts payable after more than one year | 17 | €3,016,667 | €750,000 | -€2.3m | -75.1% |
| Financial debts | 170/4 | €16,667 | - | -€16,667 | |
| Other amounts payable | 178/9 | €3,000,000 | €750,000 | -€2.3m | -75.0% |
| Amounts payable within one year | 42/48 | €3,619,649 | €3,160,957 | -€458,692 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €108,333 | €16,667 | -€91,666 | -84.6% |
| Financial debts | 43 | €2,750,000 | €2,750,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,750,000 | €2,750,000 | = | 0.0% |
| Trade debts | 44 | €578,959 | €284,960 | -€294,000 | -50.8% |
| Suppliers | 440/4 | €578,959 | €284,960 | -€294,000 | -50.8% |
| Taxes, remuneration and social security | 45 | €182,356 | €109,330 | -€73,026 | -40.0% |
| Taxes | 450/3 | €68,337 | €64,092 | -€4,245 | -6.2% |
| Remuneration and social security | 454/9 | €114,019 | €45,238 | -€68,781 | -60.3% |
| Accrued charges and deferred income | 492/3 | - | €10,039 | +€10,039 | |
| Remuneration, social security and pensions | 62 | €579,450 | €506,516 | -€72,934 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,583 | €107,017 | -€4,567 | -4.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €58,145 | €390,445 | +€332,301 | +572% |
| Other operating charges | 640/8 | €43,008 | €22,175 | -€20,833 | -48.4% |
| Gross operating margin | 9900 | €213,246 | -€333,545 | -€546,792 | |
| Operating profit (loss) | 9901 | -€578,939 | -€1,359,698 | -€780,758 | -135% |
| Financial income | 75/76B | €801,931 | €1,654,389 | +€852,458 | +106% |
| Recurring financial income | 75 | €1,931 | €4,389 | +€2,458 | +127% |
| Non-recurring financial income | 76B | €800,000 | €1,650,000 | +€850,000 | +106% |
| Financial charges | 65/66B | €270,853 | €293,563 | +€22,709 | +8.4% |
| Recurring financial charges | 65 | €270,853 | €293,563 | +€22,709 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | -€47,861 | €1,129 | +€48,990 | |
| Income taxes | 67/77 | €355 | €296 | -€59 | -16.7% |
| Profit (loss) for the period | 9904 | -€48,217 | €833 | +€49,049 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,217 | €833 | +€49,049 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.