VDW Connect: 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 Connect
Largest movements
- Cash +€59,377
up €59,377 (+117.1%), from €50,722 to €110,099
mainly Net result for the year (+€47,058) and Stocks and contracts (+€9,955)
- Stocks and contracts -€9,955
down €9,955 (-17.5%), from €56,759 to €46,803
- Receivables within one year -€4,966
down €4,966 (-27.2%), from €18,240 to €13,274
of which Trade receivables: -€4,693
- Tangible fixed assets -€4,930
down €4,930 (-66.2%), from €7,450 to €2,520
- Reserves +€47,058
up €47,058 (+55.9%), from €84,229 to €131,287
- Trade debts -€14,232
down €14,232 (-78.5%), from €18,129 to €3,897
- Tax, wage and social debts +€6,244
up €6,244 (+23.1%), from €27,066 to €33,310
of which Taxes: +€5,826
- Gross operating margin -€15,835
down €15,835 (-19.0%), from €83,216 to €67,381
- Taxes -€3,232
down €3,232 (-21.3%), from €15,149 to €11,917
- Financial charges -€1,353
down €1,353 (-75.6%), from €1,790 to €437
- Write-downs +€1,004
new in 2025: €1,004
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 | €134,696 | €173,201 | +€38,505 | +28.6% |
| Fixed assets | 21/28 | €7,450 | €2,520 | -€4,930 | -66.2% |
| Tangible fixed assets | 22/27 | €7,450 | €2,520 | -€4,930 | -66.2% |
| Furniture and vehicles | 24 | €7,450 | €2,520 | -€4,930 | -66.2% |
| Current assets | 29/58 | €127,245 | €170,680 | +€43,435 | +34.1% |
| Stocks and contracts in progress | 3 | €56,759 | €46,803 | -€9,955 | -17.5% |
| Stocks | 30/36 | €56,759 | €46,803 | -€9,955 | -17.5% |
| Amounts receivable within one year | 40/41 | €18,240 | €13,274 | -€4,966 | -27.2% |
| Trade receivables | 40 | €17,189 | €12,497 | -€4,693 | -27.3% |
| Other amounts receivable | 41 | €1,051 | €777 | -€273 | -26.0% |
| Cash at bank and in hand | 54/58 | €50,722 | €110,099 | +€59,377 | +117.1% |
| Deferred charges and accrued income | 490/1 | €1,524 | €504 | -€1,020 | -66.9% |
| Total equity and liabilities | 10/49 | €134,696 | €173,201 | +€38,505 | +28.6% |
| Equity | 10/15 | €85,229 | €132,287 | +€47,058 | +55.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €84,229 | €131,287 | +€47,058 | +55.9% |
| Distributable reserves | 133 | €84,229 | €131,287 | +€47,058 | +55.9% |
| Amounts payable | 17/49 | €49,466 | €40,914 | -€8,553 | -17.3% |
| Amounts payable within one year | 42/48 | €49,466 | €40,914 | -€8,553 | -17.3% |
| Financial debts | 43 | - | €24 | +€24 | |
| Credit institutions | 430/8 | - | €24 | +€24 | |
| Trade debts | 44 | €18,129 | €3,897 | -€14,232 | -78.5% |
| Suppliers | 440/4 | €18,129 | €3,897 | -€14,232 | -78.5% |
| Advances received on contracts in progress | 46 | €48 | €0 | -€48 | -100.0% |
| Taxes, remuneration and social security | 45 | €27,066 | €33,310 | +€6,244 | +23.1% |
| Taxes | 450/3 | €21,169 | €26,995 | +€5,826 | +27.5% |
| Remuneration and social security | 454/9 | €5,897 | €6,315 | +€418 | +7.1% |
| Other amounts payable | 47/48 | €4,223 | €3,682 | -€541 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,727 | €5,886 | +€159 | +2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,004 | +€1,004 | |
| Other operating charges | 640/8 | €1,221 | €1,781 | +€560 | +45.9% |
| Gross operating margin | 9900 | €83,216 | €67,381 | -€15,835 | -19.0% |
| Operating profit (loss) | 9901 | €76,267 | €58,710 | -€17,557 | -23.0% |
| Financial income | 75/76B | €821 | €702 | -€119 | -14.5% |
| Recurring financial income | 75 | €821 | €702 | -€119 | -14.5% |
| Financial charges | 65/66B | €1,790 | €437 | -€1,353 | -75.6% |
| Recurring financial charges | 65 | €1,790 | €437 | -€1,353 | -75.6% |
| Profit (loss) for the period before taxes | 9903 | €75,298 | €58,975 | -€16,323 | -21.7% |
| Income taxes | 67/77 | €15,149 | €11,917 | -€3,232 | -21.3% |
| Profit (loss) for the period | 9904 | €60,149 | €47,058 | -€13,091 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €60,149 | €47,058 | -€13,091 | -21.8% |
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 10 October 2026 via checked.be.