VDW Consults: 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 Consults
Largest movements
- Tangible fixed assets -€27,633
down €27,633 (-33.8%), from €81,758 to €54,125
of which Furniture and vehicles: -€30,348
- Current investments +€12,997
up €12,997 (+25.5%), from €50,999 to €63,996
- Receivables after one year -€5,000
down €5,000 (-22.2%), from €22,500 to €17,500
- Cash +€4,853
up €4,853 (+8.5%), from €57,111 to €61,964
mainly Net result for the year (+€71,632) and Other debts (+€34,945)
- Deferred charges and accrued income +€3,617
up €3,617 (+290%), from €1,249 to €4,866
- Reserves -€38,070
down €38,070 (-50.6%), from €75,178 to €37,108
of which Distributable reserves: -€30,000
- Other debts +€34,945
up €34,945 (+71.4%), from €48,936 to €83,882
- Debts after one year -€16,236
down €16,236 (-38.9%), from €41,754 to €25,518
- Tax, wage and social debts +€8,268
up €8,268 (+114%), from €7,249 to €15,516
- Profit (loss) carried forward +€4,702
up €4,702 (+17.7%), from €26,575 to €31,277
- Financial income -€30,262
down €30,262 (-96.9%), from €31,241 to €979
of which Non-recurring financial income: -€30,266
- Gross operating margin +€24,833
up €24,833 (+22.4%), from €110,637 to €135,470
- Depreciation +€15,386
up €15,386 (+86.8%), from €17,730 to €33,116
- Taxes +€6,935
up €6,935 (+31.9%), from €21,765 to €28,700
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 | €233,394 | €220,025 | -€13,369 | -5.7% |
| Fixed assets | 21/28 | €82,416 | €54,583 | -€27,833 | -33.8% |
| Intangible fixed assets | 21 | €658 | €458 | -€200 | -30.4% |
| Tangible fixed assets | 22/27 | €81,758 | €54,125 | -€27,633 | -33.8% |
| Furniture and vehicles | 24 | €79,379 | €49,031 | -€30,348 | -38.2% |
| Leasing and similar rights | 25 | €2,379 | €1,595 | -€784 | -32.9% |
| Other tangible fixed assets | 26 | - | €3,498 | +€3,498 | |
| Current assets | 29/58 | €150,978 | €165,442 | +€14,465 | +9.6% |
| Amounts receivable after more than one year | 29 | €22,500 | €17,500 | -€5,000 | -22.2% |
| Other amounts receivable | 291 | €22,500 | €17,500 | -€5,000 | -22.2% |
| Amounts receivable within one year | 40/41 | €19,118 | €17,117 | -€2,002 | -10.5% |
| Trade receivables | 40 | €19,118 | €17,117 | -€2,002 | -10.5% |
| Current investments | 50/53 | €50,999 | €63,996 | +€12,997 | +25.5% |
| Cash at bank and in hand | 54/58 | €57,111 | €61,964 | +€4,853 | +8.5% |
| Deferred charges and accrued income | 490/1 | €1,249 | €4,866 | +€3,617 | +290% |
| Total equity and liabilities | 10/49 | €233,394 | €220,025 | -€13,369 | -5.7% |
| Equity | 10/15 | €106,753 | €73,385 | -€33,368 | -31.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €75,178 | €37,108 | -€38,070 | -50.6% |
| Tax-exempt reserves | 132 | €20,178 | €12,108 | -€8,070 | -40.0% |
| Distributable reserves | 133 | €55,000 | €25,000 | -€30,000 | -54.5% |
| Profit (loss) carried forward | 14 | €26,575 | €31,277 | +€4,702 | +17.7% |
| Provisions and deferred taxes | 16 | €5,044 | €3,027 | -€2,018 | -40.0% |
| Deferred taxes | 168 | €5,044 | €3,027 | -€2,018 | -40.0% |
| Amounts payable | 17/49 | €121,596 | €143,613 | +€22,017 | +18.1% |
| Amounts payable after more than one year | 17 | €41,754 | €25,518 | -€16,236 | -38.9% |
| Financial debts | 170/4 | €41,754 | €25,518 | -€16,236 | -38.9% |
| Amounts payable within one year | 42/48 | €79,836 | €118,095 | +€38,259 | +47.9% |
| Current portion of amounts payable after more than one year | 42 | €19,037 | €16,236 | -€2,801 | -14.7% |
| Trade debts | 44 | €4,614 | €2,461 | -€2,153 | -46.7% |
| Suppliers | 440/4 | €4,614 | €2,461 | -€2,153 | -46.7% |
| Taxes, remuneration and social security | 45 | €7,249 | €15,516 | +€8,268 | +114% |
| Taxes | 450/3 | €7,249 | €15,516 | +€8,268 | +114% |
| Other amounts payable | 47/48 | €48,936 | €83,882 | +€34,945 | +71.4% |
| Accrued charges and deferred income | 492/3 | €6 | - | -€6 | |
| Non-recurring operating income | 76A | €115 | - | -€115 | |
| Remuneration, social security and pensions | 62 | €1,658 | €1,658 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,730 | €33,116 | +€15,386 | +86.8% |
| Other operating charges | 640/8 | €2,203 | €1,406 | -€797 | -36.2% |
| Gross operating margin | 9900 | €110,637 | €135,470 | +€24,833 | +22.4% |
| Operating profit (loss) | 9901 | €89,046 | €99,289 | +€10,243 | +11.5% |
| Financial income | 75/76B | €31,241 | €979 | -€30,262 | -96.9% |
| Recurring financial income | 75 | €975 | €979 | +€4 | +0.5% |
| Non-recurring financial income | 76B | €30,266 | - | -€30,266 | |
| Financial charges | 65/66B | €1,429 | €1,955 | +€526 | +36.8% |
| Recurring financial charges | 65 | €1,429 | €1,955 | +€526 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €118,859 | €98,314 | -€20,544 | -17.3% |
| Transfer from deferred taxes | 780 | €1,009 | €2,018 | +€1,009 | +100.0% |
| Transfer to deferred taxes | 680 | €6,053 | - | -€6,053 | |
| Income taxes | 67/77 | €21,765 | €28,700 | +€6,935 | +31.9% |
| Profit (loss) for the period | 9904 | €92,049 | €71,632 | -€20,417 | -22.2% |
| Transfer from tax-exempt reserves | 789 | €4,035 | €8,070 | +€4,035 | +100% |
| Transfer to tax-exempt reserves | 689 | €24,213 | - | -€24,213 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,871 | €79,702 | +€7,831 | +10.9% |
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 26 October 2026 via checked.be.