VdW-electronics: 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-electronics
Largest movements
- Cash +€17,810
up €17,810 (+31.4%), from €56,756 to €74,565
mainly Debts after one year (+€96,736) and Depreciation (+€33,645)
- Tangible fixed assets -€17,528
down €17,528 (-7.8%), from €224,690 to €207,162
of which Furniture and vehicles: -€12,568
- Intangible fixed assets -€13,000
down €13,000 (-11.1%), from €116,964 to €103,964
- Receivables within one year -€11,976
down €11,976 (-33.5%), from €35,723 to €23,747
of which Other amounts receivable: -€16,525
- Other debts -€157,744
down €157,744 (-97.1%), from €162,510 to €4,766
- Debts after one year +€96,736
up €96,736 (+118.4%), from €81,724 to €178,460
- Current portion of long-term debt +€28,737
up €28,737 (+220.8%), from €13,013 to €41,749
- Reserves +€22,317
up €22,317 (+23.8%), from €93,917 to €116,234
- Trade debts -€15,292
down €15,292 (-69.0%), from €22,163 to €6,871
- Gross operating margin -€107,904
down €107,904 (-44.7%), from €241,155 to €133,251
- Depreciation -€24,293
down €24,293 (-41.9%), from €57,938 to €33,645
- Taxes -€18,810
down €18,810 (-74.1%), from €25,387 to €6,577
- Staff costs +€3,572
up €3,572 (+6.4%), from €55,886 to €59,459
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 | €439,067 | €415,570 | -€23,498 | -5.4% |
| Fixed assets | 21/28 | €341,986 | €311,458 | -€30,528 | -8.9% |
| Intangible fixed assets | 21 | €116,964 | €103,964 | -€13,000 | -11.1% |
| Tangible fixed assets | 22/27 | €224,690 | €207,162 | -€17,528 | -7.8% |
| Land and buildings | 22 | €190,943 | €185,584 | -€5,359 | -2.8% |
| Plant, machinery and equipment | 23 | €4,860 | €2,448 | -€2,411 | -49.6% |
| Furniture and vehicles | 24 | €28,887 | €16,319 | -€12,568 | -43.5% |
| Other tangible fixed assets | 26 | - | €2,810 | +€2,810 | |
| Financial fixed assets | 28 | €332 | €332 | = | 0.0% |
| Current assets | 29/58 | €97,081 | €104,112 | +€7,031 | +7.2% |
| Stocks and contracts in progress | 3 | €3,252 | €4,896 | +€1,644 | +50.6% |
| Stocks | 30/36 | €3,252 | €4,896 | +€1,644 | +50.6% |
| Amounts receivable within one year | 40/41 | €35,723 | €23,747 | -€11,976 | -33.5% |
| Trade receivables | 40 | €14,365 | €18,914 | +€4,549 | +31.7% |
| Other amounts receivable | 41 | €21,358 | €4,833 | -€16,525 | -77.4% |
| Cash at bank and in hand | 54/58 | €56,756 | €74,565 | +€17,810 | +31.4% |
| Deferred charges and accrued income | 490/1 | €1,350 | €903 | -€447 | -33.1% |
| Total equity and liabilities | 10/49 | €439,067 | €415,570 | -€23,498 | -5.4% |
| Equity | 10/15 | €143,917 | €166,234 | +€22,317 | +15.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €93,917 | €116,234 | +€22,317 | +23.8% |
| Distributable reserves | 133 | €93,917 | €116,234 | +€22,317 | +23.8% |
| Amounts payable | 17/49 | €295,150 | €249,335 | -€45,814 | -15.5% |
| Amounts payable after more than one year | 17 | €81,724 | €178,460 | +€96,736 | +118.4% |
| Financial debts | 170/4 | €81,724 | €178,460 | +€96,736 | +118.4% |
| Amounts payable within one year | 42/48 | €209,917 | €66,106 | -€143,811 | -68.5% |
| Current portion of amounts payable after more than one year | 42 | €13,013 | €41,749 | +€28,737 | +220.8% |
| Trade debts | 44 | €22,163 | €6,871 | -€15,292 | -69.0% |
| Suppliers | 440/4 | €22,163 | €6,871 | -€15,292 | -69.0% |
| Taxes, remuneration and social security | 45 | €12,231 | €12,720 | +€489 | +4.0% |
| Taxes | 450/3 | €1,491 | €2,166 | +€675 | +45.3% |
| Remuneration and social security | 454/9 | €10,740 | €10,554 | -€186 | -1.7% |
| Other amounts payable | 47/48 | €162,510 | €4,766 | -€157,744 | -97.1% |
| Accrued charges and deferred income | 492/3 | €3,509 | €4,770 | +€1,261 | +35.9% |
| Remuneration, social security and pensions | 62 | €55,886 | €59,459 | +€3,572 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,938 | €33,645 | -€24,293 | -41.9% |
| Other operating charges | 640/8 | €3,279 | €4,109 | +€830 | +25.3% |
| Gross operating margin | 9900 | €241,155 | €133,251 | -€107,904 | -44.7% |
| Operating profit (loss) | 9901 | €124,052 | €36,038 | -€88,013 | -70.9% |
| Financial income | 75/76B | €596 | €434 | -€162 | -27.2% |
| Recurring financial income | 75 | €596 | €434 | -€162 | -27.2% |
| Financial charges | 65/66B | €5,344 | €7,579 | +€2,235 | +41.8% |
| Recurring financial charges | 65 | €5,344 | €7,579 | +€2,235 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €119,304 | €28,894 | -€90,410 | -75.8% |
| Income taxes | 67/77 | €25,387 | €6,577 | -€18,810 | -74.1% |
| Profit (loss) for the period | 9904 | €93,917 | €22,317 | -€71,601 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,917 | €22,317 | -€71,601 | -76.2% |
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 1 October 2026 via checked.be.