VDW EXPRESS: 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 EXPRESS
Largest movements
- Cash +€30,739
up €30,739 (+19.9%), from €154,330 to €185,069
mainly Net result for the year (+€24,770) and Other debts (+€20,349)
- Receivables within one year -€10,031
down €10,031 (-31.0%), from €32,328 to €22,296
of which Trade receivables: -€6,089
- Tangible fixed assets +€8,824
up €8,824 (+43.6%), from €20,259 to €29,083
of which Plant, machinery and equipment: +€10,138
- Other debts +€20,349
new in 2025: €20,349
- Trade debts -€7,909
down €7,909 (-4.4%), from €180,299 to €172,390
- Profit (loss) carried forward +€4,770
up €4,770 (+33.0%), from €14,446 to €19,216
- Tax, wage and social debts +€4,632
up €4,632 (+19.4%), from €23,933 to €28,566
of which Remuneration and social security: +€4,742
- Gross operating margin +€48,285
up €48,285 (+27.4%), from €176,044 to €224,329
- Staff costs +€15,177
up €15,177 (+9.5%), from €160,204 to €175,381
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 | €289,099 | €313,342 | +€24,242 | +8.4% |
| Fixed assets | 21/28 | €20,259 | €29,083 | +€8,824 | +43.6% |
| Tangible fixed assets | 22/27 | €20,259 | €29,083 | +€8,824 | +43.6% |
| Plant, machinery and equipment | 23 | €18,630 | €28,768 | +€10,138 | +54.4% |
| Furniture and vehicles | 24 | €1,629 | €315 | -€1,314 | -80.7% |
| Current assets | 29/58 | €268,841 | €284,259 | +€15,418 | +5.7% |
| Stocks and contracts in progress | 3 | €67,192 | €64,244 | -€2,947 | -4.4% |
| Stocks | 30/36 | €67,192 | €64,244 | -€2,947 | -4.4% |
| Amounts receivable within one year | 40/41 | €32,328 | €22,296 | -€10,031 | -31.0% |
| Trade receivables | 40 | €18,864 | €12,774 | -€6,089 | -32.3% |
| Other amounts receivable | 41 | €13,464 | €9,522 | -€3,942 | -29.3% |
| Cash at bank and in hand | 54/58 | €154,330 | €185,069 | +€30,739 | +19.9% |
| Deferred charges and accrued income | 490/1 | €14,991 | €12,649 | -€2,343 | -15.6% |
| Total equity and liabilities | 10/49 | €289,099 | €313,342 | +€24,242 | +8.4% |
| Equity | 10/15 | €77,446 | €82,216 | +€4,770 | +6.2% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €33,000 | €33,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,446 | €19,216 | +€4,770 | +33.0% |
| Amounts payable | 17/49 | €211,654 | €231,126 | +€19,472 | +9.2% |
| Amounts payable within one year | 42/48 | €204,232 | €221,305 | +€17,072 | +8.4% |
| Trade debts | 44 | €180,299 | €172,390 | -€7,909 | -4.4% |
| Suppliers | 440/4 | €180,299 | €172,390 | -€7,909 | -4.4% |
| Taxes, remuneration and social security | 45 | €23,933 | €28,566 | +€4,632 | +19.4% |
| Taxes | 450/3 | €321 | €211 | -€110 | -34.3% |
| Remuneration and social security | 454/9 | €23,613 | €28,355 | +€4,742 | +20.1% |
| Other amounts payable | 47/48 | - | €20,349 | +€20,349 | |
| Accrued charges and deferred income | 492/3 | €7,421 | €9,821 | +€2,400 | +32.3% |
| Remuneration, social security and pensions | 62 | €160,204 | €175,381 | +€15,177 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,932 | €9,492 | +€1,560 | +19.7% |
| Other operating charges | 640/8 | €3,987 | €1,865 | -€2,123 | -53.2% |
| Gross operating margin | 9900 | €176,044 | €224,329 | +€48,285 | +27.4% |
| Operating profit (loss) | 9901 | €3,921 | €37,591 | +€33,671 | +858.8% |
| Financial income | 75/76B | €1,926 | €2,466 | +€540 | +28.1% |
| Recurring financial income | 75 | €1,926 | €2,466 | +€540 | +28.1% |
| Financial charges | 65/66B | €13,307 | €15,076 | +€1,770 | +13.3% |
| Recurring financial charges | 65 | €13,307 | €15,076 | +€1,770 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,460 | €24,981 | +€32,441 | |
| Income taxes | 67/77 | €663 | €211 | -€452 | -68.2% |
| Profit (loss) for the period | 9904 | -€8,123 | €24,770 | +€32,893 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,123 | €24,770 | +€32,893 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.