VDW FR: 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 FR
Largest movements
- Receivables within one year +€32,626
up €32,626 (+109.6%), from €29,760 to €62,386
of which Trade receivables: +€32,530
- Tangible fixed assets -€25,958
down €25,958 (-20.9%), from €124,465 to €98,507
of which Leasing and similar rights: -€22,646
- Cash -€15,410
down €15,410 (-67.5%), from €22,829 to €7,419
mainly Receivables within one year (-€32,626) and Debts after one year (-€14,129)
- Debts after one year -€14,129
down €14,129 (-25.6%), from €55,230 to €41,101
- Current portion of long-term debt -€7,863
down €7,863 (-35.8%), from €21,993 to €14,130
- Profit (loss) carried forward +€4,896
up €4,896 (+12.1%), from €40,343 to €45,239
- Trade debts +€4,516
up €4,516 (+306.6%), from €1,473 to €5,989
- Tax, wage and social debts +€3,068
up €3,068 (+14.1%), from €21,777 to €24,845
of which Remuneration and social security: +€6,000
- Gross operating margin -€22,570
down €22,570 (-36.3%), from €62,092 to €39,522
- Depreciation +€18,472
up €18,472 (+193.7%), from €9,534 to €28,006
- Taxes -€8,744
down €8,744 (-84.3%), from €10,376 to €1,632
- Financial charges +€3,035
up €3,035 (+172.1%), from €1,764 to €4,799
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €178,621 | €169,710 | -€8,911 | -5.0% |
| Formation expenses | 20 | €1,020 | €773 | -€247 | -24.2% |
| Fixed assets | 21/28 | €124,465 | €98,507 | -€25,958 | -20.9% |
| Tangible fixed assets | 22/27 | €124,465 | €98,507 | -€25,958 | -20.9% |
| Plant, machinery and equipment | 23 | €15,681 | €12,869 | -€2,812 | -17.9% |
| Furniture and vehicles | 24 | €1,622 | €1,122 | -€500 | -30.8% |
| Leasing and similar rights | 25 | €107,162 | €84,516 | -€22,646 | -21.1% |
| Current assets | 29/58 | €53,136 | €70,430 | +€17,294 | +32.5% |
| Amounts receivable within one year | 40/41 | €29,760 | €62,386 | +€32,626 | +109.6% |
| Trade receivables | 40 | €26,419 | €58,949 | +€32,530 | +123.1% |
| Other amounts receivable | 41 | €3,341 | €3,437 | +€96 | +2.9% |
| Cash at bank and in hand | 54/58 | €22,829 | €7,419 | -€15,410 | -67.5% |
| Deferred charges and accrued income | 490/1 | €547 | €625 | +€78 | +14.3% |
| Total equity and liabilities | 10/49 | €178,621 | €169,710 | -€8,911 | -5.0% |
| Equity | 10/15 | €55,343 | €60,239 | +€4,896 | +8.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,343 | €45,239 | +€4,896 | +12.1% |
| Amounts payable | 17/49 | €123,278 | €109,471 | -€13,807 | -11.2% |
| Amounts payable after more than one year | 17 | €55,230 | €41,101 | -€14,129 | -25.6% |
| Financial debts | 170/4 | €55,230 | €41,101 | -€14,129 | -25.6% |
| Amounts payable within one year | 42/48 | €68,048 | €68,370 | +€322 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €21,993 | €14,130 | -€7,863 | -35.8% |
| Trade debts | 44 | €1,473 | €5,989 | +€4,516 | +306.6% |
| Suppliers | 440/4 | €1,473 | €5,989 | +€4,516 | +306.6% |
| Taxes, remuneration and social security | 45 | €21,777 | €24,845 | +€3,068 | +14.1% |
| Taxes | 450/3 | €21,777 | €18,845 | -€2,932 | -13.5% |
| Remuneration and social security | 454/9 | - | €6,000 | +€6,000 | |
| Other amounts payable | 47/48 | €22,805 | €23,406 | +€601 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,534 | €28,006 | +€18,472 | +193.7% |
| Other operating charges | 640/8 | €75 | €190 | +€115 | +153.3% |
| Gross operating margin | 9900 | €62,092 | €39,522 | -€22,570 | -36.3% |
| Operating profit (loss) | 9901 | €52,483 | €11,326 | -€41,157 | -78.4% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,764 | €4,799 | +€3,035 | +172.1% |
| Recurring financial charges | 65 | €1,764 | €4,799 | +€3,035 | +172.1% |
| Profit (loss) for the period before taxes | 9903 | €50,719 | €6,528 | -€44,191 | -87.1% |
| Income taxes | 67/77 | €10,376 | €1,632 | -€8,744 | -84.3% |
| Profit (loss) for the period | 9904 | €40,343 | €4,896 | -€35,447 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,343 | €4,896 | -€35,447 | -87.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.