VDW M-C: 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 M-C
Largest movements
- Cash -€76,717
down €76,717 (-92.7%), from €82,765 to €6,048
mainly Contributions, distributions and other (-€128,484) and Other debts (-€61,070)
- Receivables within one year -€7,706
down €7,706 (-11.2%), from €68,990 to €61,284
of which Trade receivables: -€6,622
- Tangible fixed assets -€2,122
down €2,122 (-38.9%), from €5,449 to €3,327
- Other debts -€61,070
down €61,070 (-55.6%), from €109,745 to €48,675
- Tax, wage and social debts -€27,040
down €27,040 (-64.0%), from €42,256 to €15,216
- Trade debts +€2,588
up €2,588 (+246%), from €1,050 to €3,639
- Gross operating margin +€25,063
up €25,063 (+17.3%), from €144,796 to €169,860
- Taxes +€6,779
up €6,779 (+22.6%), from €29,932 to €36,711
- Depreciation -€2,345
down €2,345 (-52.5%), from €4,467 to €2,122
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 | €157,207 | €71,650 | -€85,557 | -54.4% |
| Fixed assets | 21/28 | €5,449 | €3,327 | -€2,122 | -38.9% |
| Tangible fixed assets | 22/27 | €5,449 | €3,327 | -€2,122 | -38.9% |
| Land and buildings | 22 | €963 | €0 | -€963 | -100% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,011 | €250 | -€761 | -75.3% |
| Other tangible fixed assets | 26 | €3,475 | €3,077 | -€398 | -11.5% |
| Current assets | 29/58 | €151,758 | €68,323 | -€83,435 | -55.0% |
| Amounts receivable within one year | 40/41 | €68,990 | €61,284 | -€7,706 | -11.2% |
| Trade receivables | 40 | €67,906 | €61,284 | -€6,622 | -9.8% |
| Other amounts receivable | 41 | €1,084 | €0 | -€1,084 | -100% |
| Cash at bank and in hand | 54/58 | €82,765 | €6,048 | -€76,717 | -92.7% |
| Deferred charges and accrued income | 490/1 | €3 | €991 | +€988 | +35,919% |
| Total equity and liabilities | 10/49 | €157,207 | €71,650 | -€85,557 | -54.4% |
| Equity | 10/15 | €4,000 | €4,000 | = | 0.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €153,207 | €67,650 | -€85,557 | -55.8% |
| Amounts payable within one year | 42/48 | €153,052 | €67,650 | -€85,402 | -55.8% |
| Financial debts | 43 | - | €121 | +€121 | |
| Credit institutions | 430/8 | - | €121 | +€121 | |
| Trade debts | 44 | €1,050 | €3,639 | +€2,588 | +246% |
| Suppliers | 440/4 | €1,050 | €3,639 | +€2,588 | +246% |
| Taxes, remuneration and social security | 45 | €42,256 | €15,216 | -€27,040 | -64.0% |
| Taxes | 450/3 | €42,256 | €15,216 | -€27,040 | -64.0% |
| Other amounts payable | 47/48 | €109,745 | €48,675 | -€61,070 | -55.6% |
| Accrued charges and deferred income | 492/3 | €156 | €0 | -€156 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,467 | €2,122 | -€2,345 | -52.5% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €144,796 | €169,860 | +€25,063 | +17.3% |
| Operating profit (loss) | 9901 | €139,942 | €167,338 | +€27,396 | +19.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,496 | €2,143 | -€353 | -14.1% |
| Recurring financial charges | 65 | €2,496 | €2,143 | -€353 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €137,446 | €165,195 | +€27,749 | +20.2% |
| Income taxes | 67/77 | €29,932 | €36,711 | +€6,779 | +22.6% |
| Profit (loss) for the period | 9904 | €107,514 | €128,484 | +€20,970 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €107,514 | €128,484 | +€20,970 | +19.5% |
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 17 October 2026 via checked.be.