VDW MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments +€87,259
up €87,259 (+24.9%), from €350,000 to €437,259
- Cash +€32,624
up €32,624 (+12.7%), from €257,196 to €289,821
mainly Net result for the year (+€191,712) and Other debts (+€17,180)
- Receivables within one year +€12,600
new in 2025: €12,600
- Reserves +€130,843
up €130,843 (+25.2%), from €518,341 to €649,184
- Other debts +€17,180
up €17,180 (+38.8%), from €44,251 to €61,430
- Tax, wage and social debts -€15,220
down €15,220 (-35.9%), from €42,443 to €27,222
- Gross operating margin +€6,164
up €6,164 (+2.3%), from €266,075 to €272,239
- Taxes +€5,995
up €5,995 (+7.6%), from €78,876 to €84,871
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 | €612,602 | €744,680 | +€132,078 | +21.6% |
| Fixed assets | 21/28 | €5,405 | €5,000 | -€405 | -7.5% |
| Tangible fixed assets | 22/27 | €5,405 | €5,000 | -€405 | -7.5% |
| Plant, machinery and equipment | 23 | - | €1,268 | +€1,268 | |
| Furniture and vehicles | 24 | €5,405 | €3,732 | -€1,673 | -31.0% |
| Current assets | 29/58 | €607,196 | €739,680 | +€132,483 | +21.8% |
| Amounts receivable within one year | 40/41 | - | €12,600 | +€12,600 | |
| Trade receivables | 40 | - | €12,600 | +€12,600 | |
| Current investments | 50/53 | €350,000 | €437,259 | +€87,259 | +24.9% |
| Cash at bank and in hand | 54/58 | €257,196 | €289,821 | +€32,624 | +12.7% |
| Total equity and liabilities | 10/49 | €612,602 | €744,680 | +€132,078 | +21.6% |
| Equity | 10/15 | €524,541 | €655,384 | +€130,843 | +24.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €518,341 | €649,184 | +€130,843 | +25.2% |
| Distributable reserves | 133 | €518,341 | €649,184 | +€130,843 | +25.2% |
| Amounts payable | 17/49 | €88,061 | €89,296 | +€1,235 | +1.4% |
| Amounts payable within one year | 42/48 | €88,061 | €89,296 | +€1,235 | +1.4% |
| Trade debts | 44 | €1,368 | €643 | -€725 | -53.0% |
| Suppliers | 440/4 | €1,368 | €643 | -€725 | -53.0% |
| Taxes, remuneration and social security | 45 | €42,443 | €27,222 | -€15,220 | -35.9% |
| Taxes | 450/3 | €42,443 | €27,222 | -€15,220 | -35.9% |
| Other amounts payable | 47/48 | €44,251 | €61,430 | +€17,180 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,572 | €1,338 | -€233 | -14.8% |
| Other operating charges | 640/8 | €835 | €880 | +€44 | +5.3% |
| Non-recurring operating charges | 66A | - | €362 | +€362 | |
| Gross operating margin | 9900 | €266,075 | €272,239 | +€6,164 | +2.3% |
| Operating profit (loss) | 9901 | €263,668 | €269,659 | +€5,991 | +2.3% |
| Financial income | 75/76B | €4,753 | €7,169 | +€2,416 | +50.8% |
| Recurring financial income | 75 | €4,753 | €7,169 | +€2,416 | +50.8% |
| Financial charges | 65/66B | - | €246 | +€246 | |
| Recurring financial charges | 65 | - | €246 | +€246 | |
| Profit (loss) for the period before taxes | 9903 | €268,421 | €276,582 | +€8,161 | +3.0% |
| Income taxes | 67/77 | €78,876 | €84,871 | +€5,995 | +7.6% |
| Profit (loss) for the period | 9904 | €189,545 | €191,712 | +€2,167 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €189,545 | €191,712 | +€2,167 | +1.1% |
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 9 October 2026 via checked.be.