VDW PRINT: 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 PRINT
Largest movements
- Receivables within one year -€34,387
down €34,387 (-38.9%), from €88,349 to €53,962
of which Trade receivables: -€34,463
- Cash -€8,191
down €8,191 (-21.4%), from €38,215 to €30,024
mainly Debts after one year (-€35,172) and Net result for the year (-€22,981)
- Tangible fixed assets -€8,086
down €8,086 (-4.1%), from €197,220 to €189,135
of which Land and buildings: -€11,278
- Deferred charges and accrued income +€5,448
up €5,448 (+200%), from €2,724 to €8,172
- Intangible fixed assets -€4,868
down €4,868 (-53.7%), from €9,066 to €4,199
- Debts after one year -€35,172
down €35,172 (-16.9%), from €207,744 to €172,571
of which Financial debts: -€24,008
- Profit (loss) carried forward -€12,113
new in 2025: -€12,113
- Reserves -€10,868
no longer reported in 2025 (was €10,868)
of which Distributable reserves: -€9,008
- Trade debts +€10,178
up €10,178 (+20.4%), from €49,935 to €60,113
- Gross operating margin -€31,482
down €31,482 (-31.7%), from €99,455 to €67,973
- Financial income -€4,789
down €4,789 (-92.1%), from €5,203 to €414
- Depreciation +€4,109
up €4,109 (+13.1%), from €31,362 to €35,471
- Taxes -€3,566
down €3,566 (-89.3%), from €3,994 to €428
- Financial charges +€3,087
up €3,087 (+45.5%), from €6,777 to €9,865
of which Non-recurring financial charges: +€1,597
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 | €335,576 | €285,493 | -€50,083 | -14.9% |
| Fixed assets | 21/28 | €206,288 | €193,335 | -€12,953 | -6.3% |
| Intangible fixed assets | 21 | €9,066 | €4,199 | -€4,868 | -53.7% |
| Tangible fixed assets | 22/27 | €197,220 | €189,135 | -€8,086 | -4.1% |
| Land and buildings | 22 | €136,223 | €124,945 | -€11,278 | -8.3% |
| Plant, machinery and equipment | 23 | €23,568 | €26,801 | +€3,234 | +13.7% |
| Furniture and vehicles | 24 | - | €8,684 | +€8,684 | |
| Leasing and similar rights | 25 | €37,430 | €28,704 | -€8,726 | -23.3% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €129,288 | €92,158 | -€37,130 | -28.7% |
| Amounts receivable within one year | 40/41 | €88,349 | €53,962 | -€34,387 | -38.9% |
| Trade receivables | 40 | €85,275 | €50,812 | -€34,463 | -40.4% |
| Other amounts receivable | 41 | €3,074 | €3,150 | +€76 | +2.5% |
| Cash at bank and in hand | 54/58 | €38,215 | €30,024 | -€8,191 | -21.4% |
| Deferred charges and accrued income | 490/1 | €2,724 | €8,172 | +€5,448 | +200% |
| Total equity and liabilities | 10/49 | €335,576 | €285,493 | -€50,083 | -14.9% |
| Equity | 10/15 | €29,468 | €6,487 | -€22,981 | -78.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,868 | - | -€10,868 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €9,008 | - | -€9,008 | |
| Profit (loss) carried forward | 14 | - | -€12,113 | -€12,113 | |
| Amounts payable | 17/49 | €306,108 | €279,006 | -€27,102 | -8.9% |
| Amounts payable after more than one year | 17 | €207,744 | €172,571 | -€35,172 | -16.9% |
| Financial debts | 170/4 | €141,140 | €117,132 | -€24,008 | -17.0% |
| Other amounts payable | 178/9 | €66,604 | €55,440 | -€11,164 | -16.8% |
| Amounts payable within one year | 42/48 | €98,138 | €106,313 | +€8,175 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €23,104 | €24,008 | +€904 | +3.9% |
| Trade debts | 44 | €49,935 | €60,113 | +€10,178 | +20.4% |
| Suppliers | 440/4 | €49,935 | €60,113 | +€10,178 | +20.4% |
| Advances received on contracts in progress | 46 | €98 | €328 | +€230 | +235% |
| Taxes, remuneration and social security | 45 | €25,001 | €21,863 | -€3,137 | -12.5% |
| Taxes | 450/3 | €16,108 | €11,976 | -€4,132 | -25.7% |
| Remuneration and social security | 454/9 | €8,893 | €9,888 | +€995 | +11.2% |
| Accrued charges and deferred income | 492/3 | €227 | €122 | -€104 | -46.1% |
| Remuneration, social security and pensions | 62 | €37,004 | €39,575 | +€2,571 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,362 | €35,471 | +€4,109 | +13.1% |
| Other operating charges | 640/8 | €5,578 | €6,030 | +€452 | +8.1% |
| Gross operating margin | 9900 | €99,455 | €67,973 | -€31,482 | -31.7% |
| Operating profit (loss) | 9901 | €25,511 | -€13,102 | -€38,613 | |
| Financial income | 75/76B | €5,203 | €414 | -€4,789 | -92.1% |
| Recurring financial income | 75 | €5,203 | €414 | -€4,789 | -92.1% |
| Financial charges | 65/66B | €6,777 | €9,865 | +€3,087 | +45.5% |
| Recurring financial charges | 65 | €6,777 | €8,267 | +€1,490 | +22.0% |
| Non-recurring financial charges | 66B | - | €1,597 | +€1,597 | |
| Profit (loss) for the period before taxes | 9903 | €23,936 | -€22,553 | -€46,489 | |
| Income taxes | 67/77 | €3,994 | €428 | -€3,566 | -89.3% |
| Profit (loss) for the period | 9904 | €19,942 | -€22,981 | -€42,923 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,942 | -€22,981 | -€42,923 |
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 16 October 2026 via checked.be.