VDW Products: 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 Products
Largest movements
- Cash +€18,887
up €18,887 (+19.3%), from €97,813 to €116,701
mainly Depreciation (+€26,361) and Net result for the year (+€16,545)
- Tangible fixed assets +€8,836
up €8,836 (+18.8%), from €47,008 to €55,844
of which Furniture and vehicles: +€9,892
- Deferred charges and accrued income -€7,500
no longer reported in 2025 (was €7,500)
- Reserves +€15,385
up €15,385 (+18.2%), from €84,511 to €99,896
of which Distributable reserves: +€22,508
- Other debts +€6,179
up €6,179 (+49.6%), from €12,446 to €18,625
- Gross operating margin +€10,325
up €10,325 (+21.4%), from €48,291 to €58,616
- Depreciation +€9,410
up €9,410 (+55.5%), from €16,950 to €26,361
- Taxes +€5,152
up €5,152 (+72.9%), from €7,070 to €12,222
- Write-downs +€1,150
new in 2025: €1,150
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 | €162,587 | €182,694 | +€20,108 | +12.4% |
| Fixed assets | 21/28 | €47,008 | €55,844 | +€8,836 | +18.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €47,008 | €55,844 | +€8,836 | +18.8% |
| Plant, machinery and equipment | 23 | €2,630 | €1,574 | -€1,056 | -40.2% |
| Furniture and vehicles | 24 | €44,379 | €54,270 | +€9,892 | +22.3% |
| Current assets | 29/58 | €115,578 | €126,850 | +€11,272 | +9.8% |
| Stocks and contracts in progress | 3 | €1,150 | €0 | -€1,150 | -100% |
| Stocks | 30/36 | €1,150 | €0 | -€1,150 | -100% |
| Amounts receivable within one year | 40/41 | €9,115 | €10,150 | +€1,034 | +11.3% |
| Trade receivables | 40 | €8,685 | €8,758 | +€73 | +0.8% |
| Other amounts receivable | 41 | €430 | €1,392 | +€961 | +223% |
| Cash at bank and in hand | 54/58 | €97,813 | €116,701 | +€18,887 | +19.3% |
| Deferred charges and accrued income | 490/1 | €7,500 | - | -€7,500 | |
| Total equity and liabilities | 10/49 | €162,587 | €182,694 | +€20,108 | +12.4% |
| Equity | 10/15 | €103,061 | €118,446 | +€15,385 | +14.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €84,511 | €99,896 | +€15,385 | +18.2% |
| Tax-exempt reserves | 132 | €24,522 | €17,399 | -€7,123 | -29.0% |
| Distributable reserves | 133 | €59,989 | €82,497 | +€22,508 | +37.5% |
| Provisions and deferred taxes | 16 | €6,131 | €5,800 | -€331 | -5.4% |
| Deferred taxes | 168 | €6,131 | €5,800 | -€331 | -5.4% |
| Amounts payable | 17/49 | €53,395 | €58,448 | +€5,053 | +9.5% |
| Amounts payable after more than one year | 17 | €37,000 | €37,000 | = | 0.0% |
| Other amounts payable | 178/9 | €37,000 | €37,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €13,428 | €18,829 | +€5,402 | +40.2% |
| Trade debts | 44 | €222 | €204 | -€17 | -7.8% |
| Suppliers | 440/4 | €222 | €204 | -€17 | -7.8% |
| Taxes, remuneration and social security | 45 | €760 | - | -€760 | |
| Taxes | 450/3 | €760 | - | -€760 | |
| Other amounts payable | 47/48 | €12,446 | €18,625 | +€6,179 | +49.6% |
| Accrued charges and deferred income | 492/3 | €2,967 | €2,619 | -€348 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,950 | €26,361 | +€9,410 | +55.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,150 | +€1,150 | |
| Other operating charges | 640/8 | €974 | €1,170 | +€196 | +20.1% |
| Gross operating margin | 9900 | €48,291 | €58,616 | +€10,325 | +21.4% |
| Operating profit (loss) | 9901 | €30,366 | €29,936 | -€430 | -1.4% |
| Financial charges | 65/66B | €3,033 | €2,659 | -€373 | -12.3% |
| Recurring financial charges | 65 | €3,033 | €2,659 | -€373 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €27,334 | €27,277 | -€57 | -0.2% |
| Transfer from deferred taxes | 780 | €807 | €1,491 | +€684 | +84.7% |
| Income taxes | 67/77 | €7,070 | €12,222 | +€5,152 | +72.9% |
| Profit (loss) for the period | 9904 | €21,071 | €16,545 | -€4,526 | -21.5% |
| Transfer from tax-exempt reserves | 789 | €3,228 | €5,963 | +€2,735 | +84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,298 | €22,508 | -€1,791 | -7.4% |
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 26 October 2026 via checked.be.