VDW Progress: what changed
Two fiscal 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 Progress
Largest movements
- Cash +€42,517
up €42,517 (+57.5%), from €73,999 to €116,516
mainly Net result for the year (+€53,400) and Depreciation (+€8,319)
- Receivables within one year +€11,624
up €11,624 (+77.8%), from €14,941 to €26,566
of which Trade receivables: +€10,469
- Tangible fixed assets -€6,997
down €6,997 (-25.9%), from €27,040 to €20,043
of which Furniture and vehicles: -€7,369
- Reserves +€53,400
up €53,400 (+79.4%), from €67,219 to €120,619
- Debts after one year -€7,262
down €7,262 (-38.9%), from €18,674 to €11,412
- Gross operating margin +€9,869
up €9,869 (+14.6%), from €67,421 to €77,291
- Taxes +€2,066
up €2,066 (+17.1%), from €12,097 to €14,163
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 | €116,784 | €163,280 | +€46,496 | +39.8% |
| Fixed assets | 21/28 | €27,040 | €20,043 | -€6,997 | -25.9% |
| Tangible fixed assets | 22/27 | €27,040 | €20,043 | -€6,997 | -25.9% |
| Plant, machinery and equipment | 23 | €1,590 | €1,963 | +€372 | +23.4% |
| Furniture and vehicles | 24 | €25,450 | €18,080 | -€7,369 | -29.0% |
| Current assets | 29/58 | €89,744 | €143,237 | +€53,493 | +59.6% |
| Amounts receivable within one year | 40/41 | €14,941 | €26,566 | +€11,624 | +77.8% |
| Trade receivables | 40 | €13,364 | €23,833 | +€10,469 | +78.3% |
| Other amounts receivable | 41 | €1,577 | €2,733 | +€1,156 | +73.3% |
| Cash at bank and in hand | 54/58 | €73,999 | €116,516 | +€42,517 | +57.5% |
| Deferred charges and accrued income | 490/1 | €803 | €155 | -€648 | -80.7% |
| Total equity and liabilities | 10/49 | €116,784 | €163,280 | +€46,496 | +39.8% |
| Equity | 10/15 | €70,219 | €123,619 | +€53,400 | +76.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €67,219 | €120,619 | +€53,400 | +79.4% |
| Distributable reserves | 133 | €67,219 | €120,619 | +€53,400 | +79.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €46,565 | €39,661 | -€6,904 | -14.8% |
| Amounts payable after more than one year | 17 | €18,674 | €11,412 | -€7,262 | -38.9% |
| Financial debts | 170/4 | €18,674 | €11,412 | -€7,262 | -38.9% |
| Amounts payable within one year | 42/48 | €27,890 | €28,249 | +€359 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €6,997 | €7,262 | +€265 | +3.8% |
| Trade debts | 44 | €699 | €710 | +€11 | +1.5% |
| Suppliers | 440/4 | €699 | €710 | +€11 | +1.5% |
| Taxes, remuneration and social security | 45 | €19,361 | €20,277 | +€916 | +4.7% |
| Taxes | 450/3 | €19,361 | €20,277 | +€916 | +4.7% |
| Other amounts payable | 47/48 | €833 | €0 | -€833 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,789 | €8,319 | +€530 | +6.8% |
| Other operating charges | 640/8 | €310 | €298 | -€13 | -4.0% |
| Gross operating margin | 9900 | €67,421 | €77,291 | +€9,869 | +14.6% |
| Operating profit (loss) | 9901 | €59,322 | €68,674 | +€9,352 | +15.8% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €1,225 | €1,115 | -€109 | -8.9% |
| Recurring financial charges | 65 | €1,225 | €1,115 | -€109 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €58,097 | €67,563 | +€9,466 | +16.3% |
| Income taxes | 67/77 | €12,097 | €14,163 | +€2,066 | +17.1% |
| Profit (loss) for the period | 9904 | €46,000 | €53,400 | +€7,400 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,000 | €53,400 | +€7,400 | +16.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.