VDW Ward: 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 Ward
Largest movements
- Cash +€49,552
up €49,552 (+49.4%), from €100,385 to €149,938
mainly Other debts (+€188,075) and Net result for the year (+€79,125)
- Other debts +€188,075
new in 2025: €188,075
- Reserves -€117,774
down €117,774 (-100.0%), from €117,774 to €0
- Tax, wage and social debts -€14,804
down €14,804 (-74.0%), from €19,994 to €5,190
- Debts after one year -€6,033
down €6,033 (-33.9%), from €17,804 to €11,770
- Gross operating margin +€43,192
up €43,192 (+62.5%), from €69,076 to €112,268
- Taxes +€8,520
up €8,520 (+68.9%), from €12,370 to €20,890
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 | €164,507 | €214,873 | +€50,366 | +30.6% |
| Fixed assets | 21/28 | €38,601 | €39,954 | +€1,352 | +3.5% |
| Tangible fixed assets | 22/27 | €38,601 | €39,954 | +€1,352 | +3.5% |
| Plant, machinery and equipment | 23 | €2,717 | €1,504 | -€1,213 | -44.6% |
| Furniture and vehicles | 24 | €31,302 | €23,041 | -€8,261 | -26.4% |
| Other tangible fixed assets | 26 | €4,582 | €15,408 | +€10,826 | +236.3% |
| Current assets | 29/58 | €125,906 | €174,919 | +€49,014 | +38.9% |
| Amounts receivable within one year | 40/41 | €25,521 | €24,982 | -€539 | -2.1% |
| Trade receivables | 40 | €24,981 | €24,801 | -€180 | -0.7% |
| Other amounts receivable | 41 | €539 | €181 | -€359 | -66.5% |
| Cash at bank and in hand | 54/58 | €100,385 | €149,938 | +€49,552 | +49.4% |
| Total equity and liabilities | 10/49 | €164,507 | €214,873 | +€50,366 | +30.6% |
| Equity | 10/15 | €120,774 | €3,000 | -€117,774 | -97.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €117,774 | €0 | -€117,774 | -100.0% |
| Distributable reserves | 133 | €117,774 | €0 | -€117,774 | -100.0% |
| Amounts payable | 17/49 | €43,733 | €211,873 | +€168,140 | +384.5% |
| Amounts payable after more than one year | 17 | €17,804 | €11,770 | -€6,033 | -33.9% |
| Financial debts | 170/4 | €17,804 | €11,770 | -€6,033 | -33.9% |
| Amounts payable within one year | 42/48 | €25,929 | €200,103 | +€174,174 | +671.7% |
| Current portion of amounts payable after more than one year | 42 | €5,775 | €6,033 | +€258 | +4.5% |
| Trade debts | 44 | €160 | €804 | +€644 | +402.5% |
| Suppliers | 440/4 | €160 | €804 | +€644 | +402.5% |
| Taxes, remuneration and social security | 45 | €19,994 | €5,190 | -€14,804 | -74.0% |
| Taxes | 450/3 | €19,994 | €5,190 | -€14,804 | -74.0% |
| Other amounts payable | 47/48 | - | €188,075 | +€188,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,600 | €10,572 | +€972 | +10.1% |
| Other operating charges | 640/8 | €534 | €563 | +€29 | +5.4% |
| Gross operating margin | 9900 | €69,076 | €112,268 | +€43,192 | +62.5% |
| Operating profit (loss) | 9901 | €58,941 | €101,134 | +€42,192 | +71.6% |
| Financial charges | 65/66B | €1,429 | €1,119 | -€310 | -21.7% |
| Recurring financial charges | 65 | €1,429 | €1,119 | -€310 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €57,513 | €100,014 | +€42,502 | +73.9% |
| Income taxes | 67/77 | €12,370 | €20,890 | +€8,520 | +68.9% |
| Profit (loss) for the period | 9904 | €45,143 | €79,125 | +€33,981 | +75.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,143 | €79,125 | +€33,981 | +75.3% |
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 6 October 2026 via checked.be.