VDW3: 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.
VDW3
Largest movements
- Tangible fixed assets -€22,580
down €22,580 (-4.5%), from €498,273 to €475,694
of which Land and buildings: -€23,850
- Debts after one year -€19,612
down €19,612 (-4.5%), from €434,659 to €415,048
- Gross operating margin -€1,446
down €1,446 (-4.7%), from €30,529 to €29,083
- Depreciation +€896
up €896 (+3.3%), from €26,941 to €27,837
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 | €502,025 | €480,085 | -€21,941 | -4.4% |
| Fixed assets | 21/28 | €498,273 | €475,694 | -€22,580 | -4.5% |
| Tangible fixed assets | 22/27 | €498,273 | €475,694 | -€22,580 | -4.5% |
| Land and buildings | 22 | €487,404 | €463,554 | -€23,850 | -4.9% |
| Plant, machinery and equipment | 23 | €10,869 | €12,140 | +€1,270 | +11.7% |
| Current assets | 29/58 | €3,752 | €4,391 | +€639 | +17.0% |
| Amounts receivable within one year | 40/41 | €197 | €197 | = | 0.0% |
| Other amounts receivable | 41 | €197 | €197 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,555 | €4,194 | +€639 | +18.0% |
| Total equity and liabilities | 10/49 | €502,025 | €480,085 | -€21,941 | -4.4% |
| Equity | 10/15 | -€58,462 | -€63,402 | -€4,940 | -8.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,462 | -€82,402 | -€4,940 | -6.4% |
| Amounts payable | 17/49 | €560,487 | €543,487 | -€17,000 | -3.0% |
| Amounts payable after more than one year | 17 | €434,659 | €415,048 | -€19,612 | -4.5% |
| Financial debts | 170/4 | €434,659 | €415,048 | -€19,612 | -4.5% |
| Amounts payable within one year | 42/48 | €125,828 | €128,439 | +€2,611 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €19,428 | €19,612 | +€183 | +0.9% |
| Trade debts | 44 | €7,802 | €10,217 | +€2,415 | +31.0% |
| Suppliers | 440/4 | €7,802 | €10,217 | +€2,415 | +31.0% |
| Taxes, remuneration and social security | 45 | €212 | €199 | -€13 | -6.1% |
| Taxes | 450/3 | €212 | €199 | -€13 | -6.1% |
| Other amounts payable | 47/48 | €98,386 | €98,412 | +€26 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,941 | €27,837 | +€896 | +3.3% |
| Other operating charges | 640/8 | €3,965 | €4,088 | +€123 | +3.1% |
| Gross operating margin | 9900 | €30,529 | €29,083 | -€1,446 | -4.7% |
| Operating profit (loss) | 9901 | -€377 | -€2,842 | -€2,465 | -653.8% |
| Financial charges | 65/66B | €2,285 | €2,099 | -€187 | -8.2% |
| Recurring financial charges | 65 | €2,285 | €2,099 | -€187 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,662 | -€4,940 | -€2,278 | -85.6% |
| Profit (loss) for the period | 9904 | -€2,662 | -€4,940 | -€2,278 | -85.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,662 | -€4,940 | -€2,278 | -85.6% |
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 4 October 2026 via checked.be.