VDWACC: 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.
VDWACC
Largest movements
- Receivables after one year +€50,000
new in 2025: €50,000
- Receivables within one year -€34,261
down €34,261 (-13.4%), from €255,935 to €221,674
of which Trade receivables: -€35,381
- Cash +€10,246
up €10,246 (+15.7%), from €65,070 to €75,315
mainly Net result for the year (+€39,229) and Receivables within one year (+€34,261)
- Tangible fixed assets +€4,820
up €4,820 (+7.9%), from €60,976 to €65,796
of which Plant, machinery and equipment: +€3,808
- Reserves +€39,229
up €39,229 (+32.6%), from €120,483 to €159,712
of which Distributable reserves: +€39,229
- Provisions +€30,524
new in 2025: €30,524
- Debts after one year -€25,957
down €25,957 (-66.5%), from €39,015 to €13,058
- Other debts -€18,980
no longer reported in 2025 (was €18,980)
- Tax, wage and social debts +€17,026
up €17,026 (+34.6%), from €49,168 to €66,193
of which Taxes: +€10,020
- Gross operating margin +€43,243
up €43,243 (+10.2%), from €422,930 to €466,173
- Provisions +€30,524
new in 2025: €30,524
- Staff costs +€15,614
up €15,614 (+4.6%), from €337,970 to €353,584
- Depreciation -€12,798
down €12,798 (-52.7%), from €24,293 to €11,494
- Taxes +€12,069
up €12,069 (+72.8%), from €16,576 to €28,645
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 | €392,875 | €423,045 | +€30,170 | +7.7% |
| Fixed assets | 21/28 | €61,471 | €66,291 | +€4,820 | +7.8% |
| Tangible fixed assets | 22/27 | €60,976 | €65,796 | +€4,820 | +7.9% |
| Land and buildings | 22 | €26,029 | €26,029 | = | 0.0% |
| Plant, machinery and equipment | 23 | €13,094 | €16,902 | +€3,808 | +29.1% |
| Furniture and vehicles | 24 | €1,923 | €4,915 | +€2,992 | +155.6% |
| Other tangible fixed assets | 26 | €19,930 | €17,950 | -€1,980 | -9.9% |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €331,403 | €356,754 | +€25,350 | +7.6% |
| Amounts receivable after more than one year | 29 | - | €50,000 | +€50,000 | |
| Trade receivables | 290 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €255,935 | €221,674 | -€34,261 | -13.4% |
| Trade receivables | 40 | €244,111 | €208,730 | -€35,381 | -14.5% |
| Other amounts receivable | 41 | €11,824 | €12,944 | +€1,121 | +9.5% |
| Cash at bank and in hand | 54/58 | €65,070 | €75,315 | +€10,246 | +15.7% |
| Deferred charges and accrued income | 490/1 | €10,399 | €9,764 | -€635 | -6.1% |
| Total equity and liabilities | 10/49 | €392,875 | €423,045 | +€30,170 | +7.7% |
| Equity | 10/15 | €165,290 | €204,519 | +€39,229 | +23.7% |
| Contributions | 10/11 | €8,684 | €8,684 | = | 0.0% |
| Reserves | 13 | €120,483 | €159,712 | +€39,229 | +32.6% |
| Tax-exempt reserves | 132 | €34,649 | €34,649 | = | 0.0% |
| Distributable reserves | 133 | €85,833 | €125,062 | +€39,229 | +45.7% |
| Profit (loss) carried forward | 14 | €36,123 | €36,123 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €30,524 | +€30,524 | |
| Provisions for liabilities and charges | 160/5 | - | €30,524 | +€30,524 | |
| Other liabilities and charges | 164/5 | - | €30,524 | +€30,524 | |
| Amounts payable | 17/49 | €227,584 | €188,002 | -€39,583 | -17.4% |
| Amounts payable after more than one year | 17 | €39,015 | €13,058 | -€25,957 | -66.5% |
| Financial debts | 170/4 | €39,015 | €13,058 | -€25,957 | -66.5% |
| Amounts payable within one year | 42/48 | €188,569 | €174,943 | -€13,626 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €51,825 | €51,177 | -€647 | -1.2% |
| Trade debts | 44 | €68,597 | €57,572 | -€11,025 | -16.1% |
| Suppliers | 440/4 | €68,597 | €57,572 | -€11,025 | -16.1% |
| Taxes, remuneration and social security | 45 | €49,168 | €66,193 | +€17,026 | +34.6% |
| Taxes | 450/3 | €6,639 | €16,658 | +€10,020 | +150.9% |
| Remuneration and social security | 454/9 | €42,529 | €49,535 | +€7,006 | +16.5% |
| Other amounts payable | 47/48 | €18,980 | - | -€18,980 | |
| Non-recurring operating income | 76A | €50,529 | - | -€50,529 | |
| Remuneration, social security and pensions | 62 | €337,970 | €353,584 | +€15,614 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,293 | €11,494 | -€12,798 | -52.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €30,524 | +€30,524 | |
| Other operating charges | 640/8 | €3,524 | €2,870 | -€654 | -18.6% |
| Gross operating margin | 9900 | €422,930 | €466,173 | +€43,243 | +10.2% |
| Operating profit (loss) | 9901 | €57,143 | €67,700 | +€10,556 | +18.5% |
| Financial income | 75/76B | €321 | €3,699 | +€3,377 | +1051.3% |
| Recurring financial income | 75 | €321 | €3,699 | +€3,377 | +1051.3% |
| Financial charges | 65/66B | €6,438 | €3,525 | -€2,913 | -45.2% |
| Recurring financial charges | 65 | €6,438 | €3,525 | -€2,913 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | €51,027 | €67,874 | +€16,847 | +33.0% |
| Income taxes | 67/77 | €16,576 | €28,645 | +€12,069 | +72.8% |
| Profit (loss) for the period | 9904 | €34,451 | €39,229 | +€4,778 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,451 | €39,229 | +€4,778 | +13.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.