VdX: 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.
VdX
Largest movements
- Cash +€127,532
up €127,532 (+144%), from €88,678 to €216,211
mainly Net result for the year (+€57,455) and Current investments (+€50,000)
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year -€28,274
down €28,274 (-95.1%), from €29,716 to €1,442
of which Other amounts receivable: -€16,748
- Deferred charges and accrued income +€2,352
up €2,352 (+422%), from €557 to €2,909
- Reserves +€57,455
up €57,455 (+42.0%), from €136,918 to €194,373
- Other debts -€3,667
no longer reported in 2025 (was €3,667)
- Gross operating margin -€11,600
down €11,600 (-13.7%), from €84,750 to €73,150
- Taxes -€2,157
down €2,157 (-12.1%), from €17,774 to €15,618
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 | €168,951 | €222,173 | +€53,222 | +31.5% |
| Fixed assets | 21/28 | - | €1,612 | +€1,612 | |
| Tangible fixed assets | 22/27 | - | €1,612 | +€1,612 | |
| Plant, machinery and equipment | 23 | - | €1,612 | +€1,612 | |
| Current assets | 29/58 | €168,951 | €220,562 | +€51,611 | +30.5% |
| Amounts receivable within one year | 40/41 | €29,716 | €1,442 | -€28,274 | -95.1% |
| Trade receivables | 40 | €11,966 | €440 | -€11,526 | -96.3% |
| Other amounts receivable | 41 | €17,750 | €1,002 | -€16,748 | -94.4% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €88,678 | €216,211 | +€127,532 | +144% |
| Deferred charges and accrued income | 490/1 | €557 | €2,909 | +€2,352 | +422% |
| Total equity and liabilities | 10/49 | €168,951 | €222,173 | +€53,222 | +31.5% |
| Equity | 10/15 | €140,418 | €197,873 | +€57,455 | +40.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €136,918 | €194,373 | +€57,455 | +42.0% |
| Distributable reserves | 133 | €136,918 | €194,373 | +€57,455 | +42.0% |
| Amounts payable | 17/49 | €28,533 | €24,300 | -€4,232 | -14.8% |
| Amounts payable within one year | 42/48 | €28,533 | €24,300 | -€4,232 | -14.8% |
| Trade debts | 44 | - | €1,613 | +€1,613 | |
| Suppliers | 440/4 | - | €1,613 | +€1,613 | |
| Taxes, remuneration and social security | 45 | €24,865 | €22,688 | -€2,178 | -8.8% |
| Taxes | 450/3 | €24,865 | €22,688 | -€2,178 | -8.8% |
| Other amounts payable | 47/48 | €3,667 | - | -€3,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1 | +€1 | |
| Gross operating margin | 9900 | €84,750 | €73,150 | -€11,600 | -13.7% |
| Operating profit (loss) | 9901 | €84,750 | €73,149 | -€11,601 | -13.7% |
| Financial income | 75/76B | - | €127 | +€127 | |
| Recurring financial income | 75 | - | €127 | +€127 | |
| Financial charges | 65/66B | €39 | €203 | +€164 | +420% |
| Recurring financial charges | 65 | €39 | €203 | +€164 | +420% |
| Profit (loss) for the period before taxes | 9903 | €84,711 | €73,072 | -€11,639 | -13.7% |
| Income taxes | 67/77 | €17,774 | €15,618 | -€2,157 | -12.1% |
| Profit (loss) for the period | 9904 | €66,937 | €57,455 | -€9,482 | -14.2% |
| Profit (loss) for the period to be appropriated | 9905 | €66,937 | €57,455 | -€9,482 | -14.2% |
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 20 October 2026 via checked.be.