VDZ: 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.
VDZ
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+151%), from €1.1m to €2.7m
of which Trade receivables: +€1.6m
- Stocks and contracts -€256,806
down €256,806 (-21.6%), from €1.2m to €930,864
of which Stocks: -€247,623
- Cash +€78,741
up €78,741 (+70.6%), from €111,528 to €190,269
mainly Short-term financial debts (+€894,375) and Advances received (+€749,600)
- Short-term financial debts +€894,375
up €894,375 (+179%), from €500,181 to €1.4m
- Advances received +€749,600
up €749,600, from €0 to €749,600
- Other debts -€85,782
down €85,782 (-16.4%), from €521,881 to €436,099
- Trade debts -€83,352
down €83,352 (-11.9%), from €699,738 to €616,386
- Gross operating margin +€130,337
up €130,337 (+7.6%), from €1.7m to €1.9m
- Other operating charges +€28,533
up €28,533 (+234%), from €12,175 to €40,708
- Financial charges +€26,342
up €26,342 (+64.4%), from €40,934 to €67,276
- Staff costs +€25,644
up €25,644 (+1.9%), from €1.4m to €1.4m
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 | €2,545,321 | €3,956,020 | +€1.4m | +55.4% |
| Fixed assets | 21/28 | €119,848 | €97,166 | -€22,682 | -18.9% |
| Tangible fixed assets | 22/27 | €119,848 | €97,166 | -€22,682 | -18.9% |
| Land and buildings | 22 | €38,084 | €21,822 | -€16,263 | -42.7% |
| Plant, machinery and equipment | 23 | €44,852 | €44,399 | -€453 | -1.0% |
| Furniture and vehicles | 24 | €36,912 | €30,946 | -€5,967 | -16.2% |
| Current assets | 29/58 | €2,425,473 | €3,858,854 | +€1.4m | +59.1% |
| Stocks and contracts in progress | 3 | €1,187,670 | €930,864 | -€256,806 | -21.6% |
| Stocks | 30/36 | €805,512 | €557,889 | -€247,623 | -30.7% |
| Contracts in progress | 37 | €382,158 | €372,975 | -€9,183 | -2.4% |
| Amounts receivable within one year | 40/41 | €1,070,822 | €2,687,357 | +€1.6m | +151% |
| Trade receivables | 40 | €940,390 | €2,576,243 | +€1.6m | +174% |
| Other amounts receivable | 41 | €130,432 | €111,114 | -€19,318 | -14.8% |
| Cash at bank and in hand | 54/58 | €111,528 | €190,269 | +€78,741 | +70.6% |
| Deferred charges and accrued income | 490/1 | €55,453 | €50,363 | -€5,090 | -9.2% |
| Total equity and liabilities | 10/49 | €2,545,321 | €3,956,020 | +€1.4m | +55.4% |
| Equity | 10/15 | €456,785 | €456,785 | = | 0.0% |
| Contributions | 10/11 | €158,555 | €158,555 | = | 0.0% |
| Reserves | 13 | €298,230 | €298,230 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,634 | €55,634 | = | 0.0% |
| Distributable reserves | 133 | €242,596 | €242,596 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,088,536 | €3,499,235 | +€1.4m | +67.5% |
| Amounts payable after more than one year | 17 | €93,034 | €57,499 | -€35,535 | -38.2% |
| Financial debts | 170/4 | €55,416 | €20,416 | -€35,000 | -63.2% |
| Other amounts payable | 178/9 | €37,618 | €37,083 | -€535 | -1.4% |
| Amounts payable within one year | 42/48 | €1,995,502 | €3,435,734 | +€1.4m | +72.2% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €35,000 | = | 0.0% |
| Financial debts | 43 | €500,181 | €1,394,556 | +€894,375 | +179% |
| Credit institutions | 430/8 | €500,181 | €1,394,556 | +€894,375 | +179% |
| Trade debts | 44 | €699,738 | €616,386 | -€83,352 | -11.9% |
| Suppliers | 440/4 | €699,738 | €616,386 | -€83,352 | -11.9% |
| Advances received on contracts in progress | 46 | €0 | €749,600 | +€749,600 | |
| Taxes, remuneration and social security | 45 | €238,702 | €204,093 | -€34,609 | -14.5% |
| Taxes | 450/3 | €87,967 | €21,634 | -€66,334 | -75.4% |
| Remuneration and social security | 454/9 | €150,735 | €182,459 | +€31,724 | +21.0% |
| Other amounts payable | 47/48 | €521,881 | €436,099 | -€85,782 | -16.4% |
| Accrued charges and deferred income | 492/3 | - | €6,002 | +€6,002 | |
| Non-recurring operating income | 76A | €24,330 | €18,733 | -€5,597 | -23.0% |
| Remuneration, social security and pensions | 62 | €1,379,218 | €1,404,861 | +€25,644 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,798 | €69,669 | +€17,871 | +34.5% |
| Other operating charges | 640/8 | €12,175 | €40,708 | +€28,533 | +234% |
| Gross operating margin | 9900 | €1,724,207 | €1,854,544 | +€130,337 | +7.6% |
| Operating profit (loss) | 9901 | €281,016 | €339,305 | +€58,289 | +20.7% |
| Financial income | 75/76B | €3,346 | €917 | -€2,429 | -72.6% |
| Recurring financial income | 75 | €3,346 | €917 | -€2,429 | -72.6% |
| Financial charges | 65/66B | €40,934 | €67,276 | +€26,342 | +64.4% |
| Recurring financial charges | 65 | €40,934 | €67,276 | +€26,342 | +64.4% |
| Profit (loss) for the period before taxes | 9903 | €243,428 | €272,946 | +€29,517 | +12.1% |
| Income taxes | 67/77 | €73,103 | €86,918 | +€13,814 | +18.9% |
| Profit (loss) for the period | 9904 | €170,325 | €186,028 | +€15,703 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €170,325 | €186,028 | +€15,703 | +9.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.