VFD: 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.
VFD
Largest movements
- Cash +€74,320
up €74,320 (+67.4%), from €110,318 to €184,638
mainly Net result for the year (+€256,995) and Depreciation (+€40,536)
- Deferred charges and accrued income +€55,000
new in 2025: €55,000
- Tangible fixed assets -€32,156
down €32,156 (-10.8%), from €296,651 to €264,496
of which Furniture and vehicles: -€17,548
- Financial fixed assets +€15,106
up €15,106 (+116%), from €13,036 to €28,142
- Receivables within one year +€7,388
up €7,388 (+119%), from €6,230 to €13,619
of which Trade receivables: +€6,713
- Reserves +€126,300
up €126,300 (+42.1%), from €299,850 to €426,150
of which Tax-exempt reserves: +€63,150
- Gross operating margin -€104,961
down €104,961 (-21.6%), from €485,547 to €380,586
- Taxes -€24,292
down €24,292 (-22.9%), from €105,913 to €81,621
- Depreciation +€6,137
up €6,137 (+17.8%), from €34,398 to €40,536
- Financial charges -€5,680
down €5,680 (-98.6%), from €5,761 to €81
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 | €426,236 | €545,894 | +€119,658 | +28.1% |
| Fixed assets | 21/28 | €309,688 | €292,638 | -€17,050 | -5.5% |
| Tangible fixed assets | 22/27 | €296,651 | €264,496 | -€32,156 | -10.8% |
| Land and buildings | 22 | €187,488 | €172,881 | -€14,608 | -7.8% |
| Furniture and vehicles | 24 | €109,163 | €91,615 | -€17,548 | -16.1% |
| Financial fixed assets | 28 | €13,036 | €28,142 | +€15,106 | +116% |
| Current assets | 29/58 | €116,548 | €253,256 | +€136,708 | +117% |
| Amounts receivable within one year | 40/41 | €6,230 | €13,619 | +€7,388 | +119% |
| Trade receivables | 40 | €5,043 | €11,756 | +€6,713 | +133% |
| Other amounts receivable | 41 | €1,188 | €1,863 | +€675 | +56.8% |
| Cash at bank and in hand | 54/58 | €110,318 | €184,638 | +€74,320 | +67.4% |
| Deferred charges and accrued income | 490/1 | - | €55,000 | +€55,000 | |
| Total equity and liabilities | 10/49 | €426,236 | €545,894 | +€119,658 | +28.1% |
| Equity | 10/15 | €349,910 | €476,905 | +€126,995 | +36.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | - | = | |
| Reserves | 13 | €299,850 | €426,150 | +€126,300 | +42.1% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €147,350 | €210,500 | +€63,150 | +42.9% |
| Distributable reserves | 133 | €147,500 | €210,650 | +€63,150 | +42.8% |
| Profit (loss) carried forward | 14 | €60 | €755 | +€695 | +1,169% |
| Amounts payable | 17/49 | €76,326 | €68,989 | -€7,338 | -9.6% |
| Amounts payable within one year | 42/48 | €71,285 | €65,595 | -€5,689 | -8.0% |
| Taxes, remuneration and social security | 45 | €18,771 | €15,127 | -€3,644 | -19.4% |
| Taxes | 450/3 | €18,771 | €15,127 | -€3,644 | -19.4% |
| Other amounts payable | 47/48 | €52,514 | €50,468 | -€2,045 | -3.9% |
| Accrued charges and deferred income | 492/3 | €5,042 | €3,394 | -€1,648 | -32.7% |
| Non-recurring operating income | 76A | €17,623 | - | -€17,623 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,398 | €40,536 | +€6,137 | +17.8% |
| Other operating charges | 640/8 | €3,637 | €2,297 | -€1,340 | -36.8% |
| Gross operating margin | 9900 | €485,547 | €380,586 | -€104,961 | -21.6% |
| Operating profit (loss) | 9901 | €447,512 | €337,753 | -€109,759 | -24.5% |
| Financial income | 75/76B | €520 | €944 | +€424 | +81.6% |
| Recurring financial income | 75 | €520 | €944 | +€424 | +81.6% |
| Financial charges | 65/66B | €5,761 | €81 | -€5,680 | -98.6% |
| Recurring financial charges | 65 | €5,761 | €81 | -€5,680 | -98.6% |
| Profit (loss) for the period before taxes | 9903 | €442,271 | €338,616 | -€103,654 | -23.4% |
| Income taxes | 67/77 | €105,913 | €81,621 | -€24,292 | -22.9% |
| Profit (loss) for the period | 9904 | €336,358 | €256,995 | -€79,362 | -23.6% |
| Transfer to tax-exempt reserves | 689 | €147,350 | €63,150 | -€84,200 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €189,008 | €193,845 | +€4,838 | +2.6% |
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 24 October 2026 via checked.be.