VFD EXCELLENCE: 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 EXCELLENCE
Largest movements
- Cash +€28,296
up €28,296 (+28.9%), from €97,819 to €126,114
mainly Other debts (+€20,594) and Receivables within one year (+€18,111)
- Receivables within one year -€18,111
down €18,111 (-77.0%), from €23,524 to €5,413
of which Trade receivables: -€20,775
- Tangible fixed assets +€12,991
up €12,991 (+111.1%), from €11,688 to €24,679
of which Furniture and vehicles: +€13,869
- Other debts +€20,594
up €20,594 (+1127.4%), from €1,827 to €22,421
- Tax, wage and social debts +€6,194
up €6,194 (+391.5%), from €1,582 to €7,776
- Reserves -€5,591
down €5,591 (-2.8%), from €203,240 to €197,649
- Depreciation +€3,311
up €3,311 (+218.4%), from €1,517 to €4,828
- Financial income +€959
up €959 (+68.6%), from €1,397 to €2,356
- Financial charges -€671
down €671 (-74.7%), from €898 to €227
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 | €213,206 | €235,482 | +€22,277 | +10.4% |
| Fixed assets | 21/28 | €11,688 | €24,679 | +€12,991 | +111.1% |
| Tangible fixed assets | 22/27 | €11,688 | €24,679 | +€12,991 | +111.1% |
| Plant, machinery and equipment | 23 | €10,270 | €9,538 | -€732 | -7.1% |
| Furniture and vehicles | 24 | €299 | €14,168 | +€13,869 | +4637.7% |
| Other tangible fixed assets | 26 | €1,119 | €974 | -€145 | -13.0% |
| Current assets | 29/58 | €201,517 | €210,803 | +€9,286 | +4.6% |
| Amounts receivable within one year | 40/41 | €23,524 | €5,413 | -€18,111 | -77.0% |
| Trade receivables | 40 | €21,952 | €1,177 | -€20,775 | -94.6% |
| Other amounts receivable | 41 | €1,572 | €4,236 | +€2,664 | +169.5% |
| Current investments | 50/53 | €79,000 | €78,104 | -€896 | -1.1% |
| Cash at bank and in hand | 54/58 | €97,819 | €126,114 | +€28,296 | +28.9% |
| Deferred charges and accrued income | 490/1 | €1,175 | €1,171 | -€4 | -0.3% |
| Total equity and liabilities | 10/49 | €213,206 | €235,482 | +€22,277 | +10.4% |
| Equity | 10/15 | €208,240 | €202,649 | -€5,591 | -2.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €203,240 | €197,649 | -€5,591 | -2.8% |
| Distributable reserves | 133 | €203,240 | €197,649 | -€5,591 | -2.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €4,965 | €32,833 | +€27,868 | +561.2% |
| Amounts payable within one year | 42/48 | €4,965 | €32,814 | +€27,848 | +560.8% |
| Trade debts | 44 | €1,557 | €2,617 | +€1,060 | +68.1% |
| Suppliers | 440/4 | €1,557 | €2,617 | +€1,060 | +68.1% |
| Taxes, remuneration and social security | 45 | €1,582 | €7,776 | +€6,194 | +391.5% |
| Taxes | 450/3 | €1,582 | €7,776 | +€6,194 | +391.5% |
| Other amounts payable | 47/48 | €1,827 | €22,421 | +€20,594 | +1127.4% |
| Accrued charges and deferred income | 492/3 | - | €20 | +€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,517 | €4,828 | +€3,311 | +218.4% |
| Other operating charges | 640/8 | €835 | €700 | -€135 | -16.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €25,662 | €25,648 | -€14 | -0.1% |
| Operating profit (loss) | 9901 | €23,311 | €20,120 | -€3,191 | -13.7% |
| Financial income | 75/76B | €1,397 | €2,356 | +€959 | +68.6% |
| Recurring financial income | 75 | €1,397 | €2,356 | +€959 | +68.6% |
| Financial charges | 65/66B | €898 | €227 | -€671 | -74.7% |
| Recurring financial charges | 65 | €898 | €227 | -€671 | -74.7% |
| Profit (loss) for the period before taxes | 9903 | €23,810 | €22,249 | -€1,561 | -6.6% |
| Income taxes | 67/77 | €7,988 | €7,840 | -€148 | -1.9% |
| Profit (loss) for the period | 9904 | €15,822 | €14,409 | -€1,413 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,822 | €14,409 | -€1,413 | -8.9% |
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 10 October 2026 via checked.be.