V.D.: 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.
V.D.
Largest movements
- Cash +€389,260
up €389,260 (+616%), from €63,220 to €452,480
mainly Current investments (+€375,000) and Net result for the year (+€19,361)
- Current investments -€375,000
no longer reported in 2025 (was €375,000)
- Reserves +€19,361
up €19,361 (+67.8%), from €28,540 to €47,901
of which Distributable reserves: +€19,361
- Debts after one year -€7,692
down €7,692 (-6.5%), from €117,507 to €109,815
- Gross operating margin -€497,730
down €497,730 (-96.5%), from €515,541 to €17,811
- Taxes -€109,635
down €109,635 (-98.3%), from €111,571 to €1,936
- Financial income +€11,625
new in 2025: €11,625
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 | €617,723 | €631,180 | +€13,457 | +2.2% |
| Fixed assets | 21/28 | €179,477 | €175,186 | -€4,292 | -2.4% |
| Tangible fixed assets | 22/27 | €179,477 | €175,186 | -€4,292 | -2.4% |
| Land and buildings | 22 | €179,189 | €175,151 | -€4,038 | -2.3% |
| Plant, machinery and equipment | 23 | €103 | - | -€103 | |
| Furniture and vehicles | 24 | €185 | €35 | -€150 | -81.3% |
| Current assets | 29/58 | €438,246 | €455,994 | +€17,749 | +4.0% |
| Amounts receivable within one year | 40/41 | - | €3,488 | +€3,488 | |
| Other amounts receivable | 41 | - | €3,488 | +€3,488 | |
| Current investments | 50/53 | €375,000 | - | -€375,000 | |
| Cash at bank and in hand | 54/58 | €63,220 | €452,480 | +€389,260 | +616% |
| Deferred charges and accrued income | 490/1 | €26 | €27 | +€1 | +3.9% |
| Total equity and liabilities | 10/49 | €617,723 | €631,180 | +€13,457 | +2.2% |
| Equity | 10/15 | €499,966 | €519,327 | +€19,361 | +3.9% |
| Contributions | 10/11 | €285,400 | €285,400 | = | 0.0% |
| Capital | 10 | €285,400 | €285,400 | = | 0.0% |
| Issued capital | 100 | €285,400 | €285,400 | = | 0.0% |
| Reserves | 13 | €28,540 | €47,901 | +€19,361 | +67.8% |
| Non-distributable reserves | 130/1 | €28,540 | €28,540 | = | 0.0% |
| Legal reserve | 130 | €28,540 | €28,540 | = | 0.0% |
| Distributable reserves | 133 | - | €19,361 | +€19,361 | |
| Profit (loss) carried forward | 14 | €186,026 | €186,026 | = | 0.0% |
| Amounts payable | 17/49 | €117,757 | €111,853 | -€5,904 | -5.0% |
| Amounts payable after more than one year | 17 | €117,507 | €109,815 | -€7,692 | -6.5% |
| Other amounts payable | 178/9 | €117,507 | €109,815 | -€7,692 | -6.5% |
| Amounts payable within one year | 42/48 | €249 | €2,037 | +€1,788 | +717% |
| Trade debts | 44 | €249 | €101 | -€148 | -59.4% |
| Suppliers | 440/4 | €249 | €101 | -€148 | -59.4% |
| Taxes, remuneration and social security | 45 | - | €1,936 | +€1,936 | |
| Taxes | 450/3 | - | €1,936 | +€1,936 | |
| Non-recurring operating income | 76A | €498,357 | - | -€498,357 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,339 | €4,292 | -€47 | -1.1% |
| Other operating charges | 640/8 | €7,434 | €3,524 | -€3,910 | -52.6% |
| Gross operating margin | 9900 | €515,541 | €17,811 | -€497,730 | -96.5% |
| Operating profit (loss) | 9901 | €503,768 | €9,996 | -€493,772 | -98.0% |
| Financial income | 75/76B | - | €11,625 | +€11,625 | |
| Recurring financial income | 75 | - | €11,625 | +€11,625 | |
| Financial charges | 65/66B | €283 | €323 | +€41 | +14.5% |
| Recurring financial charges | 65 | €283 | €323 | +€41 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €503,485 | €21,297 | -€482,188 | -95.8% |
| Income taxes | 67/77 | €111,571 | €1,936 | -€109,635 | -98.3% |
| Profit (loss) for the period | 9904 | €391,914 | €19,361 | -€372,553 | -95.1% |
| Profit (loss) for the period to be appropriated | 9905 | €391,914 | €19,361 | -€372,553 | -95.1% |
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 14 October 2026 via checked.be.