VDM: 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.
VDM
Largest movements
- Tangible fixed assets +€312,764
up €312,764 (+91.2%), from €342,797 to €655,561
of which Land and buildings: +€307,668
- Cash +€222,768
up €222,768 (+134%), from €165,679 to €388,447
mainly Net result for the year (+€346,713) and Debts after one year (+€202,954)
- Receivables within one year +€58,865
up €58,865 (+162%), from €36,285 to €95,150
of which Other amounts receivable: +€58,108
- Financial fixed assets -€49,595
down €49,595 (-1.7%), from €2.9m to €2.9m
- Reserves +€338,880
up €338,880 (+41.1%), from €824,343 to €1.2m
- Debts after one year +€202,954
up €202,954 (+56.5%), from €359,239 to €562,194
of which Financial debts: +€202,954
- Short-term financial debts -€47,051
down €47,051 (-44.4%), from €105,865 to €58,814
- Gross operating margin -€324,837
down €324,837 (-38.6%), from €841,000 to €516,162
- Taxes -€103,591
down €103,591 (-40.1%), from €258,375 to €154,784
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 | €3,464,925 | €4,010,030 | +€545,106 | +15.7% |
| Fixed assets | 21/28 | €3,261,328 | €3,524,497 | +€263,169 | +8.1% |
| Tangible fixed assets | 22/27 | €342,797 | €655,561 | +€312,764 | +91.2% |
| Land and buildings | 22 | €337,650 | €645,318 | +€307,668 | +91.1% |
| Furniture and vehicles | 24 | €5,147 | €10,243 | +€5,096 | +99.0% |
| Financial fixed assets | 28 | €2,918,531 | €2,868,936 | -€49,595 | -1.7% |
| Current assets | 29/58 | €203,596 | €485,533 | +€281,937 | +138% |
| Amounts receivable within one year | 40/41 | €36,285 | €95,150 | +€58,865 | +162% |
| Trade receivables | 40 | €20,667 | €21,423 | +€757 | +3.7% |
| Other amounts receivable | 41 | €15,618 | €73,726 | +€58,108 | +372% |
| Cash at bank and in hand | 54/58 | €165,679 | €388,447 | +€222,768 | +134% |
| Deferred charges and accrued income | 490/1 | €1,632 | €1,937 | +€305 | +18.7% |
| Total equity and liabilities | 10/49 | €3,464,925 | €4,010,030 | +€545,106 | +15.7% |
| Equity | 10/15 | €2,800,213 | €3,139,093 | +€338,880 | +12.1% |
| Contributions | 10/11 | €1,270,931 | €1,270,931 | = | 0.0% |
| Reserves | 13 | €824,343 | €1,163,223 | +€338,880 | +41.1% |
| Distributable reserves | 133 | €824,343 | €1,163,223 | +€338,880 | +41.1% |
| Profit (loss) carried forward | 14 | €704,939 | €704,939 | = | 0.0% |
| Amounts payable | 17/49 | €664,712 | €870,937 | +€206,226 | +31.0% |
| Amounts payable after more than one year | 17 | €359,239 | €562,194 | +€202,954 | +56.5% |
| Financial debts | 170/4 | €356,639 | €559,594 | +€202,954 | +56.9% |
| Other amounts payable | 178/9 | €2,600 | €2,600 | = | 0.0% |
| Amounts payable within one year | 42/48 | €305,165 | €308,615 | +€3,450 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €83,910 | €95,258 | +€11,348 | +13.5% |
| Financial debts | 43 | €105,865 | €58,814 | -€47,051 | -44.4% |
| Credit institutions | 430/8 | €105,865 | €58,814 | -€47,051 | -44.4% |
| Trade debts | 44 | €3,726 | €1,519 | -€2,206 | -59.2% |
| Suppliers | 440/4 | €3,726 | €1,519 | -€2,206 | -59.2% |
| Taxes, remuneration and social security | 45 | €107,506 | €145,153 | +€37,647 | +35.0% |
| Taxes | 450/3 | €107,506 | €145,153 | +€37,647 | +35.0% |
| Other amounts payable | 47/48 | €4,158 | €7,871 | +€3,712 | +89.3% |
| Accrued charges and deferred income | 492/3 | €308 | €129 | -€179 | -58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,717 | €18,389 | -€1,328 | -6.7% |
| Other operating charges | 640/8 | €1,671 | €3,138 | +€1,467 | +87.8% |
| Non-recurring operating charges | 66A | - | €602 | +€602 | |
| Gross operating margin | 9900 | €841,000 | €516,162 | -€324,837 | -38.6% |
| Operating profit (loss) | 9901 | €819,612 | €494,034 | -€325,578 | -39.7% |
| Financial income | 75/76B | €15,670 | €23,839 | +€8,168 | +52.1% |
| Recurring financial income | 75 | €15,670 | €23,839 | +€8,168 | +52.1% |
| Financial charges | 65/66B | €12,682 | €16,375 | +€3,693 | +29.1% |
| Recurring financial charges | 65 | €12,682 | €16,375 | +€3,693 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €822,600 | €501,497 | -€321,103 | -39.0% |
| Income taxes | 67/77 | €258,375 | €154,784 | -€103,591 | -40.1% |
| Profit (loss) for the period | 9904 | €564,225 | €346,713 | -€217,512 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €564,225 | €346,713 | -€217,512 | -38.6% |
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.