V.D.G.: what changed
Two fiscal 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.G.
Largest movements
- Tangible fixed assets -€12,357
down €12,357 (-2.1%), from €594,802 to €582,445
of which Land and buildings: -€10,664
- Other debts +€36,246
up €36,246 (+8.8%), from €409,866 to €446,112
- Current portion of long-term debt -€34,708
no longer reported in 2025 (was €34,708)
- Profit (loss) carried forward -€13,311
down €13,311 (-7.3%), from -€183,030 to -€196,340
- Gross operating margin +€1,349
up €1,349 (+63.2%), from €2,136 to €3,485
- Financial charges -€1,171
down €1,171 (-53.0%), from €2,211 to €1,040
- Depreciation +€467
up €467 (+3.9%), from €11,890 to €12,357
- Other operating charges -€77
down €77 (-2.2%), from €3,477 to €3,400
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 | €794,878 | €782,437 | -€12,441 | -1.6% |
| Fixed assets | 21/28 | €644,381 | €632,024 | -€12,357 | -1.9% |
| Tangible fixed assets | 22/27 | €594,802 | €582,445 | -€12,357 | -2.1% |
| Land and buildings | 22 | €587,563 | €576,899 | -€10,664 | -1.8% |
| Plant, machinery and equipment | 23 | €7,239 | €5,546 | -€1,693 | -23.4% |
| Financial fixed assets | 28 | €49,579 | €49,579 | = | 0.0% |
| Current assets | 29/58 | €150,497 | €150,413 | -€84 | -0.1% |
| Amounts receivable within one year | 40/41 | €150,404 | €150,404 | = | 0.0% |
| Other amounts receivable | 41 | €150,404 | €150,404 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €93 | €9 | -€84 | -90.3% |
| Total equity and liabilities | 10/49 | €794,878 | €782,437 | -€12,441 | -1.6% |
| Equity | 10/15 | €49,635 | €36,325 | -€13,311 | -26.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €82,665 | €82,665 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €67,791 | €67,791 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€183,030 | -€196,340 | -€13,311 | -7.3% |
| Amounts payable | 17/49 | €745,243 | €746,112 | +€870 | +0.1% |
| Amounts payable after more than one year | 17 | €300,000 | €300,000 | = | 0.0% |
| Financial debts | 170/4 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €445,243 | €446,112 | +€870 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €34,708 | - | -€34,708 | |
| Trade debts | 44 | €669 | - | -€669 | |
| Suppliers | 440/4 | €669 | - | -€669 | |
| Other amounts payable | 47/48 | €409,866 | €446,112 | +€36,246 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,890 | €12,357 | +€467 | +3.9% |
| Other operating charges | 640/8 | €3,477 | €3,400 | -€77 | -2.2% |
| Gross operating margin | 9900 | €2,136 | €3,485 | +€1,349 | +63.2% |
| Operating profit (loss) | 9901 | -€13,230 | -€12,271 | +€959 | +7.3% |
| Financial charges | 65/66B | €2,211 | €1,040 | -€1,171 | -53.0% |
| Recurring financial charges | 65 | €2,211 | €1,040 | -€1,171 | -53.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,441 | -€13,311 | +€2,130 | +13.8% |
| Profit (loss) for the period | 9904 | -€15,441 | -€13,311 | +€2,130 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,441 | -€13,311 | +€2,130 | +13.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.