VDB ENGINEERING GROUP: 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.
VDB ENGINEERING GROUP
Largest movements
- Receivables within one year +€64,871
up €64,871 (+27.2%), from €238,425 to €303,297
of which Other amounts receivable: +€110,700
- Cash -€56,621
down €56,621 (-42.4%), from €133,606 to €76,985
mainly Receivables within one year (-€64,871) and Trade debts (-€52,807)
- Deferred charges and accrued income -€23,313
down €23,313 (-67.5%), from €34,521 to €11,208
- Tangible fixed assets +€17,580
up €17,580 (+99.6%), from €17,650 to €35,231
of which Other tangible fixed assets: +€26,557
- Stocks and contracts +€14,600
up €14,600 (+28.5%), from €51,200 to €65,800
- Short-term financial debts +€75,000
new in 2025: €75,000
- Trade debts -€52,807
down €52,807 (-64.1%), from €82,411 to €29,604
- Debts after one year -€31,334
down €31,334 (-46.7%), from €67,106 to €35,772
- Profit (loss) carried forward +€20,461
up €20,461 (+12.7%), from €160,826 to €181,287
- Current portion of long-term debt -€18,274
down €18,274 (-36.8%), from €49,608 to €31,334
- Staff costs +€133,206
up €133,206 (+27.7%), from €481,161 to €614,366
- Gross operating margin +€118,677
up €118,677 (+21.6%), from €550,557 to €669,235
- Depreciation -€25,843
down €25,843 (-73.7%), from €35,069 to €9,226
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 | €475,752 | €492,870 | +€17,118 | +3.6% |
| Fixed assets | 21/28 | €18,000 | €35,580 | +€17,580 | +97.7% |
| Tangible fixed assets | 22/27 | €17,650 | €35,231 | +€17,580 | +99.6% |
| Plant, machinery and equipment | 23 | €4,389 | €3,449 | -€940 | -21.4% |
| Furniture and vehicles | 24 | €13,261 | €5,225 | -€8,036 | -60.6% |
| Other tangible fixed assets | 26 | - | €26,557 | +€26,557 | |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €457,752 | €457,290 | -€462 | -0.1% |
| Stocks and contracts in progress | 3 | €51,200 | €65,800 | +€14,600 | +28.5% |
| Contracts in progress | 37 | €51,200 | €65,800 | +€14,600 | +28.5% |
| Amounts receivable within one year | 40/41 | €238,425 | €303,297 | +€64,871 | +27.2% |
| Trade receivables | 40 | €160,824 | €114,995 | -€45,829 | -28.5% |
| Other amounts receivable | 41 | €77,601 | €188,301 | +€110,700 | +142.7% |
| Cash at bank and in hand | 54/58 | €133,606 | €76,985 | -€56,621 | -42.4% |
| Deferred charges and accrued income | 490/1 | €34,521 | €11,208 | -€23,313 | -67.5% |
| Total equity and liabilities | 10/49 | €475,752 | €492,870 | +€17,118 | +3.6% |
| Equity | 10/15 | €164,426 | €184,887 | +€20,461 | +12.4% |
| Contributions | 10/11 | €3,600 | €3,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,826 | €181,287 | +€20,461 | +12.7% |
| Amounts payable | 17/49 | €311,326 | €307,983 | -€3,343 | -1.1% |
| Amounts payable after more than one year | 17 | €67,106 | €35,772 | -€31,334 | -46.7% |
| Financial debts | 170/4 | €67,106 | €35,772 | -€31,334 | -46.7% |
| Amounts payable within one year | 42/48 | €244,090 | €270,124 | +€26,035 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €49,608 | €31,334 | -€18,274 | -36.8% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €82,411 | €29,604 | -€52,807 | -64.1% |
| Suppliers | 440/4 | €82,411 | €29,604 | -€52,807 | -64.1% |
| Taxes, remuneration and social security | 45 | €104,761 | €122,319 | +€17,558 | +16.8% |
| Taxes | 450/3 | €31,570 | €21,755 | -€9,815 | -31.1% |
| Remuneration and social security | 454/9 | €73,191 | €100,564 | +€27,373 | +37.4% |
| Other amounts payable | 47/48 | €7,309 | €11,867 | +€4,558 | +62.4% |
| Accrued charges and deferred income | 492/3 | €130 | €2,086 | +€1,956 | +1502.1% |
| Non-recurring operating income | 76A | €4,049 | - | -€4,049 | |
| Remuneration, social security and pensions | 62 | €481,161 | €614,366 | +€133,206 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,069 | €9,226 | -€25,843 | -73.7% |
| Other operating charges | 640/8 | €2,467 | €2,254 | -€213 | -8.6% |
| Gross operating margin | 9900 | €550,557 | €669,235 | +€118,677 | +21.6% |
| Operating profit (loss) | 9901 | €31,860 | €43,389 | +€11,528 | +36.2% |
| Financial income | 75/76B | €518 | €949 | +€431 | +83.0% |
| Recurring financial income | 75 | €518 | €949 | +€431 | +83.0% |
| Financial charges | 65/66B | €2,473 | €5,882 | +€3,409 | +137.9% |
| Recurring financial charges | 65 | €2,473 | €5,882 | +€3,409 | +137.9% |
| Profit (loss) for the period before taxes | 9903 | €29,906 | €38,455 | +€8,549 | +28.6% |
| Income taxes | 67/77 | €17,250 | €17,994 | +€744 | +4.3% |
| Profit (loss) for the period | 9904 | €12,656 | €20,461 | +€7,805 | +61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,656 | €20,461 | +€7,805 | +61.7% |
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 12 October 2026 via checked.be.