VDG COMMERCE: 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.
VDG COMMERCE
Largest movements
- Cash -€17,833
down €17,833 (-87.2%), from €20,444 to €2,611
mainly Other debts (-€18,797) and Current portion of long-term debt (-€12,077)
- Tangible fixed assets -€12,516
down €12,516 (-6.8%), from €183,723 to €171,207
of which Land and buildings: -€8,288
- Other debts -€18,797
down €18,797 (-20.9%), from €90,123 to €71,326
- Current portion of long-term debt -€12,077
down €12,077 (-74.3%), from €16,250 to €4,173
- Profit (loss) carried forward +€7,709
up €7,709 (+10.2%), from €75,390 to €83,099
- Trade debts -€4,985
down €4,985 (-71.0%), from €7,019 to €2,033
- Debts after one year -€4,173
no longer reported in 2025 (was €4,173)
- Gross operating margin +€4,744
up €4,744 (+22.4%), from €21,212 to €25,957
- Financial charges -€1,411
down €1,411 (-53.1%), from €2,657 to €1,246
- Depreciation +€1,400
up €1,400 (+12.6%), from €11,116 to €12,516
- Taxes +€1,322
up €1,322 (+89.1%), from €1,484 to €2,806
- Other operating charges -€318
down €318 (-15.9%), from €1,999 to €1,680
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 | €204,327 | €174,261 | -€30,065 | -14.7% |
| Fixed assets | 21/28 | €183,723 | €171,207 | -€12,516 | -6.8% |
| Tangible fixed assets | 22/27 | €183,723 | €171,207 | -€12,516 | -6.8% |
| Land and buildings | 22 | €167,538 | €159,250 | -€8,288 | -4.9% |
| Plant, machinery and equipment | 23 | €16,186 | €11,957 | -€4,228 | -26.1% |
| Current assets | 29/58 | €20,603 | €3,054 | -€17,550 | -85.2% |
| Cash at bank and in hand | 54/58 | €20,444 | €2,611 | -€17,833 | -87.2% |
| Deferred charges and accrued income | 490/1 | €159 | €443 | +€283 | +177.8% |
| Total equity and liabilities | 10/49 | €204,327 | €174,261 | -€30,065 | -14.7% |
| Equity | 10/15 | €83,450 | €91,159 | +€7,709 | +9.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,390 | €83,099 | +€7,709 | +10.2% |
| Amounts payable | 17/49 | €120,877 | €83,102 | -€37,774 | -31.3% |
| Amounts payable after more than one year | 17 | €4,173 | - | -€4,173 | |
| Financial debts | 170/4 | €4,173 | - | -€4,173 | |
| Amounts payable within one year | 42/48 | €116,704 | €81,822 | -€34,882 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €16,250 | €4,173 | -€12,077 | -74.3% |
| Trade debts | 44 | €7,019 | €2,033 | -€4,985 | -71.0% |
| Suppliers | 440/4 | €7,019 | €2,033 | -€4,985 | -71.0% |
| Taxes, remuneration and social security | 45 | €3,313 | €4,290 | +€977 | +29.5% |
| Taxes | 450/3 | €3,313 | €4,290 | +€977 | +29.5% |
| Other amounts payable | 47/48 | €90,123 | €71,326 | -€18,797 | -20.9% |
| Accrued charges and deferred income | 492/3 | - | €1,281 | +€1,281 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,116 | €12,516 | +€1,400 | +12.6% |
| Other operating charges | 640/8 | €1,999 | €1,680 | -€318 | -15.9% |
| Gross operating margin | 9900 | €21,212 | €25,957 | +€4,744 | +22.4% |
| Operating profit (loss) | 9901 | €8,098 | €11,761 | +€3,663 | +45.2% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €2,657 | €1,246 | -€1,411 | -53.1% |
| Recurring financial charges | 65 | €2,657 | €1,246 | -€1,411 | -53.1% |
| Profit (loss) for the period before taxes | 9903 | €5,445 | €10,515 | +€5,070 | +93.1% |
| Income taxes | 67/77 | €1,484 | €2,806 | +€1,322 | +89.1% |
| Profit (loss) for the period | 9904 | €3,961 | €7,709 | +€3,748 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,961 | €7,709 | +€3,748 | +94.6% |
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.