VDG CONSULT: 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.
VDG CONSULT
Largest movements
- Cash +€327,668
up €327,668 (+100%), from €326,627 to €654,295
mainly Net result for the year (+€275,927) and Other debts (+€133,157)
- Receivables within one year -€31,963
down €31,963 (-32.2%), from €99,411 to €67,448
of which Trade receivables: -€27,406
- Other debts +€133,157
new in 2025: €133,157
- Reserves +€90,537
up €90,537 (+6.6%), from €1.4m to €1.5m
- Tax, wage and social debts +€84,981
up €84,981 (+377%), from €22,514 to €107,495
of which Taxes: +€84,981
- Gross operating margin +€270,392
up €270,392 (+138%), from €196,013 to €466,405
- Taxes +€79,680
up €79,680 (+169%), from €47,252 to €126,932
- Financial income -€12,868
down €12,868 (-79.0%), from €16,296 to €3,428
- Financial charges +€8,649
up €8,649 (+331%), from €2,612 to €11,261
- Depreciation +€6,485
up €6,485 (+14.0%), from €46,176 to €52,661
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 | €1,600,502 | €1,912,210 | +€311,708 | +19.5% |
| Fixed assets | 21/28 | €558,614 | €568,617 | +€10,003 | +1.8% |
| Tangible fixed assets | 22/27 | €558,564 | €568,567 | +€10,003 | +1.8% |
| Land and buildings | 22 | €448,508 | €488,789 | +€40,281 | +9.0% |
| Plant, machinery and equipment | 23 | €26,738 | €21,905 | -€4,833 | -18.1% |
| Furniture and vehicles | 24 | €83,317 | €57,872 | -€25,445 | -30.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,041,888 | €1,343,593 | +€301,705 | +29.0% |
| Stocks and contracts in progress | 3 | €15,850 | €21,850 | +€6,000 | +37.9% |
| Stocks | 30/36 | €15,850 | €21,850 | +€6,000 | +37.9% |
| Amounts receivable within one year | 40/41 | €99,411 | €67,448 | -€31,963 | -32.2% |
| Trade receivables | 40 | €94,683 | €67,277 | -€27,406 | -28.9% |
| Other amounts receivable | 41 | €4,728 | €171 | -€4,557 | -96.4% |
| Current investments | 50/53 | €600,000 | €600,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €326,627 | €654,295 | +€327,668 | +100% |
| Total equity and liabilities | 10/49 | €1,600,502 | €1,912,210 | +€311,708 | +19.5% |
| Equity | 10/15 | €1,558,687 | €1,649,223 | +€90,537 | +5.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,367,756 | €1,458,292 | +€90,537 | +6.6% |
| Distributable reserves | 133 | €1,367,756 | €1,458,292 | +€90,537 | +6.6% |
| Profit (loss) carried forward | 14 | €172,339 | €172,339 | = | 0.0% |
| Amounts payable | 17/49 | €41,815 | €262,986 | +€221,171 | +529% |
| Amounts payable within one year | 42/48 | €40,307 | €261,596 | +€221,289 | +549% |
| Current portion of amounts payable after more than one year | 42 | €10,195 | €11,858 | +€1,662 | +16.3% |
| Trade debts | 44 | €7,598 | €9,087 | +€1,489 | +19.6% |
| Suppliers | 440/4 | €7,598 | €9,087 | +€1,489 | +19.6% |
| Taxes, remuneration and social security | 45 | €22,514 | €107,495 | +€84,981 | +377% |
| Taxes | 450/3 | €17,414 | €102,395 | +€84,981 | +488% |
| Remuneration and social security | 454/9 | €5,100 | €5,100 | = | 0.0% |
| Other amounts payable | 47/48 | - | €133,157 | +€133,157 | |
| Accrued charges and deferred income | 492/3 | €1,507 | €1,390 | -€117 | -7.8% |
| Non-recurring operating income | 76A | €12,917 | - | -€12,917 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,176 | €52,661 | +€6,485 | +14.0% |
| Other operating charges | 640/8 | €3,161 | €3,052 | -€109 | -3.5% |
| Gross operating margin | 9900 | €196,013 | €466,405 | +€270,392 | +138% |
| Operating profit (loss) | 9901 | €146,676 | €410,692 | +€264,016 | +180% |
| Financial income | 75/76B | €16,296 | €3,428 | -€12,868 | -79.0% |
| Recurring financial income | 75 | €16,296 | €3,428 | -€12,868 | -79.0% |
| Financial charges | 65/66B | €2,612 | €11,261 | +€8,649 | +331% |
| Recurring financial charges | 65 | €2,612 | €11,261 | +€8,649 | +331% |
| Profit (loss) for the period before taxes | 9903 | €160,360 | €402,859 | +€242,499 | +151% |
| Income taxes | 67/77 | €47,252 | €126,932 | +€79,680 | +169% |
| Profit (loss) for the period | 9904 | €113,108 | €275,927 | +€162,819 | +144% |
| Profit (loss) for the period to be appropriated | 9905 | €113,108 | €275,927 | +€162,819 | +144% |
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 19 October 2026 via checked.be.