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
- Tangible fixed assets -€25,256
down €25,256 (-15.5%), from €162,866 to €137,610
of which Furniture and vehicles: -€12,705
- Current investments -€8,497
down €8,497 (-77.1%), from €11,018 to €2,522
- Cash +€5,741
up €5,741 (+110%), from €5,224 to €10,965
mainly Net result for the year (+€123,239) and Depreciation (+€23,969)
- Receivables within one year -€5,107
down €5,107 (-3.0%), from €167,878 to €162,771
of which Other amounts receivable: -€4,035
- Other debts -€131,621
down €131,621 (-98.6%), from €133,453 to €1,832
- Reserves +€120,010
up €120,010 (+324%), from €37,000 to €157,010
- Debts after one year -€22,744
down €22,744 (-21.9%), from €103,893 to €81,149
- Tax, wage and social debts +€11,569
up €11,569 (+119%), from €9,746 to €21,315
of which Taxes: +€12,799
- Current portion of long-term debt -€9,741
down €9,741 (-20.6%), from €47,311 to €37,570
- Gross operating margin -€8,910
down €8,910 (-3.9%), from €230,507 to €221,597
- Staff costs -€3,962
down €3,962 (-19.0%), from €20,864 to €16,902
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 | €354,441 | €323,170 | -€31,271 | -8.8% |
| Fixed assets | 21/28 | €163,116 | €137,860 | -€25,256 | -15.5% |
| Tangible fixed assets | 22/27 | €162,866 | €137,610 | -€25,256 | -15.5% |
| Plant, machinery and equipment | 23 | €139,033 | €126,481 | -€12,551 | -9.0% |
| Furniture and vehicles | 24 | €23,833 | €11,128 | -€12,705 | -53.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €191,325 | €185,310 | -€6,015 | -3.1% |
| Stocks and contracts in progress | 3 | €1,233 | €1,727 | +€494 | +40.1% |
| Stocks | 30/36 | €1,233 | €1,727 | +€494 | +40.1% |
| Amounts receivable within one year | 40/41 | €167,878 | €162,771 | -€5,107 | -3.0% |
| Trade receivables | 40 | €49,170 | €48,097 | -€1,073 | -2.2% |
| Other amounts receivable | 41 | €118,709 | €114,674 | -€4,035 | -3.4% |
| Current investments | 50/53 | €11,018 | €2,522 | -€8,497 | -77.1% |
| Cash at bank and in hand | 54/58 | €5,224 | €10,965 | +€5,741 | +110% |
| Deferred charges and accrued income | 490/1 | €5,971 | €7,326 | +€1,355 | +22.7% |
| Total equity and liabilities | 10/49 | €354,441 | €323,170 | -€31,271 | -8.8% |
| Equity | 10/15 | €44,018 | €167,257 | +€123,239 | +280% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €37,000 | €157,010 | +€120,010 | +324% |
| Distributable reserves | 133 | €37,000 | €157,010 | +€120,010 | +324% |
| Profit (loss) carried forward | 14 | €2,018 | €5,247 | +€3,229 | +160% |
| Amounts payable | 17/49 | €310,423 | €155,913 | -€154,510 | -49.8% |
| Amounts payable after more than one year | 17 | €103,893 | €81,149 | -€22,744 | -21.9% |
| Financial debts | 170/4 | €103,893 | €81,149 | -€22,744 | -21.9% |
| Amounts payable within one year | 42/48 | €206,511 | €74,388 | -€132,124 | -64.0% |
| Current portion of amounts payable after more than one year | 42 | €47,311 | €37,570 | -€9,741 | -20.6% |
| Financial debts | 43 | €361 | €2,244 | +€1,883 | +522% |
| Credit institutions | 430/8 | €361 | €2,244 | +€1,883 | +522% |
| Trade debts | 44 | €15,641 | €11,427 | -€4,214 | -26.9% |
| Suppliers | 440/4 | €15,641 | €11,427 | -€4,214 | -26.9% |
| Taxes, remuneration and social security | 45 | €9,746 | €21,315 | +€11,569 | +119% |
| Taxes | 450/3 | €8,516 | €21,315 | +€12,799 | +150% |
| Remuneration and social security | 454/9 | €1,230 | €0 | -€1,230 | -100% |
| Other amounts payable | 47/48 | €133,453 | €1,832 | -€131,621 | -98.6% |
| Accrued charges and deferred income | 492/3 | €18 | €376 | +€357 | +1,951% |
| Non-recurring operating income | 76A | - | €36,366 | +€36,366 | |
| Remuneration, social security and pensions | 62 | €20,864 | €16,902 | -€3,962 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,936 | €23,969 | +€32 | +0.1% |
| Other operating charges | 640/8 | €1,101 | €333 | -€769 | -69.8% |
| Non-recurring operating charges | 66A | - | €116 | +€116 | |
| Gross operating margin | 9900 | €230,507 | €221,597 | -€8,910 | -3.9% |
| Operating profit (loss) | 9901 | €184,605 | €180,278 | -€4,327 | -2.3% |
| Financial income | 75/76B | €282 | €62 | -€220 | -77.9% |
| Recurring financial income | 75 | €282 | €62 | -€220 | -77.9% |
| Financial charges | 65/66B | €8,933 | €10,946 | +€2,012 | +22.5% |
| Recurring financial charges | 65 | €8,933 | €10,946 | +€2,012 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €175,954 | €169,394 | -€6,559 | -3.7% |
| Income taxes | 67/77 | €43,959 | €46,155 | +€2,196 | +5.0% |
| Profit (loss) for the period | 9904 | €131,994 | €123,239 | -€8,755 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €131,994 | €123,239 | -€8,755 | -6.6% |
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 16 October 2026 via checked.be.