VDG ELECT: 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 ELECT
Largest movements
- Receivables within one year -€51,991
down €51,991 (-65.0%), from €80,001 to €28,010
of which Trade receivables: -€51,375
- Current investments +€19,970
up €19,970 (+40712.6%), from €49 to €20,019
- Stocks and contracts +€4,387
up €4,387 (+44.1%), from €9,940 to €14,327
of which Contracts in progress: +€3,804
- Cash +€4,142
up €4,142 (+331.1%), from €1,251 to €5,393
mainly Receivables within one year (+€51,991) and Net result for the year (+€18,790)
- Deferred charges and accrued income -€1,692
down €1,692 (-34.9%), from €4,853 to €3,161
- Other debts -€41,641
down €41,641 (-68.3%), from €60,954 to €19,313
- Profit (loss) carried forward +€18,790
up €18,790 (+81.5%), from -€23,067 to -€4,277
- Tax, wage and social debts -€6,328
down €6,328 (-39.1%), from €16,186 to €9,858
of which Taxes: -€6,124
- Trade debts +€4,321
up €4,321 (+54.3%), from €7,964 to €12,284
- Gross operating margin +€40,665
up €40,665 (+70.5%), from €57,684 to €98,349
- Depreciation -€6,221
down €6,221 (-84.1%), from €7,398 to €1,177
- Staff costs +€1,248
up €1,248 (+2.2%), from €56,231 to €57,479
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 | €97,906 | €73,048 | -€24,858 | -25.4% |
| Fixed assets | 21/28 | €1,812 | €2,138 | +€325 | +18.0% |
| Tangible fixed assets | 22/27 | €1,812 | €2,138 | +€325 | +18.0% |
| Plant, machinery and equipment | 23 | €1,511 | €2,138 | +€627 | +41.5% |
| Furniture and vehicles | 24 | €301 | - | -€301 | |
| Current assets | 29/58 | €96,093 | €70,910 | -€25,184 | -26.2% |
| Stocks and contracts in progress | 3 | €9,940 | €14,327 | +€4,387 | +44.1% |
| Stocks | 30/36 | €7,505 | €8,089 | +€583 | +7.8% |
| Contracts in progress | 37 | €2,434 | €6,238 | +€3,804 | +156.3% |
| Amounts receivable within one year | 40/41 | €80,001 | €28,010 | -€51,991 | -65.0% |
| Trade receivables | 40 | €79,385 | €28,010 | -€51,375 | -64.7% |
| Other amounts receivable | 41 | €616 | - | -€616 | |
| Current investments | 50/53 | €49 | €20,019 | +€19,970 | +40712.6% |
| Cash at bank and in hand | 54/58 | €1,251 | €5,393 | +€4,142 | +331.1% |
| Deferred charges and accrued income | 490/1 | €4,853 | €3,161 | -€1,692 | -34.9% |
| Total equity and liabilities | 10/49 | €97,906 | €73,048 | -€24,858 | -25.4% |
| Equity | 10/15 | €12,802 | €31,592 | +€18,790 | +146.8% |
| Contributions | 10/11 | €18,900 | €18,900 | = | 0.0% |
| Reserves | 13 | €16,969 | €16,969 | = | 0.0% |
| Distributable reserves | 133 | €16,969 | €16,969 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,067 | -€4,277 | +€18,790 | +81.5% |
| Amounts payable | 17/49 | €85,104 | €41,456 | -€43,648 | -51.3% |
| Amounts payable within one year | 42/48 | €85,104 | €41,456 | -€43,648 | -51.3% |
| Trade debts | 44 | €7,964 | €12,284 | +€4,321 | +54.3% |
| Suppliers | 440/4 | €7,964 | €12,284 | +€4,321 | +54.3% |
| Taxes, remuneration and social security | 45 | €16,186 | €9,858 | -€6,328 | -39.1% |
| Taxes | 450/3 | €10,765 | €4,641 | -€6,124 | -56.9% |
| Remuneration and social security | 454/9 | €5,422 | €5,217 | -€204 | -3.8% |
| Other amounts payable | 47/48 | €60,954 | €19,313 | -€41,641 | -68.3% |
| Non-recurring operating income | 76A | - | €24,657 | +€24,657 | |
| Remuneration, social security and pensions | 62 | €56,231 | €57,479 | +€1,248 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,398 | €1,177 | -€6,221 | -84.1% |
| Other operating charges | 640/8 | €2,805 | €2,498 | -€307 | -10.9% |
| Non-recurring operating charges | 66A | - | €17,106 | +€17,106 | |
| Gross operating margin | 9900 | €57,684 | €98,349 | +€40,665 | +70.5% |
| Operating profit (loss) | 9901 | -€8,750 | €20,090 | +€28,840 | |
| Financial income | 75/76B | €118 | €8 | -€110 | -93.6% |
| Recurring financial income | 75 | €118 | €8 | -€110 | -93.6% |
| Financial charges | 65/66B | €342 | €277 | -€65 | -18.9% |
| Recurring financial charges | 65 | €342 | €277 | -€65 | -18.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,973 | €19,821 | +€28,794 | |
| Income taxes | 67/77 | €727 | €1,030 | +€303 | +41.7% |
| Profit (loss) for the period | 9904 | -€9,701 | €18,790 | +€28,491 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,701 | €18,790 | +€28,491 |
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 5 October 2026 via checked.be.