VDG Energy Systems: what changed
VDG Energy Systems
Largest movements
- Tangible fixed assets +€43,234
up €43,234 (+423%), from €10,219 to €53,452
of which Furniture and vehicles: +€37,627
- Cash -€32,283
down €32,283 (-54.4%), from €59,377 to €27,094
mainly Net result for the year (-€54,376) and Investment in fixed assets (net) (-€48,186)
- Receivables within one year -€18,956
down €18,956 (-23.7%), from €79,828 to €60,873
of which Trade receivables: -€19,775
- Stocks and contracts -€9,932
down €9,932 (-28.3%), from €35,083 to €25,150
- Financial fixed assets -€2,700
down €2,700 (-60.0%), from €4,500 to €1,800
- Profit (loss) carried forward -€54,376
down €54,376 (-92.8%), from €58,621 to €4,245
- Debts after one year +€34,757
up €34,757 (+741%), from €4,693 to €39,449
- Current portion of long-term debt +€10,004
up €10,004 (+201%), from €4,974 to €14,978
- Tax, wage and social debts -€5,624
down €5,624 (-80.3%), from €7,001 to €1,377
of which Remuneration and social security: -€5,400
- Trade debts -€3,417
down €3,417 (-13.2%), from €25,957 to €22,540
- Gross operating margin -€47,783
down €47,783, from €4,162 to -€43,621
- Depreciation +€4,908
up €4,908 (+179%), from €2,744 to €7,652
- Financial charges +€1,037
up €1,037 (+345%), from €301 to €1,338
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €190,185 | €169,000 | -€21,186 | -11.1% |
| Fixed assets | 21/28 | €14,719 | €55,252 | +€40,534 | +275% |
| Tangible fixed assets | 22/27 | €10,219 | €53,452 | +€43,234 | +423% |
| Plant, machinery and equipment | 23 | €7,882 | €13,751 | +€5,869 | +74.5% |
| Furniture and vehicles | 24 | €1,258 | €38,885 | +€37,627 | +2,991% |
| Other tangible fixed assets | 26 | €1,079 | €817 | -€262 | -24.3% |
| Financial fixed assets | 28 | €4,500 | €1,800 | -€2,700 | -60.0% |
| Current assets | 29/58 | €175,467 | €113,747 | -€61,719 | -35.2% |
| Stocks and contracts in progress | 3 | €35,083 | €25,150 | -€9,932 | -28.3% |
| Stocks | 30/36 | €35,083 | €25,150 | -€9,932 | -28.3% |
| Amounts receivable within one year | 40/41 | €79,828 | €60,873 | -€18,956 | -23.7% |
| Trade receivables | 40 | €67,776 | €48,002 | -€19,775 | -29.2% |
| Other amounts receivable | 41 | €12,052 | €12,871 | +€819 | +6.8% |
| Cash at bank and in hand | 54/58 | €59,377 | €27,094 | -€32,283 | -54.4% |
| Deferred charges and accrued income | 490/1 | €1,179 | €631 | -€548 | -46.5% |
| Total equity and liabilities | 10/49 | €190,185 | €169,000 | -€21,186 | -11.1% |
| Equity | 10/15 | €61,621 | €7,245 | -€54,376 | -88.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,621 | €4,245 | -€54,376 | -92.8% |
| Amounts payable | 17/49 | €128,564 | €161,755 | +€33,191 | +25.8% |
| Amounts payable after more than one year | 17 | €4,693 | €39,449 | +€34,757 | +741% |
| Financial debts | 170/4 | €4,693 | €39,449 | +€34,757 | +741% |
| Amounts payable within one year | 42/48 | €123,872 | €122,306 | -€1,566 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €4,974 | €14,978 | +€10,004 | +201% |
| Trade debts | 44 | €25,957 | €22,540 | -€3,417 | -13.2% |
| Suppliers | 440/4 | €25,957 | €22,540 | -€3,417 | -13.2% |
| Taxes, remuneration and social security | 45 | €7,001 | €1,377 | -€5,624 | -80.3% |
| Taxes | 450/3 | €1,601 | €1,377 | -€224 | -14.0% |
| Remuneration and social security | 454/9 | €5,400 | - | -€5,400 | |
| Other amounts payable | 47/48 | €85,939 | €83,411 | -€2,529 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,744 | €7,652 | +€4,908 | +179% |
| Other operating charges | 640/8 | €639 | €1,018 | +€379 | +59.3% |
| Non-recurring operating charges | 66A | - | €750 | +€750 | |
| Gross operating margin | 9900 | €4,162 | -€43,621 | -€47,783 | |
| Operating profit (loss) | 9901 | €778 | -€53,042 | -€53,820 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +300% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300% |
| Financial charges | 65/66B | €301 | €1,338 | +€1,037 | +345% |
| Recurring financial charges | 65 | €301 | €1,338 | +€1,037 | +345% |
| Profit (loss) for the period before taxes | 9903 | €477 | -€54,380 | -€54,857 | |
| Income taxes | 67/77 | €63 | -€4 | -€67 | |
| Profit (loss) for the period | 9904 | €414 | -€54,376 | -€54,790 | |
| Profit (loss) for the period to be appropriated | 9905 | €414 | -€54,376 | -€54,790 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.