VDG-Heating: 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-Heating
Largest movements
- Tangible fixed assets +€39,130
up €39,130 (+74.1%), from €52,793 to €91,923
of which Leasing and similar rights: +€50,819
- Receivables within one year +€33,968
up €33,968 (+149%), from €22,752 to €56,720
of which Trade receivables: +€40,227
- Stocks and contracts +€9,740
up €9,740 (+74.8%), from €13,023 to €22,763
- Cash +€4,084
up €4,084 (+5.0%), from €81,033 to €85,117
mainly Net result for the year (+€57,966) and Debts after one year (+€31,825)
- Debts after one year +€31,825
up €31,825 (+115%), from €27,788 to €59,613
- Other debts +€27,256
up €27,256 (+154%), from €17,726 to €44,981
- Reserves +€21,874
up €21,874 (+50.8%), from €43,057 to €64,931
- Current portion of long-term debt +€5,860
up €5,860 (+46.4%), from €12,629 to €18,489
- Gross operating margin +€20,253
up €20,253 (+24.8%), from €81,742 to €101,994
- Depreciation -€3,886
down €3,886 (-16.1%), from €24,123 to €20,238
- Taxes +€3,144
up €3,144 (+21.7%), from €14,499 to €17,643
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 | €179,680 | €265,592 | +€85,912 | +47.8% |
| Fixed assets | 21/28 | €60,236 | €97,814 | +€37,579 | +62.4% |
| Intangible fixed assets | 21 | €7,442 | €5,891 | -€1,551 | -20.8% |
| Tangible fixed assets | 22/27 | €52,793 | €91,923 | +€39,130 | +74.1% |
| Plant, machinery and equipment | 23 | €38,024 | €34,453 | -€3,571 | -9.4% |
| Furniture and vehicles | 24 | €14,769 | €4,172 | -€10,597 | -71.8% |
| Leasing and similar rights | 25 | - | €50,819 | +€50,819 | |
| Other tangible fixed assets | 26 | - | €2,479 | +€2,479 | |
| Current assets | 29/58 | €119,444 | €167,778 | +€48,334 | +40.5% |
| Stocks and contracts in progress | 3 | €13,023 | €22,763 | +€9,740 | +74.8% |
| Stocks | 30/36 | €13,023 | €22,763 | +€9,740 | +74.8% |
| Amounts receivable within one year | 40/41 | €22,752 | €56,720 | +€33,968 | +149% |
| Trade receivables | 40 | €3,262 | €43,488 | +€40,227 | +1,233% |
| Other amounts receivable | 41 | €19,491 | €13,232 | -€6,259 | -32.1% |
| Cash at bank and in hand | 54/58 | €81,033 | €85,117 | +€4,084 | +5.0% |
| Deferred charges and accrued income | 490/1 | €2,635 | €3,177 | +€543 | +20.6% |
| Total equity and liabilities | 10/49 | €179,680 | €265,592 | +€85,912 | +47.8% |
| Equity | 10/15 | €46,057 | €67,931 | +€21,874 | +47.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €43,057 | €64,931 | +€21,874 | +50.8% |
| Distributable reserves | 133 | €43,057 | €64,931 | +€21,874 | +50.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €133,622 | €197,661 | +€64,038 | +47.9% |
| Amounts payable after more than one year | 17 | €27,788 | €59,613 | +€31,825 | +115% |
| Financial debts | 170/4 | €27,788 | €59,613 | +€31,825 | +115% |
| Amounts payable within one year | 42/48 | €105,835 | €138,048 | +€32,214 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | €12,629 | €18,489 | +€5,860 | +46.4% |
| Trade debts | 44 | €73,050 | €71,043 | -€2,007 | -2.7% |
| Suppliers | 440/4 | €73,050 | €71,043 | -€2,007 | -2.7% |
| Taxes, remuneration and social security | 45 | €2,430 | €3,535 | +€1,105 | +45.5% |
| Taxes | 450/3 | €2,430 | €3,535 | +€1,105 | +45.5% |
| Other amounts payable | 47/48 | €17,726 | €44,981 | +€27,256 | +154% |
| Non-recurring operating income | 76A | - | €2,345 | +€2,345 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,123 | €20,238 | -€3,886 | -16.1% |
| Other operating charges | 640/8 | €3,814 | €4,140 | +€325 | +8.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €81,742 | €101,994 | +€20,253 | +24.8% |
| Operating profit (loss) | 9901 | €53,804 | €77,617 | +€23,813 | +44.3% |
| Financial income | 75/76B | €51 | €87 | +€36 | +70.2% |
| Recurring financial income | 75 | €51 | €87 | +€36 | +70.2% |
| Financial charges | 65/66B | €2,172 | €2,095 | -€77 | -3.6% |
| Recurring financial charges | 65 | €2,172 | €2,095 | -€77 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €51,683 | €75,609 | +€23,926 | +46.3% |
| Income taxes | 67/77 | €14,499 | €17,643 | +€3,144 | +21.7% |
| Profit (loss) for the period | 9904 | €37,184 | €57,966 | +€20,782 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,184 | €57,966 | +€20,782 | +55.9% |
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 15 October 2026 via checked.be.