VDG HUMAN CAPITAL: what changed
VDG HUMAN CAPITAL
Largest movements
- Cash +€21,959
up €21,959 (+30.3%), from €72,392 to €94,351
mainly Net result for the year (+€35,044) and Depreciation (+€19,489)
- Tangible fixed assets -€13,448
down €13,448 (-50.6%), from €26,589 to €13,141
of which Leasing and similar rights: -€14,876
- Receivables within one year -€1,097
down €1,097 (-97.8%), from €1,121 to €24
- Reserves +€35,044
up €35,044 (+58.0%), from €60,408 to €95,453
of which Distributable reserves: +€35,044
- Current portion of long-term debt -€21,345
no longer reported in 2025 (was €21,345)
- Tax, wage and social debts -€4,481
down €4,481 (-71.2%), from €6,294 to €1,813
- Other debts -€3,392
down €3,392 (-57.8%), from €5,864 to €2,472
- Gross operating margin +€20,784
up €20,784 (+39.9%), from €52,137 to €72,921
- Taxes +€5,526
up €5,526 (+58.5%), from €9,443 to €14,969
- Financial charges +€1,341
up €1,341 (+68.0%), from €1,971 to €3,312
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 | €100,679 | €107,516 | +€6,837 | +6.8% |
| Fixed assets | 21/28 | €26,589 | €13,141 | -€13,448 | -50.6% |
| Tangible fixed assets | 22/27 | €26,589 | €13,141 | -€13,448 | -50.6% |
| Plant, machinery and equipment | 23 | €6,251 | €4,985 | -€1,266 | -20.3% |
| Furniture and vehicles | 24 | €3,390 | €2,014 | -€1,376 | -40.6% |
| Leasing and similar rights | 25 | €14,876 | - | -€14,876 | |
| Other tangible fixed assets | 26 | €2,073 | €6,142 | +€4,070 | +196% |
| Current assets | 29/58 | €74,090 | €94,375 | +€20,285 | +27.4% |
| Amounts receivable within one year | 40/41 | €1,121 | €24 | -€1,097 | -97.8% |
| Other amounts receivable | 41 | €1,121 | €24 | -€1,097 | -97.8% |
| Cash at bank and in hand | 54/58 | €72,392 | €94,351 | +€21,959 | +30.3% |
| Deferred charges and accrued income | 490/1 | €576 | - | -€576 | |
| Total equity and liabilities | 10/49 | €100,679 | €107,516 | +€6,837 | +6.8% |
| Equity | 10/15 | €66,684 | €101,728 | +€35,044 | +52.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €60,408 | €95,453 | +€35,044 | +58.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,548 | €93,593 | +€35,044 | +59.9% |
| Profit (loss) carried forward | 14 | €76 | €76 | = | 0.0% |
| Amounts payable | 17/49 | €33,996 | €5,788 | -€28,207 | -83.0% |
| Amounts payable within one year | 42/48 | €33,996 | €5,788 | -€28,207 | -83.0% |
| Current portion of amounts payable after more than one year | 42 | €21,345 | - | -€21,345 | |
| Trade debts | 44 | €493 | €1,503 | +€1,011 | +205% |
| Suppliers | 440/4 | €493 | €1,503 | +€1,011 | +205% |
| Taxes, remuneration and social security | 45 | €6,294 | €1,813 | -€4,481 | -71.2% |
| Taxes | 450/3 | €6,294 | €1,813 | -€4,481 | -71.2% |
| Other amounts payable | 47/48 | €5,864 | €2,472 | -€3,392 | -57.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,054 | €19,489 | +€434 | +2.3% |
| Other operating charges | 640/8 | €63 | €107 | +€44 | +70.2% |
| Gross operating margin | 9900 | €52,137 | €72,921 | +€20,784 | +39.9% |
| Operating profit (loss) | 9901 | €33,020 | €53,325 | +€20,305 | +61.5% |
| Financial charges | 65/66B | €1,971 | €3,312 | +€1,341 | +68.0% |
| Recurring financial charges | 65 | €1,971 | €3,312 | +€1,341 | +68.0% |
| Profit (loss) for the period before taxes | 9903 | €31,049 | €50,013 | +€18,964 | +61.1% |
| Income taxes | 67/77 | €9,443 | €14,969 | +€5,526 | +58.5% |
| Profit (loss) for the period | 9904 | €21,605 | €35,044 | +€13,439 | +62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,605 | €35,044 | +€13,439 | +62.2% |
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 4 November 2026 via checked.be.