VDG Management: 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 Management
Largest movements
- Receivables within one year -€7,702
down €7,702 (-83.9%), from €9,181 to €1,479
of which Other amounts receivable: -€4,702
- Cash +€2,493
up €2,493 (+25.4%), from €9,815 to €12,308
mainly Receivables within one year (+€7,702) and Depreciation (+€5,409)
- Deferred charges and accrued income +€1,859
up €1,859 (+425%), from €437 to €2,296
- Tangible fixed assets -€940
down €940 (-3.7%), from €25,394 to €24,454
of which Other tangible fixed assets: -€1,020
- Debts after one year -€5,000
down €5,000 (-14.3%), from €35,000 to €30,000
- Other debts +€1,211
up €1,211 (+7.4%), from €16,271 to €17,482
- Profit (loss) carried forward -€858
down €858 (-4.7%), from -€18,268 to -€19,126
- Gross operating margin +€5,868
up €5,868 (+98.7%), from €5,944 to €11,812
- Financial charges +€723
up €723 (+47.5%), from €1,521 to €2,244
- Depreciation -€598
down €598 (-10.0%), from €6,007 to €5,409
- Taxes +€318
new in 2025: €318
- Other operating charges +€153
up €153 (+4.5%), from €3,363 to €3,516
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 | €44,827 | €40,537 | -€4,290 | -9.6% |
| Fixed assets | 21/28 | €25,394 | €24,454 | -€940 | -3.7% |
| Tangible fixed assets | 22/27 | €25,394 | €24,454 | -€940 | -3.7% |
| Plant, machinery and equipment | 23 | €24 | - | -€24 | |
| Furniture and vehicles | 24 | €22,986 | €23,090 | +€104 | +0.5% |
| Other tangible fixed assets | 26 | €2,384 | €1,364 | -€1,020 | -42.8% |
| Current assets | 29/58 | €19,433 | €16,083 | -€3,350 | -17.2% |
| Amounts receivable within one year | 40/41 | €9,181 | €1,479 | -€7,702 | -83.9% |
| Trade receivables | 40 | €3,000 | - | -€3,000 | |
| Other amounts receivable | 41 | €6,181 | €1,479 | -€4,702 | -76.1% |
| Cash at bank and in hand | 54/58 | €9,815 | €12,308 | +€2,493 | +25.4% |
| Deferred charges and accrued income | 490/1 | €437 | €2,296 | +€1,859 | +425% |
| Total equity and liabilities | 10/49 | €44,827 | €40,537 | -€4,290 | -9.6% |
| Equity | 10/15 | -€10,225 | -€11,082 | -€857 | -8.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Share premium | 1100/10 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,843 | €1,844 | +€1 | +0.1% |
| Distributable reserves | 133 | €1,843 | €1,844 | +€1 | +0.1% |
| Profit (loss) carried forward | 14 | -€18,268 | -€19,126 | -€858 | -4.7% |
| Amounts payable | 17/49 | €55,052 | €51,619 | -€3,433 | -6.2% |
| Amounts payable after more than one year | 17 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Financial debts | 170/4 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Amounts payable within one year | 42/48 | €19,090 | €20,657 | +€1,567 | +8.2% |
| Trade debts | 44 | €1,995 | €2,045 | +€50 | +2.5% |
| Suppliers | 440/4 | €1,995 | €2,045 | +€50 | +2.5% |
| Taxes, remuneration and social security | 45 | €824 | €1,130 | +€306 | +37.1% |
| Taxes | 450/3 | €324 | €1,130 | +€806 | +249% |
| Remuneration and social security | 454/9 | €500 | - | -€500 | |
| Other amounts payable | 47/48 | €16,271 | €17,482 | +€1,211 | +7.4% |
| Accrued charges and deferred income | 492/3 | €962 | €962 | = | 0.0% |
| Non-recurring operating income | 76A | €2,146 | - | -€2,146 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,007 | €5,409 | -€598 | -10.0% |
| Other operating charges | 640/8 | €3,363 | €3,516 | +€153 | +4.5% |
| Non-recurring operating charges | 66A | - | €1,198 | +€1,198 | |
| Gross operating margin | 9900 | €5,944 | €11,812 | +€5,868 | +98.7% |
| Operating profit (loss) | 9901 | -€3,426 | €1,689 | +€5,115 | |
| Financial income | 75/76B | - | €16 | +€16 | |
| Recurring financial income | 75 | - | €16 | +€16 | |
| Financial charges | 65/66B | €1,521 | €2,244 | +€723 | +47.5% |
| Recurring financial charges | 65 | €1,521 | €2,244 | +€723 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,947 | -€539 | +€4,408 | +89.1% |
| Income taxes | 67/77 | - | €318 | +€318 | |
| Profit (loss) for the period | 9904 | -€4,947 | -€857 | +€4,090 | +82.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,947 | -€857 | +€4,090 | +82.7% |
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 14 October 2026 via checked.be.