VDG PROJECTS: what changed
VDG PROJECTS
Largest movements
- Receivables within one year -€15,994
down €15,994 (-31.2%), from €51,230 to €35,236
- Cash +€14,039
up €14,039 (+20.3%), from €69,036 to €83,075
mainly Net result for the year (+€18,748) and Receivables within one year (+€15,994)
- Tangible fixed assets +€3,508
up €3,508 (+18.1%), from €19,388 to €22,896
of which Land and buildings: +€6,115
- Profit (loss) carried forward +€18,748
up €18,748 (+29.9%), from €62,799 to €81,546
- Trade debts -€8,151
down €8,151 (-47.0%), from €17,346 to €9,196
- Other debts -€4,669
down €4,669 (-16.7%), from €27,890 to €23,221
- Tax, wage and social debts -€3,802
down €3,802 (-21.3%), from €17,871 to €14,069
of which Taxes: -€5,218
- Gross operating margin -€3,142
down €3,142 (-8.5%), from €37,049 to €33,907
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 | €140,836 | €142,962 | +€2,126 | +1.5% |
| Fixed assets | 21/28 | €19,388 | €22,896 | +€3,508 | +18.1% |
| Tangible fixed assets | 22/27 | €19,388 | €22,896 | +€3,508 | +18.1% |
| Land and buildings | 22 | - | €6,115 | +€6,115 | |
| Plant, machinery and equipment | 23 | €15,139 | €14,497 | -€642 | -4.2% |
| Furniture and vehicles | 24 | €4,249 | €2,284 | -€1,965 | -46.2% |
| Current assets | 29/58 | €121,448 | €120,066 | -€1,382 | -1.1% |
| Amounts receivable within one year | 40/41 | €51,230 | €35,236 | -€15,994 | -31.2% |
| Trade receivables | 40 | €51,230 | €35,236 | -€15,994 | -31.2% |
| Cash at bank and in hand | 54/58 | €69,036 | €83,075 | +€14,039 | +20.3% |
| Deferred charges and accrued income | 490/1 | €1,181 | €1,754 | +€572 | +48.5% |
| Total equity and liabilities | 10/49 | €140,836 | €142,962 | +€2,126 | +1.5% |
| Equity | 10/15 | €77,729 | €96,477 | +€18,748 | +24.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,730 | €8,730 | = | 0.0% |
| Distributable reserves | 133 | €8,730 | €8,730 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,799 | €81,546 | +€18,748 | +29.9% |
| Amounts payable | 17/49 | €63,107 | €46,485 | -€16,622 | -26.3% |
| Amounts payable within one year | 42/48 | €63,107 | €46,485 | -€16,622 | -26.3% |
| Trade debts | 44 | €17,346 | €9,196 | -€8,151 | -47.0% |
| Suppliers | 440/4 | €17,346 | €9,196 | -€8,151 | -47.0% |
| Taxes, remuneration and social security | 45 | €17,871 | €14,069 | -€3,802 | -21.3% |
| Taxes | 450/3 | €16,332 | €11,114 | -€5,218 | -31.9% |
| Remuneration and social security | 454/9 | €1,538 | €2,954 | +€1,416 | +92.0% |
| Other amounts payable | 47/48 | €27,890 | €23,221 | -€4,669 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,824 | €6,487 | -€337 | -4.9% |
| Other operating charges | 640/8 | €384 | €440 | +€56 | +14.5% |
| Gross operating margin | 9900 | €37,049 | €33,907 | -€3,142 | -8.5% |
| Operating profit (loss) | 9901 | €29,840 | €26,980 | -€2,860 | -9.6% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €453 | €242 | -€210 | -46.5% |
| Recurring financial charges | 65 | €453 | €242 | -€210 | -46.5% |
| Profit (loss) for the period before taxes | 9903 | €29,387 | €26,748 | -€2,639 | -9.0% |
| Income taxes | 67/77 | €8,344 | €8,000 | -€344 | -4.1% |
| Profit (loss) for the period | 9904 | €21,043 | €18,748 | -€2,295 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,043 | €18,748 | -€2,295 | -10.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.