VDG Systems: 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 Systems
Largest movements
- Tangible fixed assets +€36,737
up €36,737 (+248.9%), from €14,760 to €51,497
of which Furniture and vehicles: +€34,908
- Cash -€32,570
down €32,570 (-17.9%), from €182,305 to €149,734
mainly Investment in fixed assets (net) (-€50,517) and Stocks and contracts (-€16,000)
- Stocks and contracts +€16,000
up €16,000 (+48.4%), from €33,069 to €49,069
of which Contracts in progress: +€16,000
- Reserves +€24,608
up €24,608 (+10.9%), from €226,146 to €250,753
- Other debts +€10,071
up €10,071 (+51.6%), from €19,510 to €29,581
- Trade debts -€9,244
down €9,244 (-50.1%), from €18,453 to €9,208
- Tax, wage and social debts -€3,044
down €3,044 (-86.9%), from €3,503 to €459
of which Remuneration and social security: -€1,886
- Gross operating margin -€31,014
down €31,014 (-38.1%), from €81,467 to €50,453
- Taxes -€8,758
down €8,758 (-56.5%), from €15,488 to €6,730
- Depreciation +€5,312
up €5,312 (+62.7%), from €8,469 to €13,780
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.
Cash bridge derived
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 | €275,111 | €297,502 | +€22,391 | +8.1% |
| Fixed assets | 21/28 | €14,760 | €51,497 | +€36,737 | +248.9% |
| Tangible fixed assets | 22/27 | €14,760 | €51,497 | +€36,737 | +248.9% |
| Plant, machinery and equipment | 23 | €6,123 | €7,951 | +€1,829 | +29.9% |
| Furniture and vehicles | 24 | €8,638 | €43,546 | +€34,908 | +404.1% |
| Current assets | 29/58 | €260,351 | €246,005 | -€14,346 | -5.5% |
| Stocks and contracts in progress | 3 | €33,069 | €49,069 | +€16,000 | +48.4% |
| Stocks | 30/36 | €33,069 | €33,069 | = | 0.0% |
| Contracts in progress | 37 | - | €16,000 | +€16,000 | |
| Amounts receivable within one year | 40/41 | €43,254 | €45,329 | +€2,075 | +4.8% |
| Trade receivables | 40 | €42,212 | €37,508 | -€4,705 | -11.1% |
| Other amounts receivable | 41 | €1,041 | €7,821 | +€6,780 | +651.0% |
| Cash at bank and in hand | 54/58 | €182,305 | €149,734 | -€32,570 | -17.9% |
| Deferred charges and accrued income | 490/1 | €1,724 | €1,873 | +€149 | +8.7% |
| Total equity and liabilities | 10/49 | €275,111 | €297,502 | +€22,391 | +8.1% |
| Equity | 10/15 | €233,646 | €258,253 | +€24,608 | +10.5% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €226,146 | €250,753 | +€24,608 | +10.9% |
| Distributable reserves | 133 | €226,146 | €250,753 | +€24,608 | +10.9% |
| Amounts payable | 17/49 | €41,466 | €39,249 | -€2,217 | -5.3% |
| Amounts payable within one year | 42/48 | €41,466 | €39,249 | -€2,217 | -5.3% |
| Trade debts | 44 | €18,453 | €9,208 | -€9,244 | -50.1% |
| Suppliers | 440/4 | €18,453 | €9,208 | -€9,244 | -50.1% |
| Taxes, remuneration and social security | 45 | €3,503 | €459 | -€3,044 | -86.9% |
| Taxes | 450/3 | €1,618 | €459 | -€1,159 | -71.6% |
| Remuneration and social security | 454/9 | €1,886 | - | -€1,886 | |
| Other amounts payable | 47/48 | €19,510 | €29,581 | +€10,071 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,469 | €13,780 | +€5,312 | +62.7% |
| Other operating charges | 640/8 | €1,309 | €1,550 | +€241 | +18.4% |
| Gross operating margin | 9900 | €81,467 | €50,453 | -€31,014 | -38.1% |
| Operating profit (loss) | 9901 | €71,689 | €35,123 | -€36,566 | -51.0% |
| Financial income | 75/76B | €2 | €1 | -€1 | -44.3% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -44.3% |
| Financial charges | 65/66B | €1,398 | €2,068 | +€670 | +48.0% |
| Recurring financial charges | 65 | €1,398 | €2,068 | +€670 | +48.0% |
| Profit (loss) for the period before taxes | 9903 | €70,293 | €33,056 | -€37,237 | -53.0% |
| Income taxes | 67/77 | €15,488 | €6,730 | -€8,758 | -56.5% |
| Profit (loss) for the period | 9904 | €54,805 | €26,326 | -€28,480 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,805 | €26,326 | -€28,480 | -52.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.