VDG Vastgoed: what changed
VDG Vastgoed
Largest movements
- Receivables within one year -€35,419
down €35,419 (-85.9%), from €41,225 to €5,806
of which Trade receivables: -€20,070
- Intangible fixed assets -€20,000
down €20,000 (-12.5%), from €160,000 to €140,000
- Cash +€15,758
up €15,758 (+42.4%), from €37,140 to €52,898
mainly Other debts (+€89,927) and Net result for the year (+€57,993)
- Tangible fixed assets -€15,125
down €15,125 (-18.3%), from €82,493 to €67,368
of which Other tangible fixed assets: -€8,898
- Deferred charges and accrued income -€12,550
down €12,550 (-100%), from €12,550 to €0
- Reserves -€100,444
down €100,444 (-99.0%), from €101,438 to €993
- Other debts +€89,927
up €89,927 (+166%), from €54,074 to €144,001
- Debts after one year -€22,172
down €22,172 (-100%), from €22,172 to €0
- Trade debts -€14,211
down €14,211 (-15.1%), from €94,149 to €79,937
- Accrued charges and deferred income -€12,122
down €12,122 (-100%), from €12,122 to €0
- Staff costs -€19,857
down €19,857 (-39.0%), from €50,953 to €31,095
- Gross operating margin -€11,123
down €11,123 (-7.7%), from €145,273 to €134,150
- Depreciation -€3,368
down €3,368 (-8.7%), from €38,505 to €35,137
- Taxes -€2,373
down €2,373 (-26.7%), from €8,882 to €6,509
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 | €333,419 | €266,072 | -€67,347 | -20.2% |
| Formation expenses | 20 | €12 | €0 | -€12 | -100% |
| Fixed assets | 21/28 | €242,493 | €207,368 | -€35,125 | -14.5% |
| Intangible fixed assets | 21 | €160,000 | €140,000 | -€20,000 | -12.5% |
| Tangible fixed assets | 22/27 | €82,493 | €67,368 | -€15,125 | -18.3% |
| Plant, machinery and equipment | 23 | €5,229 | €2,060 | -€3,169 | -60.6% |
| Furniture and vehicles | 24 | €19,621 | €16,563 | -€3,058 | -15.6% |
| Other tangible fixed assets | 26 | €57,643 | €48,745 | -€8,898 | -15.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €90,914 | €58,704 | -€32,210 | -35.4% |
| Amounts receivable within one year | 40/41 | €41,225 | €5,806 | -€35,419 | -85.9% |
| Trade receivables | 40 | €22,837 | €2,767 | -€20,070 | -87.9% |
| Other amounts receivable | 41 | €18,388 | €3,039 | -€15,349 | -83.5% |
| Cash at bank and in hand | 54/58 | €37,140 | €52,898 | +€15,758 | +42.4% |
| Deferred charges and accrued income | 490/1 | €12,550 | €0 | -€12,550 | -100% |
| Total equity and liabilities | 10/49 | €333,419 | €266,072 | -€67,347 | -20.2% |
| Equity | 10/15 | €124,638 | €24,193 | -€100,444 | -80.6% |
| Contributions | 10/11 | €23,200 | €23,200 | = | 0.0% |
| Reserves | 13 | €101,438 | €993 | -€100,444 | -99.0% |
| Distributable reserves | 133 | €101,438 | €993 | -€100,444 | -99.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €208,781 | €241,878 | +€33,097 | +15.9% |
| Amounts payable after more than one year | 17 | €22,172 | €0 | -€22,172 | -100% |
| Financial debts | 170/4 | €22,172 | €0 | -€22,172 | -100% |
| Amounts payable within one year | 42/48 | €174,486 | €241,878 | +€67,392 | +38.6% |
| Current portion of amounts payable after more than one year | 42 | €12,188 | €7,172 | -€5,016 | -41.2% |
| Trade debts | 44 | €94,149 | €79,937 | -€14,211 | -15.1% |
| Suppliers | 440/4 | €94,149 | €79,937 | -€14,211 | -15.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,075 | €10,768 | -€3,308 | -23.5% |
| Taxes | 450/3 | €9,315 | €6,583 | -€2,733 | -29.3% |
| Remuneration and social security | 454/9 | €4,760 | €4,185 | -€575 | -12.1% |
| Other amounts payable | 47/48 | €54,074 | €144,001 | +€89,927 | +166% |
| Accrued charges and deferred income | 492/3 | €12,122 | €0 | -€12,122 | -100% |
| Remuneration, social security and pensions | 62 | €50,953 | €31,095 | -€19,857 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,505 | €35,137 | -€3,368 | -8.7% |
| Other operating charges | 640/8 | €2,567 | €2,280 | -€287 | -11.2% |
| Non-recurring operating charges | 66A | €177 | €0 | -€177 | -100% |
| Gross operating margin | 9900 | €145,273 | €134,150 | -€11,123 | -7.7% |
| Operating profit (loss) | 9901 | €53,070 | €65,638 | +€12,568 | +23.7% |
| Financial income | 75/76B | €0 | €41 | +€41 | +102,725% |
| Recurring financial income | 75 | €0 | €41 | +€41 | +102,725% |
| Financial charges | 65/66B | €1,430 | €1,177 | -€253 | -17.7% |
| Recurring financial charges | 65 | €1,430 | €1,177 | -€253 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €51,641 | €64,503 | +€12,862 | +24.9% |
| Income taxes | 67/77 | €8,882 | €6,509 | -€2,373 | -26.7% |
| Profit (loss) for the period | 9904 | €42,758 | €57,993 | +€15,235 | +35.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,758 | €57,993 | +€15,235 | +35.6% |
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 8 November 2026 via checked.be.