VDGI: 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.
VDGI
Largest movements
- Tangible fixed assets -€22,653
down €22,653 (-9.7%), from €233,662 to €211,009
of which Land and buildings: -€22,060
- Receivables within one year -€6,447
down €6,447 (-69.0%), from €9,339 to €2,892
of which Trade receivables: -€7,663
- Deferred charges and accrued income -€4,992
down €4,992 (-96.2%), from €5,187 to €195
- Profit (loss) carried forward -€36,408
down €36,408 (-20.4%), from -€178,886 to -€215,294
- Other debts +€33,832
up €33,832 (+22.5%), from €150,550 to €184,382
- Debts after one year -€18,561
down €18,561 (-8.6%), from €216,953 to €198,391
- Current portion of long-term debt -€10,259
down €10,259 (-35.6%), from €28,820 to €18,561
- Short-term financial debts -€4,868
down €4,868 (-100%), from €4,868 to €0
- Other operating charges +€2,595
up €2,595 (+37.6%), from €6,901 to €9,496
- Gross operating margin +€2,543
up €2,543 (+78.2%), from €3,252 to €5,794
- Depreciation -€715
down €715 (-3.1%), from €23,368 to €22,653
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 | €251,277 | €216,426 | -€34,851 | -13.9% |
| Fixed assets | 21/28 | €235,987 | €213,334 | -€22,653 | -9.6% |
| Tangible fixed assets | 22/27 | €233,662 | €211,009 | -€22,653 | -9.7% |
| Land and buildings | 22 | €231,991 | €209,931 | -€22,060 | -9.5% |
| Plant, machinery and equipment | 23 | €966 | €720 | -€246 | -25.4% |
| Furniture and vehicles | 24 | €706 | €358 | -€348 | -49.2% |
| Financial fixed assets | 28 | €2,325 | €2,325 | = | 0.0% |
| Current assets | 29/58 | €15,290 | €3,092 | -€12,198 | -79.8% |
| Stocks and contracts in progress | 3 | €763 | €0 | -€763 | -100% |
| Stocks | 30/36 | €763 | €0 | -€763 | -100% |
| Amounts receivable within one year | 40/41 | €9,339 | €2,892 | -€6,447 | -69.0% |
| Trade receivables | 40 | €8,411 | €748 | -€7,663 | -91.1% |
| Other amounts receivable | 41 | €928 | €2,144 | +€1,216 | +131% |
| Cash at bank and in hand | 54/58 | - | €5 | +€5 | |
| Deferred charges and accrued income | 490/1 | €5,187 | €195 | -€4,992 | -96.2% |
| Total equity and liabilities | 10/49 | €251,277 | €216,426 | -€34,851 | -13.9% |
| Equity | 10/15 | -€157,598 | -€194,005 | -€36,408 | -23.1% |
| Contributions | 10/11 | €18,500 | €18,500 | = | 0.0% |
| Reserves | 13 | €2,788 | €2,788 | = | 0.0% |
| Distributable reserves | 133 | €2,788 | €2,788 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,886 | -€215,294 | -€36,408 | -20.4% |
| Amounts payable | 17/49 | €408,875 | €410,431 | +€1,557 | +0.4% |
| Amounts payable after more than one year | 17 | €216,953 | €198,391 | -€18,561 | -8.6% |
| Financial debts | 170/4 | €216,953 | €198,391 | -€18,561 | -8.6% |
| Amounts payable within one year | 42/48 | €191,922 | €212,040 | +€20,118 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €28,820 | €18,561 | -€10,259 | -35.6% |
| Financial debts | 43 | €4,868 | €0 | -€4,868 | -100% |
| Credit institutions | 430/8 | €4,868 | €0 | -€4,868 | -100% |
| Trade debts | 44 | €7,683 | €9,096 | +€1,413 | +18.4% |
| Suppliers | 440/4 | €7,683 | €9,096 | +€1,413 | +18.4% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €150,550 | €184,382 | +€33,832 | +22.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,368 | €22,653 | -€715 | -3.1% |
| Other operating charges | 640/8 | €6,901 | €9,496 | +€2,595 | +37.6% |
| Non-recurring operating charges | 66A | €7,044 | €0 | -€7,044 | -100% |
| Gross operating margin | 9900 | €3,252 | €5,794 | +€2,543 | +78.2% |
| Operating profit (loss) | 9901 | -€34,062 | -€26,356 | +€7,706 | +22.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €10,012 | €10,052 | +€40 | +0.4% |
| Recurring financial charges | 65 | €10,012 | €10,052 | +€40 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€44,074 | -€36,408 | +€7,666 | +17.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€44,074 | -€36,408 | +€7,666 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,074 | -€36,408 | +€7,666 | +17.4% |
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 23 October 2026 via checked.be.