VLDG: what changed
Two fiscal 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.
VLDG
Largest movements
- Financial fixed assets +€90,000
new in 2025: €90,000
- Cash +€88,072
up €88,072 (+46.0%), from €191,387 to €279,459
mainly Net result for the year (+€192,063) and Depreciation (+€75,736)
- Receivables within one year +€66,026
up €66,026 (+69.9%), from €94,518 to €160,544
of which Trade receivables: +€65,385
- Tangible fixed assets -€48,900
down €48,900 (-24.7%), from €198,153 to €149,252
of which Leasing and similar rights: -€37,271
- Profit (loss) carried forward +€192,063
up €192,063 (+88.4%), from €217,237 to €409,299
- Trade debts +€53,957
up €53,957 (+150.1%), from €35,956 to €89,913
- Debts after one year -€40,481
down €40,481 (-40.7%), from €99,571 to €59,090
- Other debts -€19,575
down €19,575 (-100.0%), from €19,575 to €0
- Current portion of long-term debt +€16,637
up €16,637 (+35.5%), from €46,889 to €63,526
- Gross operating margin +€293,420
up €293,420 (+58.0%), from €506,019 to €799,439
- Staff costs +€178,431
up €178,431 (+62.6%), from €284,984 to €463,415
- Taxes +€35,680
up €35,680 (+130.9%), from €27,257 to €62,938
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 | €492,803 | €689,358 | +€196,555 | +39.9% |
| Fixed assets | 21/28 | €198,153 | €239,252 | +€41,100 | +20.7% |
| Tangible fixed assets | 22/27 | €198,153 | €149,252 | -€48,900 | -24.7% |
| Plant, machinery and equipment | 23 | €99,518 | €85,690 | -€13,828 | -13.9% |
| Furniture and vehicles | 24 | €14,052 | €16,250 | +€2,198 | +15.6% |
| Leasing and similar rights | 25 | €84,583 | €47,312 | -€37,271 | -44.1% |
| Financial fixed assets | 28 | - | €90,000 | +€90,000 | |
| Current assets | 29/58 | €294,650 | €450,106 | +€155,456 | +52.8% |
| Stocks and contracts in progress | 3 | €8,745 | €10,103 | +€1,358 | +15.5% |
| Stocks | 30/36 | €8,745 | €10,103 | +€1,358 | +15.5% |
| Amounts receivable within one year | 40/41 | €94,518 | €160,544 | +€66,026 | +69.9% |
| Trade receivables | 40 | €43,818 | €109,203 | +€65,385 | +149.2% |
| Other amounts receivable | 41 | €50,701 | €51,341 | +€640 | +1.3% |
| Cash at bank and in hand | 54/58 | €191,387 | €279,459 | +€88,072 | +46.0% |
| Total equity and liabilities | 10/49 | €492,803 | €689,358 | +€196,555 | +39.9% |
| Equity | 10/15 | €233,888 | €416,390 | +€182,503 | +78.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,237 | €409,299 | +€192,063 | +88.4% |
| Investment grants | 15 | €14,151 | €4,591 | -€9,560 | -67.6% |
| Amounts payable | 17/49 | €258,915 | €272,968 | +€14,053 | +5.4% |
| Amounts payable after more than one year | 17 | €99,571 | €59,090 | -€40,481 | -40.7% |
| Financial debts | 170/4 | €99,571 | €59,090 | -€40,481 | -40.7% |
| Amounts payable within one year | 42/48 | €159,344 | €213,878 | +€54,534 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €46,889 | €63,526 | +€16,637 | +35.5% |
| Trade debts | 44 | €35,956 | €89,913 | +€53,957 | +150.1% |
| Suppliers | 440/4 | €35,956 | €89,913 | +€53,957 | +150.1% |
| Taxes, remuneration and social security | 45 | €56,924 | €60,439 | +€3,516 | +6.2% |
| Taxes | 450/3 | €30,812 | €18,977 | -€11,835 | -38.4% |
| Remuneration and social security | 454/9 | €26,112 | €41,462 | +€15,350 | +58.8% |
| Other amounts payable | 47/48 | €19,575 | €0 | -€19,575 | -100.0% |
| Remuneration, social security and pensions | 62 | €284,984 | €463,415 | +€178,431 | +62.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,688 | €75,736 | +€7,048 | +10.3% |
| Other operating charges | 640/8 | €2,607 | €2,800 | +€193 | +7.4% |
| Gross operating margin | 9900 | €506,019 | €799,439 | +€293,420 | +58.0% |
| Operating profit (loss) | 9901 | €149,740 | €257,488 | +€107,748 | +72.0% |
| Financial income | 75/76B | €15,804 | €9,560 | -€6,244 | -39.5% |
| Recurring financial income | 75 | €15,804 | €9,560 | -€6,244 | -39.5% |
| Financial charges | 65/66B | €5,103 | €12,048 | +€6,945 | +136.1% |
| Recurring financial charges | 65 | €5,103 | €12,048 | +€6,945 | +136.1% |
| Profit (loss) for the period before taxes | 9903 | €160,441 | €255,000 | +€94,560 | +58.9% |
| Income taxes | 67/77 | €27,257 | €62,938 | +€35,680 | +130.9% |
| Profit (loss) for the period | 9904 | €133,183 | €192,063 | +€58,879 | +44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €133,183 | €192,063 | +€58,879 | +44.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.