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Do you turn on the HDR color settings on Windows, or additional color tuning profiles in your GPU control panel?
Turn off them, and check the playback condition in powerdvd.
Found the problem. There was a bit too much saturation in the Intel video setting and I realised that VLC doesn't use the Intel parameters. I played my video with PowerDVD and I could see in real time the effects of changing the Intel saturation while VLC was not at all affected by the changes.
So I put the two players side by side on my screen and adjusted the saturation in PowerDVD to match the right color balance displayed by VLC. (The video output is set on OpenGL, so maybe that's the reason?)
Anyway, problem solved. Thanks for the help.