V.B.G. FORM: 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.
V.B.G. FORM
Largest movements
- Receivables within one year -€11,345
down €11,345 (-66.7%), from €17,007 to €5,663
of which Trade receivables: -€12,758
- Stocks and contracts +€2,886
new in 2025: €2,886
- Deferred charges and accrued income -€1,610
down €1,610 (-84.7%), from €1,901 to €291
- Cash -€1,168
down €1,168 (-76.2%), from €1,532 to €364
mainly Net result for the year (-€21,975) and Trade debts (-€6,574)
- Financial fixed assets +€225
up €225 (+450%), from €50 to €275
- Profit (loss) carried forward -€21,975
down €21,975 (-16.0%), from -€137,502 to -€159,477
- Other debts +€19,955
up €19,955 (+15.4%), from €129,528 to €149,483
- Trade debts -€6,574
down €6,574 (-48.6%), from €13,523 to €6,948
- Advances received -€3,139
down €3,139 (-64.6%), from €4,855 to €1,716
- Tax, wage and social debts +€722
up €722 (+371%), from €194 to €916
- Gross operating margin -€9,010
down €9,010 (-79.9%), from -€11,280 to -€20,289
- Financial charges +€643
up €643 (+551%), from €117 to €760
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 | €20,490 | €9,479 | -€11,012 | -53.7% |
| Fixed assets | 21/28 | €50 | €275 | +€225 | +450% |
| Financial fixed assets | 28 | €50 | €275 | +€225 | +450% |
| Current assets | 29/58 | €20,440 | €9,204 | -€11,237 | -55.0% |
| Stocks and contracts in progress | 3 | - | €2,886 | +€2,886 | |
| Stocks | 30/36 | - | €2,886 | +€2,886 | |
| Amounts receivable within one year | 40/41 | €17,007 | €5,663 | -€11,345 | -66.7% |
| Trade receivables | 40 | €15,373 | €2,615 | -€12,758 | -83.0% |
| Other amounts receivable | 41 | €1,635 | €3,048 | +€1,413 | +86.5% |
| Cash at bank and in hand | 54/58 | €1,532 | €364 | -€1,168 | -76.2% |
| Deferred charges and accrued income | 490/1 | €1,901 | €291 | -€1,610 | -84.7% |
| Total equity and liabilities | 10/49 | €20,490 | €9,479 | -€11,012 | -53.7% |
| Equity | 10/15 | -€127,610 | -€149,585 | -€21,975 | -17.2% |
| Contributions | 10/11 | €9,892 | €9,892 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€137,502 | -€159,477 | -€21,975 | -16.0% |
| Amounts payable | 17/49 | €148,100 | €159,064 | +€10,963 | +7.4% |
| Amounts payable within one year | 42/48 | €148,100 | €159,064 | +€10,963 | +7.4% |
| Trade debts | 44 | €13,523 | €6,948 | -€6,574 | -48.6% |
| Suppliers | 440/4 | €13,523 | €6,948 | -€6,574 | -48.6% |
| Advances received on contracts in progress | 46 | €4,855 | €1,716 | -€3,139 | -64.6% |
| Taxes, remuneration and social security | 45 | €194 | €916 | +€722 | +371% |
| Taxes | 450/3 | €194 | €916 | +€722 | +371% |
| Other amounts payable | 47/48 | €129,528 | €149,483 | +€19,955 | +15.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €501 | €684 | +€183 | +36.5% |
| Gross operating margin | 9900 | -€11,280 | -€20,289 | -€9,010 | -79.9% |
| Operating profit (loss) | 9901 | -€11,780 | -€20,973 | -€9,193 | -78.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €117 | €760 | +€643 | +551% |
| Recurring financial charges | 65 | €117 | €760 | +€643 | +551% |
| Profit (loss) for the period before taxes | 9903 | -€11,897 | -€21,733 | -€9,836 | -82.7% |
| Income taxes | 67/77 | €75 | €242 | +€167 | +221% |
| Profit (loss) for the period | 9904 | -€11,973 | -€21,975 | -€10,002 | -83.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,973 | -€21,975 | -€10,002 | -83.5% |
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 1 November 2026 via checked.be.