V.G.: 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.
What changed
V.G.
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€6,139
2024 · -€7,473+€1,334
Equity
€844,795
2024 · €850,934-€6,139
Cash
€43,693
2024 · €38,494+€5,199
Balance sheet total
€2.2m
2024 · €2.3m-€118,681
Largest movements
Assets
- Tangible fixed assets -€124,455
down €124,455 (-5.7%), from €2.2m to €2.1m
of which Land and buildings: -€104,086
Equity and liabilities
- Debts after one year -€108,477
down €108,477 (-12.2%), from €892,763 to €784,286
Income statement
- Taxes +€10,047
up €10,047 (+120.2%), from €8,357 to €18,404
- Gross operating margin +€6,774
up €6,774 (+4.3%), from €158,475 to €165,249
- Financial charges -€1,933
down €1,933 (-11.7%), from €16,574 to €14,640
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.
Result 2024
-€7,473
Gross operating margin
+€6,774
Depreciation
+€194
Other operating charges
-€1,355
Financial charges
+€1,933
Taxes
-€10,047
Deferred taxes and other
+€3,835
Result 2025
-€6,139
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.
From operations
+€110,913
Investment
€0
Financing
-€105,714
Cash 2024
€38,494
From operations (derived)
+€110,913
Net result for the year
-€6,139
Depreciation
+€124,455
Receivables within one year
+€392
Deferred charges and accrued income
-€967
Provisions
-€19,773
Trade debts
-€1,103
Tax, wage and social debts
+€10,365
Other debts
+€2,173
Accrued charges and deferred income
+€1,510
Financing
-€105,714
Debts after one year
-€108,477
Current portion of long-term debt
+€2,763
Cash 2025
€43,693
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,310,064 | €2,191,384 | -€118,681 | -5.1% |
| Fixed assets | 21/28 | €2,181,864 | €2,057,410 | -€124,455 | -5.7% |
| Tangible fixed assets | 22/27 | €2,181,864 | €2,057,410 | -€124,455 | -5.7% |
| Land and buildings | 22 | €2,148,020 | €2,043,934 | -€104,086 | -4.8% |
| Furniture and vehicles | 24 | €33,844 | €13,476 | -€20,369 | -60.2% |
| Current assets | 29/58 | €128,200 | €133,974 | +€5,774 | +4.5% |
| Amounts receivable within one year | 40/41 | €83,480 | €83,088 | -€392 | -0.5% |
| Trade receivables | 40 | €12,100 | - | -€12,100 | |
| Other amounts receivable | 41 | €71,380 | €83,088 | +€11,708 | +16.4% |
| Cash at bank and in hand | 54/58 | €38,494 | €43,693 | +€5,199 | +13.5% |
| Deferred charges and accrued income | 490/1 | €6,226 | €7,193 | +€967 | +15.5% |
| Total equity and liabilities | 10/49 | €2,310,064 | €2,191,384 | -€118,681 | -5.1% |
| Equity | 10/15 | €850,934 | €844,795 | -€6,139 | -0.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | - | -€18,592 | |
| Other | 1109/19 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €832,342 | €826,203 | -€6,139 | -0.7% |
| Tax-exempt reserves | 132 | €767,121 | €724,662 | -€42,458 | -5.5% |
| Distributable reserves | 133 | €65,221 | €101,540 | +€36,319 | +55.7% |
| Provisions and deferred taxes | 16 | €364,898 | €345,125 | -€19,773 | -5.4% |
| Deferred taxes | 168 | €364,898 | €345,125 | -€19,773 | -5.4% |
| Amounts payable | 17/49 | €1,094,232 | €1,001,464 | -€92,768 | -8.5% |
| Amounts payable after more than one year | 17 | €892,763 | €784,286 | -€108,477 | -12.2% |
| Financial debts | 170/4 | €892,763 | €784,286 | -€108,477 | -12.2% |
| Amounts payable within one year | 42/48 | €199,303 | €213,501 | +€14,198 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €112,131 | €114,893 | +€2,763 | +2.5% |
| Trade debts | 44 | €27,708 | €26,605 | -€1,103 | -4.0% |
| Suppliers | 440/4 | €27,708 | €26,605 | -€1,103 | -4.0% |
| Taxes, remuneration and social security | 45 | €8,039 | €18,404 | +€10,365 | +128.9% |
| Taxes | 450/3 | €8,039 | €18,404 | +€10,365 | +128.9% |
| Other amounts payable | 47/48 | €51,426 | €53,599 | +€2,173 | +4.2% |
| Accrued charges and deferred income | 492/3 | €2,167 | €3,677 | +€1,510 | +69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,648 | €124,455 | -€194 | -0.2% |
| Other operating charges | 640/8 | €32,308 | €33,663 | +€1,355 | +4.2% |
| Gross operating margin | 9900 | €158,475 | €165,249 | +€6,774 | +4.3% |
| Operating profit (loss) | 9901 | €1,519 | €7,132 | +€5,612 | +369.4% |
| Financial charges | 65/66B | €16,574 | €14,640 | -€1,933 | -11.7% |
| Recurring financial charges | 65 | €16,574 | €14,640 | -€1,933 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,054 | -€7,508 | +€7,546 | +50.1% |
| Transfer from deferred taxes | 780 | €15,938 | €19,773 | +€3,835 | +24.1% |
| Income taxes | 67/77 | €8,357 | €18,404 | +€10,047 | +120.2% |
| Profit (loss) for the period | 9904 | -€7,473 | -€6,139 | +€1,334 | +17.9% |
| Transfer from tax-exempt reserves | 789 | €30,952 | €42,458 | +€11,506 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,479 | €36,319 | +€12,840 | +54.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.