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.
V&G
Largest movements
- Receivables after one year +€179,000
up €179,000 (+1052.9%), from €17,000 to €196,000
- Cash -€67,953
down €67,953 (-62.9%), from €108,101 to €40,148
mainly Receivables after one year (-€179,000) and Debts after one year (-€12,626)
- Receivables within one year -€10,919
down €10,919 (-40.7%), from €26,821 to €15,902
of which Trade receivables: -€10,454
- Tangible fixed assets -€9,767
down €9,767 (-17.4%), from €56,252 to €46,485
of which Furniture and vehicles: -€12,635
- Profit (loss) carried forward +€88,234
up €88,234 (+76.1%), from €115,999 to €204,233
- Tax, wage and social debts +€13,172
up €13,172 (+34.0%), from €38,750 to €51,923
of which Taxes: +€17,125
- Debts after one year -€12,626
down €12,626 (-33.8%), from €37,383 to €24,757
- Gross operating margin +€18,982
up €18,982 (+15.0%), from €126,868 to €145,850
- Taxes +€4,382
up €4,382 (+20.4%), from €21,454 to €25,836
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 | €212,481 | €302,526 | +€90,045 | +42.4% |
| Formation expenses | 20 | €609 | €443 | -€166 | -27.2% |
| Fixed assets | 21/28 | €56,422 | €46,485 | -€9,937 | -17.6% |
| Tangible fixed assets | 22/27 | €56,252 | €46,485 | -€9,767 | -17.4% |
| Plant, machinery and equipment | 23 | €2,562 | €1,247 | -€1,315 | -51.3% |
| Furniture and vehicles | 24 | €53,690 | €41,054 | -€12,635 | -23.5% |
| Other tangible fixed assets | 26 | - | €4,184 | +€4,184 | |
| Financial fixed assets | 28 | €170 | - | -€170 | |
| Current assets | 29/58 | €155,449 | €255,597 | +€100,148 | +64.4% |
| Amounts receivable after more than one year | 29 | €17,000 | €196,000 | +€179,000 | +1052.9% |
| Other amounts receivable | 291 | €17,000 | €196,000 | +€179,000 | +1052.9% |
| Stocks and contracts in progress | 3 | €743 | €792 | +€49 | +6.6% |
| Stocks | 30/36 | €743 | €792 | +€49 | +6.6% |
| Amounts receivable within one year | 40/41 | €26,821 | €15,902 | -€10,919 | -40.7% |
| Trade receivables | 40 | €26,355 | €15,902 | -€10,454 | -39.7% |
| Other amounts receivable | 41 | €466 | - | -€466 | |
| Cash at bank and in hand | 54/58 | €108,101 | €40,148 | -€67,953 | -62.9% |
| Deferred charges and accrued income | 490/1 | €2,785 | €2,755 | -€30 | -1.1% |
| Total equity and liabilities | 10/49 | €212,481 | €302,526 | +€90,045 | +42.4% |
| Equity | 10/15 | €120,999 | €209,233 | +€88,234 | +72.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,999 | €204,233 | +€88,234 | +76.1% |
| Amounts payable | 17/49 | €91,482 | €93,293 | +€1,811 | +2.0% |
| Amounts payable after more than one year | 17 | €37,383 | €24,757 | -€12,626 | -33.8% |
| Financial debts | 170/4 | €37,383 | €24,757 | -€12,626 | -33.8% |
| Amounts payable within one year | 42/48 | €54,039 | €68,536 | +€14,497 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €12,042 | €13,779 | +€1,736 | +14.4% |
| Trade debts | 44 | €3,247 | €2,763 | -€484 | -14.9% |
| Suppliers | 440/4 | €3,247 | €2,763 | -€484 | -14.9% |
| Taxes, remuneration and social security | 45 | €38,750 | €51,923 | +€13,172 | +34.0% |
| Taxes | 450/3 | €34,798 | €51,923 | +€17,125 | +49.2% |
| Remuneration and social security | 454/9 | €3,952 | - | -€3,952 | |
| Other amounts payable | 47/48 | - | €72 | +€72 | |
| Accrued charges and deferred income | 492/3 | €60 | - | -€60 | |
| Remuneration, social security and pensions | 62 | €13,442 | €13,486 | +€44 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,562 | €15,988 | +€426 | +2.7% |
| Other operating charges | 640/8 | €50 | €106 | +€56 | +112.0% |
| Gross operating margin | 9900 | €126,868 | €145,850 | +€18,982 | +15.0% |
| Operating profit (loss) | 9901 | €97,814 | €116,270 | +€18,456 | +18.9% |
| Financial income | 75/76B | €1 | €24 | +€24 | +4594.2% |
| Recurring financial income | 75 | €1 | €24 | +€24 | +4594.2% |
| Financial charges | 65/66B | €2,693 | €2,225 | -€469 | -17.4% |
| Recurring financial charges | 65 | €2,693 | €2,225 | -€469 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €95,122 | €114,070 | +€18,948 | +19.9% |
| Income taxes | 67/77 | €21,454 | €25,836 | +€4,382 | +20.4% |
| Profit (loss) for the period | 9904 | €73,668 | €88,234 | +€14,567 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €73,668 | €88,234 | +€14,567 | +19.8% |
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.