V.G.C.: 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.G.C.
Largest movements
- Cash -€57,380
down €57,380 (-24.3%), from €236,221 to €178,841
mainly Advances received (-€32,062) and Investment in fixed assets (net) (-€16,455)
- Tangible fixed assets +€14,960
up €14,960 (+124%), from €12,035 to €26,995
- Receivables within one year -€2,753
down €2,753 (-11.5%), from €23,870 to €21,117
of which Trade receivables: -€2,885
- Advances received -€32,062
down €32,062 (-100%), from €32,062 to €0
- Reserves +€14,748
up €14,748 (+7.8%), from €189,186 to €203,934
of which Distributable reserves: +€14,748
- Tax, wage and social debts -€13,739
down €13,739 (-75.7%), from €18,151 to €4,412
of which Taxes: -€15,641
- Trade debts -€12,637
down €12,637 (-89.5%), from €14,118 to €1,481
- Gross operating margin -€38,038
down €38,038 (-62.6%), from €60,723 to €22,685
- Financial charges -€3,391
down €3,391 (-66.5%), from €5,101 to €1,710
- Other operating charges -€3,237
down €3,237 (-51.9%), from €6,243 to €3,006
- Financial income +€1,726
up €1,726 (+194%), from €888 to €2,614
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €272,126 | €226,953 | -€45,173 | -16.6% |
| Fixed assets | 21/28 | €12,035 | €26,995 | +€14,960 | +124% |
| Tangible fixed assets | 22/27 | €12,035 | €26,995 | +€14,960 | +124% |
| Land and buildings | 22 | €12,035 | €26,995 | +€14,960 | +124% |
| Current assets | 29/58 | €260,091 | €199,958 | -€60,133 | -23.1% |
| Amounts receivable within one year | 40/41 | €23,870 | €21,117 | -€2,753 | -11.5% |
| Trade receivables | 40 | €16,370 | €13,485 | -€2,885 | -17.6% |
| Other amounts receivable | 41 | €7,500 | €7,632 | +€132 | +1.8% |
| Cash at bank and in hand | 54/58 | €236,221 | €178,841 | -€57,380 | -24.3% |
| Total equity and liabilities | 10/49 | €272,126 | €226,953 | -€45,173 | -16.6% |
| Equity | 10/15 | €195,386 | €210,134 | +€14,748 | +7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €189,186 | €203,934 | +€14,748 | +7.8% |
| Non-distributable reserves | 130/1 | €10,860 | €10,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,860 | €10,860 | = | 0.0% |
| Distributable reserves | 133 | €178,326 | €193,074 | +€14,748 | +8.3% |
| Amounts payable | 17/49 | €76,741 | €16,819 | -€59,921 | -78.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €76,741 | €16,819 | -€59,921 | -78.1% |
| Trade debts | 44 | €14,118 | €1,481 | -€12,637 | -89.5% |
| Suppliers | 440/4 | €14,118 | €1,481 | -€12,637 | -89.5% |
| Advances received on contracts in progress | 46 | €32,062 | €0 | -€32,062 | -100% |
| Taxes, remuneration and social security | 45 | €18,151 | €4,412 | -€13,739 | -75.7% |
| Taxes | 450/3 | €18,151 | €2,510 | -€15,641 | -86.2% |
| Remuneration and social security | 454/9 | - | €1,902 | +€1,902 | |
| Other amounts payable | 47/48 | €12,410 | €10,926 | -€1,483 | -12.0% |
| Non-recurring operating income | 76A | €7,025 | €0 | -€7,025 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,094 | €1,495 | +€401 | +36.6% |
| Other operating charges | 640/8 | €6,243 | €3,006 | -€3,237 | -51.9% |
| Gross operating margin | 9900 | €60,723 | €22,685 | -€38,038 | -62.6% |
| Operating profit (loss) | 9901 | €53,386 | €18,185 | -€35,201 | -65.9% |
| Financial income | 75/76B | €888 | €2,614 | +€1,726 | +194% |
| Recurring financial income | 75 | €888 | €2,614 | +€1,726 | +194% |
| Financial charges | 65/66B | €5,101 | €1,710 | -€3,391 | -66.5% |
| Recurring financial charges | 65 | €5,101 | €1,710 | -€3,391 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | €49,173 | €19,089 | -€30,084 | -61.2% |
| Income taxes | 67/77 | €4,610 | €4,341 | -€269 | -5.8% |
| Profit (loss) for the period | 9904 | €44,564 | €14,748 | -€29,815 | -66.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,564 | €14,748 | -€29,815 | -66.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.