V.G. CONNECT: 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. CONNECT
Largest movements
- Deferred charges and accrued income +€2,390
up €2,390 (+169%), from €1,410 to €3,800
- Receivables within one year -€2,311
down €2,311 (-57.5%), from €4,021 to €1,710
of which Trade receivables: -€2,462
- Tangible fixed assets -€1,399
down €1,399 (-5.4%), from €25,827 to €24,428
of which Plant, machinery and equipment: -€1,844
- Cash -€1,052
down €1,052 (-16.2%), from €6,492 to €5,440
mainly Tax, wage and social debts (-€6,104) and Investment in fixed assets (net) (-€2,549)
- Intangible fixed assets -€866
down €866 (-38.5%), from €2,251 to €1,385
- Tax, wage and social debts -€6,104
down €6,104 (-86.3%), from €7,070 to €966
- Trade debts +€1,341
up €1,341 (+65.9%), from €2,034 to €3,375
- Other debts +€973
up €973 (+8.9%), from €10,942 to €11,915
- Accrued charges and deferred income +€812
new in 2025: €812
- Gross operating margin -€20,795
down €20,795 (-68.5%), from €30,350 to €9,554
- Taxes -€6,104
down €6,104 (-86.3%), from €7,070 to €966
- Depreciation +€1,953
up €1,953 (+68.3%), from €2,860 to €4,813
- Other operating charges +€774
up €774 (+76.3%), from €1,014 to €1,788
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 | €40,002 | €36,764 | -€3,238 | -8.1% |
| Fixed assets | 21/28 | €28,078 | €25,813 | -€2,265 | -8.1% |
| Intangible fixed assets | 21 | €2,251 | €1,385 | -€866 | -38.5% |
| Tangible fixed assets | 22/27 | €25,827 | €24,428 | -€1,399 | -5.4% |
| Land and buildings | 22 | €1,129 | €4,015 | +€2,886 | +256% |
| Plant, machinery and equipment | 23 | €8,229 | €6,385 | -€1,844 | -22.4% |
| Furniture and vehicles | 24 | €4,163 | €2,785 | -€1,377 | -33.1% |
| Other tangible fixed assets | 26 | €12,307 | €11,243 | -€1,064 | -8.6% |
| Current assets | 29/58 | €11,924 | €10,951 | -€973 | -8.2% |
| Amounts receivable within one year | 40/41 | €4,021 | €1,710 | -€2,311 | -57.5% |
| Trade receivables | 40 | €2,831 | €369 | -€2,462 | -87.0% |
| Other amounts receivable | 41 | €1,190 | €1,341 | +€151 | +12.7% |
| Cash at bank and in hand | 54/58 | €6,492 | €5,440 | -€1,052 | -16.2% |
| Deferred charges and accrued income | 490/1 | €1,410 | €3,800 | +€2,390 | +169% |
| Total equity and liabilities | 10/49 | €40,002 | €36,764 | -€3,238 | -8.1% |
| Equity | 10/15 | €19,956 | €19,695 | -€260 | -1.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,956 | €16,695 | -€260 | -1.5% |
| Amounts payable | 17/49 | €20,046 | €17,068 | -€2,978 | -14.9% |
| Amounts payable within one year | 42/48 | €20,046 | €16,256 | -€3,790 | -18.9% |
| Trade debts | 44 | €2,034 | €3,375 | +€1,341 | +65.9% |
| Suppliers | 440/4 | €2,034 | €3,375 | +€1,341 | +65.9% |
| Taxes, remuneration and social security | 45 | €7,070 | €966 | -€6,104 | -86.3% |
| Taxes | 450/3 | €7,070 | €966 | -€6,104 | -86.3% |
| Other amounts payable | 47/48 | €10,942 | €11,915 | +€973 | +8.9% |
| Accrued charges and deferred income | 492/3 | - | €812 | +€812 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,860 | €4,813 | +€1,953 | +68.3% |
| Other operating charges | 640/8 | €1,014 | €1,788 | +€774 | +76.3% |
| Gross operating margin | 9900 | €30,350 | €9,554 | -€20,795 | -68.5% |
| Operating profit (loss) | 9901 | €26,476 | €2,953 | -€23,522 | -88.8% |
| Financial income | 75/76B | €0 | €2 | +€1 | +329% |
| Recurring financial income | 75 | €0 | €2 | +€1 | +329% |
| Financial charges | 65/66B | €733 | €531 | -€202 | -27.5% |
| Recurring financial charges | 65 | €733 | €531 | -€202 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €25,744 | €2,424 | -€23,319 | -90.6% |
| Income taxes | 67/77 | €7,070 | €966 | -€6,104 | -86.3% |
| Profit (loss) for the period | 9904 | €18,674 | €1,458 | -€17,216 | -92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,674 | €1,458 | -€17,216 | -92.2% |
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 19 October 2026 via checked.be.