V.G.I.: 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.I.
Largest movements
- Tangible fixed assets -€59,037
down €59,037 (-3.1%), from €1.9m to €1.8m
of which Land and buildings: -€58,588
- Reserves -€37,025
down €37,025 (-2.0%), from €1.9m to €1.8m
of which Tax-exempt reserves: -€39,090
- Financial charges -€9,957
down €9,957 (-39.7%), from €25,107 to €15,150
- Financial income -€4,094
down €4,094 (-78.1%), from €5,241 to €1,147
- Taxes +€2,893
up €2,893 (+59.6%), from €4,854 to €7,747
- Gross operating margin +€2,251
up €2,251 (+3.3%), from €68,115 to €70,366
- Other operating charges -€1,827
down €1,827 (-15.4%), from €11,879 to €10,052
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 | €2,451,695 | €2,424,606 | -€27,089 | -1.1% |
| Fixed assets | 21/28 | €1,875,293 | €1,816,256 | -€59,037 | -3.1% |
| Tangible fixed assets | 22/27 | €1,875,109 | €1,816,072 | -€59,037 | -3.1% |
| Land and buildings | 22 | €1,874,200 | €1,815,612 | -€58,588 | -3.1% |
| Furniture and vehicles | 24 | €909 | €460 | -€450 | -49.5% |
| Financial fixed assets | 28 | €184 | €184 | = | 0.0% |
| Current assets | 29/58 | €576,402 | €608,350 | +€31,948 | +5.5% |
| Amounts receivable within one year | 40/41 | €2,634 | €149 | -€2,485 | -94.4% |
| Other amounts receivable | 41 | €2,634 | €149 | -€2,485 | -94.4% |
| Current investments | 50/53 | €540,196 | €564,676 | +€24,480 | +4.5% |
| Cash at bank and in hand | 54/58 | €33,459 | €43,486 | +€10,026 | +30.0% |
| Deferred charges and accrued income | 490/1 | €113 | €40 | -€73 | -64.6% |
| Total equity and liabilities | 10/49 | €2,451,695 | €2,424,606 | -€27,089 | -1.1% |
| Equity | 10/15 | €2,026,599 | €2,013,385 | -€13,213 | -0.7% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | - | €23,812 | +€23,812 | |
| Reserves | 13 | €1,857,047 | €1,820,021 | -€37,025 | -2.0% |
| Tax-exempt reserves | 132 | €994,665 | €955,575 | -€39,090 | -3.9% |
| Distributable reserves | 133 | €862,382 | €864,447 | +€2,065 | +0.2% |
| Profit (loss) carried forward | 14 | €108,052 | €108,052 | = | 0.0% |
| Provisions and deferred taxes | 16 | €418,256 | €403,616 | -€14,640 | -3.5% |
| Deferred taxes | 168 | €418,256 | €403,616 | -€14,640 | -3.5% |
| Amounts payable | 17/49 | €6,840 | €7,605 | +€764 | +11.2% |
| Amounts payable within one year | 42/48 | €6,840 | €7,515 | +€674 | +9.9% |
| Trade debts | 44 | €571 | €577 | +€7 | +1.1% |
| Suppliers | 440/4 | €571 | €577 | +€7 | +1.1% |
| Taxes, remuneration and social security | 45 | €5,327 | €6,042 | +€716 | +13.4% |
| Taxes | 450/3 | €915 | €1,551 | +€637 | +69.6% |
| Remuneration and social security | 454/9 | €4,412 | €4,491 | +€79 | +1.8% |
| Other amounts payable | 47/48 | €943 | €895 | -€48 | -5.1% |
| Accrued charges and deferred income | 492/3 | - | €90 | +€90 | |
| Remuneration, social security and pensions | 62 | €14,566 | €14,931 | +€365 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,533 | €61,848 | +€315 | +0.5% |
| Other operating charges | 640/8 | €11,879 | €10,052 | -€1,827 | -15.4% |
| Gross operating margin | 9900 | €68,115 | €70,366 | +€2,251 | +3.3% |
| Operating profit (loss) | 9901 | -€19,863 | -€16,466 | +€3,397 | +17.1% |
| Financial income | 75/76B | €5,241 | €1,147 | -€4,094 | -78.1% |
| Recurring financial income | 75 | €5,241 | €1,147 | -€4,094 | -78.1% |
| Financial charges | 65/66B | €25,107 | €15,150 | -€9,957 | -39.7% |
| Recurring financial charges | 65 | €25,107 | €15,150 | -€9,957 | -39.7% |
| Profit (loss) for the period before taxes | 9903 | -€39,729 | -€30,469 | +€9,260 | +23.3% |
| Transfer from deferred taxes | 780 | €14,640 | €14,640 | = | 0.0% |
| Income taxes | 67/77 | €4,854 | €7,747 | +€2,893 | +59.6% |
| Profit (loss) for the period | 9904 | -€29,942 | -€23,575 | +€6,367 | +21.3% |
| Transfer from tax-exempt reserves | 789 | €39,090 | €39,090 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,148 | €15,515 | +€6,367 | +69.6% |
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 27 October 2026 via checked.be.