V.G.L.A: 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.L.A
Largest movements
- Receivables within one year +€12,248
up €12,248 (+170%), from €7,210 to €19,458
- Cash -€4,766
down €4,766 (-81.1%), from €5,873 to €1,108
mainly Net result for the year (-€23,659) and Receivables within one year (-€12,248)
- Other debts +€28,419
up €28,419 (+54.8%), from €51,817 to €80,236
- Profit (loss) carried forward -€23,659
down €23,659 (-23.6%), from -€100,316 to -€123,974
- Trade debts +€3,250
up €3,250 (+22.5%), from €14,424 to €17,674
- Short-term financial debts -€1,884
no longer reported in 2025 (was €1,884)
- Tax, wage and social debts +€1,674
up €1,674 (+48.8%), from €3,431 to €5,104
- Gross operating margin +€8,027
up €8,027 (+35.6%), from -€22,519 to -€14,492
- Depreciation -€5,184
down €5,184 (-37.6%), from €13,782 to €8,598
- Financial charges -€1,467
down €1,467 (-86.0%), from €1,705 to €239
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 | €34,180 | €41,980 | +€7,800 | +22.8% |
| Fixed assets | 21/28 | €16,177 | €16,515 | +€338 | +2.1% |
| Tangible fixed assets | 22/27 | €16,062 | €16,400 | +€338 | +2.1% |
| Plant, machinery and equipment | 23 | €5,173 | €3,804 | -€1,369 | -26.5% |
| Furniture and vehicles | 24 | €1,156 | €7,472 | +€6,316 | +546% |
| Other tangible fixed assets | 26 | €9,733 | €5,124 | -€4,610 | -47.4% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €18,002 | €25,465 | +€7,462 | +41.5% |
| Amounts receivable after more than one year | 29 | €3,895 | €3,895 | = | 0.0% |
| Other amounts receivable | 291 | €3,895 | €3,895 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,210 | €19,458 | +€12,248 | +170% |
| Trade receivables | 40 | €7,210 | €19,458 | +€12,248 | +170% |
| Cash at bank and in hand | 54/58 | €5,873 | €1,108 | -€4,766 | -81.1% |
| Deferred charges and accrued income | 490/1 | €1,023 | €1,004 | -€20 | -1.9% |
| Total equity and liabilities | 10/49 | €34,180 | €41,980 | +€7,800 | +22.8% |
| Equity | 10/15 | -€37,376 | -€61,034 | -€23,659 | -63.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €940 | €940 | = | 0.0% |
| Non-distributable reserves | 130/1 | €940 | €940 | = | 0.0% |
| Legal reserve | 130 | €940 | €940 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,316 | -€123,974 | -€23,659 | -23.6% |
| Amounts payable | 17/49 | €71,555 | €103,014 | +€31,459 | +44.0% |
| Amounts payable within one year | 42/48 | €71,555 | €103,014 | +€31,459 | +44.0% |
| Financial debts | 43 | €1,884 | - | -€1,884 | |
| Credit institutions | 430/8 | €1,884 | - | -€1,884 | |
| Trade debts | 44 | €14,424 | €17,674 | +€3,250 | +22.5% |
| Suppliers | 440/4 | €14,424 | €17,674 | +€3,250 | +22.5% |
| Taxes, remuneration and social security | 45 | €3,431 | €5,104 | +€1,674 | +48.8% |
| Taxes | 450/3 | €3,431 | €5,104 | +€1,674 | +48.8% |
| Other amounts payable | 47/48 | €51,817 | €80,236 | +€28,419 | +54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,782 | €8,598 | -€5,184 | -37.6% |
| Other operating charges | 640/8 | €246 | €190 | -€56 | -22.8% |
| Non-recurring operating charges | 66A | €156 | - | -€156 | |
| Gross operating margin | 9900 | -€22,519 | -€14,492 | +€8,027 | +35.6% |
| Operating profit (loss) | 9901 | -€36,704 | -€23,280 | +€13,424 | +36.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,705 | €239 | -€1,467 | -86.0% |
| Recurring financial charges | 65 | €1,705 | €239 | -€1,467 | -86.0% |
| Profit (loss) for the period before taxes | 9903 | -€38,409 | -€23,518 | +€14,891 | +38.8% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€38,548 | -€23,659 | +€14,890 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,548 | -€23,659 | +€14,890 | +38.6% |
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 19 October 2026 via checked.be.