V.G.O.: 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.O.
Largest movements
- Tangible fixed assets -€53,243
down €53,243 (-3.6%), from €1.5m to €1.4m
- Other debts -€149,510
down €149,510 (-34.8%), from €429,501 to €279,991
- Reserves +€95,154
up €95,154 (+9.1%), from €1.0m to €1.1m
of which Distributable reserves: +€95,154
- Gross operating margin +€24,535
up €24,535 (+10.5%), from €234,233 to €258,768
- Taxes +€7,964
up €7,964 (+21.8%), from €36,552 to €44,515
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 | €1,498,255 | €1,440,857 | -€57,399 | -3.8% |
| Fixed assets | 21/28 | €1,465,490 | €1,412,246 | -€53,243 | -3.6% |
| Tangible fixed assets | 22/27 | €1,465,490 | €1,412,246 | -€53,243 | -3.6% |
| Land and buildings | 22 | €1,465,490 | €1,412,246 | -€53,243 | -3.6% |
| Current assets | 29/58 | €32,766 | €28,610 | -€4,155 | -12.7% |
| Amounts receivable within one year | 40/41 | €18,150 | €18,150 | = | 0.0% |
| Trade receivables | 40 | €18,150 | €18,150 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,470 | €8,797 | -€4,674 | -34.7% |
| Deferred charges and accrued income | 490/1 | €1,145 | €1,664 | +€518 | +45.2% |
| Total equity and liabilities | 10/49 | €1,498,255 | €1,440,857 | -€57,399 | -3.8% |
| Equity | 10/15 | €1,052,081 | €1,147,235 | +€95,154 | +9.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Contributions outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,045,884 | €1,141,037 | +€95,154 | +9.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,044,024 | €1,139,178 | +€95,154 | +9.1% |
| Amounts payable | 17/49 | €446,175 | €293,622 | -€152,552 | -34.2% |
| Amounts payable within one year | 42/48 | €446,175 | €293,622 | -€152,552 | -34.2% |
| Taxes, remuneration and social security | 45 | €16,674 | €13,631 | -€3,042 | -18.2% |
| Taxes | 450/3 | €16,674 | €13,631 | -€3,042 | -18.2% |
| Other amounts payable | 47/48 | €429,501 | €279,991 | -€149,510 | -34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,730 | €65,585 | +€855 | +1.3% |
| Other operating charges | 640/8 | €50,806 | €51,896 | +€1,091 | +2.1% |
| Gross operating margin | 9900 | €234,233 | €258,768 | +€24,535 | +10.5% |
| Operating profit (loss) | 9901 | €118,697 | €141,287 | +€22,590 | +19.0% |
| Financial charges | 65/66B | €3,626 | €1,618 | -€2,008 | -55.4% |
| Recurring financial charges | 65 | €3,626 | €1,618 | -€2,008 | -55.4% |
| Profit (loss) for the period before taxes | 9903 | €115,071 | €139,669 | +€24,598 | +21.4% |
| Income taxes | 67/77 | €36,552 | €44,515 | +€7,964 | +21.8% |
| Profit (loss) for the period | 9904 | €78,519 | €95,154 | +€16,634 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €78,519 | €95,154 | +€16,634 | +21.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.