V.G.P.: 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.P.
Largest movements
- Tangible fixed assets +€177,652
up €177,652 (+7,671%), from €2,316 to €179,968
of which Land and buildings: +€174,381
- Receivables within one year +€119,381
up €119,381 (+144%), from €82,897 to €202,278
of which Trade receivables: +€62,882
- Cash -€16,833
down €16,833 (-30.2%), from €55,658 to €38,825
mainly Investment in fixed assets (net) (-€199,690) and Receivables within one year (-€119,381)
- Debts after one year +€124,500
new in 2025: €124,500
- Trade debts +€46,848
up €46,848 (+2,693%), from €1,739 to €48,587
- Other debts +€39,485
up €39,485 (+376%), from €10,515 to €50,000
- Tax, wage and social debts +€26,989
up €26,989 (+72.2%), from €37,361 to €64,350
- Reserves +€24,484
up €24,484 (+29.8%), from €82,103 to €106,587
of which Distributable reserves: +€24,484
- Gross operating margin -€46,933
down €46,933 (-29.8%), from €157,598 to €110,665
- Taxes -€23,928
down €23,928 (-65.1%), from €36,779 to €12,850
- Depreciation +€19,872
up €19,872 (+1,956%), from €1,016 to €20,888
- Financial income +€5,316
up €5,316 (+6,217%), from €86 to €5,402
- Financial charges +€4,438
up €4,438 (+580%), from €765 to €5,203
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 | €150,310 | €428,738 | +€278,428 | +185% |
| Fixed assets | 21/28 | €5,603 | €184,405 | +€178,802 | +3,191% |
| Tangible fixed assets | 22/27 | €2,316 | €179,968 | +€177,652 | +7,671% |
| Land and buildings | 22 | - | €174,381 | +€174,381 | |
| Plant, machinery and equipment | 23 | €1,373 | €1,935 | +€562 | +40.9% |
| Furniture and vehicles | 24 | €943 | €2,517 | +€1,574 | +167% |
| Other tangible fixed assets | 26 | - | €1,135 | +€1,135 | |
| Financial fixed assets | 28 | €3,287 | €4,437 | +€1,150 | +35.0% |
| Current assets | 29/58 | €144,707 | €244,333 | +€99,626 | +68.8% |
| Stocks and contracts in progress | 3 | €4,000 | €0 | -€4,000 | -100% |
| Stocks | 30/36 | €4,000 | €0 | -€4,000 | -100% |
| Amounts receivable within one year | 40/41 | €82,897 | €202,278 | +€119,381 | +144% |
| Trade receivables | 40 | €5,247 | €68,129 | +€62,882 | +1,199% |
| Other amounts receivable | 41 | €77,651 | €134,149 | +€56,498 | +72.8% |
| Cash at bank and in hand | 54/58 | €55,658 | €38,825 | -€16,833 | -30.2% |
| Deferred charges and accrued income | 490/1 | €2,152 | €3,230 | +€1,078 | +50.1% |
| Total equity and liabilities | 10/49 | €150,310 | €428,738 | +€278,428 | +185% |
| Equity | 10/15 | €100,695 | €125,179 | +€24,484 | +24.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €82,103 | €106,587 | +€24,484 | +29.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €82,103 | €106,587 | +€24,484 | +29.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,615 | €303,559 | +€253,944 | +512% |
| Amounts payable after more than one year | 17 | - | €124,500 | +€124,500 | |
| Financial debts | 170/4 | - | €124,500 | +€124,500 | |
| Amounts payable within one year | 42/48 | €49,615 | €179,014 | +€129,399 | +261% |
| Current portion of amounts payable after more than one year | 42 | - | €6,989 | +€6,989 | |
| Financial debts | 43 | - | €1,394 | +€1,394 | |
| Other loans | 439 | - | €1,394 | +€1,394 | |
| Trade debts | 44 | €1,739 | €48,587 | +€46,848 | +2,693% |
| Suppliers | 440/4 | €1,739 | €48,587 | +€46,848 | +2,693% |
| Advances received on contracts in progress | 46 | €0 | €7,694 | +€7,694 | |
| Taxes, remuneration and social security | 45 | €37,361 | €64,350 | +€26,989 | +72.2% |
| Taxes | 450/3 | €37,361 | €64,350 | +€26,989 | +72.2% |
| Other amounts payable | 47/48 | €10,515 | €50,000 | +€39,485 | +376% |
| Accrued charges and deferred income | 492/3 | - | €45 | +€45 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,016 | €20,888 | +€19,872 | +1,956% |
| Other operating charges | 640/8 | €4,045 | €2,641 | -€1,404 | -34.7% |
| Gross operating margin | 9900 | €157,598 | €110,665 | -€46,933 | -29.8% |
| Operating profit (loss) | 9901 | €152,536 | €87,136 | -€65,400 | -42.9% |
| Financial income | 75/76B | €86 | €5,402 | +€5,316 | +6,217% |
| Recurring financial income | 75 | €86 | €5,402 | +€5,316 | +6,217% |
| Financial charges | 65/66B | €765 | €5,203 | +€4,438 | +580% |
| Recurring financial charges | 65 | €765 | €5,203 | +€4,438 | +580% |
| Profit (loss) for the period before taxes | 9903 | €151,857 | €87,335 | -€64,522 | -42.5% |
| Income taxes | 67/77 | €36,779 | €12,850 | -€23,928 | -65.1% |
| Profit (loss) for the period | 9904 | €115,079 | €74,484 | -€40,594 | -35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €115,079 | €74,484 | -€40,594 | -35.3% |
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 21 October 2026 via checked.be.