V.G.S.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.S.A.
Largest movements
- Receivables after one year +€55,000
new in 2025: €55,000
- Cash +€8,975
up €8,975 (+119%), from €7,531 to €16,506
mainly Other debts (+€53,363) and Net result for the year (+€20,308)
- Other debts +€53,363
up €53,363 (+1,249%), from €4,271 to €57,634
- Debts after one year -€34,060
down €34,060 (-32.9%), from €103,651 to €69,592
- Reserves +€20,308
up €20,308 (+59.4%), from €34,202 to €54,510
- Current portion of long-term debt +€13,434
up €13,434 (+187%), from €7,192 to €20,626
- Tax, wage and social debts +€10,567
up €10,567 (+74.3%), from €14,228 to €24,795
of which Taxes: +€5,658
- Financial income +€1,493
new in 2025: €1,493
- Gross operating margin -€1,212
down €1,212 (-4.0%), from €30,323 to €29,110
- Financial charges -€679
down €679 (-13.6%), from €5,003 to €4,324
- Depreciation +€345
up €345 (+1,047%), from €33 to €378
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 | €217,462 | €281,058 | +€63,597 | +29.2% |
| Fixed assets | 21/28 | €201,098 | €200,720 | -€378 | -0.2% |
| Tangible fixed assets | 22/27 | €1,098 | €720 | -€378 | -34.4% |
| Furniture and vehicles | 24 | €1,098 | €720 | -€378 | -34.4% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €16,364 | €80,339 | +€63,975 | +391% |
| Amounts receivable after more than one year | 29 | - | €55,000 | +€55,000 | |
| Other amounts receivable | 291 | - | €55,000 | +€55,000 | |
| Amounts receivable within one year | 40/41 | €8,833 | €8,833 | = | 0.0% |
| Trade receivables | 40 | €8,833 | €8,833 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,531 | €16,506 | +€8,975 | +119% |
| Total equity and liabilities | 10/49 | €217,462 | €281,058 | +€63,597 | +29.2% |
| Equity | 10/15 | €86,052 | €106,360 | +€20,308 | +23.6% |
| Contributions | 10/11 | €51,850 | €51,850 | = | 0.0% |
| Reserves | 13 | €34,202 | €54,510 | +€20,308 | +59.4% |
| Distributable reserves | 133 | €34,202 | €54,510 | +€20,308 | +59.4% |
| Amounts payable | 17/49 | €131,410 | €174,698 | +€43,289 | +32.9% |
| Amounts payable after more than one year | 17 | €103,651 | €69,592 | -€34,060 | -32.9% |
| Financial debts | 170/4 | €103,651 | €69,592 | -€34,060 | -32.9% |
| Amounts payable within one year | 42/48 | €26,762 | €104,130 | +€77,368 | +289% |
| Current portion of amounts payable after more than one year | 42 | €7,192 | €20,626 | +€13,434 | +187% |
| Trade debts | 44 | €1,070 | €1,075 | +€5 | +0.4% |
| Suppliers | 440/4 | €1,070 | €1,075 | +€5 | +0.4% |
| Taxes, remuneration and social security | 45 | €14,228 | €24,795 | +€10,567 | +74.3% |
| Taxes | 450/3 | €9,310 | €14,967 | +€5,658 | +60.8% |
| Remuneration and social security | 454/9 | €4,919 | €9,828 | +€4,909 | +99.8% |
| Other amounts payable | 47/48 | €4,271 | €57,634 | +€53,363 | +1,249% |
| Accrued charges and deferred income | 492/3 | €996 | €977 | -€20 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33 | €378 | +€345 | +1,047% |
| Other operating charges | 640/8 | - | €151 | +€151 | |
| Gross operating margin | 9900 | €30,323 | €29,110 | -€1,212 | -4.0% |
| Operating profit (loss) | 9901 | €30,290 | €28,582 | -€1,708 | -5.6% |
| Financial income | 75/76B | - | €1,493 | +€1,493 | |
| Recurring financial income | 75 | - | €1,493 | +€1,493 | |
| Financial charges | 65/66B | €5,003 | €4,324 | -€679 | -13.6% |
| Recurring financial charges | 65 | €5,003 | €4,324 | -€679 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €25,287 | €25,751 | +€464 | +1.8% |
| Income taxes | 67/77 | €5,196 | €5,443 | +€247 | +4.8% |
| Profit (loss) for the period | 9904 | €20,091 | €20,308 | +€217 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,091 | €20,308 | +€217 | +1.1% |
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.