V.GAN: 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.GAN
Largest movements
- Stocks and contracts -€19,713
down €19,713 (-49.8%), from €39,609 to €19,896
- Tangible fixed assets -€2,377
down €2,377 (-26.4%), from €9,010 to €6,633
of which Other tangible fixed assets: -€1,814
- Receivables within one year -€1,481
down €1,481 (-14.1%), from €10,511 to €9,030
- Cash -€1,322
down €1,322 (-7.3%), from €18,094 to €16,772
mainly Net result for the year (-€59,718) and Deferred charges and accrued income (-€1,070)
- Deferred charges and accrued income +€1,070
up €1,070 (+171%), from €627 to €1,698
- Profit (loss) carried forward -€59,718
down €59,718 (-20.4%), from -€292,776 to -€352,494
- Trade debts +€17,879
up €17,879 (+196%), from €9,144 to €27,023
- Debts after one year +€13,724
up €13,724 (+3.9%), from €348,522 to €362,246
- Tax, wage and social debts +€4,291
up €4,291 (+764%), from €562 to €4,853
of which Remuneration and social security: +€4,291
- Gross operating margin -€76,592
down €76,592, from €33,922 to -€42,669
- Staff costs -€6,130
down €6,130 (-32.5%), from €18,845 to €12,714
- Financial charges +€1,260
up €1,260 (+124%), from €1,020 to €2,280
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 | €77,851 | €54,028 | -€23,823 | -30.6% |
| Fixed assets | 21/28 | €9,010 | €6,633 | -€2,377 | -26.4% |
| Tangible fixed assets | 22/27 | €9,010 | €6,633 | -€2,377 | -26.4% |
| Furniture and vehicles | 24 | €2,206 | €1,643 | -€563 | -25.5% |
| Other tangible fixed assets | 26 | €6,804 | €4,990 | -€1,814 | -26.7% |
| Current assets | 29/58 | €68,841 | €47,395 | -€21,446 | -31.2% |
| Stocks and contracts in progress | 3 | €39,609 | €19,896 | -€19,713 | -49.8% |
| Stocks | 30/36 | €39,609 | €19,896 | -€19,713 | -49.8% |
| Amounts receivable within one year | 40/41 | €10,511 | €9,030 | -€1,481 | -14.1% |
| Other amounts receivable | 41 | €10,511 | €9,030 | -€1,481 | -14.1% |
| Cash at bank and in hand | 54/58 | €18,094 | €16,772 | -€1,322 | -7.3% |
| Deferred charges and accrued income | 490/1 | €627 | €1,698 | +€1,070 | +171% |
| Total equity and liabilities | 10/49 | €77,851 | €54,028 | -€23,823 | -30.6% |
| Equity | 10/15 | -€280,376 | -€340,094 | -€59,718 | -21.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€292,776 | -€352,494 | -€59,718 | -20.4% |
| Amounts payable | 17/49 | €358,227 | €394,122 | +€35,895 | +10.0% |
| Amounts payable after more than one year | 17 | €348,522 | €362,246 | +€13,724 | +3.9% |
| Financial debts | 170/4 | €348,522 | €362,246 | +€13,724 | +3.9% |
| Amounts payable within one year | 42/48 | €9,706 | €31,876 | +€22,171 | +228% |
| Trade debts | 44 | €9,144 | €27,023 | +€17,879 | +196% |
| Suppliers | 440/4 | €9,144 | €27,023 | +€17,879 | +196% |
| Taxes, remuneration and social security | 45 | €562 | €4,853 | +€4,291 | +764% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €562 | €4,853 | +€4,291 | +764% |
| Remuneration, social security and pensions | 62 | €18,845 | €12,714 | -€6,130 | -32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,377 | €2,377 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €11,070 | €0 | -€11,070 | -100% |
| Gross operating margin | 9900 | €33,922 | -€42,669 | -€76,592 | |
| Operating profit (loss) | 9901 | €1,243 | -€58,161 | -€59,404 | |
| Financial income | 75/76B | €691 | €723 | +€32 | +4.7% |
| Recurring financial income | 75 | €691 | €723 | +€32 | +4.7% |
| Financial charges | 65/66B | €1,020 | €2,280 | +€1,260 | +124% |
| Recurring financial charges | 65 | €1,020 | €2,280 | +€1,260 | +124% |
| Profit (loss) for the period before taxes | 9903 | €914 | -€59,718 | -€60,631 | |
| Profit (loss) for the period | 9904 | €914 | -€59,718 | -€60,631 | |
| Profit (loss) for the period to be appropriated | 9905 | €914 | -€59,718 | -€60,631 |
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.