VAG-Center: 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.
VAG-Center
Largest movements
- Cash -€46,317
down €46,317 (-64.5%), from €71,830 to €25,513
mainly Contributions, distributions and other (-€41,666) and Investment in fixed assets (net) (-€36,842)
- Stocks and contracts +€23,301
up €23,301 (+54.5%), from €42,751 to €66,052
- Tangible fixed assets +€18,848
up €18,848 (+47.8%), from €39,399 to €58,246
of which Other tangible fixed assets: +€12,316
- Receivables within one year -€3,337
down €3,337 (-54.2%), from €6,161 to €2,823
of which Trade receivables: -€3,344
- Other debts -€8,222
down €8,222 (-11.8%), from €69,484 to €61,262
- Reserves +€4,167
up €4,167 (+7.0%), from €59,255 to €63,422
- Tax, wage and social debts -€3,414
down €3,414 (-17.5%), from €19,492 to €16,077
- Gross operating margin +€8,293
up €8,293 (+11.0%), from €75,269 to €83,562
- Taxes +€3,774
up €3,774 (+30.3%), from €12,439 to €16,213
- Depreciation +€3,460
up €3,460 (+23.8%), from €14,535 to €17,994
- Write-downs +€1,490
new in 2025: €1,490
- Other operating charges -€876
down €876 (-29.5%), from €2,967 to €2,092
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 | €160,640 | €153,135 | -€7,505 | -4.7% |
| Fixed assets | 21/28 | €39,899 | €58,746 | +€18,848 | +47.2% |
| Tangible fixed assets | 22/27 | €39,399 | €58,246 | +€18,848 | +47.8% |
| Plant, machinery and equipment | 23 | €12,070 | €8,419 | -€3,651 | -30.2% |
| Furniture and vehicles | 24 | €25,925 | €36,107 | +€10,182 | +39.3% |
| Other tangible fixed assets | 26 | €1,404 | €13,720 | +€12,316 | +878% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €120,741 | €94,388 | -€26,353 | -21.8% |
| Stocks and contracts in progress | 3 | €42,751 | €66,052 | +€23,301 | +54.5% |
| Stocks | 30/36 | €42,751 | €66,052 | +€23,301 | +54.5% |
| Amounts receivable within one year | 40/41 | €6,161 | €2,823 | -€3,337 | -54.2% |
| Trade receivables | 40 | €6,161 | €2,817 | -€3,344 | -54.3% |
| Other amounts receivable | 41 | - | €6 | +€6 | |
| Cash at bank and in hand | 54/58 | €71,830 | €25,513 | -€46,317 | -64.5% |
| Total equity and liabilities | 10/49 | €160,640 | €153,135 | -€7,505 | -4.7% |
| Equity | 10/15 | €64,255 | €68,422 | +€4,167 | +6.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €59,255 | €63,422 | +€4,167 | +7.0% |
| Distributable reserves | 133 | €59,255 | €63,422 | +€4,167 | +7.0% |
| Amounts payable | 17/49 | €96,386 | €84,713 | -€11,673 | -12.1% |
| Amounts payable within one year | 42/48 | €96,386 | €84,713 | -€11,673 | -12.1% |
| Trade debts | 44 | €7,410 | €7,373 | -€37 | -0.5% |
| Suppliers | 440/4 | €7,410 | €7,373 | -€37 | -0.5% |
| Taxes, remuneration and social security | 45 | €19,492 | €16,077 | -€3,414 | -17.5% |
| Taxes | 450/3 | €19,492 | €16,077 | -€3,414 | -17.5% |
| Other amounts payable | 47/48 | €69,484 | €61,262 | -€8,222 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,535 | €17,994 | +€3,460 | +23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,490 | +€1,490 | |
| Other operating charges | 640/8 | €2,967 | €2,092 | -€876 | -29.5% |
| Gross operating margin | 9900 | €75,269 | €83,562 | +€8,293 | +11.0% |
| Operating profit (loss) | 9901 | €57,767 | €61,986 | +€4,219 | +7.3% |
| Financial income | 75/76B | €86 | €108 | +€22 | +26.1% |
| Recurring financial income | 75 | €86 | €108 | +€22 | +26.1% |
| Financial charges | 65/66B | €46 | €48 | +€1 | +2.9% |
| Recurring financial charges | 65 | €46 | €48 | +€1 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €57,806 | €62,046 | +€4,240 | +7.3% |
| Income taxes | 67/77 | €12,439 | €16,213 | +€3,774 | +30.3% |
| Profit (loss) for the period | 9904 | €45,367 | €45,833 | +€466 | +1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,367 | €45,833 | +€466 | +1.0% |
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 24 October 2026 via checked.be.