VAG Master: 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 Master
Largest movements
- Receivables within one year +€11,249
up €11,249 (+69.8%), from €16,118 to €27,367
of which Other amounts receivable: +€10,031
- Cash +€2,875
up €2,875 (+105%), from €2,745 to €5,620
mainly Net result for the year (+€12,564) and Tax, wage and social debts (+€1,079)
- Deferred charges and accrued income +€1,090
new in 2025: €1,090
- Tangible fixed assets -€667
down €667 (-38.3%), from €1,742 to €1,075
of which Plant, machinery and equipment: -€333
- Profit (loss) carried forward +€12,564
up €12,564 (+108%), from €11,663 to €24,227
- Tax, wage and social debts +€1,079
up €1,079 (+15.1%), from €7,125 to €8,204
- Trade debts +€904
up €904 (+52.7%), from €1,715 to €2,620
- Gross operating margin +€1,520
up €1,520 (+10.3%), from €14,735 to €16,256
- Taxes +€722
up €722 (+23.5%), from €3,075 to €3,797
- Financial income +€649
up €649 (+147%), from €441 to €1,090
- Depreciation +€408
up €408 (+158%), from €259 to €667
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 | €20,604 | €35,151 | +€14,547 | +70.6% |
| Fixed assets | 21/28 | €1,742 | €1,075 | -€667 | -38.3% |
| Tangible fixed assets | 22/27 | €1,742 | €1,075 | -€667 | -38.3% |
| Plant, machinery and equipment | 23 | €878 | €544 | -€333 | -38.0% |
| Furniture and vehicles | 24 | €864 | €531 | -€333 | -38.6% |
| Current assets | 29/58 | €18,862 | €34,076 | +€15,214 | +80.7% |
| Amounts receivable within one year | 40/41 | €16,118 | €27,367 | +€11,249 | +69.8% |
| Trade receivables | 40 | €1,570 | €2,788 | +€1,218 | +77.6% |
| Other amounts receivable | 41 | €14,548 | €24,579 | +€10,031 | +69.0% |
| Cash at bank and in hand | 54/58 | €2,745 | €5,620 | +€2,875 | +105% |
| Deferred charges and accrued income | 490/1 | - | €1,090 | +€1,090 | |
| Total equity and liabilities | 10/49 | €20,604 | €35,151 | +€14,547 | +70.6% |
| Equity | 10/15 | €11,763 | €24,327 | +€12,564 | +107% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,663 | €24,227 | +€12,564 | +108% |
| Amounts payable | 17/49 | €8,841 | €10,824 | +€1,983 | +22.4% |
| Amounts payable within one year | 42/48 | €8,841 | €10,824 | +€1,983 | +22.4% |
| Trade debts | 44 | €1,715 | €2,620 | +€904 | +52.7% |
| Suppliers | 440/4 | €1,715 | €2,620 | +€904 | +52.7% |
| Taxes, remuneration and social security | 45 | €7,125 | €8,204 | +€1,079 | +15.1% |
| Taxes | 450/3 | €7,125 | €8,204 | +€1,079 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259 | €667 | +€408 | +158% |
| Other operating charges | 640/8 | €124 | €127 | +€2 | +2.0% |
| Gross operating margin | 9900 | €14,735 | €16,256 | +€1,520 | +10.3% |
| Operating profit (loss) | 9901 | €14,353 | €15,462 | +€1,110 | +7.7% |
| Financial income | 75/76B | €441 | €1,090 | +€649 | +147% |
| Recurring financial income | 75 | €441 | €1,090 | +€649 | +147% |
| Financial charges | 65/66B | €56 | €191 | +€135 | +241% |
| Recurring financial charges | 65 | €56 | €191 | +€135 | +241% |
| Profit (loss) for the period before taxes | 9903 | €14,738 | €16,361 | +€1,623 | +11.0% |
| Income taxes | 67/77 | €3,075 | €3,797 | +€722 | +23.5% |
| Profit (loss) for the period | 9904 | €11,663 | €12,564 | +€901 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,663 | €12,564 | +€901 | +7.7% |
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 18 October 2026 via checked.be.