VageRo: 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.
VageRo
Largest movements
- Cash +€54,561
up €54,561 (+347%), from €15,720 to €70,282
mainly Other debts (+€103,425) and Net result for the year (+€86,581)
- Receivables within one year -€28,765
down €28,765 (-15.7%), from €183,310 to €154,545
of which Trade receivables: -€32,912
- Stocks and contracts -€7,565
down €7,565 (-45.9%), from €16,489 to €8,924
- Deferred charges and accrued income +€6,011
up €6,011 (+1,133%), from €531 to €6,541
- Other debts +€103,425
up €103,425 (+1,224%), from €8,451 to €111,876
- Trade debts -€40,325
down €40,325 (-54.3%), from €74,254 to €33,929
- Reserves -€25,295
down €25,295 (-24.3%), from €104,083 to €78,787
- Advances received -€19,530
no longer reported in 2025 (was €19,530)
- Tax, wage and social debts +€3,732
up €3,732 (+43.2%), from €8,645 to €12,377
of which Taxes: +€5,975
- Gross operating margin +€88,450
up €88,450 (+102%), from €86,551 to €175,001
- Taxes +€23,961
up €23,961 (+414%), from €5,785 to €29,746
- Staff costs +€3,898
up €3,898 (+6.8%), from €57,260 to €61,158
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 | €224,244 | €246,234 | +€21,989 | +9.8% |
| Fixed assets | 21/28 | €8,194 | €5,942 | -€2,252 | -27.5% |
| Tangible fixed assets | 22/27 | €8,194 | €5,942 | -€2,252 | -27.5% |
| Plant, machinery and equipment | 23 | €2,471 | €1,625 | -€846 | -34.2% |
| Furniture and vehicles | 24 | €5,723 | €4,317 | -€1,406 | -24.6% |
| Current assets | 29/58 | €216,050 | €240,292 | +€24,242 | +11.2% |
| Stocks and contracts in progress | 3 | €16,489 | €8,924 | -€7,565 | -45.9% |
| Stocks | 30/36 | €16,489 | €8,924 | -€7,565 | -45.9% |
| Amounts receivable within one year | 40/41 | €183,310 | €154,545 | -€28,765 | -15.7% |
| Trade receivables | 40 | €41,070 | €8,159 | -€32,912 | -80.1% |
| Other amounts receivable | 41 | €142,240 | €146,387 | +€4,147 | +2.9% |
| Cash at bank and in hand | 54/58 | €15,720 | €70,282 | +€54,561 | +347% |
| Deferred charges and accrued income | 490/1 | €531 | €6,541 | +€6,011 | +1,133% |
| Total equity and liabilities | 10/49 | €224,244 | €246,234 | +€21,989 | +9.8% |
| Equity | 10/15 | €106,583 | €81,287 | -€25,295 | -23.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €104,083 | €78,787 | -€25,295 | -24.3% |
| Distributable reserves | 133 | €104,083 | €78,787 | -€25,295 | -24.3% |
| Amounts payable | 17/49 | €117,662 | €164,946 | +€47,285 | +40.2% |
| Amounts payable within one year | 42/48 | €117,662 | €164,946 | +€47,285 | +40.2% |
| Financial debts | 43 | €6,783 | €6,765 | -€18 | -0.3% |
| Credit institutions | 430/8 | €6,783 | €6,765 | -€18 | -0.3% |
| Trade debts | 44 | €74,254 | €33,929 | -€40,325 | -54.3% |
| Suppliers | 440/4 | €74,254 | €33,929 | -€40,325 | -54.3% |
| Advances received on contracts in progress | 46 | €19,530 | - | -€19,530 | |
| Taxes, remuneration and social security | 45 | €8,645 | €12,377 | +€3,732 | +43.2% |
| Taxes | 450/3 | €4,839 | €10,814 | +€5,975 | +123% |
| Remuneration and social security | 454/9 | €3,806 | €1,563 | -€2,243 | -58.9% |
| Other amounts payable | 47/48 | €8,451 | €111,876 | +€103,425 | +1,224% |
| Remuneration, social security and pensions | 62 | €57,260 | €61,158 | +€3,898 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,345 | €2,252 | +€908 | +67.5% |
| Other operating charges | 640/8 | €1,797 | €252 | -€1,544 | -86.0% |
| Gross operating margin | 9900 | €86,551 | €175,001 | +€88,450 | +102% |
| Operating profit (loss) | 9901 | €26,150 | €111,338 | +€85,188 | +326% |
| Financial income | 75/76B | €5,743 | €5,625 | -€117 | -2.0% |
| Recurring financial income | 75 | €5,743 | €5,625 | -€117 | -2.0% |
| Financial charges | 65/66B | €812 | €637 | -€175 | -21.6% |
| Recurring financial charges | 65 | €812 | €637 | -€175 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €31,080 | €116,327 | +€85,247 | +274% |
| Income taxes | 67/77 | €5,785 | €29,746 | +€23,961 | +414% |
| Profit (loss) for the period | 9904 | €25,295 | €86,581 | +€61,285 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €25,295 | €86,581 | +€61,285 | +242% |
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 28 October 2026 via checked.be.