VAGO: 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.
VAGO
Largest movements
- Tangible fixed assets -€311,244
down €311,244 (-9.6%), from €3.2m to €2.9m
of which Land and buildings: -€298,904
- Deferred charges and accrued income -€87,425
down €87,425 (-87.6%), from €99,747 to €12,321
- Debts after one year -€127,966
down €127,966 (-2.6%), from €5.0m to €4.9m
of which Financial debts: -€199,196
- Accrued charges and deferred income -€116,643
down €116,643 (-99.8%), from €116,847 to €205
- Profit (loss) carried forward -€107,342
down €107,342 (-4.5%), from -€2.4m to -€2.5m
- Trade debts -€90,160
down €90,160 (-57.7%), from €156,257 to €66,098
- Other operating charges -€170,490
down €170,490 (-93.7%), from €181,884 to €11,394
- Gross operating margin +€131,698
up €131,698 (+33.6%), from €391,802 to €523,500
- Financial charges +€127,662
up €127,662 (+50.6%), from €252,172 to €379,834
- Depreciation +€24,050
up €24,050 (+7.9%), from €303,959 to €328,008
- Financial income -€8,148
down €8,148 (-8.4%), from €96,542 to €88,394
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 | €7,715,786 | €7,269,353 | -€446,433 | -5.8% |
| Fixed assets | 21/28 | €4,430,051 | €4,118,807 | -€311,244 | -7.0% |
| Tangible fixed assets | 22/27 | €3,249,092 | €2,937,849 | -€311,244 | -9.6% |
| Land and buildings | 22 | €3,134,448 | €2,835,544 | -€298,904 | -9.5% |
| Plant, machinery and equipment | 23 | €7,472 | €19,229 | +€11,757 | +157% |
| Other tangible fixed assets | 26 | €107,172 | €83,076 | -€24,097 | -22.5% |
| Financial fixed assets | 28 | €1,180,958 | €1,180,958 | = | 0.0% |
| Current assets | 29/58 | €3,285,735 | €3,150,546 | -€135,189 | -4.1% |
| Amounts receivable after more than one year | 29 | €2,857,830 | €2,837,059 | -€20,771 | -0.7% |
| Other amounts receivable | 291 | €2,857,830 | €2,837,059 | -€20,771 | -0.7% |
| Amounts receivable within one year | 40/41 | €328,159 | €285,723 | -€42,437 | -12.9% |
| Trade receivables | 40 | €328,159 | €285,723 | -€42,437 | -12.9% |
| Cash at bank and in hand | 54/58 | - | €15,444 | +€15,444 | |
| Deferred charges and accrued income | 490/1 | €99,747 | €12,321 | -€87,425 | -87.6% |
| Total equity and liabilities | 10/49 | €7,715,786 | €7,269,353 | -€446,433 | -5.8% |
| Equity | 10/15 | -€1,373,012 | -€1,480,354 | -€107,342 | -7.8% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | - | €1,000,000 | +€1.0m | |
| Issued capital | 100 | - | €1,000,000 | +€1.0m | |
| Profit (loss) carried forward | 14 | -€2,373,012 | -€2,480,354 | -€107,342 | -4.5% |
| Amounts payable | 17/49 | €9,088,798 | €8,749,707 | -€339,090 | -3.7% |
| Amounts payable after more than one year | 17 | €4,988,086 | €4,860,119 | -€127,966 | -2.6% |
| Financial debts | 170/4 | €2,952,952 | €2,753,757 | -€199,196 | -6.7% |
| Other amounts payable | 178/9 | €2,035,133 | €2,106,363 | +€71,230 | +3.5% |
| Amounts payable within one year | 42/48 | €3,983,865 | €3,889,383 | -€94,481 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €191,978 | €199,196 | +€7,218 | +3.8% |
| Financial debts | 43 | €1,561,635 | €1,600,000 | +€38,366 | +2.5% |
| Credit institutions | 430/8 | €1,561,635 | €1,600,000 | +€38,366 | +2.5% |
| Trade debts | 44 | €156,257 | €66,098 | -€90,160 | -57.7% |
| Suppliers | 440/4 | €156,257 | €66,098 | -€90,160 | -57.7% |
| Taxes, remuneration and social security | 45 | €130,939 | €92,952 | -€37,988 | -29.0% |
| Taxes | 450/3 | €130,939 | €92,952 | -€37,988 | -29.0% |
| Other amounts payable | 47/48 | €1,943,056 | €1,931,138 | -€11,918 | -0.6% |
| Accrued charges and deferred income | 492/3 | €116,847 | €205 | -€116,643 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €303,959 | €328,008 | +€24,050 | +7.9% |
| Other operating charges | 640/8 | €181,884 | €11,394 | -€170,490 | -93.7% |
| Gross operating margin | 9900 | €391,802 | €523,500 | +€131,698 | +33.6% |
| Operating profit (loss) | 9901 | -€94,041 | €184,098 | +€278,139 | |
| Financial income | 75/76B | €96,542 | €88,394 | -€8,148 | -8.4% |
| Recurring financial income | 75 | €96,542 | €88,394 | -€8,148 | -8.4% |
| Financial charges | 65/66B | €252,172 | €379,834 | +€127,662 | +50.6% |
| Recurring financial charges | 65 | €252,172 | €379,834 | +€127,662 | +50.6% |
| Profit (loss) for the period before taxes | 9903 | -€249,670 | -€107,342 | +€142,328 | +57.0% |
| Profit (loss) for the period | 9904 | -€249,670 | -€107,342 | +€142,328 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€249,670 | -€107,342 | +€142,328 | +57.0% |
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 14 October 2026 via checked.be.