VAGO: what changed
Two fiscal 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
- Cash -€46,836
down €46,836 (-43.3%), from €108,166 to €61,330
mainly Investment in fixed assets (net) (-€79,838) and Receivables within one year (-€27,489)
- Financial fixed assets +€40,000
new in 2025: €40,000
- Tangible fixed assets +€37,811
up €37,811 (+4948.2%), from €764 to €38,575
of which Plant, machinery and equipment: +€32,184
- Receivables within one year +€27,489
up €27,489 (+102.5%), from €26,815 to €54,304
of which Trade receivables: +€28,543
- Intangible fixed assets -€7,500
down €7,500 (-13.5%), from €55,603 to €48,103
- Debts after one year +€32,546
new in 2025: €32,546
- Other debts +€10,678
new in 2025: €10,678
- Current portion of long-term debt +€5,030
new in 2025: €5,030
- Trade debts +€2,489
up €2,489 (+265.0%), from €939 to €3,428
- Tax, wage and social debts +€2,438
up €2,438 (+19.2%), from €12,684 to €15,122
of which Remuneration and social security: +€2,100
- Financial charges +€61,675
up €61,675 (+134.1%), from €46,008 to €107,683
- Gross operating margin +€14,061
up €14,061 (+13.7%), from €102,918 to €116,979
- Taxes -€10,390
down €10,390 (-92.0%), from €11,296 to €906
- Depreciation +€1,891
up €1,891 (+24.8%), from €7,636 to €9,527
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.
Cash bridge derived
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 | €191,347 | €242,312 | +€50,965 | +26.6% |
| Fixed assets | 21/28 | €56,367 | €126,678 | +€70,311 | +124.7% |
| Intangible fixed assets | 21 | €55,603 | €48,103 | -€7,500 | -13.5% |
| Tangible fixed assets | 22/27 | €764 | €38,575 | +€37,811 | +4948.2% |
| Plant, machinery and equipment | 23 | - | €32,184 | +€32,184 | |
| Furniture and vehicles | 24 | €764 | €6,391 | +€5,627 | +736.4% |
| Financial fixed assets | 28 | - | €40,000 | +€40,000 | |
| Current assets | 29/58 | €134,981 | €115,634 | -€19,347 | -14.3% |
| Amounts receivable within one year | 40/41 | €26,815 | €54,304 | +€27,489 | +102.5% |
| Trade receivables | 40 | €12,959 | €41,503 | +€28,543 | +220.3% |
| Other amounts receivable | 41 | €13,856 | €12,802 | -€1,054 | -7.6% |
| Cash at bank and in hand | 54/58 | €108,166 | €61,330 | -€46,836 | -43.3% |
| Total equity and liabilities | 10/49 | €191,347 | €242,312 | +€50,965 | +26.6% |
| Equity | 10/15 | €177,724 | €175,508 | -€2,217 | -1.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €174,724 | €172,508 | -€2,217 | -1.3% |
| Amounts payable | 17/49 | €13,623 | €66,804 | +€53,181 | +390.4% |
| Amounts payable after more than one year | 17 | - | €32,546 | +€32,546 | |
| Financial debts | 170/4 | - | €32,546 | +€32,546 | |
| Amounts payable within one year | 42/48 | €13,623 | €34,258 | +€20,635 | +151.5% |
| Current portion of amounts payable after more than one year | 42 | - | €5,030 | +€5,030 | |
| Trade debts | 44 | €939 | €3,428 | +€2,489 | +265.0% |
| Suppliers | 440/4 | €939 | €3,428 | +€2,489 | +265.0% |
| Taxes, remuneration and social security | 45 | €12,684 | €15,122 | +€2,438 | +19.2% |
| Taxes | 450/3 | €10,684 | €11,022 | +€338 | +3.2% |
| Remuneration and social security | 454/9 | €2,000 | €4,100 | +€2,100 | +105.0% |
| Other amounts payable | 47/48 | - | €10,678 | +€10,678 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,636 | €9,527 | +€1,891 | +24.8% |
| Other operating charges | 640/8 | €1,059 | €1,093 | +€33 | +3.1% |
| Gross operating margin | 9900 | €102,918 | €116,979 | +€14,061 | +13.7% |
| Operating profit (loss) | 9901 | €94,223 | €106,359 | +€12,137 | +12.9% |
| Financial income | 75/76B | €0 | €13 | +€13 | +6123.8% |
| Recurring financial income | 75 | €0 | €13 | +€13 | +6123.8% |
| Financial charges | 65/66B | €46,008 | €107,683 | +€61,675 | +134.1% |
| Recurring financial charges | 65 | €46,008 | €107,683 | +€61,675 | +134.1% |
| Profit (loss) for the period before taxes | 9903 | €48,215 | -€1,311 | -€49,525 | |
| Income taxes | 67/77 | €11,296 | €906 | -€10,390 | -92.0% |
| Profit (loss) for the period | 9904 | €36,918 | -€2,217 | -€39,135 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,918 | -€2,217 | -€39,135 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.