Vagolog: 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.
Vagolog
Largest movements
- Cash +€47,955
up €47,955 (+21.5%), from €222,756 to €270,711
mainly Net result for the year (+€101,995) and Depreciation (+€30,370)
- Tangible fixed assets -€30,370
down €30,370 (-32.8%), from €92,713 to €62,343
of which Furniture and vehicles: -€27,253
- Receivables within one year +€9,374
up €9,374 (+26.0%), from €35,997 to €45,371
of which Trade receivables: +€10,659
- Reserves +€101,995
up €101,995 (+49.7%), from €205,300 to €307,294
- Debts after one year -€80,000
no longer reported in 2025 (was €80,000)
- Tax, wage and social debts +€13,992
up €13,992 (+36.4%), from €38,438 to €52,430
- Trade debts -€11,450
down €11,450 (-67.6%), from €16,949 to €5,499
- Other debts +€5,220
up €5,220 (+113%), from €4,605 to €9,825
- Gross operating margin +€12,635
up €12,635 (+7.6%), from €165,352 to €177,987
- Depreciation +€4,231
up €4,231 (+16.2%), from €26,138 to €30,370
- Financial charges -€1,839
down €1,839 (-39.1%), from €4,708 to €2,868
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 | €352,449 | €380,378 | +€27,929 | +7.9% |
| Fixed assets | 21/28 | €92,713 | €62,343 | -€30,370 | -32.8% |
| Tangible fixed assets | 22/27 | €92,713 | €62,343 | -€30,370 | -32.8% |
| Plant, machinery and equipment | 23 | €3,380 | €263 | -€3,117 | -92.2% |
| Furniture and vehicles | 24 | €89,333 | €62,080 | -€27,253 | -30.5% |
| Current assets | 29/58 | €259,736 | €318,035 | +€58,299 | +22.4% |
| Amounts receivable within one year | 40/41 | €35,997 | €45,371 | +€9,374 | +26.0% |
| Trade receivables | 40 | €34,712 | €45,371 | +€10,659 | +30.7% |
| Other amounts receivable | 41 | €1,285 | - | -€1,285 | |
| Cash at bank and in hand | 54/58 | €222,756 | €270,711 | +€47,955 | +21.5% |
| Deferred charges and accrued income | 490/1 | €983 | €1,952 | +€970 | +98.6% |
| Total equity and liabilities | 10/49 | €352,449 | €380,378 | +€27,929 | +7.9% |
| Equity | 10/15 | €207,800 | €309,794 | +€101,995 | +49.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €205,300 | €307,294 | +€101,995 | +49.7% |
| Distributable reserves | 133 | €205,300 | €307,294 | +€101,995 | +49.7% |
| Amounts payable | 17/49 | €144,649 | €70,584 | -€74,065 | -51.2% |
| Amounts payable after more than one year | 17 | €80,000 | - | -€80,000 | |
| Financial debts | 170/4 | €80,000 | - | -€80,000 | |
| Amounts payable within one year | 42/48 | €64,649 | €70,584 | +€5,935 | +9.2% |
| Financial debts | 43 | €4,658 | €2,831 | -€1,827 | -39.2% |
| Other loans | 439 | €4,658 | €2,831 | -€1,827 | -39.2% |
| Trade debts | 44 | €16,949 | €5,499 | -€11,450 | -67.6% |
| Suppliers | 440/4 | €16,949 | €5,499 | -€11,450 | -67.6% |
| Taxes, remuneration and social security | 45 | €38,438 | €52,430 | +€13,992 | +36.4% |
| Taxes | 450/3 | €38,438 | €52,430 | +€13,992 | +36.4% |
| Other amounts payable | 47/48 | €4,605 | €9,825 | +€5,220 | +113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,138 | €30,370 | +€4,231 | +16.2% |
| Other operating charges | 640/8 | €519 | €863 | +€344 | +66.3% |
| Gross operating margin | 9900 | €165,352 | €177,987 | +€12,635 | +7.6% |
| Operating profit (loss) | 9901 | €138,695 | €146,755 | +€8,060 | +5.8% |
| Financial income | 75/76B | €45 | €48 | +€3 | +7.5% |
| Recurring financial income | 75 | €45 | €48 | +€3 | +7.5% |
| Financial charges | 65/66B | €4,708 | €2,868 | -€1,839 | -39.1% |
| Recurring financial charges | 65 | €4,708 | €2,868 | -€1,839 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €134,032 | €143,935 | +€9,903 | +7.4% |
| Income taxes | 67/77 | €41,692 | €41,940 | +€249 | +0.6% |
| Profit (loss) for the period | 9904 | €92,340 | €101,995 | +€9,654 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €92,340 | €101,995 | +€9,654 | +10.5% |
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 23 October 2026 via checked.be.