VAGOTRANS: what changed
VAGOTRANS
Largest movements
- Receivables within one year -€131,348
down €131,348 (-88.0%), from €149,185 to €17,837
of which Trade receivables: -€99,308
- Cash -€67,370
down €67,370 (-79.5%), from €84,761 to €17,391
mainly Debts after one year (-€197,887) and Net result for the year (-€41,347)
- Tangible fixed assets -€18,736
down €18,736 (-18.8%), from €99,782 to €81,046
of which Furniture and vehicles: -€28,062
- Debts after one year -€197,887
no longer reported in 2025 (was €197,887)
of which Financial debts: -€197,887
- Profit (loss) carried forward -€41,347
new in 2025: -€41,347
- Other debts +€36,951
up €36,951 (+59.1%), from €62,477 to €99,427
- Trade debts -€14,067
down €14,067 (-91.8%), from €15,325 to €1,258
- Gross operating margin -€22,265
down €22,265, from €13,833 to -€8,433
- Staff costs -€21,673
down €21,673, from €20,706 to -€967
- Other operating charges -€8,795
down €8,795 (-88.4%), from €9,951 to €1,156
- Financial income -€957
no longer reported in 2025 (was €957)
- Depreciation +€674
up €674 (+2.4%), from €28,062 to €28,736
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €348,872 | €131,419 | -€217,454 | -62.3% |
| Fixed assets | 21/28 | €114,927 | €96,191 | -€18,736 | -16.3% |
| Tangible fixed assets | 22/27 | €99,782 | €81,046 | -€18,736 | -18.8% |
| Plant, machinery and equipment | 23 | - | €9,326 | +€9,326 | |
| Furniture and vehicles | 24 | €99,782 | €71,720 | -€28,062 | -28.1% |
| Financial fixed assets | 28 | €15,145 | €15,145 | = | 0.0% |
| Current assets | 29/58 | €233,946 | €35,228 | -€198,718 | -84.9% |
| Amounts receivable within one year | 40/41 | €149,185 | €17,837 | -€131,348 | -88.0% |
| Trade receivables | 40 | €107,911 | €8,603 | -€99,308 | -92.0% |
| Other amounts receivable | 41 | €41,274 | €9,234 | -€32,040 | -77.6% |
| Cash at bank and in hand | 54/58 | €84,761 | €17,391 | -€67,370 | -79.5% |
| Total equity and liabilities | 10/49 | €348,872 | €131,419 | -€217,454 | -62.3% |
| Equity | 10/15 | €71,654 | €30,307 | -€41,347 | -57.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €53,062 | €53,062 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,500 | €35,500 | = | 0.0% |
| Distributable reserves | 133 | €17,562 | €17,562 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€41,347 | -€41,347 | |
| Amounts payable | 17/49 | €277,219 | €101,111 | -€176,107 | -63.5% |
| Amounts payable after more than one year | 17 | €197,887 | - | -€197,887 | |
| Financial debts | 170/4 | €197,887 | - | -€197,887 | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €79,332 | €101,111 | +€21,779 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €15,325 | €1,258 | -€14,067 | -91.8% |
| Suppliers | 440/4 | €15,325 | €1,258 | -€14,067 | -91.8% |
| Taxes, remuneration and social security | 45 | €1,531 | €426 | -€1,105 | -72.2% |
| Taxes | 450/3 | €525 | €426 | -€99 | -18.8% |
| Remuneration and social security | 454/9 | €1,006 | - | -€1,006 | |
| Other amounts payable | 47/48 | €62,477 | €99,427 | +€36,951 | +59.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €20,706 | -€967 | -€21,673 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,062 | €28,736 | +€674 | +2.4% |
| Other operating charges | 640/8 | €9,951 | €1,156 | -€8,795 | -88.4% |
| Non-recurring operating charges | 66A | - | €419 | +€419 | |
| Gross operating margin | 9900 | €13,833 | -€8,433 | -€22,265 | |
| Operating profit (loss) | 9901 | -€44,886 | -€37,776 | +€7,109 | +15.8% |
| Financial income | 75/76B | €957 | - | -€957 | |
| Recurring financial income | 75 | €957 | - | -€957 | |
| Financial charges | 65/66B | €2,964 | €3,570 | +€606 | +20.4% |
| Recurring financial charges | 65 | €2,964 | €3,570 | +€606 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | -€46,893 | -€41,347 | +€5,547 | +11.8% |
| Profit (loss) for the period | 9904 | -€46,893 | -€41,347 | +€5,547 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,893 | -€41,347 | +€5,547 | +11.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.