VAGRO: 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.
VAGRO
Largest movements
- Tangible fixed assets -€90,678
down €90,678 (-26.0%), from €348,876 to €258,198
of which Leasing and similar rights: -€47,930
- Stocks and contracts +€42,575
up €42,575 (+93.4%), from €45,568 to €88,143
of which Contracts in progress: +€33,000
- Cash -€27,084
down €27,084 (-55.4%), from €48,898 to €21,814
mainly Trade debts (-€88,059) and Stocks and contracts (-€42,575)
- Receivables within one year -€18,679
down €18,679 (-21.6%), from €86,282 to €67,603
of which Other amounts receivable: -€26,780
- Deferred charges and accrued income +€8,483
up €8,483 (+199%), from €4,268 to €12,750
- Trade debts -€88,059
down €88,059 (-76.2%), from €115,495 to €27,436
- Debts after one year -€13,742
down €13,742 (-10.8%), from €127,279 to €113,538
- Other debts +€10,305
up €10,305 (+18.4%), from €55,880 to €66,185
- Gross operating margin -€22,014
down €22,014 (-11.0%), from €199,763 to €177,749
- Depreciation +€15,306
up €15,306 (+17.7%), from €86,451 to €101,757
- Taxes -€7,511
down €7,511 (-86.5%), from €8,683 to €1,173
- Staff costs +€6,482
up €6,482 (+12.0%), from €54,139 to €60,621
- Financial income +€3,020
up €3,020 (+1,243%), from €243 to €3,263
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 | €534,157 | €448,773 | -€85,384 | -16.0% |
| Fixed assets | 21/28 | €349,141 | €258,463 | -€90,678 | -26.0% |
| Tangible fixed assets | 22/27 | €348,876 | €258,198 | -€90,678 | -26.0% |
| Plant, machinery and equipment | 23 | €107,687 | €92,325 | -€15,362 | -14.3% |
| Furniture and vehicles | 24 | €92,925 | €70,176 | -€22,749 | -24.5% |
| Leasing and similar rights | 25 | €114,140 | €66,210 | -€47,930 | -42.0% |
| Other tangible fixed assets | 26 | €34,124 | €29,487 | -€4,637 | -13.6% |
| Financial fixed assets | 28 | €265 | €265 | = | 0.0% |
| Current assets | 29/58 | €185,016 | €190,310 | +€5,295 | +2.9% |
| Stocks and contracts in progress | 3 | €45,568 | €88,143 | +€42,575 | +93.4% |
| Stocks | 30/36 | €40,568 | €50,143 | +€9,575 | +23.6% |
| Contracts in progress | 37 | €5,000 | €38,000 | +€33,000 | +660% |
| Amounts receivable within one year | 40/41 | €86,282 | €67,603 | -€18,679 | -21.6% |
| Trade receivables | 40 | €44,412 | €52,513 | +€8,101 | +18.2% |
| Other amounts receivable | 41 | €41,870 | €15,090 | -€26,780 | -64.0% |
| Cash at bank and in hand | 54/58 | €48,898 | €21,814 | -€27,084 | -55.4% |
| Deferred charges and accrued income | 490/1 | €4,268 | €12,750 | +€8,483 | +199% |
| Total equity and liabilities | 10/49 | €534,157 | €448,773 | -€85,384 | -16.0% |
| Equity | 10/15 | €151,409 | €151,698 | +€290 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €132,809 | €133,098 | +€290 | +0.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €130,949 | €131,238 | +€290 | +0.2% |
| Amounts payable | 17/49 | €382,748 | €297,075 | -€85,673 | -22.4% |
| Amounts payable after more than one year | 17 | €127,279 | €113,538 | -€13,742 | -10.8% |
| Financial debts | 170/4 | €127,279 | €113,538 | -€13,742 | -10.8% |
| Amounts payable within one year | 42/48 | €253,833 | €181,900 | -€71,933 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €69,980 | €71,292 | +€1,312 | +1.9% |
| Trade debts | 44 | €115,495 | €27,436 | -€88,059 | -76.2% |
| Suppliers | 440/4 | €115,495 | €27,436 | -€88,059 | -76.2% |
| Taxes, remuneration and social security | 45 | €12,478 | €16,988 | +€4,510 | +36.1% |
| Taxes | 450/3 | €10,028 | €12,097 | +€2,069 | +20.6% |
| Remuneration and social security | 454/9 | €2,450 | €4,890 | +€2,440 | +99.6% |
| Other amounts payable | 47/48 | €55,880 | €66,185 | +€10,305 | +18.4% |
| Accrued charges and deferred income | 492/3 | €1,636 | €1,637 | +€1 | +0.1% |
| Remuneration, social security and pensions | 62 | €54,139 | €60,621 | +€6,482 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,451 | €101,757 | +€15,306 | +17.7% |
| Other operating charges | 640/8 | €2,038 | €2,612 | +€574 | +28.2% |
| Gross operating margin | 9900 | €199,763 | €177,749 | -€22,014 | -11.0% |
| Operating profit (loss) | 9901 | €57,135 | €12,759 | -€44,376 | -77.7% |
| Financial income | 75/76B | €243 | €3,263 | +€3,020 | +1,243% |
| Recurring financial income | 75 | €243 | €3,263 | +€3,020 | +1,243% |
| Financial charges | 65/66B | €14,354 | €14,560 | +€206 | +1.4% |
| Recurring financial charges | 65 | €14,354 | €14,560 | +€206 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €43,025 | €1,462 | -€41,562 | -96.6% |
| Income taxes | 67/77 | €8,683 | €1,173 | -€7,511 | -86.5% |
| Profit (loss) for the period | 9904 | €34,341 | €290 | -€34,052 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,341 | €290 | -€34,052 | -99.2% |
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 15 October 2026 via checked.be.