VAGSTUDIO: 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.
VAGSTUDIO
Largest movements
- Cash +€119,454
up €119,454 (+541.9%), from €22,043 to €141,497
mainly Net result for the year (+€90,349) and Tax, wage and social debts (+€39,659)
- Receivables within one year -€18,433
down €18,433 (-99.6%), from €18,511 to €78
of which Trade receivables: -€15,372
- Tangible fixed assets -€8,251
down €8,251 (-1.3%), from €643,109 to €634,858
of which Land and buildings: -€13,391
- Reserves +€58,000
up €58,000 (+52.3%), from €110,860 to €168,860
of which Distributable reserves: +€58,000
- Tax, wage and social debts +€39,659
up €39,659 (+236.4%), from €16,776 to €56,435
- Debts after one year -€23,638
down €23,638 (-4.8%), from €490,935 to €467,297
- Other debts +€13,640
up €13,640 (+492.9%), from €2,767 to €16,406
- Gross operating margin +€76,473
up €76,473 (+75.7%), from €101,023 to €177,496
- Taxes +€25,860
up €25,860 (+182.0%), from €14,209 to €40,069
- Depreciation +€4,622
up €4,622 (+17.0%), from €27,230 to €31,852
- Staff costs -€1,838
no longer reported in 2025 (was €1,838)
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 | €692,881 | €784,074 | +€91,192 | +13.2% |
| Fixed assets | 21/28 | €643,109 | €634,858 | -€8,251 | -1.3% |
| Tangible fixed assets | 22/27 | €643,109 | €634,858 | -€8,251 | -1.3% |
| Land and buildings | 22 | €626,295 | €612,904 | -€13,391 | -2.1% |
| Furniture and vehicles | 24 | €9,076 | €15,065 | +€5,989 | +66.0% |
| Other tangible fixed assets | 26 | €7,738 | €6,889 | -€849 | -11.0% |
| Current assets | 29/58 | €49,773 | €149,216 | +€99,443 | +199.8% |
| Amounts receivable within one year | 40/41 | €18,511 | €78 | -€18,433 | -99.6% |
| Trade receivables | 40 | €15,450 | €78 | -€15,372 | -99.5% |
| Other amounts receivable | 41 | €3,060 | - | -€3,060 | |
| Current investments | 50/53 | €8,732 | €7,641 | -€1,091 | -12.5% |
| Cash at bank and in hand | 54/58 | €22,043 | €141,497 | +€119,454 | +541.9% |
| Deferred charges and accrued income | 490/1 | €487 | - | -€487 | |
| Total equity and liabilities | 10/49 | €692,881 | €784,074 | +€91,192 | +13.2% |
| Equity | 10/15 | €158,296 | €216,645 | +€58,349 | +36.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €110,860 | €168,860 | +€58,000 | +52.3% |
| 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 | €109,000 | €167,000 | +€58,000 | +53.2% |
| Profit (loss) carried forward | 14 | €35,036 | €35,385 | +€349 | +1.0% |
| Amounts payable | 17/49 | €534,586 | €567,429 | +€32,843 | +6.1% |
| Amounts payable after more than one year | 17 | €490,935 | €467,297 | -€23,638 | -4.8% |
| Financial debts | 170/4 | €490,935 | €467,297 | -€23,638 | -4.8% |
| Amounts payable within one year | 42/48 | €43,651 | €100,132 | +€56,481 | +129.4% |
| Current portion of amounts payable after more than one year | 42 | €23,126 | €23,638 | +€512 | +2.2% |
| Trade debts | 44 | €982 | €3,653 | +€2,671 | +271.9% |
| Suppliers | 440/4 | €982 | €3,653 | +€2,671 | +271.9% |
| Taxes, remuneration and social security | 45 | €16,776 | €56,435 | +€39,659 | +236.4% |
| Taxes | 450/3 | €16,776 | €56,435 | +€39,659 | +236.4% |
| Other amounts payable | 47/48 | €2,767 | €16,406 | +€13,640 | +492.9% |
| Remuneration, social security and pensions | 62 | €1,838 | - | -€1,838 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,230 | €31,852 | +€4,622 | +17.0% |
| Other operating charges | 640/8 | €1,794 | €2,844 | +€1,050 | +58.5% |
| Gross operating margin | 9900 | €101,023 | €177,496 | +€76,473 | +75.7% |
| Operating profit (loss) | 9901 | €70,161 | €142,800 | +€72,639 | +103.5% |
| Financial income | 75/76B | €346 | - | -€346 | |
| Recurring financial income | 75 | €346 | - | -€346 | |
| Financial charges | 65/66B | €11,712 | €12,382 | +€670 | +5.7% |
| Recurring financial charges | 65 | €11,712 | €11,290 | -€421 | -3.6% |
| Non-recurring financial charges | 66B | - | €1,091 | +€1,091 | |
| Profit (loss) for the period before taxes | 9903 | €58,795 | €130,418 | +€71,623 | +121.8% |
| Income taxes | 67/77 | €14,209 | €40,069 | +€25,860 | +182.0% |
| Profit (loss) for the period | 9904 | €44,585 | €90,349 | +€45,764 | +102.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,585 | €90,349 | +€45,764 | +102.6% |
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 8 October 2026 via checked.be.