VBGL: 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.
VBGL
Largest movements
- Cash -€133,833
down €133,833 (-40.9%), from €327,519 to €193,686
mainly Other debts (-€122,784) and Receivables within one year (-€13,731)
- Receivables within one year +€13,731
new in 2025: €13,731
of which Other amounts receivable: +€13,421
- Tangible fixed assets -€7,070
down €7,070 (-26.5%), from €26,647 to €19,577
of which Land and buildings: -€6,626
- Other debts -€122,784
down €122,784 (-97.9%), from €125,388 to €2,604
- Tax, wage and social debts -€10,451
down €10,451 (-43.6%), from €23,961 to €13,509
- Gross operating margin -€59,850
down €59,850 (-81.2%), from €73,664 to €13,814
- Financial income -€25,308
down €25,308 (-70.5%), from €35,901 to €10,593
- Taxes -€20,123
down €20,123 (-69.7%), from €28,873 to €8,750
- Depreciation -€1,075
down €1,075 (-13.2%), from €8,145 to €7,070
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 | €704,210 | €577,215 | -€126,995 | -18.0% |
| Fixed assets | 21/28 | €26,647 | €19,577 | -€7,070 | -26.5% |
| Tangible fixed assets | 22/27 | €26,647 | €19,577 | -€7,070 | -26.5% |
| Land and buildings | 22 | €25,426 | €18,800 | -€6,626 | -26.1% |
| Plant, machinery and equipment | 23 | €1,222 | €778 | -€444 | -36.3% |
| Current assets | 29/58 | €677,563 | €557,638 | -€119,925 | -17.7% |
| Amounts receivable within one year | 40/41 | - | €13,731 | +€13,731 | |
| Trade receivables | 40 | - | €310 | +€310 | |
| Other amounts receivable | 41 | - | €13,421 | +€13,421 | |
| Current investments | 50/53 | €346,706 | €346,706 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €327,519 | €193,686 | -€133,833 | -40.9% |
| Deferred charges and accrued income | 490/1 | €3,338 | €3,515 | +€177 | +5.3% |
| Total equity and liabilities | 10/49 | €704,210 | €577,215 | -€126,995 | -18.0% |
| Equity | 10/15 | €552,517 | €559,511 | +€6,993 | +1.3% |
| Contributions | 10/11 | €33,628 | €33,628 | = | 0.0% |
| Reserves | 13 | €518,889 | €525,883 | +€6,993 | +1.3% |
| Distributable reserves | 133 | €518,889 | €525,883 | +€6,993 | +1.3% |
| Amounts payable | 17/49 | €151,693 | €17,705 | -€133,989 | -88.3% |
| Amounts payable within one year | 42/48 | €151,693 | €17,705 | -€133,989 | -88.3% |
| Trade debts | 44 | €2,345 | €1,591 | -€753 | -32.1% |
| Suppliers | 440/4 | €2,345 | €1,591 | -€753 | -32.1% |
| Taxes, remuneration and social security | 45 | €23,961 | €13,509 | -€10,451 | -43.6% |
| Taxes | 450/3 | €23,961 | €13,509 | -€10,451 | -43.6% |
| Other amounts payable | 47/48 | €125,388 | €2,604 | -€122,784 | -97.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,145 | €7,070 | -€1,075 | -13.2% |
| Other operating charges | 640/8 | €457 | €550 | +€92 | +20.2% |
| Gross operating margin | 9900 | €73,664 | €13,814 | -€59,850 | -81.2% |
| Operating profit (loss) | 9901 | €65,061 | €6,194 | -€58,867 | -90.5% |
| Financial income | 75/76B | €35,901 | €10,593 | -€25,308 | -70.5% |
| Recurring financial income | 75 | €35,901 | €10,593 | -€25,308 | -70.5% |
| Financial charges | 65/66B | €859 | €1,044 | +€185 | +21.5% |
| Recurring financial charges | 65 | €859 | €1,044 | +€185 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €100,103 | €15,744 | -€84,359 | -84.3% |
| Income taxes | 67/77 | €28,873 | €8,750 | -€20,123 | -69.7% |
| Profit (loss) for the period | 9904 | €71,230 | €6,993 | -€64,237 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,230 | €6,993 | -€64,237 | -90.2% |
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 5 October 2026 via checked.be.