VERGO: 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.
VERGO
Largest movements
- Stocks and contracts +€234,405
up €234,405 (+7.2%), from €3.3m to €3.5m
- Cash -€63,670
down €63,670 (-62.1%), from €102,489 to €38,819
mainly Short-term financial debts (-€416,379) and Contributions, distributions and other (-€300,000)
- Receivables within one year -€54,461
down €54,461 (-13.3%), from €410,411 to €355,950
of which Other amounts receivable: -€115,561
- Other debts +€733,186
up €733,186 (+101.6%), from €721,325 to €1.5m
- Short-term financial debts -€416,379
down €416,379 (-20.4%), from €2.0m to €1.6m
of which Credit institutions: -€416,379
- Reserves -€257,379
down €257,379 (-44.4%), from €580,222 to €322,843
- Trade debts +€116,348
up €116,348 (+318.0%), from €36,591 to €152,939
- Debts after one year -€63,891
down €63,891 (-18.2%), from €350,432 to €286,542
of which Other amounts payable: -€50,000
- Gross operating margin -€45,173
down €45,173 (-21.9%), from €206,684 to €161,511
- Taxes -€14,902
down €14,902 (-48.8%), from €30,538 to €15,636
- Financial charges +€9,727
up €9,727 (+10.5%), from €92,439 to €102,166
- Financial income -€4,461
down €4,461 (-98.8%), from €4,516 to €55
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 | €3,769,888 | €3,888,941 | +€119,053 | +3.2% |
| Current assets | 29/58 | €3,769,888 | €3,888,941 | +€119,053 | +3.2% |
| Stocks and contracts in progress | 3 | €3,256,988 | €3,491,393 | +€234,405 | +7.2% |
| Stocks | 30/36 | €3,256,988 | €3,491,393 | +€234,405 | +7.2% |
| Amounts receivable within one year | 40/41 | €410,411 | €355,950 | -€54,461 | -13.3% |
| Trade receivables | 40 | - | €61,100 | +€61,100 | |
| Other amounts receivable | 41 | €410,411 | €294,850 | -€115,561 | -28.2% |
| Cash at bank and in hand | 54/58 | €102,489 | €38,819 | -€63,670 | -62.1% |
| Deferred charges and accrued income | 490/1 | - | €2,779 | +€2,779 | |
| Total equity and liabilities | 10/49 | €3,769,888 | €3,888,941 | +€119,053 | +3.2% |
| Equity | 10/15 | €598,822 | €341,443 | -€257,379 | -43.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €580,222 | €322,843 | -€257,379 | -44.4% |
| Distributable reserves | 133 | €580,222 | €322,843 | -€257,379 | -44.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,171,066 | €3,547,498 | +€376,432 | +11.9% |
| Amounts payable after more than one year | 17 | €350,432 | €286,542 | -€63,891 | -18.2% |
| Financial debts | 170/4 | €246,266 | €232,375 | -€13,891 | -5.6% |
| Other amounts payable | 178/9 | €104,167 | €54,167 | -€50,000 | -48.0% |
| Amounts payable within one year | 42/48 | €2,820,634 | €3,260,956 | +€440,323 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €13,705 | €13,891 | +€185 | +1.4% |
| Financial debts | 43 | €2,042,213 | €1,625,834 | -€416,379 | -20.4% |
| Credit institutions | 430/8 | €1,992,213 | €1,575,834 | -€416,379 | -20.9% |
| Other loans | 439 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €36,591 | €152,939 | +€116,348 | +318.0% |
| Suppliers | 440/4 | €36,591 | €152,939 | +€116,348 | +318.0% |
| Taxes, remuneration and social security | 45 | €6,799 | €13,782 | +€6,983 | +102.7% |
| Taxes | 450/3 | €6,799 | €13,782 | +€6,983 | +102.7% |
| Other amounts payable | 47/48 | €721,325 | €1,454,511 | +€733,186 | +101.6% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €206,684 | €161,511 | -€45,173 | -21.9% |
| Operating profit (loss) | 9901 | €205,576 | €160,369 | -€45,207 | -22.0% |
| Financial income | 75/76B | €4,516 | €55 | -€4,461 | -98.8% |
| Recurring financial income | 75 | €4,516 | €55 | -€4,461 | -98.8% |
| Financial charges | 65/66B | €92,439 | €102,166 | +€9,727 | +10.5% |
| Recurring financial charges | 65 | €92,439 | €102,166 | +€9,727 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €117,653 | €58,258 | -€59,395 | -50.5% |
| Income taxes | 67/77 | €30,538 | €15,636 | -€14,902 | -48.8% |
| Profit (loss) for the period | 9904 | €87,115 | €42,621 | -€44,493 | -51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,115 | €42,621 | -€44,493 | -51.1% |
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 12 October 2026 via checked.be.