VERGUST: 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.
VERGUST
Largest movements
- Tangible fixed assets +€477,466
up €477,466 (+117.6%), from €405,927 to €883,393
of which Assets under construction and advance payments: +€481,745
- Receivables within one year +€27,099
new in 2025: €27,099
of which Trade receivables: +€25,000
- Debts after one year +€293,834
up €293,834 (+1016.6%), from €28,903 to €322,737
- Short-term financial debts +€170,000
new in 2025: €170,000
- Other debts +€29,823
up €29,823 (+47.1%), from €63,351 to €93,175
- Current portion of long-term debt +€17,340
up €17,340 (+125.4%), from €13,826 to €31,166
- Financial charges +€7,591
up €7,591 (+172.6%), from €4,397 to €11,989
- Gross operating margin -€4,104
down €4,104 (-7.1%), from €57,766 to €53,663
- Taxes -€3,666
down €3,666 (-90.1%), from €4,067 to €401
- Depreciation +€2,335
up €2,335 (+7.0%), from €33,307 to €35,643
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 | €423,074 | €935,207 | +€512,133 | +121.1% |
| Fixed assets | 21/28 | €405,927 | €883,393 | +€477,466 | +117.6% |
| Tangible fixed assets | 22/27 | €405,927 | €883,393 | +€477,466 | +117.6% |
| Land and buildings | 22 | €327,804 | €347,476 | +€19,672 | +6.0% |
| Furniture and vehicles | 24 | €78,123 | €54,172 | -€23,951 | -30.7% |
| Assets under construction and advance payments | 27 | - | €481,745 | +€481,745 | |
| Current assets | 29/58 | €17,147 | €51,815 | +€34,667 | +202.2% |
| Amounts receivable within one year | 40/41 | - | €27,099 | +€27,099 | |
| Trade receivables | 40 | - | €25,000 | +€25,000 | |
| Other amounts receivable | 41 | - | €2,099 | +€2,099 | |
| Cash at bank and in hand | 54/58 | €8,902 | €15,036 | +€6,134 | +68.9% |
| Deferred charges and accrued income | 490/1 | €8,246 | €9,680 | +€1,435 | +17.4% |
| Total equity and liabilities | 10/49 | €423,074 | €935,207 | +€512,133 | +121.1% |
| Equity | 10/15 | €312,280 | €313,674 | +€1,394 | +0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €250,280 | €251,674 | +€1,394 | +0.6% |
| Non-distributable reserves | 130/1 | €13,796 | €13,796 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,596 | €7,596 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €234,484 | €235,878 | +€1,394 | +0.6% |
| Amounts payable | 17/49 | €110,794 | €621,533 | +€510,739 | +461.0% |
| Amounts payable after more than one year | 17 | €28,903 | €322,737 | +€293,834 | +1016.6% |
| Financial debts | 170/4 | €28,903 | €322,737 | +€293,834 | +1016.6% |
| Amounts payable within one year | 42/48 | €81,883 | €298,795 | +€216,913 | +264.9% |
| Current portion of amounts payable after more than one year | 42 | €13,826 | €31,166 | +€17,340 | +125.4% |
| Financial debts | 43 | - | €170,000 | +€170,000 | |
| Credit institutions | 430/8 | - | €170,000 | +€170,000 | |
| Trade debts | 44 | €613 | €4,220 | +€3,607 | +588.1% |
| Suppliers | 440/4 | €613 | €4,220 | +€3,607 | +588.1% |
| Taxes, remuneration and social security | 45 | €4,092 | €235 | -€3,857 | -94.2% |
| Taxes | 450/3 | €4,092 | €235 | -€3,857 | -94.2% |
| Other amounts payable | 47/48 | €63,351 | €93,175 | +€29,823 | +47.1% |
| Accrued charges and deferred income | 492/3 | €9 | €0 | -€8 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,307 | €35,643 | +€2,335 | +7.0% |
| Other operating charges | 640/8 | €4,603 | €4,236 | -€367 | -8.0% |
| Gross operating margin | 9900 | €57,766 | €53,663 | -€4,104 | -7.1% |
| Operating profit (loss) | 9901 | €19,856 | €13,784 | -€6,072 | -30.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,397 | €11,989 | +€7,591 | +172.6% |
| Recurring financial charges | 65 | €4,397 | €11,989 | +€7,591 | +172.6% |
| Profit (loss) for the period before taxes | 9903 | €15,459 | €1,796 | -€13,663 | -88.4% |
| Income taxes | 67/77 | €4,067 | €401 | -€3,666 | -90.1% |
| Profit (loss) for the period | 9904 | €11,392 | €1,394 | -€9,998 | -87.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,392 | €1,394 | -€9,998 | -87.8% |
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.