VG: 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.
VG
Largest movements
- Receivables within one year -€36,796
down €36,796 (-80.7%), from €45,622 to €8,826
of which Other amounts receivable: -€31,396
- Tangible fixed assets -€15,219
down €15,219 (-16.6%), from €91,734 to €76,515
of which Furniture and vehicles: -€19,965
- Financial fixed assets +€3,150
new in 2025: €3,150
- Cash +€2,878
up €2,878 (+13.4%), from €21,474 to €24,352
mainly Depreciation (+€43,698) and Receivables within one year (+€36,796)
- Profit (loss) carried forward -€30,528
down €30,528 (-70.6%), from €43,264 to €12,735
- Debts after one year -€13,695
down €13,695 (-37.6%), from €36,454 to €22,758
- Other debts -€2,525
down €2,525 (-6.0%), from €42,155 to €39,631
- Tax, wage and social debts -€2,301
down €2,301 (-54.8%), from €4,201 to €1,900
- Gross operating margin -€55,408
down €55,408 (-68.9%), from €80,413 to €25,005
- Depreciation +€33,426
up €33,426 (+325.4%), from €10,272 to €43,698
- Financial charges +€931
up €931 (+76.6%), from €1,215 to €2,146
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 | €162,924 | €115,815 | -€47,109 | -28.9% |
| Fixed assets | 21/28 | €91,734 | €79,665 | -€12,069 | -13.2% |
| Tangible fixed assets | 22/27 | €91,734 | €76,515 | -€15,219 | -16.6% |
| Plant, machinery and equipment | 23 | - | €5,000 | +€5,000 | |
| Furniture and vehicles | 24 | €89,235 | €69,269 | -€19,965 | -22.4% |
| Other tangible fixed assets | 26 | €2,499 | €2,246 | -€253 | -10.1% |
| Financial fixed assets | 28 | - | €3,150 | +€3,150 | |
| Current assets | 29/58 | €71,190 | €36,150 | -€35,040 | -49.2% |
| Amounts receivable within one year | 40/41 | €45,622 | €8,826 | -€36,796 | -80.7% |
| Trade receivables | 40 | €5,400 | - | -€5,400 | |
| Other amounts receivable | 41 | €40,222 | €8,826 | -€31,396 | -78.1% |
| Cash at bank and in hand | 54/58 | €21,474 | €24,352 | +€2,878 | +13.4% |
| Deferred charges and accrued income | 490/1 | €4,094 | €2,972 | -€1,122 | -27.4% |
| Total equity and liabilities | 10/49 | €162,924 | €115,815 | -€47,109 | -28.9% |
| Equity | 10/15 | €66,715 | €36,187 | -€30,528 | -45.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,859 | €4,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,264 | €12,735 | -€30,528 | -70.6% |
| Amounts payable | 17/49 | €96,209 | €79,628 | -€16,581 | -17.2% |
| Amounts payable after more than one year | 17 | €36,454 | €22,758 | -€13,695 | -37.6% |
| Financial debts | 170/4 | €36,454 | €22,758 | -€13,695 | -37.6% |
| Amounts payable within one year | 42/48 | €59,755 | €56,870 | -€2,885 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €13,193 | €13,695 | +€502 | +3.8% |
| Trade debts | 44 | €206 | €1,644 | +€1,438 | +698.5% |
| Suppliers | 440/4 | €206 | €1,644 | +€1,438 | +698.5% |
| Taxes, remuneration and social security | 45 | €4,201 | €1,900 | -€2,301 | -54.8% |
| Taxes | 450/3 | €4,201 | €1,900 | -€2,301 | -54.8% |
| Other amounts payable | 47/48 | €42,155 | €39,631 | -€2,525 | -6.0% |
| Non-recurring operating income | 76A | €2,893 | - | -€2,893 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,272 | €43,698 | +€33,426 | +325.4% |
| Other operating charges | 640/8 | €5,363 | €4,756 | -€607 | -11.3% |
| Non-recurring operating charges | 66A | - | €3,091 | +€3,091 | |
| Gross operating margin | 9900 | €80,413 | €25,005 | -€55,408 | -68.9% |
| Operating profit (loss) | 9901 | €64,778 | -€26,540 | -€91,318 | |
| Financial charges | 65/66B | €1,215 | €2,146 | +€931 | +76.6% |
| Recurring financial charges | 65 | €1,215 | €2,146 | +€931 | +76.6% |
| Profit (loss) for the period before taxes | 9903 | €63,562 | -€28,686 | -€92,249 | |
| Income taxes | 67/77 | €2,602 | €1,842 | -€759 | -29.2% |
| Profit (loss) for the period | 9904 | €60,961 | -€30,528 | -€91,489 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,961 | -€30,528 | -€91,489 |
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 9 October 2026 via checked.be.