VG: what changed
VG
Largest movements
- Cash +€91,969
up €91,969 (+43.7%), from €210,657 to €302,627
mainly Other debts (+€107,282) and Depreciation (+€62,042)
- Tangible fixed assets -€39,692
down €39,692 (-16.4%), from €242,240 to €202,548
of which Furniture and vehicles: -€21,568
- Receivables within one year +€17,752
up €17,752 (+7.4%), from €239,468 to €257,220
of which Trade receivables: +€18,704
- Other debts +€107,282
up €107,282 (+27,920%), from €384 to €107,667
- Reserves -€64,906
down €64,906 (-14.2%), from €457,341 to €392,435
- Debts after one year +€26,074
up €26,074 (+35.3%), from €73,825 to €99,900
- Current portion of long-term debt -€8,473
down €8,473 (-20.2%), from €41,899 to €33,426
- Trade debts +€7,651
up €7,651 (+15.8%), from €48,554 to €56,205
- Gross operating margin -€57,927
down €57,927 (-17.2%), from €337,268 to €279,342
- Staff costs -€16,673
down €16,673 (-9.7%), from €171,195 to €154,522
- Taxes -€13,285
down €13,285 (-46.3%), from €28,674 to €15,388
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €692,365 | €762,395 | +€70,029 | +10.1% |
| Fixed assets | 21/28 | €242,240 | €202,548 | -€39,692 | -16.4% |
| Tangible fixed assets | 22/27 | €242,240 | €202,548 | -€39,692 | -16.4% |
| Land and buildings | 22 | €149,553 | €137,552 | -€12,000 | -8.0% |
| Plant, machinery and equipment | 23 | €14,814 | €8,952 | -€5,862 | -39.6% |
| Furniture and vehicles | 24 | €77,481 | €55,914 | -€21,568 | -27.8% |
| Leasing and similar rights | 25 | €391 | €130 | -€261 | -66.7% |
| Current assets | 29/58 | €450,126 | €559,847 | +€109,721 | +24.4% |
| Amounts receivable within one year | 40/41 | €239,468 | €257,220 | +€17,752 | +7.4% |
| Trade receivables | 40 | €233,904 | €252,608 | +€18,704 | +8.0% |
| Other amounts receivable | 41 | €5,564 | €4,612 | -€953 | -17.1% |
| Cash at bank and in hand | 54/58 | €210,657 | €302,627 | +€91,969 | +43.7% |
| Total equity and liabilities | 10/49 | €692,365 | €762,395 | +€70,029 | +10.1% |
| Equity | 10/15 | €469,841 | €404,935 | -€64,906 | -13.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €457,341 | €392,435 | -€64,906 | -14.2% |
| Distributable reserves | 133 | €457,341 | €392,435 | -€64,906 | -14.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €222,524 | €357,460 | +€134,936 | +60.6% |
| Amounts payable after more than one year | 17 | €73,825 | €99,900 | +€26,074 | +35.3% |
| Financial debts | 170/4 | €73,825 | €99,900 | +€26,074 | +35.3% |
| Amounts payable within one year | 42/48 | €148,699 | €257,560 | +€108,861 | +73.2% |
| Current portion of amounts payable after more than one year | 42 | €41,899 | €33,426 | -€8,473 | -20.2% |
| Trade debts | 44 | €48,554 | €56,205 | +€7,651 | +15.8% |
| Suppliers | 440/4 | €48,554 | €56,205 | +€7,651 | +15.8% |
| Taxes, remuneration and social security | 45 | €57,862 | €60,263 | +€2,401 | +4.2% |
| Taxes | 450/3 | €37,364 | €40,341 | +€2,977 | +8.0% |
| Remuneration and social security | 454/9 | €20,498 | €19,922 | -€576 | -2.8% |
| Other amounts payable | 47/48 | €384 | €107,667 | +€107,282 | +27,920% |
| Remuneration, social security and pensions | 62 | €171,195 | €154,522 | -€16,673 | -9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,357 | €62,042 | +€1,685 | +2.8% |
| Other operating charges | 640/8 | €5,648 | €6,897 | +€1,249 | +22.1% |
| Gross operating margin | 9900 | €337,268 | €279,342 | -€57,927 | -17.2% |
| Operating profit (loss) | 9901 | €100,069 | €55,881 | -€44,188 | -44.2% |
| Financial income | 75/76B | €598 | €1 | -€597 | -99.8% |
| Recurring financial income | 75 | €598 | €1 | -€597 | -99.8% |
| Financial charges | 65/66B | €4,772 | €4,319 | -€453 | -9.5% |
| Recurring financial charges | 65 | €4,772 | €4,319 | -€453 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €95,894 | €51,563 | -€44,331 | -46.2% |
| Income taxes | 67/77 | €28,674 | €15,388 | -€13,285 | -46.3% |
| Profit (loss) for the period | 9904 | €67,220 | €36,175 | -€31,045 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,220 | €36,175 | -€31,045 | -46.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.