VG Business: 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 Business
Largest movements
- Tangible fixed assets +€126,522
up €126,522 (+62.3%), from €203,073 to €329,595
of which Assets under construction and advance payments: +€133,571
- Receivables within one year +€39,513
up €39,513 (+33.3%), from €118,707 to €158,221
of which Trade receivables: +€96,741
- Stocks and contracts +€29,177
new in 2025: €29,177
- Cash -€7,669
down €7,669 (-13.0%), from €58,877 to €51,208
mainly Contributions, distributions and other (-€144,630) and Investment in fixed assets (net) (-€136,748)
- Reserves -€137,384
down €137,384 (-59.7%), from €230,171 to €92,788
- Debts after one year +€118,951
up €118,951 (+115%), from €103,500 to €222,451
- Other debts +€108,013
up €108,013 (+12,967%), from €833 to €108,846
- Trade debts +€89,874
up €89,874 (+767%), from €11,723 to €101,597
- Tax, wage and social debts +€10,221
up €10,221 (+49.3%), from €20,750 to €30,971
of which Taxes: +€12,919
- Gross operating margin -€75,818
down €75,818 (-67.1%), from €112,963 to €37,146
- Taxes -€16,669
down €16,669 (-75.4%), from €22,116 to €5,447
- Financial income -€3,468
down €3,468 (-94.5%), from €3,669 to €201
- Other operating charges +€1,420
up €1,420 (+91.9%), from €1,545 to €2,964
- Depreciation +€1,154
up €1,154 (+13.5%), from €8,573 to €9,727
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.
Derived cash bridge
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 | €383,682 | €574,408 | +€190,726 | +49.7% |
| Fixed assets | 21/28 | €203,073 | €330,095 | +€127,022 | +62.5% |
| Tangible fixed assets | 22/27 | €203,073 | €329,595 | +€126,522 | +62.3% |
| Land and buildings | 22 | €158,977 | €155,841 | -€3,135 | -2.0% |
| Plant, machinery and equipment | 23 | €2,396 | €1,515 | -€881 | -36.8% |
| Furniture and vehicles | 24 | €6,741 | €4,567 | -€2,174 | -32.3% |
| Other tangible fixed assets | 26 | €34,959 | €34,101 | -€858 | -2.5% |
| Assets under construction and advance payments | 27 | - | €133,571 | +€133,571 | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €180,609 | €244,313 | +€63,704 | +35.3% |
| Stocks and contracts in progress | 3 | - | €29,177 | +€29,177 | |
| Stocks | 30/36 | - | €29,177 | +€29,177 | |
| Amounts receivable within one year | 40/41 | €118,707 | €158,221 | +€39,513 | +33.3% |
| Trade receivables | 40 | €37,453 | €134,194 | +€96,741 | +258% |
| Other amounts receivable | 41 | €81,254 | €24,026 | -€57,228 | -70.4% |
| Cash at bank and in hand | 54/58 | €58,877 | €51,208 | -€7,669 | -13.0% |
| Deferred charges and accrued income | 490/1 | €3,024 | €5,707 | +€2,682 | +88.7% |
| Total equity and liabilities | 10/49 | €383,682 | €574,408 | +€190,726 | +49.7% |
| Equity | 10/15 | €233,171 | €95,788 | -€137,384 | -58.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €230,171 | €92,788 | -€137,384 | -59.7% |
| Distributable reserves | 133 | €230,171 | €92,788 | -€137,384 | -59.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €150,511 | €478,620 | +€328,110 | +218% |
| Amounts payable after more than one year | 17 | €103,500 | €222,451 | +€118,951 | +115% |
| Financial debts | 170/4 | €103,500 | €222,451 | +€118,951 | +115% |
| Amounts payable within one year | 42/48 | €47,011 | €256,169 | +€209,159 | +445% |
| Current portion of amounts payable after more than one year | 42 | €13,500 | €13,500 | = | 0.0% |
| Financial debts | 43 | €205 | €1,255 | +€1,050 | +513% |
| Credit institutions | 430/8 | €205 | €1,255 | +€1,050 | +513% |
| Trade debts | 44 | €11,723 | €101,597 | +€89,874 | +767% |
| Suppliers | 440/4 | €11,723 | €101,597 | +€89,874 | +767% |
| Taxes, remuneration and social security | 45 | €20,750 | €30,971 | +€10,221 | +49.3% |
| Taxes | 450/3 | €18,052 | €30,971 | +€12,919 | +71.6% |
| Remuneration and social security | 454/9 | €2,698 | €0 | -€2,698 | -100% |
| Other amounts payable | 47/48 | €833 | €108,846 | +€108,013 | +12,967% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,573 | €9,727 | +€1,154 | +13.5% |
| Other operating charges | 640/8 | €1,545 | €2,964 | +€1,420 | +91.9% |
| Gross operating margin | 9900 | €112,963 | €37,146 | -€75,818 | -67.1% |
| Operating profit (loss) | 9901 | €102,846 | €24,455 | -€78,391 | -76.2% |
| Financial income | 75/76B | €3,669 | €201 | -€3,468 | -94.5% |
| Recurring financial income | 75 | €3,669 | €201 | -€3,468 | -94.5% |
| Financial charges | 65/66B | €11,634 | €11,962 | +€328 | +2.8% |
| Recurring financial charges | 65 | €11,634 | €11,962 | +€328 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €94,880 | €12,693 | -€82,187 | -86.6% |
| Income taxes | 67/77 | €22,116 | €5,447 | -€16,669 | -75.4% |
| Profit (loss) for the period | 9904 | €72,765 | €7,247 | -€65,518 | -90.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,765 | €7,247 | -€65,518 | -90.0% |
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 30 October 2026 via checked.be.