VG & C: 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 & C
Largest movements
- Tangible fixed assets +€27,822
up €27,822 (+162%), from €17,179 to €45,001
of which Plant, machinery and equipment: +€20,319
- Cash +€20,439
up €20,439 (+3,561%), from €574 to €21,013
mainly Debts after one year (+€26,465) and Tax, wage and social debts (+€21,342)
- Receivables within one year -€7,530
down €7,530 (-87.3%), from €8,621 to €1,091
of which Trade receivables: -€8,595
- Stocks and contracts -€4,213
down €4,213 (-38.8%), from €10,865 to €6,652
- Deferred charges and accrued income -€1,116
down €1,116 (-74.4%), from €1,500 to €384
- Debts after one year +€26,465
new in 2025: €26,465
- Tax, wage and social debts +€21,342
up €21,342 (+4,827%), from €442 to €21,784
of which Taxes: +€11,254
- Other debts -€21,053
no longer reported in 2025 (was €21,053)
- Advances received +€12,332
new in 2025: €12,332
- Trade debts -€8,462
down €8,462 (-60.5%), from €13,977 to €5,515
- Gross operating margin +€62,239
up €62,239 (+2,202%), from €2,826 to €65,065
- Staff costs +€49,093
new in 2025: €49,093
- Depreciation +€6,336
up €6,336 (+173%), from €3,671 to €10,007
- Financial charges +€3,974
up €3,974 (+2,382%), from €167 to €4,141
- Other operating charges +€663
up €663 (+111%), from €598 to €1,261
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 | €38,740 | €74,142 | +€35,403 | +91.4% |
| Fixed assets | 21/28 | €17,179 | €45,001 | +€27,822 | +162% |
| Tangible fixed assets | 22/27 | €17,179 | €45,001 | +€27,822 | +162% |
| Plant, machinery and equipment | 23 | €1,561 | €21,880 | +€20,319 | +1,302% |
| Furniture and vehicles | 24 | €10,191 | €12,038 | +€1,847 | +18.1% |
| Other tangible fixed assets | 26 | €5,428 | €11,084 | +€5,656 | +104% |
| Current assets | 29/58 | €21,560 | €29,141 | +€7,581 | +35.2% |
| Stocks and contracts in progress | 3 | €10,865 | €6,652 | -€4,213 | -38.8% |
| Stocks | 30/36 | €10,865 | €6,652 | -€4,213 | -38.8% |
| Amounts receivable within one year | 40/41 | €8,621 | €1,091 | -€7,530 | -87.3% |
| Trade receivables | 40 | €8,595 | - | -€8,595 | |
| Other amounts receivable | 41 | €26 | €1,091 | +€1,065 | +4,093% |
| Cash at bank and in hand | 54/58 | €574 | €21,013 | +€20,439 | +3,561% |
| Deferred charges and accrued income | 490/1 | €1,500 | €384 | -€1,116 | -74.4% |
| Total equity and liabilities | 10/49 | €38,740 | €74,142 | +€35,403 | +91.4% |
| Equity | 10/15 | €3,268 | €3,646 | +€378 | +11.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,732 | -€1,354 | +€378 | +21.8% |
| Amounts payable | 17/49 | €35,472 | €70,496 | +€35,025 | +98.7% |
| Amounts payable after more than one year | 17 | - | €26,465 | +€26,465 | |
| Financial debts | 170/4 | - | €26,465 | +€26,465 | |
| Amounts payable within one year | 42/48 | €35,472 | €44,000 | +€8,528 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | - | €4,369 | +€4,369 | |
| Trade debts | 44 | €13,977 | €5,515 | -€8,462 | -60.5% |
| Suppliers | 440/4 | €13,977 | €5,515 | -€8,462 | -60.5% |
| Advances received on contracts in progress | 46 | - | €12,332 | +€12,332 | |
| Taxes, remuneration and social security | 45 | €442 | €21,784 | +€21,342 | +4,827% |
| Taxes | 450/3 | €442 | €11,696 | +€11,254 | +2,545% |
| Remuneration and social security | 454/9 | - | €10,088 | +€10,088 | |
| Other amounts payable | 47/48 | €21,053 | - | -€21,053 | |
| Accrued charges and deferred income | 492/3 | - | €31 | +€31 | |
| Non-recurring operating income | 76A | - | €6,364 | +€6,364 | |
| Remuneration, social security and pensions | 62 | - | €49,093 | +€49,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,671 | €10,007 | +€6,336 | +173% |
| Other operating charges | 640/8 | €598 | €1,261 | +€663 | +111% |
| Gross operating margin | 9900 | €2,826 | €65,065 | +€62,239 | +2,202% |
| Operating profit (loss) | 9901 | -€1,443 | €4,703 | +€6,147 | |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €167 | €4,141 | +€3,974 | +2,382% |
| Recurring financial charges | 65 | €167 | €4,141 | +€3,974 | +2,382% |
| Profit (loss) for the period before taxes | 9903 | -€1,608 | €562 | +€2,170 | |
| Income taxes | 67/77 | €125 | €184 | +€59 | +47.6% |
| Profit (loss) for the period | 9904 | -€1,732 | €378 | +€2,111 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,732 | €378 | +€2,111 |
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 13 October 2026 via checked.be.