VG CONNECTIONS: 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.
What changed
VG CONNECTIONS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€44,701
2024 · €328,149-€283,448
Equity
€2.8m
2024 · €2.8m-€299
Cash
€204,407
2024 · €212,752-€8,346
Balance sheet total
€4.2m
2024 · €5.7m-€1.6m
Largest movements
Assets
- Receivables after one year -€1.9m
down €1.9m (-100%), from €1.9m to €0
- Tangible fixed assets +€458,067
up €458,067 (+850%), from €53,919 to €511,986
of which Leasing and similar rights: +€445,837
- Receivables within one year -€79,392
down €79,392 (-90.8%), from €87,468 to €8,077
of which Other amounts receivable: -€79,392
Equity and liabilities
- Debts after one year -€1.4m
down €1.4m (-59.0%), from €2.4m to €991,363
of which Other amounts payable: -€1.6m
- Other debts -€332,838
down €332,838 (-63.3%), from €525,705 to €192,866
- Current portion of long-term debt +€158,669
new in 2025: €158,669
Income statement
- Turnover -€491,988
down €491,988 (-51.0%), from €964,622 to €472,634
- Services and other goods -€353,812
down €353,812 (-54.2%), from €653,354 to €299,541
- Depreciation +€187,752
up €187,752 (+9,023%), from €2,081 to €189,833
- Financial income +€101,996
up €101,996 (+77.3%), from €131,946 to €233,942
of which Non-recurring financial income: +€100,200
- Financial charges +€16,454
up €16,454 (+10.7%), from €154,231 to €170,685
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.
Result 2024
€328,149
Turnover
-€491,988
Services and other goods
+€353,812
Depreciation
-€187,752
Other operating charges
-€131
Other operating items
-€44,905
Financial income
+€101,996
Financial charges
-€16,454
Taxes
+€1,974
Result 2025
€44,701
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.0m
Investment
-€647,899
Financing
-€1.3m
Cash 2024
€212,752
From operations (derived)
+€2.0m
Net result for the year
+€44,701
Depreciation
+€189,833
Receivables after one year
+€1.9m
Receivables within one year
+€79,392
Smaller working-capital items
-€2,419
Trade debts
+€32,123
Other debts
-€332,838
Investment (derived)
-€647,899
Investment in fixed assets (net)
-€647,899
Financing
-€1.3m
Debts after one year
-€1.4m
Current portion of long-term debt
+€158,669
Contributions, distributions and other
-€45,000
Cash 2025
€204,407
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,745,491 | €4,176,456 | -€1.6m | -27.3% |
| Fixed assets | 21/28 | €3,493,663 | €3,951,730 | +€458,067 | +13.1% |
| Tangible fixed assets | 22/27 | €53,919 | €511,986 | +€458,067 | +850% |
| Plant, machinery and equipment | 23 | €53,919 | €66,149 | +€12,230 | +22.7% |
| Leasing and similar rights | 25 | - | €445,837 | +€445,837 | |
| Financial fixed assets | 28 | €3,439,744 | €3,439,744 | = | 0.0% |
| Affiliated companies | 280/1 | €2,439,744 | €2,439,744 | = | 0.0% |
| Participating interests | 280 | €2,439,744 | €2,439,744 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €1,000,000 | €1,000,000 | = | 0.0% |
| Participating interests | 282 | €1,000,000 | €1,000,000 | = | 0.0% |
| Current assets | 29/58 | €2,251,828 | €224,727 | -€2.0m | -90.0% |
| Amounts receivable after more than one year | 29 | €1,939,664 | €0 | -€1.9m | -100% |
| Other amounts receivable | 291 | €1,939,664 | €0 | -€1.9m | -100% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €87,468 | €8,077 | -€79,392 | -90.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €87,468 | €8,077 | -€79,392 | -90.8% |
| Cash at bank and in hand | 54/58 | €212,752 | €204,407 | -€8,346 | -3.9% |
| Deferred charges and accrued income | 490/1 | €11,944 | €12,243 | +€300 | +2.5% |
| Total equity and liabilities | 10/49 | €5,745,491 | €4,176,456 | -€1.6m | -27.3% |
| Equity | 10/15 | €2,789,034 | €2,788,735 | -€299 | 0.0% |
| Contributions | 10/11 | €1,558,740 | €1,558,740 | = | 0.0% |
| Reserves | 13 | €1,230,294 | €1,229,995 | -€299 | 0.0% |
| Non-distributable reserves | 130/1 | €155,874 | €155,874 | = | 0.0% |
| Reserves not available under the articles | 1311 | €155,874 | €155,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €100,085 | €74,263 | -€25,821 | -25.8% |
| Distributable reserves | 133 | €974,335 | €999,858 | +€25,523 | +2.6% |
| Amounts payable | 17/49 | €2,956,457 | €1,387,721 | -€1.6m | -53.1% |
| Amounts payable after more than one year | 17 | €2,415,934 | €991,363 | -€1.4m | -59.0% |
| Financial debts | 170/4 | - | €200,442 | +€200,442 | |
| Leasing and similar obligations | 172 | - | €200,442 | +€200,442 | |
| Other amounts payable | 178/9 | €2,415,934 | €790,922 | -€1.6m | -67.3% |
| Amounts payable within one year | 42/48 | €540,523 | €396,358 | -€144,165 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | - | €158,669 | +€158,669 | |
| Trade debts | 44 | €10,333 | €42,455 | +€32,123 | +311% |
| Suppliers | 440/4 | €10,333 | €42,455 | +€32,123 | +311% |
| Taxes, remuneration and social security | 45 | €4,486 | €2,367 | -€2,119 | -47.2% |
| Taxes | 450/3 | €4,486 | €2,367 | -€2,119 | -47.2% |
| Other amounts payable | 47/48 | €525,705 | €192,866 | -€332,838 | -63.3% |
| Operating income | 70/76A | €1,009,579 | €472,634 | -€536,945 | -53.2% |
| Turnover | 70 | €964,622 | €472,634 | -€491,988 | -51.0% |
| Non-recurring operating income | 76A | €44,957 | €0 | -€44,957 | -100% |
| Operating charges | 60/66A | €657,104 | €491,122 | -€165,982 | -25.3% |
| Services and other goods | 61 | €653,354 | €299,541 | -€353,812 | -54.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,081 | €189,833 | +€187,752 | +9,023% |
| Other operating charges | 640/8 | €1,617 | €1,749 | +€131 | +8.1% |
| Non-recurring operating charges | 66A | €52 | €0 | -€52 | -100% |
| Operating profit (loss) | 9901 | €352,475 | -€18,488 | -€370,963 | |
| Financial income | 75/76B | €131,946 | €233,942 | +€101,996 | +77.3% |
| Recurring financial income | 75 | €131,946 | €133,742 | +€1,796 | +1.4% |
| Income from current assets | 751 | €131,946 | €133,742 | +€1,796 | +1.4% |
| Other financial income | 752/9 | - | €0 | +€0 | |
| Non-recurring financial income | 76B | - | €100,200 | +€100,200 | |
| Financial charges | 65/66B | €154,231 | €170,685 | +€16,454 | +10.7% |
| Recurring financial charges | 65 | €154,231 | €170,685 | +€16,454 | +10.7% |
| Debt charges | 650 | €153,958 | €170,358 | +€16,400 | +10.7% |
| Other financial charges | 652/9 | €273 | €327 | +€54 | +19.8% |
| Profit (loss) for the period before taxes | 9903 | €330,190 | €44,769 | -€285,421 | -86.4% |
| Income taxes | 67/77 | €2,041 | €67 | -€1,974 | -96.7% |
| Taxes | 670/3 | €2,041 | €67 | -€1,974 | -96.7% |
| Tax adjustments and reversals of tax provisions | 77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | €328,149 | €44,701 | -€283,448 | -86.4% |
| Transfer from tax-exempt reserves | 789 | €29,606 | €25,821 | -€3,785 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €357,755 | €70,523 | -€287,232 | -80.3% |
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 28 October 2026 via checked.be.