VG Consult: 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 Consult
Largest movements
- Financial fixed assets +€3.0m
up €3.0m (+85.9%), from €3.5m to €6.5m
- Current investments -€213,750
down €213,750 (-41.9%), from €509,682 to €295,932
- Tangible fixed assets +€144,746
up €144,746 (+22.3%), from €650,000 to €794,746
of which Leasing and similar rights: +€137,480
- Reserves +€1.7m
up €1.7m (+105%), from €1.6m to €3.3m
of which Non-distributable reserves: +€1.2m
- Debts after one year +€923,319
up €923,319 (+131%), from €704,590 to €1.6m
of which Other amounts payable: +€839,000
- Other debts +€246,236
up €246,236 (+88.8%), from €277,275 to €523,511
- Financial income +€1.7m
up €1.7m (+1,334%), from €127,621 to €1.8m
of which Non-recurring financial income: +€1.2m
- Taxes +€77,698
up €77,698 (+131%), from €59,282 to €136,980
- Financial charges +€50,134
up €50,134 (+107%), from €46,943 to €97,077
- Gross operating margin -€39,960
down €39,960 (-21.3%), from €187,776 to €147,816
- Other operating charges +€9,787
up €9,787 (+95.0%), from €10,302 to €20,089
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 | €4,695,935 | €7,618,549 | +€2.9m | +62.2% |
| Fixed assets | 21/28 | €4,122,096 | €7,247,832 | +€3.1m | +75.8% |
| Tangible fixed assets | 22/27 | €650,000 | €794,746 | +€144,746 | +22.3% |
| Land and buildings | 22 | €650,000 | €650,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | - | €7,266 | +€7,266 | |
| Leasing and similar rights | 25 | - | €137,480 | +€137,480 | |
| Financial fixed assets | 28 | €3,472,096 | €6,453,086 | +€3.0m | +85.9% |
| Current assets | 29/58 | €573,839 | €370,717 | -€203,122 | -35.4% |
| Amounts receivable within one year | 40/41 | €52,786 | €16,981 | -€35,805 | -67.8% |
| Trade receivables | 40 | €52,786 | €16,963 | -€35,823 | -67.9% |
| Other amounts receivable | 41 | - | €18 | +€18 | |
| Current investments | 50/53 | €509,682 | €295,932 | -€213,750 | -41.9% |
| Cash at bank and in hand | 54/58 | €11,371 | €54,129 | +€42,758 | +376% |
| Deferred charges and accrued income | 490/1 | - | €3,675 | +€3,675 | |
| Total equity and liabilities | 10/49 | €4,695,935 | €7,618,549 | +€2.9m | +62.2% |
| Equity | 10/15 | €3,638,880 | €5,329,162 | +€1.7m | +46.5% |
| Contributions | 10/11 | €2,023,433 | €2,023,433 | = | 0.0% |
| Reserves | 13 | €1,613,695 | €3,303,695 | +€1.7m | +105% |
| Non-distributable reserves | 130/1 | - | €1,170,000 | +€1.2m | |
| Other | 1319 | - | €1,170,000 | +€1.2m | |
| Distributable reserves | 133 | €1,613,695 | €2,133,695 | +€520,000 | +32.2% |
| Profit (loss) carried forward | 14 | €1,752 | €2,034 | +€282 | +16.1% |
| Amounts payable | 17/49 | €1,057,055 | €2,289,387 | +€1.2m | +117% |
| Amounts payable after more than one year | 17 | €704,590 | €1,627,909 | +€923,319 | +131% |
| Financial debts | 170/4 | €73,090 | €157,409 | +€84,319 | +115% |
| Other amounts payable | 178/9 | €631,500 | €1,470,500 | +€839,000 | +133% |
| Amounts payable within one year | 42/48 | €352,150 | €658,038 | +€305,888 | +86.9% |
| Current portion of amounts payable after more than one year | 42 | - | €50,391 | +€50,391 | |
| Financial debts | 43 | €27,459 | €30,000 | +€2,541 | +9.3% |
| Credit institutions | 430/8 | €24,459 | - | -€24,459 | |
| Other loans | 439 | €3,000 | €30,000 | +€27,000 | +900% |
| Trade debts | 44 | €338 | €796 | +€458 | +136% |
| Suppliers | 440/4 | €338 | €796 | +€458 | +136% |
| Taxes, remuneration and social security | 45 | €47,078 | €53,340 | +€6,262 | +13.3% |
| Taxes | 450/3 | €47,078 | €53,340 | +€6,262 | +13.3% |
| Other amounts payable | 47/48 | €277,275 | €523,511 | +€246,236 | +88.8% |
| Accrued charges and deferred income | 492/3 | €315 | €3,440 | +€3,125 | +992% |
| Non-recurring operating income | 76A | €27,149 | - | -€27,149 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,013 | +€8,013 | |
| Other operating charges | 640/8 | €10,302 | €20,089 | +€9,787 | +95.0% |
| Gross operating margin | 9900 | €187,776 | €147,816 | -€39,960 | -21.3% |
| Operating profit (loss) | 9901 | €177,474 | €119,714 | -€57,760 | -32.5% |
| Financial income | 75/76B | €127,621 | €1,830,275 | +€1.7m | +1,334% |
| Recurring financial income | 75 | €127,621 | €659,281 | +€531,660 | +417% |
| Non-recurring financial income | 76B | - | €1,170,994 | +€1.2m | |
| Financial charges | 65/66B | €46,943 | €97,077 | +€50,134 | +107% |
| Recurring financial charges | 65 | €46,943 | €97,077 | +€50,134 | +107% |
| Profit (loss) for the period before taxes | 9903 | €258,152 | €1,852,912 | +€1.6m | +618% |
| Income taxes | 67/77 | €59,282 | €136,980 | +€77,698 | +131% |
| Profit (loss) for the period | 9904 | €198,870 | €1,715,932 | +€1.5m | +763% |
| Transfer from tax-exempt reserves | 789 | €34,922 | - | -€34,922 | |
| Profit (loss) for the period to be appropriated | 9905 | €233,792 | €1,715,932 | +€1.5m | +634% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.