VG-DESIGN: what changed
Two fiscal 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-DESIGN
Largest movements
- Tangible fixed assets +€54,430
up €54,430 (+11.2%), from €488,158 to €542,588
of which Furniture and vehicles: +€58,942
- Receivables within one year -€22,532
down €22,532 (-44.4%), from €50,711 to €28,178
of which Trade receivables: -€23,413
- Cash +€10,395
up €10,395 (+1147.2%), from €906 to €11,302
mainly Depreciation (+€50,498) and Net result for the year (+€32,653)
- Stocks and contracts +€9,126
up €9,126 (+155.2%), from €5,879 to €15,006
- Reserves +€32,653
up €32,653 (+95.3%), from €34,272 to €66,925
- Debts after one year +€23,260
up €23,260 (+7.5%), from €309,869 to €333,128
- Current portion of long-term debt -€11,108
down €11,108 (-32.3%), from €34,354 to €23,246
- Taxes +€6,869
up €6,869 (+1635.5%), from €420 to €7,289
- Depreciation -€4,460
down €4,460 (-8.1%), from €54,957 to €50,498
- Gross operating margin -€2,988
down €2,988 (-2.7%), from €111,787 to €108,798
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.
Cash bridge derived
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 | €572,779 | €622,486 | +€49,707 | +8.7% |
| Fixed assets | 21/28 | €513,372 | €564,903 | +€51,531 | +10.0% |
| Intangible fixed assets | 21 | €19,693 | €16,794 | -€2,899 | -14.7% |
| Tangible fixed assets | 22/27 | €488,158 | €542,588 | +€54,430 | +11.2% |
| Land and buildings | 22 | €448,392 | €448,505 | +€113 | 0.0% |
| Plant, machinery and equipment | 23 | €31,531 | €34,709 | +€3,178 | +10.1% |
| Furniture and vehicles | 24 | €432 | €59,373 | +€58,942 | +13659.7% |
| Leasing and similar rights | 25 | €7,803 | - | -€7,803 | |
| Financial fixed assets | 28 | €5,521 | €5,521 | = | 0.0% |
| Current assets | 29/58 | €59,407 | €57,583 | -€1,823 | -3.1% |
| Stocks and contracts in progress | 3 | €5,879 | €15,006 | +€9,126 | +155.2% |
| Stocks | 30/36 | €5,879 | €15,006 | +€9,126 | +155.2% |
| Amounts receivable within one year | 40/41 | €50,711 | €28,178 | -€22,532 | -44.4% |
| Trade receivables | 40 | €49,492 | €26,080 | -€23,413 | -47.3% |
| Other amounts receivable | 41 | €1,218 | €2,099 | +€880 | +72.3% |
| Cash at bank and in hand | 54/58 | €906 | €11,302 | +€10,395 | +1147.2% |
| Deferred charges and accrued income | 490/1 | €1,911 | €3,098 | +€1,187 | +62.1% |
| Total equity and liabilities | 10/49 | €572,779 | €622,486 | +€49,707 | +8.7% |
| Equity | 10/15 | €39,272 | €71,925 | +€32,653 | +83.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €34,272 | €66,925 | +€32,653 | +95.3% |
| Distributable reserves | 133 | €34,272 | €66,925 | +€32,653 | +95.3% |
| Amounts payable | 17/49 | €533,506 | €550,561 | +€17,054 | +3.2% |
| Amounts payable after more than one year | 17 | €309,869 | €333,128 | +€23,260 | +7.5% |
| Financial debts | 170/4 | €309,869 | €333,128 | +€23,260 | +7.5% |
| Amounts payable within one year | 42/48 | €223,338 | €217,432 | -€5,906 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €34,354 | €23,246 | -€11,108 | -32.3% |
| Trade debts | 44 | €22,848 | €22,869 | +€21 | +0.1% |
| Suppliers | 440/4 | €22,848 | €22,869 | +€21 | +0.1% |
| Taxes, remuneration and social security | 45 | €2,308 | €4,543 | +€2,235 | +96.9% |
| Taxes | 450/3 | €2,308 | €4,543 | +€2,235 | +96.9% |
| Other amounts payable | 47/48 | €163,828 | €166,774 | +€2,946 | +1.8% |
| Accrued charges and deferred income | 492/3 | €300 | - | -€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,957 | €50,498 | -€4,460 | -8.1% |
| Other operating charges | 640/8 | €3,178 | €3,785 | +€607 | +19.1% |
| Gross operating margin | 9900 | €111,787 | €108,798 | -€2,988 | -2.7% |
| Operating profit (loss) | 9901 | €53,652 | €54,516 | +€864 | +1.6% |
| Financial income | 75/76B | €637 | €1,722 | +€1,085 | +170.4% |
| Recurring financial income | 75 | €637 | €1,722 | +€1,085 | +170.4% |
| Financial charges | 65/66B | €15,627 | €16,295 | +€668 | +4.3% |
| Recurring financial charges | 65 | €15,627 | €16,295 | +€668 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €38,662 | €39,942 | +€1,281 | +3.3% |
| Income taxes | 67/77 | €420 | €7,289 | +€6,869 | +1635.5% |
| Profit (loss) for the period | 9904 | €38,242 | €32,653 | -€5,588 | -14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,242 | €32,653 | -€5,588 | -14.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.