VG EQUITIES: 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 EQUITIES
Largest movements
- Cash +€13,328
up €13,328 (+10.6%), from €125,680 to €139,007
mainly Net result for the year (+€179,509) and Receivables within one year (+€12,100)
- Receivables within one year -€12,100
down €12,100 (-25.0%), from €48,400 to €36,300
- Reserves +€179,509
up €179,509 (+99.1%), from €181,182 to €360,691
- Other debts -€151,590
down €151,590 (-74.8%), from €202,657 to €51,067
- Debts after one year -€27,491
down €27,491 (-11.0%), from €249,730 to €222,239
No income-statement line moved by more than 1% of the activity.
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 | €694,407 | €696,322 | +€1,915 | +0.3% |
| Fixed assets | 21/28 | €520,327 | €521,015 | +€688 | +0.1% |
| Tangible fixed assets | 22/27 | €20,327 | €21,015 | +€688 | +3.4% |
| Plant, machinery and equipment | 23 | €12,721 | €13,177 | +€456 | +3.6% |
| Furniture and vehicles | 24 | €3,298 | €4,166 | +€867 | +26.3% |
| Other tangible fixed assets | 26 | €4,308 | €3,672 | -€636 | -14.8% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €174,080 | €175,307 | +€1,228 | +0.7% |
| Amounts receivable within one year | 40/41 | €48,400 | €36,300 | -€12,100 | -25.0% |
| Trade receivables | 40 | €48,400 | €36,300 | -€12,100 | -25.0% |
| Cash at bank and in hand | 54/58 | €125,680 | €139,007 | +€13,328 | +10.6% |
| Total equity and liabilities | 10/49 | €694,407 | €696,322 | +€1,915 | +0.3% |
| Equity | 10/15 | €183,682 | €363,191 | +€179,509 | +97.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €181,182 | €360,691 | +€179,509 | +99.1% |
| Distributable reserves | 133 | €181,182 | €360,691 | +€179,509 | +99.1% |
| Amounts payable | 17/49 | €510,725 | €333,131 | -€177,593 | -34.8% |
| Amounts payable after more than one year | 17 | €249,730 | €222,239 | -€27,491 | -11.0% |
| Financial debts | 170/4 | €249,730 | €222,239 | -€27,491 | -11.0% |
| Amounts payable within one year | 42/48 | €260,994 | €110,892 | -€150,102 | -57.5% |
| Current portion of amounts payable after more than one year | 42 | €26,620 | €27,491 | +€871 | +3.3% |
| Trade debts | 44 | €387 | €0 | -€387 | -100.0% |
| Suppliers | 440/4 | €387 | €0 | -€387 | -100.0% |
| Taxes, remuneration and social security | 45 | €31,329 | €32,334 | +€1,004 | +3.2% |
| Taxes | 450/3 | €31,329 | €29,291 | -€2,039 | -6.5% |
| Remuneration and social security | 454/9 | - | €3,043 | +€3,043 | |
| Other amounts payable | 47/48 | €202,657 | €51,067 | -€151,590 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,099 | €4,421 | +€2,322 | +110.6% |
| Gross operating margin | 9900 | €255,194 | €253,034 | -€2,160 | -0.8% |
| Operating profit (loss) | 9901 | €253,094 | €248,613 | -€4,481 | -1.8% |
| Financial charges | 65/66B | €9,326 | €8,676 | -€649 | -7.0% |
| Recurring financial charges | 65 | €9,326 | €8,676 | -€649 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €243,769 | €239,937 | -€3,832 | -1.6% |
| Income taxes | 67/77 | €62,586 | €60,428 | -€2,158 | -3.4% |
| Profit (loss) for the period | 9904 | €181,182 | €179,509 | -€1,674 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €181,182 | €179,509 | -€1,674 | -0.9% |
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 8 October 2026 via checked.be.