VG EXPERT: 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 EXPERT
Largest movements
- Tangible fixed assets +€532,477
up €532,477 (+1,449%), from €36,747 to €569,224
of which Land and buildings: +€522,969
- Cash -€49,368
down €49,368 (-79.2%), from €62,332 to €12,964
mainly Investment in fixed assets (net) (-€571,514) and Net result for the year (-€14,085)
- Receivables within one year -€18,359
down €18,359 (-56.3%), from €32,590 to €14,231
of which Trade receivables: -€13,586
- Debts after one year +€428,036
up €428,036 (+2,145%), from €19,952 to €447,988
- Other debts +€29,419
new in 2025: €29,419
- Current portion of long-term debt +€25,421
up €25,421 (+257%), from €9,897 to €35,318
- Reserves -€14,085
down €14,085 (-14.6%), from €96,617 to €82,531
- Trade debts -€7,819
down €7,819 (-77.7%), from €10,061 to €2,242
- Gross operating margin -€38,209
down €38,209 (-48.6%), from €78,546 to €40,337
- Depreciation +€28,917
up €28,917 (+286%), from €10,121 to €39,037
- Taxes -€20,385
no longer reported in 2025 (was €20,385)
- Financial charges +€12,020
up €12,020 (+967%), from €1,243 to €13,263
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 | €157,839 | €621,749 | +€463,910 | +294% |
| Fixed assets | 21/28 | €36,748 | €569,225 | +€532,477 | +1,449% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €36,747 | €569,224 | +€532,477 | +1,449% |
| Land and buildings | 22 | - | €522,969 | +€522,969 | |
| Plant, machinery and equipment | 23 | €5,374 | €4,380 | -€994 | -18.5% |
| Furniture and vehicles | 24 | €31,373 | €41,875 | +€10,502 | +33.5% |
| Current assets | 29/58 | €121,091 | €52,524 | -€68,567 | -56.6% |
| Amounts receivable after more than one year | 29 | €24,520 | €24,520 | = | 0.0% |
| Other amounts receivable | 291 | €24,520 | €24,520 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,590 | €14,231 | -€18,359 | -56.3% |
| Trade receivables | 40 | €27,817 | €14,231 | -€13,586 | -48.8% |
| Other amounts receivable | 41 | €4,772 | - | -€4,772 | |
| Cash at bank and in hand | 54/58 | €62,332 | €12,964 | -€49,368 | -79.2% |
| Deferred charges and accrued income | 490/1 | €1,650 | €809 | -€841 | -51.0% |
| Total equity and liabilities | 10/49 | €157,839 | €621,749 | +€463,910 | +294% |
| Equity | 10/15 | €97,217 | €83,131 | -€14,085 | -14.5% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Reserves | 13 | €96,617 | €82,531 | -€14,085 | -14.6% |
| Distributable reserves | 133 | €96,617 | €82,531 | -€14,085 | -14.6% |
| Amounts payable | 17/49 | €60,622 | €538,618 | +€477,995 | +788% |
| Amounts payable after more than one year | 17 | €19,952 | €447,988 | +€428,036 | +2,145% |
| Financial debts | 170/4 | €19,952 | €447,988 | +€428,036 | +2,145% |
| Amounts payable within one year | 42/48 | €40,671 | €90,630 | +€49,959 | +123% |
| Current portion of amounts payable after more than one year | 42 | €9,897 | €35,318 | +€25,421 | +257% |
| Trade debts | 44 | €10,061 | €2,242 | -€7,819 | -77.7% |
| Suppliers | 440/4 | €10,061 | €2,242 | -€7,819 | -77.7% |
| Taxes, remuneration and social security | 45 | €20,713 | €23,651 | +€2,938 | +14.2% |
| Taxes | 450/3 | €20,713 | €23,651 | +€2,938 | +14.2% |
| Other amounts payable | 47/48 | - | €29,419 | +€29,419 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,121 | €39,037 | +€28,917 | +286% |
| Other operating charges | 640/8 | €2,281 | €2,123 | -€159 | -7.0% |
| Gross operating margin | 9900 | €78,546 | €40,337 | -€38,209 | -48.6% |
| Operating profit (loss) | 9901 | €66,144 | -€823 | -€66,967 | |
| Financial income | 75/76B | €276 | €0 | -€276 | -100.0% |
| Recurring financial income | 75 | €276 | €0 | -€276 | -100.0% |
| Financial charges | 65/66B | €1,243 | €13,263 | +€12,020 | +967% |
| Recurring financial charges | 65 | €1,243 | €13,263 | +€12,020 | +967% |
| Profit (loss) for the period before taxes | 9903 | €65,177 | -€14,085 | -€79,263 | |
| Income taxes | 67/77 | €20,385 | - | -€20,385 | |
| Profit (loss) for the period | 9904 | €44,793 | -€14,085 | -€58,878 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,793 | -€14,085 | -€58,878 |
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 15 October 2026 via checked.be.