VG FINANCE: 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 FINANCE
Largest movements
- Cash +€135,958
up €135,958 (+390%), from €34,871 to €170,829
mainly Current investments (+€125,000) and Net result for the year (+€59,725)
- Current investments -€125,000
no longer reported in 2025 (was €125,000)
- Tangible fixed assets +€7,771
up €7,771 (+2.2%), from €352,925 to €360,696
of which Furniture and vehicles: +€4,821
- Financial fixed assets -€6,200
down €6,200 (-55.4%), from €11,200 to €5,000
- Other debts +€28,570
up €28,570 (+4,716%), from €606 to €29,176
- Debts after one year -€22,100
down €22,100 (-10.3%), from €213,925 to €191,825
- Tax, wage and social debts +€5,501
up €5,501 (+150%), from €3,675 to €9,176
- Financial income +€40,012
up €40,012 (+1,142%), from €3,503 to €43,515
- Staff costs -€15,359
down €15,359 (-14.8%), from €104,122 to €88,763
- Gross operating margin +€7,294
up €7,294 (+4.8%), from €151,956 to €159,249
- Financial charges +€5,886
up €5,886 (+131%), from €4,495 to €10,381
- Depreciation +€4,698
up €4,698 (+19.0%), from €24,745 to €29,443
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 | €532,795 | €548,971 | +€16,176 | +3.0% |
| Fixed assets | 21/28 | €364,125 | €365,696 | +€1,571 | +0.4% |
| Tangible fixed assets | 22/27 | €352,925 | €360,696 | +€7,771 | +2.2% |
| Land and buildings | 22 | €11,454 | €10,031 | -€1,424 | -12.4% |
| Furniture and vehicles | 24 | €50,696 | €55,517 | +€4,821 | +9.5% |
| Assets under construction and advance payments | 27 | €290,775 | €295,149 | +€4,373 | +1.5% |
| Financial fixed assets | 28 | €11,200 | €5,000 | -€6,200 | -55.4% |
| Current assets | 29/58 | €168,670 | €183,275 | +€14,605 | +8.7% |
| Amounts receivable within one year | 40/41 | €8,713 | €12,357 | +€3,644 | +41.8% |
| Other amounts receivable | 41 | €8,713 | €12,357 | +€3,644 | +41.8% |
| Current investments | 50/53 | €125,000 | - | -€125,000 | |
| Cash at bank and in hand | 54/58 | €34,871 | €170,829 | +€135,958 | +390% |
| Deferred charges and accrued income | 490/1 | €85 | €88 | +€3 | +3.3% |
| Total equity and liabilities | 10/49 | €532,795 | €548,971 | +€16,176 | +3.0% |
| Equity | 10/15 | €277,273 | €275,821 | -€1,452 | -0.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €60,972 | €60,972 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €60,972 | €60,972 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,801 | €212,350 | -€1,452 | -0.7% |
| Amounts payable | 17/49 | €255,522 | €273,150 | +€17,628 | +6.9% |
| Amounts payable after more than one year | 17 | €213,925 | €191,825 | -€22,100 | -10.3% |
| Financial debts | 170/4 | €213,925 | €191,825 | -€22,100 | -10.3% |
| Amounts payable within one year | 42/48 | €41,597 | €81,325 | +€39,728 | +95.5% |
| Current portion of amounts payable after more than one year | 42 | €34,625 | €35,966 | +€1,341 | +3.9% |
| Trade debts | 44 | €2,691 | €7,007 | +€4,316 | +160% |
| Suppliers | 440/4 | €2,691 | €7,007 | +€4,316 | +160% |
| Taxes, remuneration and social security | 45 | €3,675 | €9,176 | +€5,501 | +150% |
| Taxes | 450/3 | €3,675 | €9,176 | +€5,501 | +150% |
| Other amounts payable | 47/48 | €606 | €29,176 | +€28,570 | +4,716% |
| Remuneration, social security and pensions | 62 | €104,122 | €88,763 | -€15,359 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,745 | €29,443 | +€4,698 | +19.0% |
| Other operating charges | 640/8 | €506 | €3,097 | +€2,591 | +512% |
| Gross operating margin | 9900 | €151,956 | €159,249 | +€7,294 | +4.8% |
| Operating profit (loss) | 9901 | €22,582 | €37,947 | +€15,364 | +68.0% |
| Financial income | 75/76B | €3,503 | €43,515 | +€40,012 | +1,142% |
| Recurring financial income | 75 | €3,503 | €43,515 | +€40,012 | +1,142% |
| Financial charges | 65/66B | €4,495 | €10,381 | +€5,886 | +131% |
| Recurring financial charges | 65 | €4,495 | €10,381 | +€5,886 | +131% |
| Profit (loss) for the period before taxes | 9903 | €21,591 | €71,081 | +€49,490 | +229% |
| Income taxes | 67/77 | €9,287 | €11,356 | +€2,069 | +22.3% |
| Profit (loss) for the period | 9904 | €12,304 | €59,725 | +€47,421 | +385% |
| Profit (loss) for the period to be appropriated | 9905 | €12,304 | €59,725 | +€47,421 | +385% |
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 19 October 2026 via checked.be.