VG GRONDWERKEN: 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 GRONDWERKEN
Largest movements
- Tangible fixed assets -€14,629
down €14,629 (-38.5%), from €38,003 to €23,374
of which Furniture and vehicles: -€10,296
- Receivables within one year -€11,785
down €11,785 (-20.4%), from €57,861 to €46,075
of which Trade receivables: -€11,926
- Stocks and contracts -€4,316
down €4,316 (-52.7%), from €8,190 to €3,873
of which Contracts in progress: -€4,050
- Cash -€3,231
down €3,231 (-17.1%), from €18,915 to €15,684
mainly Debts after one year (-€12,027) and Current portion of long-term debt (-€7,347)
- Debts after one year -€12,027
down €12,027 (-56.4%), from €21,312 to €9,285
of which Other amounts payable: -€11,355
- Current portion of long-term debt -€7,347
down €7,347 (-91.6%), from €8,019 to €672
- Tax, wage and social debts -€5,872
down €5,872 (-66.4%), from €8,847 to €2,975
- Other debts -€5,400
down €5,400 (-100%), from €5,400 to €0
- Trade debts -€3,530
down €3,530 (-17.1%), from €20,657 to €17,128
- Write-downs +€11,065
new in 2025: €11,065
- Depreciation -€6,016
down €6,016 (-21.7%), from €27,712 to €21,696
- Taxes -€1,923
down €1,923 (-78.5%), from €2,449 to €526
- Staff costs +€1,617
up €1,617 (+354%), from €457 to €2,074
- Gross operating margin -€1,535
down €1,535 (-3.4%), from €45,231 to €43,696
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 | €125,231 | €91,250 | -€33,981 | -27.1% |
| Fixed assets | 21/28 | €38,203 | €23,574 | -€14,629 | -38.3% |
| Tangible fixed assets | 22/27 | €38,003 | €23,374 | -€14,629 | -38.5% |
| Plant, machinery and equipment | 23 | €14,726 | €10,403 | -€4,323 | -29.4% |
| Furniture and vehicles | 24 | €13,297 | €3,002 | -€10,296 | -77.4% |
| Leasing and similar rights | 25 | €9,076 | €876 | -€8,200 | -90.3% |
| Other tangible fixed assets | 26 | €903 | €9,093 | +€8,190 | +907% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €87,028 | €67,676 | -€19,352 | -22.2% |
| Stocks and contracts in progress | 3 | €8,190 | €3,873 | -€4,316 | -52.7% |
| Stocks | 30/36 | €4,140 | €3,873 | -€266 | -6.4% |
| Contracts in progress | 37 | €4,050 | €0 | -€4,050 | -100% |
| Amounts receivable within one year | 40/41 | €57,861 | €46,075 | -€11,785 | -20.4% |
| Trade receivables | 40 | €56,012 | €44,087 | -€11,926 | -21.3% |
| Other amounts receivable | 41 | €1,849 | €1,989 | +€140 | +7.6% |
| Cash at bank and in hand | 54/58 | €18,915 | €15,684 | -€3,231 | -17.1% |
| Deferred charges and accrued income | 490/1 | €2,063 | €2,043 | -€19 | -0.9% |
| Total equity and liabilities | 10/49 | €125,231 | €91,250 | -€33,981 | -27.1% |
| Equity | 10/15 | €60,996 | €61,191 | +€195 | +0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €55,996 | €56,191 | +€195 | +0.3% |
| Amounts payable | 17/49 | €64,235 | €30,059 | -€34,176 | -53.2% |
| Amounts payable after more than one year | 17 | €21,312 | €9,285 | -€12,027 | -56.4% |
| Financial debts | 170/4 | €2,312 | €1,640 | -€672 | -29.1% |
| Other amounts payable | 178/9 | €19,000 | €7,645 | -€11,355 | -59.8% |
| Amounts payable within one year | 42/48 | €42,923 | €20,774 | -€22,149 | -51.6% |
| Current portion of amounts payable after more than one year | 42 | €8,019 | €672 | -€7,347 | -91.6% |
| Trade debts | 44 | €20,657 | €17,128 | -€3,530 | -17.1% |
| Suppliers | 440/4 | €20,657 | €17,128 | -€3,530 | -17.1% |
| Taxes, remuneration and social security | 45 | €8,847 | €2,975 | -€5,872 | -66.4% |
| Taxes | 450/3 | €8,847 | €2,975 | -€5,872 | -66.4% |
| Other amounts payable | 47/48 | €5,400 | €0 | -€5,400 | -100% |
| Remuneration, social security and pensions | 62 | €457 | €2,074 | +€1,617 | +354% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,712 | €21,696 | -€6,016 | -21.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,065 | +€11,065 | |
| Other operating charges | 640/8 | €4,143 | €3,565 | -€577 | -13.9% |
| Gross operating margin | 9900 | €45,231 | €43,696 | -€1,535 | -3.4% |
| Operating profit (loss) | 9901 | €12,919 | €5,296 | -€7,623 | -59.0% |
| Financial income | 75/76B | - | €202 | +€202 | |
| Recurring financial income | 75 | - | €202 | +€202 | |
| Financial charges | 65/66B | €3,358 | €4,776 | +€1,418 | +42.2% |
| Recurring financial charges | 65 | €3,358 | €4,776 | +€1,418 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €9,561 | €721 | -€8,840 | -92.5% |
| Income taxes | 67/77 | €2,449 | €526 | -€1,923 | -78.5% |
| Profit (loss) for the period | 9904 | €7,112 | €195 | -€6,917 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,112 | €195 | -€6,917 | -97.3% |
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 25 October 2026 via checked.be.