VG HOLDING: 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 HOLDING
Largest movements
- Cash -€32,403
down €32,403 (-50.3%), from €64,385 to €31,982
mainly Other debts (-€152,809) and Investment in fixed assets (net) (-€8,385)
- Tangible fixed assets -€16,778
down €16,778 (-2.4%), from €711,405 to €694,627
of which Land and buildings: -€20,380
- Intangible fixed assets -€10,000
down €10,000 (-23.5%), from €42,496 to €32,496
- Other debts -€152,809
down €152,809 (-76.8%), from €198,892 to €46,083
- Debts after one year +€82,624
up €82,624 (+15.1%), from €548,814 to €631,438
- Depreciation -€78,431
down €78,431 (-69.0%), from €113,593 to €35,163
- Gross operating margin +€55,327
up €55,327 (+87.2%), from €63,461 to €118,788
- Staff costs +€21,846
up €21,846 (+63.6%), from €34,324 to €56,170
- Financial charges +€5,058
up €5,058 (+26.2%), from €19,334 to €24,392
- Other operating charges +€4,860
up €4,860 (+95.4%), from €5,093 to €9,953
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 | €873,581 | €809,022 | -€64,560 | -7.4% |
| Fixed assets | 21/28 | €753,901 | €727,123 | -€26,778 | -3.6% |
| Intangible fixed assets | 21 | €42,496 | €32,496 | -€10,000 | -23.5% |
| Tangible fixed assets | 22/27 | €711,405 | €694,627 | -€16,778 | -2.4% |
| Land and buildings | 22 | €664,540 | €644,160 | -€20,380 | -3.1% |
| Furniture and vehicles | 24 | €46,865 | €50,467 | +€3,602 | +7.7% |
| Current assets | 29/58 | €119,681 | €81,899 | -€37,782 | -31.6% |
| Amounts receivable within one year | 40/41 | €54,060 | €48,922 | -€5,138 | -9.5% |
| Trade receivables | 40 | €44,797 | €1,325 | -€43,472 | -97.0% |
| Other amounts receivable | 41 | €9,263 | €47,597 | +€38,334 | +414% |
| Cash at bank and in hand | 54/58 | €64,385 | €31,982 | -€32,403 | -50.3% |
| Deferred charges and accrued income | 490/1 | €1,236 | €995 | -€241 | -19.5% |
| Total equity and liabilities | 10/49 | €873,581 | €809,022 | -€64,560 | -7.4% |
| Equity | 10/15 | €66,169 | €59,105 | -€7,063 | -10.7% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Capital | 10 | €175,000 | €175,000 | = | 0.0% |
| Issued capital | 100 | €175,000 | €175,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,831 | -€115,895 | -€7,063 | -6.5% |
| Amounts payable | 17/49 | €807,413 | €749,917 | -€57,496 | -7.1% |
| Amounts payable after more than one year | 17 | €548,814 | €631,438 | +€82,624 | +15.1% |
| Financial debts | 170/4 | €548,814 | €631,438 | +€82,624 | +15.1% |
| Amounts payable within one year | 42/48 | €256,716 | €116,694 | -€140,022 | -54.5% |
| Current portion of amounts payable after more than one year | 42 | €43,037 | €44,781 | +€1,745 | +4.1% |
| Trade debts | 44 | €6,228 | €14,769 | +€8,541 | +137% |
| Suppliers | 440/4 | €6,228 | €14,769 | +€8,541 | +137% |
| Taxes, remuneration and social security | 45 | €8,559 | €11,060 | +€2,501 | +29.2% |
| Taxes | 450/3 | €136 | €174 | +€38 | +28.0% |
| Remuneration and social security | 454/9 | €8,423 | €10,887 | +€2,463 | +29.2% |
| Other amounts payable | 47/48 | €198,892 | €46,083 | -€152,809 | -76.8% |
| Accrued charges and deferred income | 492/3 | €1,883 | €1,785 | -€98 | -5.2% |
| Remuneration, social security and pensions | 62 | €34,324 | €56,170 | +€21,846 | +63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,593 | €35,163 | -€78,431 | -69.0% |
| Other operating charges | 640/8 | €5,093 | €9,953 | +€4,860 | +95.4% |
| Gross operating margin | 9900 | €63,461 | €118,788 | +€55,327 | +87.2% |
| Operating profit (loss) | 9901 | -€89,550 | €17,502 | +€107,052 | |
| Financial income | 75/76B | €53 | €1 | -€52 | -99.0% |
| Recurring financial income | 75 | €53 | €1 | -€52 | -99.0% |
| Financial charges | 65/66B | €19,334 | €24,392 | +€5,058 | +26.2% |
| Recurring financial charges | 65 | €19,334 | €24,392 | +€5,058 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | -€108,831 | -€6,890 | +€101,942 | +93.7% |
| Income taxes | 67/77 | - | €174 | +€174 | |
| Profit (loss) for the period | 9904 | -€108,831 | -€7,063 | +€101,768 | +93.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€108,831 | -€7,063 | +€101,768 | +93.5% |
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 20 October 2026 via checked.be.