VG Machines: 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.
What changed
VG Machines
NACE 28.410, Manufacture of machinery and equipment not elsewhere classified
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€34,310
2024 · €51,153-€16,842
Equity
€313,956
2024 · €279,646+€34,310
Cash
€61,023
2024 · €41,041+€19,982
Balance sheet total
€1.7m
2024 · €1.6m+€86,141
Largest movements
Assets
- Stocks and contracts +€106,593
up €106,593 (+11.0%), from €966,357 to €1.1m
- Receivables within one year -€90,867
down €90,867 (-37.1%), from €244,945 to €154,078
of which Trade receivables: -€89,129
- Deferred charges and accrued income +€73,823
up €73,823 (+1,717%), from €4,300 to €78,123
- Tangible fixed assets -€36,589
down €36,589 (-22.4%), from €163,434 to €126,845
of which Furniture and vehicles: -€26,117
- Intangible fixed assets +€33,200
up €33,200 (+64.7%), from €51,350 to €84,550
Equity and liabilities
- Other debts +€155,031
up €155,031 (+541%), from €28,659 to €183,690
- Advances received -€113,922
down €113,922 (-69.6%), from €163,589 to €49,667
- Short-term financial debts +€75,000
new in 2025: €75,000
- Debts after one year -€69,833
down €69,833 (-11.9%), from €584,727 to €514,894
- Reserves +€34,310
up €34,310 (+22.9%), from €149,646 to €183,956
Income statement
- Gross operating margin -€32,191
down €32,191 (-5.8%), from €557,924 to €525,733
- Staff costs -€23,969
down €23,969 (-5.8%), from €410,645 to €386,676
- Depreciation +€9,112
up €9,112 (+15.2%), from €59,985 to €69,097
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.
Result 2024
€51,153
Gross operating margin
-€32,191
Staff costs
+€23,969
Depreciation
-€9,112
Other operating charges
+€1,564
Other operating items
-€1,125
Financial income
-€2,715
Financial charges
+€3,020
Taxes
-€252
Result 2025
€34,310
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€87,285
Investment
-€65,707
Financing
-€1,596
Cash 2024
€41,041
From operations (derived)
+€87,285
Net result for the year
+€34,310
Depreciation
+€69,097
Receivables after one year
+€20,000
Stocks and contracts
-€106,593
Receivables within one year
+€90,867
Deferred charges and accrued income
-€73,823
Trade debts
-€11,151
Tax, wage and social debts
+€1,573
Advances received
-€113,922
Other debts
+€155,031
Accrued charges and deferred income
+€21,896
Investment (derived)
-€65,707
Investment in fixed assets (net)
-€65,707
Financing
-€1,596
Debts after one year
-€69,833
Current portion of long-term debt
-€6,763
Short-term financial debts
+€75,000
Cash 2025
€61,023
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,601,427 | €1,687,569 | +€86,141 | +5.4% |
| Fixed assets | 21/28 | €214,784 | €211,394 | -€3,390 | -1.6% |
| Intangible fixed assets | 21 | €51,350 | €84,550 | +€33,200 | +64.7% |
| Tangible fixed assets | 22/27 | €163,434 | €126,845 | -€36,589 | -22.4% |
| Plant, machinery and equipment | 23 | €55,573 | €51,047 | -€4,527 | -8.1% |
| Furniture and vehicles | 24 | €86,727 | €60,610 | -€26,117 | -30.1% |
| Other tangible fixed assets | 26 | €21,134 | €15,187 | -€5,946 | -28.1% |
| Current assets | 29/58 | €1,386,643 | €1,476,174 | +€89,531 | +6.5% |
| Amounts receivable after more than one year | 29 | €130,000 | €110,000 | -€20,000 | -15.4% |
| Other amounts receivable | 291 | €130,000 | €110,000 | -€20,000 | -15.4% |
| Stocks and contracts in progress | 3 | €966,357 | €1,072,950 | +€106,593 | +11.0% |
| Stocks | 30/36 | €966,357 | €1,072,950 | +€106,593 | +11.0% |
| Amounts receivable within one year | 40/41 | €244,945 | €154,078 | -€90,867 | -37.1% |
| Trade receivables | 40 | €222,766 | €133,637 | -€89,129 | -40.0% |
| Other amounts receivable | 41 | €22,179 | €20,442 | -€1,738 | -7.8% |
| Cash at bank and in hand | 54/58 | €41,041 | €61,023 | +€19,982 | +48.7% |
| Deferred charges and accrued income | 490/1 | €4,300 | €78,123 | +€73,823 | +1,717% |
| Total equity and liabilities | 10/49 | €1,601,427 | €1,687,569 | +€86,141 | +5.4% |
| Equity | 10/15 | €279,646 | €313,956 | +€34,310 | +12.3% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €149,646 | €183,956 | +€34,310 | +22.9% |
| Distributable reserves | 133 | €149,646 | €183,956 | +€34,310 | +22.9% |
| Amounts payable | 17/49 | €1,321,782 | €1,373,613 | +€51,831 | +3.9% |
| Amounts payable after more than one year | 17 | €584,727 | €514,894 | -€69,833 | -11.9% |
| Financial debts | 170/4 | €584,727 | €514,894 | -€69,833 | -11.9% |
| Amounts payable within one year | 42/48 | €669,699 | €769,467 | +€99,768 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €76,596 | €69,833 | -€6,763 | -8.8% |
| Financial debts | 43 | - | €75,000 | +€75,000 | |
| Credit institutions | 430/8 | - | €75,000 | +€75,000 | |
| Trade debts | 44 | €330,001 | €318,850 | -€11,151 | -3.4% |
| Suppliers | 440/4 | €330,001 | €318,850 | -€11,151 | -3.4% |
| Advances received on contracts in progress | 46 | €163,589 | €49,667 | -€113,922 | -69.6% |
| Taxes, remuneration and social security | 45 | €70,855 | €72,428 | +€1,573 | +2.2% |
| Taxes | 450/3 | €184 | €5,129 | +€4,945 | +2,689% |
| Remuneration and social security | 454/9 | €70,671 | €67,299 | -€3,372 | -4.8% |
| Other amounts payable | 47/48 | €28,659 | €183,690 | +€155,031 | +541% |
| Accrued charges and deferred income | 492/3 | €67,355 | €89,252 | +€21,896 | +32.5% |
| Non-recurring operating income | 76A | €3,750 | €0 | -€3,750 | -100% |
| Remuneration, social security and pensions | 62 | €410,645 | €386,676 | -€23,969 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,985 | €69,097 | +€9,112 | +15.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,457 | €2,893 | -€1,564 | -35.1% |
| Non-recurring operating charges | 66A | - | €1,125 | +€1,125 | |
| Gross operating margin | 9900 | €557,924 | €525,733 | -€32,191 | -5.8% |
| Operating profit (loss) | 9901 | €82,837 | €65,942 | -€16,895 | -20.4% |
| Financial income | 75/76B | €6,173 | €3,458 | -€2,715 | -44.0% |
| Recurring financial income | 75 | €6,173 | €3,458 | -€2,715 | -44.0% |
| Financial charges | 65/66B | €37,688 | €34,668 | -€3,020 | -8.0% |
| Recurring financial charges | 65 | €37,688 | €34,668 | -€3,020 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €51,322 | €34,732 | -€16,590 | -32.3% |
| Income taxes | 67/77 | €169 | €422 | +€252 | +149% |
| Profit (loss) for the period | 9904 | €51,153 | €34,310 | -€16,842 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €51,153 | €34,310 | -€16,842 | -32.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.