VG MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€44,952
down €44,952 (-11.2%), from €402,282 to €357,329
mainly Receivables within one year (-€29,214) and Short-term financial debts (-€11,785)
- Receivables within one year +€29,214
up €29,214 (+63.3%), from €46,160 to €75,374
of which Trade receivables: +€29,759
- Deferred charges and accrued income +€7,898
up €7,898 (+32.8%), from €24,051 to €31,949
- Short-term financial debts -€11,785
down €11,785 (-22.9%), from €51,500 to €39,715
- Gross operating margin +€2,859
up €2,859, from -€1,146 to €1,713
- Financial income +€1,777
up €1,777 (+318.9%), from €557 to €2,335
- Financial charges +€72
up €72 (+50.6%), from €143 to €215
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.
Cash bridge derived
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 | €774,730 | €764,159 | -€10,571 | -1.4% |
| Fixed assets | 21/28 | €302,237 | €299,506 | -€2,731 | -0.9% |
| Tangible fixed assets | 22/27 | €7,660 | €4,929 | -€2,731 | -35.7% |
| Land and buildings | 22 | €4,666 | €3,732 | -€934 | -20.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €2,993 | €1,196 | -€1,797 | -60.0% |
| Financial fixed assets | 28 | €294,578 | €294,578 | = | 0.0% |
| Current assets | 29/58 | €472,493 | €464,652 | -€7,841 | -1.7% |
| Amounts receivable within one year | 40/41 | €46,160 | €75,374 | +€29,214 | +63.3% |
| Trade receivables | 40 | €45,615 | €75,374 | +€29,759 | +65.2% |
| Other amounts receivable | 41 | €545 | - | -€545 | |
| Cash at bank and in hand | 54/58 | €402,282 | €357,329 | -€44,952 | -11.2% |
| Deferred charges and accrued income | 490/1 | €24,051 | €31,949 | +€7,898 | +32.8% |
| Total equity and liabilities | 10/49 | €774,730 | €764,159 | -€10,571 | -1.4% |
| Equity | 10/15 | €723,230 | €724,212 | +€982 | +0.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €661,730 | €662,712 | +€982 | +0.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €655,580 | €656,562 | +€982 | +0.1% |
| Amounts payable | 17/49 | €51,500 | €39,946 | -€11,554 | -22.4% |
| Amounts payable within one year | 42/48 | €51,500 | €39,946 | -€11,554 | -22.4% |
| Financial debts | 43 | €51,500 | €39,715 | -€11,785 | -22.9% |
| Other loans | 439 | €51,500 | €39,715 | -€11,785 | -22.9% |
| Trade debts | 44 | - | €8 | +€8 | |
| Suppliers | 440/4 | - | €8 | +€8 | |
| Taxes, remuneration and social security | 45 | - | €223 | +€223 | |
| Taxes | 450/3 | - | €223 | +€223 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,731 | €2,731 | = | 0.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€1,146 | €1,713 | +€2,859 | |
| Operating profit (loss) | 9901 | -€3,995 | -€1,138 | +€2,857 | +71.5% |
| Financial income | 75/76B | €557 | €2,335 | +€1,777 | +318.9% |
| Recurring financial income | 75 | €557 | €2,335 | +€1,777 | +318.9% |
| Financial charges | 65/66B | €143 | €215 | +€72 | +50.6% |
| Recurring financial charges | 65 | €143 | €215 | +€72 | +50.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,580 | €982 | +€4,563 | |
| Profit (loss) for the period | 9904 | -€3,580 | €982 | +€4,563 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,580 | €982 | +€4,563 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.