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 +€197,459
up €197,459 (+139.2%), from €141,835 to €339,294
mainly Net result for the year (+€161,360) and Tax, wage and social debts (+€33,276)
- Reserves +€161,677
up €161,677 (+147.0%), from €110,000 to €271,677
- Gross operating margin +€72,036
up €72,036 (+48.8%), from €147,694 to €219,730
- Taxes +€20,852
up €20,852 (+55.9%), from €37,332 to €58,184
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 | €10,336,530 | €10,514,693 | +€178,163 | +1.7% |
| Fixed assets | 21/28 | €10,166,098 | €10,171,950 | +€5,853 | +0.1% |
| Tangible fixed assets | 22/27 | - | €5,853 | +€5,853 | |
| Furniture and vehicles | 24 | - | €5,853 | +€5,853 | |
| Financial fixed assets | 28 | €10,166,098 | €10,166,098 | = | 0.0% |
| Current assets | 29/58 | €170,432 | €342,742 | +€172,310 | +101.1% |
| Amounts receivable within one year | 40/41 | €28,417 | €3,309 | -€25,108 | -88.4% |
| Trade receivables | 40 | €24,200 | €3,309 | -€20,891 | -86.3% |
| Other amounts receivable | 41 | €4,217 | - | -€4,217 | |
| Cash at bank and in hand | 54/58 | €141,835 | €339,294 | +€197,459 | +139.2% |
| Deferred charges and accrued income | 490/1 | €180 | €140 | -€41 | -22.5% |
| Total equity and liabilities | 10/49 | €10,336,530 | €10,514,693 | +€178,163 | +1.7% |
| Equity | 10/15 | €120,316 | €281,677 | +€161,360 | +134.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | - | -€10,000 | |
| Issued capital | 100 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €110,000 | €271,677 | +€161,677 | +147.0% |
| Distributable reserves | 133 | €110,000 | €271,677 | +€161,677 | +147.0% |
| Profit (loss) carried forward | 14 | €316 | - | -€316 | |
| Amounts payable | 17/49 | €10,216,213 | €10,233,016 | +€16,803 | +0.2% |
| Amounts payable after more than one year | 17 | €10,166,000 | €10,143,102 | -€22,898 | -0.2% |
| Financial debts | 170/4 | - | €10,143,102 | +€10.1m | |
| Other amounts payable | 178/9 | €10,166,000 | - | -€10.2m | |
| Amounts payable within one year | 42/48 | €50,213 | €89,914 | +€39,700 | +79.1% |
| Trade debts | 44 | €422 | €6,846 | +€6,424 | +1521.5% |
| Suppliers | 440/4 | €422 | €6,846 | +€6,424 | +1521.5% |
| Taxes, remuneration and social security | 45 | €49,791 | €83,067 | +€33,276 | +66.8% |
| Taxes | 450/3 | €49,791 | €83,067 | +€33,276 | +66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €187 | +€187 | |
| Gross operating margin | 9900 | €147,694 | €219,730 | +€72,036 | +48.8% |
| Operating profit (loss) | 9901 | €147,694 | €219,543 | +€71,849 | +48.6% |
| Financial charges | 65/66B | €46 | -€1 | -€47 | |
| Recurring financial charges | 65 | €46 | -€1 | -€47 | |
| Profit (loss) for the period before taxes | 9903 | €147,649 | €219,544 | +€71,896 | +48.7% |
| Income taxes | 67/77 | €37,332 | €58,184 | +€20,852 | +55.9% |
| Profit (loss) for the period | 9904 | €110,316 | €161,360 | +€51,044 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,316 | €161,360 | +€51,044 | +46.3% |
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 9 October 2026 via checked.be.