VG-Project: what changed
Two fiscal 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-Project
Largest movements
- Cash +€104,533
up €104,533 (+335.6%), from €31,145 to €135,678
mainly Net result for the year (+€57,882) and Receivables within one year (+€51,876)
- Receivables within one year -€51,876
down €51,876 (-37.2%), from €139,444 to €87,568
of which Trade receivables: -€41,844
- Tangible fixed assets -€5,384
down €5,384 (-37.0%), from €14,560 to €9,176
of which Furniture and vehicles: -€4,261
- Reserves +€49,657
up €49,657 (+33.6%), from €147,671 to €197,328
- Other debts -€7,822
down €7,822 (-48.7%), from €16,046 to €8,225
- Tax, wage and social debts +€7,578
up €7,578 (+58.5%), from €12,946 to €20,524
of which Taxes: +€8,114
- Gross operating margin +€10,606
up €10,606 (+14.9%), from €71,152 to €81,758
- Other operating charges -€9,614
down €9,614 (-94.6%), from €10,158 to €544
- Taxes +€4,844
up €4,844 (+26.8%), from €18,065 to €22,908
- Depreciation +€2,763
up €2,763 (+105.4%), from €2,621 to €5,384
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 | €185,427 | €234,675 | +€49,249 | +26.6% |
| Fixed assets | 21/28 | €14,650 | €9,266 | -€5,384 | -36.8% |
| Tangible fixed assets | 22/27 | €14,560 | €9,176 | -€5,384 | -37.0% |
| Plant, machinery and equipment | 23 | €2,771 | €1,648 | -€1,123 | -40.5% |
| Furniture and vehicles | 24 | €11,789 | €7,528 | -€4,261 | -36.1% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €170,777 | €225,410 | +€54,633 | +32.0% |
| Amounts receivable within one year | 40/41 | €139,444 | €87,568 | -€51,876 | -37.2% |
| Trade receivables | 40 | €41,844 | €0 | -€41,844 | -100.0% |
| Other amounts receivable | 41 | €97,599 | €87,568 | -€10,031 | -10.3% |
| Cash at bank and in hand | 54/58 | €31,145 | €135,678 | +€104,533 | +335.6% |
| Deferred charges and accrued income | 490/1 | €188 | €2,164 | +€1,976 | +1049.0% |
| Total equity and liabilities | 10/49 | €185,427 | €234,675 | +€49,249 | +26.6% |
| Equity | 10/15 | €153,871 | €203,528 | +€49,657 | +32.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €147,671 | €197,328 | +€49,657 | +33.6% |
| Distributable reserves | 133 | €147,671 | €197,328 | +€49,657 | +33.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €31,556 | €31,148 | -€409 | -1.3% |
| Amounts payable within one year | 42/48 | €30,937 | €29,462 | -€1,475 | -4.8% |
| Trade debts | 44 | €1,944 | €713 | -€1,232 | -63.3% |
| Suppliers | 440/4 | €1,944 | €713 | -€1,232 | -63.3% |
| Taxes, remuneration and social security | 45 | €12,946 | €20,524 | +€7,578 | +58.5% |
| Taxes | 450/3 | €12,410 | €20,524 | +€8,114 | +65.4% |
| Remuneration and social security | 454/9 | €536 | €0 | -€536 | -100.0% |
| Other amounts payable | 47/48 | €16,046 | €8,225 | -€7,822 | -48.7% |
| Accrued charges and deferred income | 492/3 | €619 | €1,686 | +€1,066 | +172.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,621 | €5,384 | +€2,763 | +105.4% |
| Other operating charges | 640/8 | €10,158 | €544 | -€9,614 | -94.6% |
| Gross operating margin | 9900 | €71,152 | €81,758 | +€10,606 | +14.9% |
| Operating profit (loss) | 9901 | €58,373 | €75,830 | +€17,457 | +29.9% |
| Financial income | 75/76B | €4,683 | €5,031 | +€349 | +7.4% |
| Recurring financial income | 75 | €4,683 | €5,031 | +€349 | +7.4% |
| Financial charges | 65/66B | €128 | €71 | -€57 | -44.2% |
| Recurring financial charges | 65 | €128 | €71 | -€57 | -44.2% |
| Profit (loss) for the period before taxes | 9903 | €62,928 | €80,790 | +€17,862 | +28.4% |
| Income taxes | 67/77 | €18,065 | €22,908 | +€4,844 | +26.8% |
| Profit (loss) for the period | 9904 | €44,864 | €57,882 | +€13,018 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,864 | €57,882 | +€13,018 | +29.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.