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
- Tangible fixed assets +€3.3m
up €3.3m (+195.5%), from €1.7m to €5.0m
of which Land and buildings: +€3.3m
- Stocks and contracts -€3.0m
down €3.0m (-87.9%), from €3.4m to €411,236
- Receivables within one year +€136,217
up €136,217 (+329.5%), from €41,336 to €177,553
- Cash -€98,747
down €98,747 (-41.2%), from €239,579 to €140,832
mainly Investment in fixed assets (net) (-€3.4m) and Short-term financial debts (-€324,000)
- Debts after one year +€841,161
new in 2025: €841,161
- Short-term financial debts -€324,000
down €324,000 (-51.9%), from €624,000 to €300,000
- Other debts -€180,690
down €180,690 (-9.5%), from €1.9m to €1.7m
- Tax, wage and social debts -€159,182
down €159,182 (-99.2%), from €160,409 to €1,227
- Reserves +€146,735
up €146,735 (+5.3%), from €2.7m to €2.9m
- Gross operating margin -€251,938
down €251,938 (-38.5%), from €653,836 to €401,898
- Taxes -€108,841
down €108,841 (-62.8%), from €173,267 to €64,427
- Depreciation +€43,203
up €43,203 (+79.8%), from €54,116 to €97,319
- Other operating charges +€31,548
up €31,548 (+170.4%), from €18,515 to €50,063
- Financial charges +€15,920
up €15,920 (+47.4%), from €33,552 to €49,472
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 | €5,613,318 | €5,984,845 | +€371,528 | +6.6% |
| Fixed assets | 21/28 | €1,936,658 | €5,253,337 | +€3.3m | +171.3% |
| Tangible fixed assets | 22/27 | €1,696,608 | €5,013,287 | +€3.3m | +195.5% |
| Land and buildings | 22 | €1,683,574 | €5,007,603 | +€3.3m | +197.4% |
| Furniture and vehicles | 24 | €13,034 | €5,684 | -€7,350 | -56.4% |
| Financial fixed assets | 28 | €240,050 | €240,050 | = | 0.0% |
| Current assets | 29/58 | €3,676,659 | €731,508 | -€2.9m | -80.1% |
| Stocks and contracts in progress | 3 | €3,393,491 | €411,236 | -€3.0m | -87.9% |
| Stocks | 30/36 | €3,393,491 | €411,236 | -€3.0m | -87.9% |
| Amounts receivable within one year | 40/41 | €41,336 | €177,553 | +€136,217 | +329.5% |
| Other amounts receivable | 41 | €41,336 | €177,553 | +€136,217 | +329.5% |
| Cash at bank and in hand | 54/58 | €239,579 | €140,832 | -€98,747 | -41.2% |
| Deferred charges and accrued income | 490/1 | €2,253 | €1,888 | -€366 | -16.2% |
| Total equity and liabilities | 10/49 | €5,613,318 | €5,984,845 | +€371,528 | +6.6% |
| Equity | 10/15 | €2,766,323 | €2,913,059 | +€146,735 | +5.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,746,323 | €2,893,059 | +€146,735 | +5.3% |
| Distributable reserves | 133 | €2,746,323 | €2,893,059 | +€146,735 | +5.3% |
| Amounts payable | 17/49 | €2,846,994 | €3,071,786 | +€224,792 | +7.9% |
| Amounts payable after more than one year | 17 | - | €841,161 | +€841,161 | |
| Financial debts | 170/4 | - | €841,161 | +€841,161 | |
| Amounts payable within one year | 42/48 | €2,846,994 | €2,230,625 | -€616,369 | -21.6% |
| Current portion of amounts payable after more than one year | 42 | - | €111,786 | +€111,786 | |
| Financial debts | 43 | €624,000 | €300,000 | -€324,000 | -51.9% |
| Credit institutions | 430/8 | €624,000 | €300,000 | -€324,000 | -51.9% |
| Trade debts | 44 | €160,631 | €96,348 | -€64,282 | -40.0% |
| Suppliers | 440/4 | €160,631 | €96,348 | -€64,282 | -40.0% |
| Taxes, remuneration and social security | 45 | €160,409 | €1,227 | -€159,182 | -99.2% |
| Taxes | 450/3 | €160,409 | €1,227 | -€159,182 | -99.2% |
| Other amounts payable | 47/48 | €1,901,954 | €1,721,264 | -€180,690 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,116 | €97,319 | +€43,203 | +79.8% |
| Other operating charges | 640/8 | €18,515 | €50,063 | +€31,548 | +170.4% |
| Gross operating margin | 9900 | €653,836 | €401,898 | -€251,938 | -38.5% |
| Operating profit (loss) | 9901 | €581,206 | €254,516 | -€326,690 | -56.2% |
| Financial income | 75/76B | €4,100 | €6,118 | +€2,018 | +49.2% |
| Recurring financial income | 75 | €4,100 | €6,118 | +€2,018 | +49.2% |
| Financial charges | 65/66B | €33,552 | €49,472 | +€15,920 | +47.4% |
| Recurring financial charges | 65 | €33,552 | €49,472 | +€15,920 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €551,754 | €211,162 | -€340,592 | -61.7% |
| Income taxes | 67/77 | €173,267 | €64,427 | -€108,841 | -62.8% |
| Profit (loss) for the period | 9904 | €378,487 | €146,735 | -€231,751 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €378,487 | €146,735 | -€231,751 | -61.2% |
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 8 October 2026 via checked.be.