VG Projects: 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 Projects
Largest movements
- Tangible fixed assets -€13,255
down €13,255 (-18.5%), from €71,838 to €58,583
of which Furniture and vehicles: -€17,729
- Cash -€4,912
down €4,912 (-5.6%), from €88,241 to €83,329
mainly Contributions, distributions and other (-€73,416) and Debts after one year (-€17,091)
- Receivables within one year -€2,186
down €2,186 (-14.8%), from €14,763 to €12,577
of which Trade receivables: -€2,081
- Debts after one year -€17,091
down €17,091 (-33.7%), from €50,671 to €33,580
- Tax, wage and social debts -€3,350
down €3,350 (-27.4%), from €12,246 to €8,896
- Gross operating margin -€1,830
down €1,830 (-1.5%), from €118,778 to €116,948
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 | €178,744 | €158,712 | -€20,032 | -11.2% |
| Fixed assets | 21/28 | €71,838 | €58,583 | -€13,255 | -18.5% |
| Tangible fixed assets | 22/27 | €71,838 | €58,583 | -€13,255 | -18.5% |
| Land and buildings | 22 | €909 | €747 | -€162 | -17.8% |
| Furniture and vehicles | 24 | €70,930 | €53,200 | -€17,729 | -25.0% |
| Other tangible fixed assets | 26 | - | €4,635 | +€4,635 | |
| Current assets | 29/58 | €106,906 | €100,129 | -€6,777 | -6.3% |
| Amounts receivable within one year | 40/41 | €14,763 | €12,577 | -€2,186 | -14.8% |
| Trade receivables | 40 | €14,568 | €12,487 | -€2,081 | -14.3% |
| Other amounts receivable | 41 | €194 | €89 | -€105 | -54.0% |
| Cash at bank and in hand | 54/58 | €88,241 | €83,329 | -€4,912 | -5.6% |
| Deferred charges and accrued income | 490/1 | €3,902 | €4,223 | +€321 | +8.2% |
| Total equity and liabilities | 10/49 | €178,744 | €158,712 | -€20,032 | -11.2% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €160,144 | €140,112 | -€20,032 | -12.5% |
| Amounts payable after more than one year | 17 | €50,671 | €33,580 | -€17,091 | -33.7% |
| Financial debts | 170/4 | €50,671 | €33,580 | -€17,091 | -33.7% |
| Amounts payable within one year | 42/48 | €109,273 | €106,332 | -€2,942 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €16,278 | €17,091 | +€813 | +5.0% |
| Trade debts | 44 | €615 | €555 | -€61 | -9.9% |
| Suppliers | 440/4 | €615 | €555 | -€61 | -9.9% |
| Taxes, remuneration and social security | 45 | €12,246 | €8,896 | -€3,350 | -27.4% |
| Taxes | 450/3 | €12,246 | €8,896 | -€3,350 | -27.4% |
| Other amounts payable | 47/48 | €80,135 | €79,791 | -€344 | -0.4% |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,935 | €19,272 | +€337 | +1.8% |
| Other operating charges | 640/8 | €825 | €765 | -€60 | -7.2% |
| Gross operating margin | 9900 | €118,778 | €116,948 | -€1,830 | -1.5% |
| Operating profit (loss) | 9901 | €99,017 | €96,910 | -€2,107 | -2.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €3,865 | €3,083 | -€781 | -20.2% |
| Recurring financial charges | 65 | €3,865 | €3,083 | -€781 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €95,153 | €93,827 | -€1,326 | -1.4% |
| Income taxes | 67/77 | €20,306 | €20,411 | +€105 | +0.5% |
| Profit (loss) for the period | 9904 | €74,847 | €73,416 | -€1,431 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,847 | €73,416 | -€1,431 | -1.9% |
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 30 September 2026 via checked.be.