VG&R: 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&R
Largest movements
- Cash +€145,607
up €145,607 (+2927.2%), from €4,974 to €150,582
mainly Other debts (+€128,068) and Net result for the year (+€46,767)
- Stocks and contracts +€8,590
up €8,590 (+1.9%), from €457,365 to €465,955
- Other debts +€128,068
up €128,068 (+46.9%), from €273,011 to €401,079
- Profit (loss) carried forward +€46,767
up €46,767 (+66.8%), from -€69,965 to -€23,198
- Debts after one year -€17,979
down €17,979 (-6.4%), from €280,000 to €262,021
- Gross operating margin +€90,268
up €90,268, from -€25,366 to €64,902
- Depreciation -€3,303
down €3,303 (-39.5%), from €8,353 to €5,050
- Financial charges +€1,307
up €1,307 (+11.5%), from €11,342 to €12,648
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 | €489,502 | €648,066 | +€158,564 | +32.4% |
| Fixed assets | 21/28 | €26,089 | €29,869 | +€3,780 | +14.5% |
| Tangible fixed assets | 22/27 | €26,089 | €29,869 | +€3,780 | +14.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €26,089 | €29,869 | +€3,780 | +14.5% |
| Current assets | 29/58 | €463,413 | €618,197 | +€154,784 | +33.4% |
| Stocks and contracts in progress | 3 | €457,365 | €465,955 | +€8,590 | +1.9% |
| Stocks | 30/36 | €457,365 | €465,955 | +€8,590 | +1.9% |
| Amounts receivable within one year | 40/41 | €0 | €486 | +€486 | |
| Other amounts receivable | 41 | €0 | €486 | +€486 | |
| Cash at bank and in hand | 54/58 | €4,974 | €150,582 | +€145,607 | +2927.2% |
| Deferred charges and accrued income | 490/1 | €1,074 | €1,174 | +€100 | +9.3% |
| Total equity and liabilities | 10/49 | €489,502 | €648,066 | +€158,564 | +32.4% |
| Equity | 10/15 | -€64,965 | -€18,198 | +€46,767 | +72.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,965 | -€23,198 | +€46,767 | +66.8% |
| Amounts payable | 17/49 | €554,467 | €666,264 | +€111,796 | +20.2% |
| Amounts payable after more than one year | 17 | €280,000 | €262,021 | -€17,979 | -6.4% |
| Financial debts | 170/4 | €280,000 | €262,021 | -€17,979 | -6.4% |
| Amounts payable within one year | 42/48 | €274,467 | €404,243 | +€129,776 | +47.3% |
| Trade debts | 44 | €728 | €858 | +€131 | +18.0% |
| Suppliers | 440/4 | €728 | €858 | +€131 | +18.0% |
| Taxes, remuneration and social security | 45 | €728 | €2,305 | +€1,577 | +216.7% |
| Taxes | 450/3 | €728 | €2,305 | +€1,577 | +216.7% |
| Other amounts payable | 47/48 | €273,011 | €401,079 | +€128,068 | +46.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,353 | €5,050 | -€3,303 | -39.5% |
| Other operating charges | 640/8 | €784 | €295 | -€489 | -62.4% |
| Gross operating margin | 9900 | -€25,366 | €64,902 | +€90,268 | |
| Operating profit (loss) | 9901 | -€34,503 | €59,557 | +€94,059 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €11,342 | €12,648 | +€1,307 | +11.5% |
| Recurring financial charges | 65 | €11,342 | €12,648 | +€1,307 | +11.5% |
| Profit (loss) for the period before taxes | 9903 | -€45,844 | €46,908 | +€92,753 | |
| Income taxes | 67/77 | €128 | €141 | +€13 | +10.1% |
| Profit (loss) for the period | 9904 | -€45,972 | €46,767 | +€92,740 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,972 | €46,767 | +€92,740 |
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.