VG RENOV: what changed
VG RENOV
Largest movements
- Receivables within one year -€21,296
down €21,296 (-60.6%), from €35,120 to €13,824
of which Trade receivables: -€21,198
- Tangible fixed assets -€10,072
down €10,072 (-54.5%), from €18,474 to €8,402
- Cash -€7,334
down €7,334 (-38.9%), from €18,855 to €11,521
mainly Net result for the year (-€35,577) and Debts after one year (-€3,990)
- Profit (loss) carried forward -€35,577
down €35,577 (-79.9%), from €44,523 to €8,946
- Debts after one year -€3,990
down €3,990 (-51.7%), from €7,717 to €3,727
- Other debts +€1,350
up €1,350 (+18.8%), from €7,168 to €8,518
- Tax, wage and social debts -€804
no longer reported in 2025 (was €804)
- Gross operating margin -€28,341
down €28,341, from €4,247 to -€24,094
- Depreciation +€10,072
up €10,072, from €0 to €10,072
- Financial charges +€1,046
up €1,046 (+465%), from €225 to €1,271
- Taxes -€820
down €820, from €804 to -€17
- Financial income +€293
up €293, from €0 to €293
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €72,449 | €33,747 | -€38,702 | -53.4% |
| Fixed assets | 21/28 | €18,474 | €8,402 | -€10,072 | -54.5% |
| Tangible fixed assets | 22/27 | €18,474 | €8,402 | -€10,072 | -54.5% |
| Furniture and vehicles | 24 | €18,474 | €8,402 | -€10,072 | -54.5% |
| Current assets | 29/58 | €53,975 | €25,345 | -€28,630 | -53.0% |
| Amounts receivable within one year | 40/41 | €35,120 | €13,824 | -€21,296 | -60.6% |
| Trade receivables | 40 | €33,328 | €12,130 | -€21,198 | -63.6% |
| Other amounts receivable | 41 | €1,793 | €1,694 | -€98 | -5.5% |
| Cash at bank and in hand | 54/58 | €18,855 | €11,521 | -€7,334 | -38.9% |
| Total equity and liabilities | 10/49 | €72,449 | €33,747 | -€38,702 | -53.4% |
| Equity | 10/15 | €52,683 | €17,106 | -€35,577 | -67.5% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,523 | €8,946 | -€35,577 | -79.9% |
| Amounts payable | 17/49 | €19,766 | €16,641 | -€3,125 | -15.8% |
| Amounts payable after more than one year | 17 | €7,717 | €3,727 | -€3,990 | -51.7% |
| Financial debts | 170/4 | €7,717 | €3,727 | -€3,990 | -51.7% |
| Amounts payable within one year | 42/48 | €12,049 | €12,914 | +€865 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €3,355 | €3,990 | +€635 | +18.9% |
| Trade debts | 44 | €722 | €406 | -€316 | -43.8% |
| Suppliers | 440/4 | €722 | €406 | -€316 | -43.8% |
| Taxes, remuneration and social security | 45 | €804 | - | -€804 | |
| Taxes | 450/3 | €804 | - | -€804 | |
| Other amounts payable | 47/48 | €7,168 | €8,518 | +€1,350 | +18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €10,072 | +€10,072 | |
| Other operating charges | 640/8 | €337 | €450 | +€114 | +33.8% |
| Gross operating margin | 9900 | €4,247 | -€24,094 | -€28,341 | |
| Operating profit (loss) | 9901 | €3,911 | -€34,616 | -€38,527 | |
| Financial income | 75/76B | €0 | €293 | +€293 | |
| Recurring financial income | 75 | €0 | €293 | +€293 | |
| Financial charges | 65/66B | €225 | €1,271 | +€1,046 | +465% |
| Recurring financial charges | 65 | €225 | €1,271 | +€1,046 | +465% |
| Profit (loss) for the period before taxes | 9903 | €3,686 | -€35,593 | -€39,279 | |
| Income taxes | 67/77 | €804 | -€17 | -€820 | |
| Profit (loss) for the period | 9904 | €2,882 | -€35,577 | -€38,459 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,882 | -€35,577 | -€38,459 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.