VG SOLUTIONS: what changed
VG SOLUTIONS
Largest movements
- Receivables after one year +€325,503
up €325,503 (+41.4%), from €786,855 to €1.1m
- Receivables within one year +€319,041
up €319,041 (+4,682%), from €6,814 to €325,855
of which Trade receivables: +€325,855
- Cash -€50,726
down €50,726 (-46.9%), from €108,196 to €57,470
mainly Receivables after one year (-€325,503) and Receivables within one year (-€319,041)
- Tangible fixed assets -€29,799
down €29,799 (-4.0%), from €752,468 to €722,669
of which Land and buildings: -€36,235
- Reserves +€601,527
up €601,527 (+104%), from €575,741 to €1.2m
of which Distributable reserves: +€601,527
- Debts after one year -€124,010
down €124,010 (-26.8%), from €463,267 to €339,258
of which Other amounts payable: -€94,889
- Tax, wage and social debts +€83,904
up €83,904 (+431%), from €19,489 to €103,392
- Gross operating margin +€482,514
up €482,514 (+135%), from €358,745 to €841,258
- Financial charges -€181,529
down €181,529 (-84.7%), from €214,424 to €32,895
of which Non-recurring financial charges: -€168,750
- Taxes +€148,927
up €148,927 (+280%), from €53,186 to €202,113
- Other operating charges -€15,989
down €15,989 (-87.1%), from €18,348 to €2,360
- Financial income +€9,748
up €9,748 (+17.4%), from €56,006 to €65,754
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 | €1,733,780 | €2,297,748 | +€563,968 | +32.5% |
| Fixed assets | 21/28 | €827,468 | €797,669 | -€29,799 | -3.6% |
| Tangible fixed assets | 22/27 | €752,468 | €722,669 | -€29,799 | -4.0% |
| Land and buildings | 22 | €653,953 | €617,718 | -€36,235 | -5.5% |
| Plant, machinery and equipment | 23 | €9,376 | €38,295 | +€28,919 | +308% |
| Furniture and vehicles | 24 | €89,139 | €66,656 | -€22,483 | -25.2% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €75,000 | €75,000 | = | 0.0% |
| Current assets | 29/58 | €906,312 | €1,500,079 | +€593,767 | +65.5% |
| Amounts receivable after more than one year | 29 | €786,855 | €1,112,357 | +€325,503 | +41.4% |
| Other amounts receivable | 291 | €786,855 | €1,112,357 | +€325,503 | +41.4% |
| Amounts receivable within one year | 40/41 | €6,814 | €325,855 | +€319,041 | +4,682% |
| Trade receivables | 40 | €0 | €325,855 | +€325,855 | |
| Other amounts receivable | 41 | €6,814 | €0 | -€6,814 | -100% |
| Cash at bank and in hand | 54/58 | €108,196 | €57,470 | -€50,726 | -46.9% |
| Deferred charges and accrued income | 490/1 | €4,448 | €4,397 | -€51 | -1.1% |
| Total equity and liabilities | 10/49 | €1,733,780 | €2,297,748 | +€563,968 | +32.5% |
| Equity | 10/15 | €1,188,360 | €1,789,886 | +€601,527 | +50.6% |
| Contributions | 10/11 | €612,500 | €612,500 | = | 0.0% |
| Revaluation surpluses | 12 | €119 | €119 | = | 0.0% |
| Reserves | 13 | €575,741 | €1,177,267 | +€601,527 | +104% |
| Tax-exempt reserves | 132 | €19,218 | €19,218 | = | 0.0% |
| Distributable reserves | 133 | €556,523 | €1,158,050 | +€601,527 | +108% |
| Amounts payable | 17/49 | €545,420 | €507,862 | -€37,559 | -6.9% |
| Amounts payable after more than one year | 17 | €463,267 | €339,258 | -€124,010 | -26.8% |
| Financial debts | 170/4 | €29,120 | €0 | -€29,120 | -100% |
| Other amounts payable | 178/9 | €434,147 | €339,258 | -€94,889 | -21.9% |
| Amounts payable within one year | 42/48 | €81,920 | €168,485 | +€86,565 | +106% |
| Current portion of amounts payable after more than one year | 42 | €32,901 | €31,709 | -€1,193 | -3.6% |
| Trade debts | 44 | €3,086 | €10,182 | +€7,096 | +230% |
| Suppliers | 440/4 | €3,086 | €10,182 | +€7,096 | +230% |
| Taxes, remuneration and social security | 45 | €19,489 | €103,392 | +€83,904 | +431% |
| Taxes | 450/3 | €19,489 | €103,392 | +€83,904 | +431% |
| Other amounts payable | 47/48 | €26,444 | €23,202 | -€3,242 | -12.3% |
| Accrued charges and deferred income | 492/3 | €233 | €119 | -€114 | -48.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,020 | €64,452 | -€568 | -0.9% |
| Other operating charges | 640/8 | €18,348 | €2,360 | -€15,989 | -87.1% |
| Non-recurring operating charges | 66A | €35 | €3,667 | +€3,632 | +10,367% |
| Gross operating margin | 9900 | €358,745 | €841,258 | +€482,514 | +135% |
| Operating profit (loss) | 9901 | €275,341 | €770,780 | +€495,439 | +180% |
| Financial income | 75/76B | €56,006 | €65,754 | +€9,748 | +17.4% |
| Recurring financial income | 75 | €56,006 | €65,754 | +€9,748 | +17.4% |
| Financial charges | 65/66B | €214,424 | €32,895 | -€181,529 | -84.7% |
| Recurring financial charges | 65 | €45,674 | €32,895 | -€12,779 | -28.0% |
| Non-recurring financial charges | 66B | €168,750 | €0 | -€168,750 | -100% |
| Profit (loss) for the period before taxes | 9903 | €116,924 | €803,639 | +€686,716 | +587% |
| Income taxes | 67/77 | €53,186 | €202,113 | +€148,927 | +280% |
| Profit (loss) for the period | 9904 | €63,738 | €601,527 | +€537,789 | +844% |
| Profit (loss) for the period to be appropriated | 9905 | €63,738 | €601,527 | +€537,789 | +844% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.