VG&T: what changed
Two financial 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&T
Largest movements
- Receivables within one year +€55,911
up €55,911 (+49.2%), from €113,615 to €169,527
of which Other amounts receivable: +€50,102
- Tangible fixed assets -€8,708
down €8,708 (-5.9%), from €147,466 to €138,758
of which Furniture and vehicles: -€24,316
- Cash -€3,757
no longer reported in 2025 (was €3,757)
mainly Receivables within one year (-€55,911) and Accrued charges and deferred income (-€44,008)
- Current portion of long-term debt +€75,778
new in 2025: €75,778
- Accrued charges and deferred income -€44,008
no longer reported in 2025 (was €44,008)
- Short-term financial debts -€28,668
down €28,668 (-40.1%), from €71,558 to €42,890
- Trade debts +€25,079
up €25,079 (+209%), from €12,005 to €37,084
- Profit (loss) carried forward +€18,633
up €18,633 (+28.0%), from €66,473 to €85,106
- Gross operating margin +€56,760
up €56,760 (+75.2%), from €75,502 to €132,262
- Financial charges +€45,332
up €45,332 (+325%), from €13,953 to €59,285
- Taxes +€3,340
up €3,340 (+82.3%), from €4,061 to €7,401
- Other operating charges +€1,756
up €1,756 (+108%), from €1,619 to €3,375
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.
Derived cash bridge
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 | €264,838 | €310,144 | +€45,306 | +17.1% |
| Fixed assets | 21/28 | €147,466 | €138,758 | -€8,708 | -5.9% |
| Tangible fixed assets | 22/27 | €147,466 | €138,758 | -€8,708 | -5.9% |
| Plant, machinery and equipment | 23 | €46,151 | €61,760 | +€15,608 | +33.8% |
| Furniture and vehicles | 24 | €101,315 | €76,998 | -€24,316 | -24.0% |
| Current assets | 29/58 | €117,372 | €171,386 | +€54,013 | +46.0% |
| Amounts receivable within one year | 40/41 | €113,615 | €169,527 | +€55,911 | +49.2% |
| Trade receivables | 40 | €100,414 | €106,224 | +€5,809 | +5.8% |
| Other amounts receivable | 41 | €13,201 | €63,303 | +€50,102 | +380% |
| Cash at bank and in hand | 54/58 | €3,757 | - | -€3,757 | |
| Deferred charges and accrued income | 490/1 | - | €1,859 | +€1,859 | |
| Total equity and liabilities | 10/49 | €264,838 | €310,144 | +€45,306 | +17.1% |
| Equity | 10/15 | €85,065 | €103,698 | +€18,633 | +21.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,473 | €85,106 | +€18,633 | +28.0% |
| Amounts payable | 17/49 | €179,773 | €206,446 | +€26,673 | +14.8% |
| Amounts payable after more than one year | 17 | €33,175 | €31,238 | -€1,937 | -5.8% |
| Financial debts | 170/4 | €33,175 | €31,238 | -€1,937 | -5.8% |
| Amounts payable within one year | 42/48 | €102,591 | €175,208 | +€72,618 | +70.8% |
| Current portion of amounts payable after more than one year | 42 | - | €75,778 | +€75,778 | |
| Financial debts | 43 | €71,558 | €42,890 | -€28,668 | -40.1% |
| Credit institutions | 430/8 | €71,558 | €42,890 | -€28,668 | -40.1% |
| Trade debts | 44 | €12,005 | €37,084 | +€25,079 | +209% |
| Suppliers | 440/4 | €12,005 | €37,084 | +€25,079 | +209% |
| Taxes, remuneration and social security | 45 | - | €2,401 | +€2,401 | |
| Taxes | 450/3 | - | €2,401 | +€2,401 | |
| Other amounts payable | 47/48 | €19,027 | €17,055 | -€1,972 | -10.4% |
| Accrued charges and deferred income | 492/3 | €44,008 | - | -€44,008 | |
| Remuneration, social security and pensions | 62 | - | €228 | +€228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,802 | €43,860 | -€942 | -2.1% |
| Other operating charges | 640/8 | €1,619 | €3,375 | +€1,756 | +108% |
| Gross operating margin | 9900 | €75,502 | €132,262 | +€56,760 | +75.2% |
| Operating profit (loss) | 9901 | €29,081 | €84,799 | +€55,718 | +192% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €13,953 | €59,285 | +€45,332 | +325% |
| Recurring financial charges | 65 | €13,953 | €59,285 | +€45,332 | +325% |
| Profit (loss) for the period before taxes | 9903 | €15,128 | €25,514 | +€10,386 | +68.7% |
| Income taxes | 67/77 | €4,061 | €7,401 | +€3,340 | +82.3% |
| Profit (loss) for the period | 9904 | €11,068 | €18,113 | +€7,046 | +63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,068 | €18,113 | +€7,046 | +63.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.