VG WORKS: 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 WORKS
Largest movements
- Tangible fixed assets -€16,264
down €16,264 (-95.1%), from €17,098 to €833
of which Furniture and vehicles: -€14,340
- Receivables within one year -€340
down €340 (-39.2%), from €867 to €527
of which Other amounts receivable: -€612
- Profit (loss) carried forward -€8,067
new in 2025: -€8,067
- Current portion of long-term debt -€5,396
down €5,396 (-89.2%), from €6,051 to €656
- Other debts +€3,094
up €3,094 (+118%), from €2,621 to €5,714
- Debts after one year -€3,064
no longer reported in 2025 (was €3,064)
- Short-term financial debts -€1,673
no longer reported in 2025 (was €1,673)
- Gross operating margin -€11,711
down €11,711 (-95.7%), from €12,237 to €526
- Depreciation -€8,769
down €8,769 (-82.0%), from €10,693 to €1,924
- Other operating charges +€3,520
up €3,520 (+229%), from €1,534 to €5,054
- Financial charges +€1,135
up €1,135 (+253%), from €448 to €1,583
- Taxes -€704
down €704 (-95.6%), from €736 to €32
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 | €17,965 | €1,509 | -€16,456 | -91.6% |
| Fixed assets | 21/28 | €17,098 | €833 | -€16,264 | -95.1% |
| Tangible fixed assets | 22/27 | €17,098 | €833 | -€16,264 | -95.1% |
| Plant, machinery and equipment | 23 | €2,758 | €833 | -€1,924 | -69.8% |
| Furniture and vehicles | 24 | €14,340 | - | -€14,340 | |
| Current assets | 29/58 | €867 | €676 | -€191 | -22.1% |
| Amounts receivable within one year | 40/41 | €867 | €527 | -€340 | -39.2% |
| Trade receivables | 40 | - | €272 | +€272 | |
| Other amounts receivable | 41 | €867 | €255 | -€612 | -70.6% |
| Cash at bank and in hand | 54/58 | - | €95 | +€95 | |
| Deferred charges and accrued income | 490/1 | - | €54 | +€54 | |
| Total equity and liabilities | 10/49 | €17,965 | €1,509 | -€16,456 | -91.6% |
| Equity | 10/15 | €2,028 | -€6,039 | -€8,067 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €28 | €28 | = | 0.0% |
| Distributable reserves | 133 | €28 | €28 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€8,067 | -€8,067 | |
| Amounts payable | 17/49 | €15,937 | €7,548 | -€8,388 | -52.6% |
| Amounts payable after more than one year | 17 | €3,064 | - | -€3,064 | |
| Financial debts | 170/4 | €3,064 | - | -€3,064 | |
| Amounts payable within one year | 42/48 | €12,873 | €7,548 | -€5,324 | -41.4% |
| Current portion of amounts payable after more than one year | 42 | €6,051 | €656 | -€5,396 | -89.2% |
| Financial debts | 43 | €1,673 | - | -€1,673 | |
| Credit institutions | 430/8 | €1,673 | - | -€1,673 | |
| Trade debts | 44 | €325 | €410 | +€85 | +26.1% |
| Suppliers | 440/4 | €325 | €410 | +€85 | +26.1% |
| Taxes, remuneration and social security | 45 | €2,202 | €768 | -€1,434 | -65.1% |
| Taxes | 450/3 | €2,202 | €768 | -€1,434 | -65.1% |
| Other amounts payable | 47/48 | €2,621 | €5,714 | +€3,094 | +118% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,693 | €1,924 | -€8,769 | -82.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €384 | - | -€384 | |
| Other operating charges | 640/8 | €1,534 | €5,054 | +€3,520 | +229% |
| Gross operating margin | 9900 | €12,237 | €526 | -€11,711 | -95.7% |
| Operating profit (loss) | 9901 | -€373 | -€6,452 | -€6,078 | -1,628% |
| Financial income | 75/76B | €8 | €0 | -€8 | -99.5% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -99.5% |
| Financial charges | 65/66B | €448 | €1,583 | +€1,135 | +253% |
| Recurring financial charges | 65 | €448 | €1,583 | +€1,135 | +253% |
| Profit (loss) for the period before taxes | 9903 | -€813 | -€8,035 | -€7,222 | -888% |
| Income taxes | 67/77 | €736 | €32 | -€704 | -95.6% |
| Profit (loss) for the period | 9904 | -€1,549 | -€8,067 | -€6,518 | -421% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,549 | -€8,067 | -€6,518 | -421% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.