VG3: 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.
VG3
Largest movements
- Receivables within one year +€30,930
up €30,930 (+9.4%), from €328,918 to €359,848
of which Trade receivables: +€36,000
- Tangible fixed assets -€19,881
down €19,881 (-33.3%), from €59,643 to €39,762
- Other debts +€75,794
up €75,794 (+32.1%), from €235,764 to €311,558
- Reserves -€33,015
down €33,015 (-9.9%), from €332,107 to €299,092
- Debts after one year -€31,035
down €31,035 (-2.7%), from €1.1m to €1.1m
- Gross operating margin +€29,678
up €29,678 (+39.1%), from €75,851 to €105,529
- Financial charges +€22,563
up €22,563 (+39.7%), from €56,857 to €79,420
- Financial income +€18,750
up €18,750 (+50.0%), from €37,500 to €56,250
- Taxes -€8,082
down €8,082, from €4,877 to -€3,205
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 | €1,823,106 | €1,840,985 | +€17,878 | +1.0% |
| Fixed assets | 21/28 | €1,454,643 | €1,434,762 | -€19,881 | -1.4% |
| Tangible fixed assets | 22/27 | €59,643 | €39,762 | -€19,881 | -33.3% |
| Furniture and vehicles | 24 | €59,643 | €39,762 | -€19,881 | -33.3% |
| Financial fixed assets | 28 | €1,395,000 | €1,395,000 | = | 0.0% |
| Current assets | 29/58 | €368,464 | €406,223 | +€37,759 | +10.2% |
| Amounts receivable within one year | 40/41 | €328,918 | €359,848 | +€30,930 | +9.4% |
| Trade receivables | 40 | €17,545 | €53,545 | +€36,000 | +205.2% |
| Other amounts receivable | 41 | €311,373 | €306,303 | -€5,070 | -1.6% |
| Cash at bank and in hand | 54/58 | €35,594 | €46,375 | +€10,781 | +30.3% |
| Deferred charges and accrued income | 490/1 | €3,952 | - | -€3,952 | |
| Total equity and liabilities | 10/49 | €1,823,106 | €1,840,985 | +€17,878 | +1.0% |
| Equity | 10/15 | €372,107 | €339,092 | -€33,015 | -8.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €332,107 | €299,092 | -€33,015 | -9.9% |
| Distributable reserves | 133 | €332,107 | €299,092 | -€33,015 | -9.9% |
| Amounts payable | 17/49 | €1,451,000 | €1,501,893 | +€50,893 | +3.5% |
| Amounts payable after more than one year | 17 | €1,136,714 | €1,105,679 | -€31,035 | -2.7% |
| Financial debts | 170/4 | €1,136,714 | €1,105,679 | -€31,035 | -2.7% |
| Amounts payable within one year | 42/48 | €314,285 | €396,213 | +€81,928 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €30,718 | €31,035 | +€317 | +1.0% |
| Trade debts | 44 | €2,479 | €114 | -€2,365 | -95.4% |
| Suppliers | 440/4 | €2,479 | €114 | -€2,365 | -95.4% |
| Taxes, remuneration and social security | 45 | €45,324 | €53,507 | +€8,183 | +18.1% |
| Taxes | 450/3 | €45,324 | €53,507 | +€8,183 | +18.1% |
| Other amounts payable | 47/48 | €235,764 | €311,558 | +€75,794 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,881 | €19,881 | = | 0.0% |
| Other operating charges | 640/8 | €1,511 | €1,559 | +€48 | +3.2% |
| Gross operating margin | 9900 | €75,851 | €105,529 | +€29,678 | +39.1% |
| Operating profit (loss) | 9901 | €54,459 | €84,089 | +€29,630 | +54.4% |
| Financial income | 75/76B | €37,500 | €56,250 | +€18,750 | +50.0% |
| Recurring financial income | 75 | €37,500 | €56,250 | +€18,750 | +50.0% |
| Financial charges | 65/66B | €56,857 | €79,420 | +€22,563 | +39.7% |
| Recurring financial charges | 65 | €56,857 | €79,420 | +€22,563 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €35,102 | €60,919 | +€25,816 | +73.5% |
| Income taxes | 67/77 | €4,877 | -€3,205 | -€8,082 | |
| Profit (loss) for the period | 9904 | €30,225 | €64,123 | +€33,898 | +112.2% |
| Profit (loss) for the period to be appropriated | 9905 | €30,225 | €64,123 | +€33,898 | +112.2% |
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 2 October 2026 via checked.be.