VGA PROJECT: 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.
VGA PROJECT
Largest movements
- Receivables within one year +€41,407
up €41,407 (+52.4%), from €79,011 to €120,418
of which Other amounts receivable: +€22,699
- Tangible fixed assets -€11,283
down €11,283 (-50.0%), from €22,576 to €11,293
of which Furniture and vehicles: -€11,190
- Cash +€9,483
up €9,483 (+277%), from €3,427 to €12,910
mainly Net result for the year (+€63,770) and Depreciation (+€11,733)
- Profit (loss) carried forward +€27,770
up €27,770 (+39.9%), from €69,679 to €97,449
- Tax, wage and social debts +€7,699
up €7,699 (+33.7%), from €22,872 to €30,571
- Other debts +€6,000
new in 2025: €6,000
- Trade debts -€2,018
down €2,018 (-39.3%), from €5,138 to €3,120
- Gross operating margin +€34,967
up €34,967 (+53.8%), from €64,958 to €99,925
- Taxes +€5,987
up €5,987 (+48.9%), from €12,245 to €18,232
- Other operating charges +€3,763
up €3,763 (+582%), from €647 to €4,410
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 | €105,014 | €144,621 | +€39,607 | +37.7% |
| Fixed assets | 21/28 | €22,576 | €11,293 | -€11,283 | -50.0% |
| Tangible fixed assets | 22/27 | €22,576 | €11,293 | -€11,283 | -50.0% |
| Plant, machinery and equipment | 23 | €1,217 | €1,124 | -€93 | -7.7% |
| Furniture and vehicles | 24 | €21,359 | €10,169 | -€11,190 | -52.4% |
| Current assets | 29/58 | €82,437 | €133,328 | +€50,891 | +61.7% |
| Amounts receivable within one year | 40/41 | €79,011 | €120,418 | +€41,407 | +52.4% |
| Trade receivables | 40 | €5,336 | €24,044 | +€18,708 | +351% |
| Other amounts receivable | 41 | €73,675 | €96,374 | +€22,699 | +30.8% |
| Cash at bank and in hand | 54/58 | €3,427 | €12,910 | +€9,483 | +277% |
| Total equity and liabilities | 10/49 | €105,014 | €144,621 | +€39,607 | +37.7% |
| Equity | 10/15 | €74,679 | €102,449 | +€27,770 | +37.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,679 | €97,449 | +€27,770 | +39.9% |
| Amounts payable | 17/49 | €30,335 | €42,172 | +€11,837 | +39.0% |
| Amounts payable within one year | 42/48 | €30,335 | €42,172 | +€11,837 | +39.0% |
| Financial debts | 43 | €2,324 | €2,481 | +€157 | +6.7% |
| Credit institutions | 430/8 | €2,324 | €2,481 | +€157 | +6.7% |
| Trade debts | 44 | €5,138 | €3,120 | -€2,018 | -39.3% |
| Suppliers | 440/4 | €5,138 | €3,120 | -€2,018 | -39.3% |
| Taxes, remuneration and social security | 45 | €22,872 | €30,571 | +€7,699 | +33.7% |
| Taxes | 450/3 | €22,872 | €30,571 | +€7,699 | +33.7% |
| Other amounts payable | 47/48 | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,586 | €11,733 | +€147 | +1.3% |
| Other operating charges | 640/8 | €647 | €4,410 | +€3,763 | +582% |
| Gross operating margin | 9900 | €64,958 | €99,925 | +€34,967 | +53.8% |
| Operating profit (loss) | 9901 | €52,725 | €83,782 | +€31,057 | +58.9% |
| Financial income | 75/76B | €6 | €10 | +€4 | +68.9% |
| Recurring financial income | 75 | €6 | €10 | +€4 | +68.9% |
| Financial charges | 65/66B | €1,321 | €1,790 | +€469 | +35.5% |
| Recurring financial charges | 65 | €1,321 | €1,790 | +€469 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €51,410 | €82,002 | +€30,592 | +59.5% |
| Income taxes | 67/77 | €12,245 | €18,232 | +€5,987 | +48.9% |
| Profit (loss) for the period | 9904 | €39,165 | €63,770 | +€24,605 | +62.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,165 | €63,770 | +€24,605 | +62.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.