VGB-Projects: what changed
VGB-Projects
Largest movements
- Stocks and contracts +€959,648
up €959,648 (+1,268%), from €75,702 to €1.0m
- Cash -€607,971
down €607,971 (-93.7%), from €648,574 to €40,603
mainly Stocks and contracts (-€959,648) and Tax, wage and social debts (-€94,202)
- Tangible fixed assets +€31,120
up €31,120 (+897%), from €3,469 to €34,589
of which Furniture and vehicles: +€31,184
- Other debts +€401,803
up €401,803 (+2,722%), from €14,762 to €416,565
- Tax, wage and social debts -€94,202
down €94,202 (-89.2%), from €105,571 to €11,369
- Trade debts +€72,928
up €72,928 (+766%), from €9,527 to €82,455
- Profit (loss) carried forward -€59,856
down €59,856, from €34,604 to -€25,251
- Reserves +€34,604
up €34,604 (+5.9%), from €590,212 to €624,816
- Gross operating margin -€64,594
down €64,594, from €49,545 to -€15,049
- Taxes -€13,261
down €13,261 (-98.0%), from €13,533 to €273
- Financial income -€6,075
down €6,075 (-71.1%), from €8,550 to €2,475
- Depreciation +€5,922
up €5,922 (+261%), from €2,268 to €8,190
- Financial charges -€2,841
down €2,841 (-50.6%), from €5,611 to €2,770
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 | €775,136 | €1,160,721 | +€385,585 | +49.7% |
| Fixed assets | 21/28 | €3,469 | €34,589 | +€31,120 | +897% |
| Tangible fixed assets | 22/27 | €3,469 | €34,589 | +€31,120 | +897% |
| Plant, machinery and equipment | 23 | €74 | €10 | -€63 | -85.8% |
| Furniture and vehicles | 24 | €3,395 | €34,579 | +€31,184 | +919% |
| Current assets | 29/58 | €771,667 | €1,126,132 | +€354,465 | +45.9% |
| Stocks and contracts in progress | 3 | €75,702 | €1,035,349 | +€959,648 | +1,268% |
| Stocks | 30/36 | €75,702 | €1,035,349 | +€959,648 | +1,268% |
| Amounts receivable within one year | 40/41 | €46,627 | €47,439 | +€812 | +1.7% |
| Trade receivables | 40 | €319 | - | -€319 | |
| Other amounts receivable | 41 | €46,308 | €47,439 | +€1,131 | +2.4% |
| Cash at bank and in hand | 54/58 | €648,574 | €40,603 | -€607,971 | -93.7% |
| Deferred charges and accrued income | 490/1 | €764 | €2,740 | +€1,977 | +259% |
| Total equity and liabilities | 10/49 | €775,136 | €1,160,721 | +€385,585 | +49.7% |
| Equity | 10/15 | €645,276 | €620,025 | -€25,251 | -3.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €590,212 | €624,816 | +€34,604 | +5.9% |
| Distributable reserves | 133 | €590,212 | €624,816 | +€34,604 | +5.9% |
| Profit (loss) carried forward | 14 | €34,604 | -€25,251 | -€59,856 | |
| Amounts payable | 17/49 | €129,860 | €540,697 | +€410,837 | +316% |
| Amounts payable after more than one year | 17 | - | €23,546 | +€23,546 | |
| Financial debts | 170/4 | - | €23,546 | +€23,546 | |
| Amounts payable within one year | 42/48 | €129,860 | €517,151 | +€387,291 | +298% |
| Current portion of amounts payable after more than one year | 42 | - | €6,762 | +€6,762 | |
| Trade debts | 44 | €9,527 | €82,455 | +€72,928 | +766% |
| Suppliers | 440/4 | €9,527 | €82,455 | +€72,928 | +766% |
| Taxes, remuneration and social security | 45 | €105,571 | €11,369 | -€94,202 | -89.2% |
| Taxes | 450/3 | €105,571 | €11,369 | -€94,202 | -89.2% |
| Other amounts payable | 47/48 | €14,762 | €416,565 | +€401,803 | +2,722% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,268 | €8,190 | +€5,922 | +261% |
| Other operating charges | 640/8 | €2,079 | €1,446 | -€633 | -30.4% |
| Gross operating margin | 9900 | €49,545 | -€15,049 | -€64,594 | |
| Operating profit (loss) | 9901 | €45,199 | -€24,684 | -€69,882 | |
| Financial income | 75/76B | €8,550 | €2,475 | -€6,075 | -71.1% |
| Recurring financial income | 75 | €8,550 | €2,475 | -€6,075 | -71.1% |
| Financial charges | 65/66B | €5,611 | €2,770 | -€2,841 | -50.6% |
| Recurring financial charges | 65 | €5,611 | €2,770 | -€2,841 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | €48,138 | -€24,979 | -€73,116 | |
| Income taxes | 67/77 | €13,533 | €273 | -€13,261 | -98.0% |
| Profit (loss) for the period | 9904 | €34,604 | -€25,251 | -€59,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,604 | -€25,251 | -€59,856 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.