VGD Solutions: 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.
VGD Solutions
Largest movements
- Receivables within one year +€1,696
up €1,696 (+6.5%), from €26,214 to €27,910
of which Trade receivables: +€1,696
- Cash +€1,304
up €1,304 (+10.6%), from €12,268 to €13,572
mainly Net result for the year (+€3,612) and Other debts (+€1,929)
- Tangible fixed assets +€1,159
up €1,159 (+151%), from €766 to €1,926
of which Plant, machinery and equipment: +€621
- Deferred charges and accrued income +€1,137
up €1,137 (+366%), from €311 to €1,448
- Reserves +€3,612
up €3,612 (+18.9%), from €19,117 to €22,729
- Debts after one year -€2,953
down €2,953 (-100%), from €2,953 to €0
- Other debts +€1,929
up €1,929 (+633%), from €305 to €2,233
- Tax, wage and social debts +€1,663
up €1,663 (+22.5%), from €7,376 to €9,039
- Accrued charges and deferred income +€930
up €930 (+600%), from €155 to €1,085
- Gross operating margin -€5,797
down €5,797 (-44.5%), from €13,028 to €7,231
- Taxes -€1,804
down €1,804 (-47.6%), from €3,793 to €1,989
- Financial charges -€192
down €192 (-34.6%), from €554 to €362
- Depreciation +€144
up €144 (+22.0%), from €653 to €797
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 | €62,065 | €67,607 | +€5,542 | +8.9% |
| Fixed assets | 21/28 | €766 | €1,926 | +€1,159 | +151% |
| Tangible fixed assets | 22/27 | €766 | €1,926 | +€1,159 | +151% |
| Plant, machinery and equipment | 23 | €119 | €740 | +€621 | +521% |
| Furniture and vehicles | 24 | €647 | €1,186 | +€539 | +83.2% |
| Current assets | 29/58 | €61,299 | €65,681 | +€4,383 | +7.1% |
| Stocks and contracts in progress | 3 | €22,506 | €22,751 | +€245 | +1.1% |
| Stocks | 30/36 | €22,506 | €22,751 | +€245 | +1.1% |
| Amounts receivable within one year | 40/41 | €26,214 | €27,910 | +€1,696 | +6.5% |
| Trade receivables | 40 | €24,141 | €25,837 | +€1,696 | +7.0% |
| Other amounts receivable | 41 | €2,074 | €2,074 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €12,268 | €13,572 | +€1,304 | +10.6% |
| Deferred charges and accrued income | 490/1 | €311 | €1,448 | +€1,137 | +366% |
| Total equity and liabilities | 10/49 | €62,065 | €67,607 | +€5,542 | +8.9% |
| Equity | 10/15 | €28,117 | €31,729 | +€3,612 | +12.8% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €19,117 | €22,729 | +€3,612 | +18.9% |
| Distributable reserves | 133 | €19,117 | €22,729 | +€3,612 | +18.9% |
| Amounts payable | 17/49 | €33,948 | €35,878 | +€1,930 | +5.7% |
| Amounts payable after more than one year | 17 | €2,953 | €0 | -€2,953 | -100% |
| Financial debts | 170/4 | €2,953 | €0 | -€2,953 | -100% |
| Amounts payable within one year | 42/48 | €30,840 | €34,793 | +€3,953 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €3,403 | €2,953 | -€450 | -13.2% |
| Trade debts | 44 | €19,756 | €20,568 | +€812 | +4.1% |
| Suppliers | 440/4 | €19,756 | €20,568 | +€812 | +4.1% |
| Taxes, remuneration and social security | 45 | €7,376 | €9,039 | +€1,663 | +22.5% |
| Taxes | 450/3 | €7,376 | €9,039 | +€1,663 | +22.5% |
| Other amounts payable | 47/48 | €305 | €2,233 | +€1,929 | +633% |
| Accrued charges and deferred income | 492/3 | €155 | €1,085 | +€930 | +600% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €653 | €797 | +€144 | +22.0% |
| Other operating charges | 640/8 | €516 | €528 | +€12 | +2.2% |
| Gross operating margin | 9900 | €13,028 | €7,231 | -€5,797 | -44.5% |
| Operating profit (loss) | 9901 | €11,858 | €5,906 | -€5,952 | -50.2% |
| Financial income | 75/76B | €39 | €56 | +€17 | +42.9% |
| Recurring financial income | 75 | €39 | €56 | +€17 | +42.9% |
| Financial charges | 65/66B | €554 | €362 | -€192 | -34.6% |
| Recurring financial charges | 65 | €554 | €362 | -€192 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €11,344 | €5,600 | -€5,744 | -50.6% |
| Income taxes | 67/77 | €3,793 | €1,989 | -€1,804 | -47.6% |
| Profit (loss) for the period | 9904 | €7,552 | €3,612 | -€3,940 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,552 | €3,612 | -€3,940 | -52.2% |
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 30 October 2026 via checked.be.