VGE: 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.
VGE
Largest movements
- Cash +€50,782
up €50,782 (+37.4%), from €135,798 to €186,580
mainly Net result for the year (+€52,280) and Other debts (+€15,273)
- Tangible fixed assets -€11,565
down €11,565 (-7.2%), from €161,600 to €150,035
of which Land and buildings: -€13,323
- Receivables within one year +€5,466
up €5,466 (+16.6%), from €32,854 to €38,319
of which Trade receivables: +€5,462
- Intangible fixed assets +€3,865
new in 2025: €3,865
- Reserves +€22,690
up €22,690 (+9.9%), from €229,216 to €251,906
of which Distributable reserves: +€22,690
- Other debts +€15,273
up €15,273 (+63.0%), from €24,242 to €39,515
- Tax, wage and social debts +€15,003
up €15,003 (+83.1%), from €18,048 to €33,052
of which Taxes: +€17,850
- Trade debts -€5,130
down €5,130 (-68.9%), from €7,446 to €2,316
- Gross operating margin +€1,586
up €1,586 (+1.7%), from €90,856 to €92,443
- Taxes +€1,486
up €1,486 (+8.3%), from €17,915 to €19,401
- Financial charges +€1,473
up €1,473 (+54.4%), from €2,707 to €4,180
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 | €331,610 | €378,800 | +€47,190 | +14.2% |
| Fixed assets | 21/28 | €161,600 | €153,900 | -€7,700 | -4.8% |
| Intangible fixed assets | 21 | - | €3,865 | +€3,865 | |
| Tangible fixed assets | 22/27 | €161,600 | €150,035 | -€11,565 | -7.2% |
| Land and buildings | 22 | €158,205 | €144,882 | -€13,323 | -8.4% |
| Plant, machinery and equipment | 23 | - | €2,645 | +€2,645 | |
| Furniture and vehicles | 24 | €3,395 | €2,508 | -€887 | -26.1% |
| Current assets | 29/58 | €170,010 | €224,900 | +€54,890 | +32.3% |
| Amounts receivable within one year | 40/41 | €32,854 | €38,319 | +€5,466 | +16.6% |
| Trade receivables | 40 | €32,854 | €38,316 | +€5,462 | +16.6% |
| Other amounts receivable | 41 | - | €3 | +€3 | |
| Cash at bank and in hand | 54/58 | €135,798 | €186,580 | +€50,782 | +37.4% |
| Deferred charges and accrued income | 490/1 | €1,358 | €0 | -€1,358 | -100% |
| Total equity and liabilities | 10/49 | €331,610 | €378,800 | +€47,190 | +14.2% |
| Equity | 10/15 | €247,816 | €273,286 | +€25,470 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €229,216 | €251,906 | +€22,690 | +9.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €227,356 | €250,046 | +€22,690 | +10.0% |
| Profit (loss) carried forward | 14 | - | €2,780 | +€2,780 | |
| Amounts payable | 17/49 | €83,794 | €105,514 | +€21,720 | +25.9% |
| Amounts payable after more than one year | 17 | €30,631 | €27,042 | -€3,588 | -11.7% |
| Financial debts | 170/4 | €30,631 | €27,042 | -€3,588 | -11.7% |
| Amounts payable within one year | 42/48 | €53,163 | €78,472 | +€25,309 | +47.6% |
| Current portion of amounts payable after more than one year | 42 | €3,425 | €3,588 | +€163 | +4.8% |
| Trade debts | 44 | €7,446 | €2,316 | -€5,130 | -68.9% |
| Suppliers | 440/4 | €7,446 | €2,316 | -€5,130 | -68.9% |
| Taxes, remuneration and social security | 45 | €18,048 | €33,052 | +€15,003 | +83.1% |
| Taxes | 450/3 | €15,201 | €33,052 | +€17,850 | +117% |
| Remuneration and social security | 454/9 | €2,847 | €0 | -€2,847 | -100% |
| Other amounts payable | 47/48 | €24,242 | €39,515 | +€15,273 | +63.0% |
| Non-recurring operating income | 76A | - | €4,250 | +€4,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,322 | €15,057 | +€735 | +5.1% |
| Other operating charges | 640/8 | €1,626 | €2,025 | +€398 | +24.5% |
| Gross operating margin | 9900 | €90,856 | €92,443 | +€1,586 | +1.7% |
| Operating profit (loss) | 9901 | €74,908 | €75,361 | +€453 | +0.6% |
| Financial income | 75/76B | €0 | €500 | +€500 | +1,249,900% |
| Recurring financial income | 75 | €0 | €500 | +€500 | +1,249,900% |
| Financial charges | 65/66B | €2,707 | €4,180 | +€1,473 | +54.4% |
| Recurring financial charges | 65 | €2,707 | €4,180 | +€1,473 | +54.4% |
| Profit (loss) for the period before taxes | 9903 | €72,201 | €71,681 | -€520 | -0.7% |
| Income taxes | 67/77 | €17,915 | €19,401 | +€1,486 | +8.3% |
| Profit (loss) for the period | 9904 | €54,286 | €52,280 | -€2,006 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,286 | €52,280 | -€2,006 | -3.7% |
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 19 October 2026 via checked.be.