Vges: 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.
Vges
Largest movements
- Tangible fixed assets +€99,739
up €99,739 (+38.3%), from €260,382 to €360,121
of which Plant, machinery and equipment: +€60,809
- Cash +€69,919
up €69,919 (+815.5%), from €8,573 to €78,493
mainly Debts after one year (+€353,689) and Trade debts (+€110,720)
- Receivables within one year +€31,574
up €31,574 (+95.6%), from €33,016 to €64,590
- Debts after one year +€353,689
up €353,689 (+132.2%), from €267,545 to €621,234
- Other debts -€222,500
down €222,500 (-73.6%), from €302,500 to €80,000
- Profit (loss) carried forward -€150,263
down €150,263 (-44.0%), from -€341,890 to -€492,153
- Trade debts +€110,720
up €110,720 (+588.5%), from €18,816 to €129,536
- Current portion of long-term debt +€104,226
new in 2025: €104,226
- Gross operating margin -€72,997
down €72,997 (-1859.0%), from -€3,927 to -€76,924
- Depreciation +€42,393
up €42,393 (+262.5%), from €16,151 to €58,543
- Financial charges +€14,212
up €14,212 (+7307.0%), from €195 to €14,407
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 | €301,971 | €503,204 | +€201,233 | +66.6% |
| Fixed assets | 21/28 | €260,382 | €360,121 | +€99,739 | +38.3% |
| Tangible fixed assets | 22/27 | €260,382 | €360,121 | +€99,739 | +38.3% |
| Plant, machinery and equipment | 23 | €1,398 | €62,207 | +€60,809 | +4348.8% |
| Furniture and vehicles | 24 | €16,220 | €23,837 | +€7,617 | +47.0% |
| Other tangible fixed assets | 26 | €242,764 | €274,076 | +€31,313 | +12.9% |
| Current assets | 29/58 | €41,589 | €143,083 | +€101,494 | +244.0% |
| Amounts receivable within one year | 40/41 | €33,016 | €64,590 | +€31,574 | +95.6% |
| Other amounts receivable | 41 | €33,016 | €64,590 | +€31,574 | +95.6% |
| Cash at bank and in hand | 54/58 | €8,573 | €78,493 | +€69,919 | +815.5% |
| Total equity and liabilities | 10/49 | €301,971 | €503,204 | +€201,233 | +66.6% |
| Equity | 10/15 | -€286,890 | -€437,153 | -€150,263 | -52.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Other | 1319 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€341,890 | -€492,153 | -€150,263 | -44.0% |
| Amounts payable | 17/49 | €588,861 | €940,356 | +€351,496 | +59.7% |
| Amounts payable after more than one year | 17 | €267,545 | €621,234 | +€353,689 | +132.2% |
| Financial debts | 170/4 | €267,545 | €621,234 | +€353,689 | +132.2% |
| Amounts payable within one year | 42/48 | €321,316 | €319,122 | -€2,194 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | - | €104,226 | +€104,226 | |
| Trade debts | 44 | €18,816 | €129,536 | +€110,720 | +588.5% |
| Suppliers | 440/4 | €18,816 | €129,536 | +€110,720 | +588.5% |
| Taxes, remuneration and social security | 45 | - | €5,360 | +€5,360 | |
| Taxes | 450/3 | - | €5,360 | +€5,360 | |
| Other amounts payable | 47/48 | €302,500 | €80,000 | -€222,500 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,151 | €58,543 | +€42,393 | +262.5% |
| Other operating charges | 640/8 | €434 | €397 | -€37 | -8.5% |
| Gross operating margin | 9900 | -€3,927 | -€76,924 | -€72,997 | -1859.0% |
| Operating profit (loss) | 9901 | -€20,512 | -€135,864 | -€115,353 | -562.4% |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €195 | €14,407 | +€14,212 | +7307.0% |
| Recurring financial charges | 65 | €195 | €14,407 | +€14,212 | +7307.0% |
| Profit (loss) for the period before taxes | 9903 | -€20,706 | -€150,263 | -€129,557 | -625.7% |
| Profit (loss) for the period | 9904 | -€20,706 | -€150,263 | -€129,557 | -625.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,706 | -€150,263 | -€129,557 | -625.7% |
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 9 October 2026 via checked.be.