VGF Consult: 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.
VGF Consult
Largest movements
- Receivables within one year -€86,998
down €86,998 (-72.4%), from €120,243 to €33,245
of which Trade receivables: -€53,401
- Receivables after one year +€55,000
new in 2025: €55,000
- Cash +€17,957
up €17,957 (+27.2%), from €66,022 to €83,979
mainly Receivables within one year (+€86,998) and Net result for the year (+€38,394)
- Tangible fixed assets -€17,234
down €17,234 (-28.9%), from €59,541 to €42,307
of which Furniture and vehicles: -€16,410
- Deferred charges and accrued income -€3,217
down €3,217 (-33.1%), from €9,715 to €6,498
- Advances received -€63,908
down €63,908 (-100%), from €63,908 to €0
- Reserves +€36,139
up €36,139 (+39.4%), from €91,674 to €127,813
- Debts after one year -€16,508
down €16,508 (-38.8%), from €42,579 to €26,070
- Tax, wage and social debts +€8,304
up €8,304 (+31.5%), from €26,370 to €34,674
of which Taxes: +€5,271
- Gross operating margin -€32,650
down €32,650 (-30.8%), from €106,137 to €73,487
- Taxes -€9,657
down €9,657 (-38.5%), from €25,112 to €15,455
- Financial income -€1,686
down €1,686 (-51.2%), from €3,292 to €1,606
- Depreciation -€1,237
down €1,237 (-6.7%), from €18,471 to €17,234
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 | €255,521 | €221,029 | -€34,492 | -13.5% |
| Fixed assets | 21/28 | €59,541 | €42,307 | -€17,234 | -28.9% |
| Tangible fixed assets | 22/27 | €59,541 | €42,307 | -€17,234 | -28.9% |
| Land and buildings | 22 | €3,794 | €3,185 | -€609 | -16.1% |
| Plant, machinery and equipment | 23 | €1,741 | €1,526 | -€215 | -12.3% |
| Furniture and vehicles | 24 | €54,006 | €37,596 | -€16,410 | -30.4% |
| Current assets | 29/58 | €195,979 | €178,721 | -€17,258 | -8.8% |
| Amounts receivable after more than one year | 29 | - | €55,000 | +€55,000 | |
| Other amounts receivable | 291 | - | €55,000 | +€55,000 | |
| Amounts receivable within one year | 40/41 | €120,243 | €33,245 | -€86,998 | -72.4% |
| Trade receivables | 40 | €70,341 | €16,940 | -€53,401 | -75.9% |
| Other amounts receivable | 41 | €49,902 | €16,305 | -€33,597 | -67.3% |
| Cash at bank and in hand | 54/58 | €66,022 | €83,979 | +€17,957 | +27.2% |
| Deferred charges and accrued income | 490/1 | €9,715 | €6,498 | -€3,217 | -33.1% |
| Total equity and liabilities | 10/49 | €255,521 | €221,029 | -€34,492 | -13.5% |
| Equity | 10/15 | €97,874 | €134,013 | +€36,139 | +36.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €91,674 | €127,813 | +€36,139 | +39.4% |
| Distributable reserves | 133 | €91,674 | €127,813 | +€36,139 | +39.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €157,647 | €87,016 | -€70,631 | -44.8% |
| Amounts payable after more than one year | 17 | €42,579 | €26,070 | -€16,508 | -38.8% |
| Financial debts | 170/4 | €42,579 | €26,070 | -€16,508 | -38.8% |
| Amounts payable within one year | 42/48 | €115,068 | €60,946 | -€54,123 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €20,270 | €19,917 | -€353 | -1.7% |
| Trade debts | 44 | €4,520 | €4,100 | -€421 | -9.3% |
| Suppliers | 440/4 | €4,520 | €4,100 | -€421 | -9.3% |
| Advances received on contracts in progress | 46 | €63,908 | €0 | -€63,908 | -100% |
| Taxes, remuneration and social security | 45 | €26,370 | €34,674 | +€8,304 | +31.5% |
| Taxes | 450/3 | €26,370 | €31,641 | +€5,271 | +20.0% |
| Remuneration and social security | 454/9 | - | €3,033 | +€3,033 | |
| Other amounts payable | 47/48 | €0 | €2,255 | +€2,255 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,471 | €17,234 | -€1,237 | -6.7% |
| Other operating charges | 640/8 | €857 | €520 | -€338 | -39.4% |
| Gross operating margin | 9900 | €106,137 | €73,487 | -€32,650 | -30.8% |
| Operating profit (loss) | 9901 | €86,808 | €55,734 | -€31,075 | -35.8% |
| Financial income | 75/76B | €3,292 | €1,606 | -€1,686 | -51.2% |
| Recurring financial income | 75 | €3,292 | €1,606 | -€1,686 | -51.2% |
| Financial charges | 65/66B | €4,016 | €3,490 | -€526 | -13.1% |
| Recurring financial charges | 65 | €4,016 | €3,490 | -€526 | -13.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €86,084 | €53,849 | -€32,235 | -37.4% |
| Income taxes | 67/77 | €25,112 | €15,455 | -€9,657 | -38.5% |
| Profit (loss) for the period | 9904 | €60,972 | €38,394 | -€22,578 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €60,972 | €38,394 | -€22,578 | -37.0% |
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 13 October 2026 via checked.be.