VGF Group: what changed
Two fiscal 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 Group
Largest movements
- Receivables within one year +€153,273
up €153,273 (+26.3%), from €582,127 to €735,400
of which Trade receivables: +€154,203
- Cash -€60,185
down €60,185 (-13.9%), from €431,930 to €371,746
mainly Receivables within one year (-€153,273) and Other debts (-€59,950)
- Reserves +€152,276
up €152,276 (+266.2%), from €57,210 to €209,486
- Other debts -€59,950
down €59,950 (-6.1%), from €976,450 to €916,500
- Tax, wage and social debts +€46,283
up €46,283 (+662.5%), from €6,986 to €53,269
- Debts after one year -€45,813
down €45,813 (-15.2%), from €301,599 to €255,786
- Gross operating margin +€133,065
up €133,065 (+159.1%), from €83,640 to €216,705
- Taxes +€31,689
up €31,689 (+166.2%), from €19,070 to €50,759
- Financial charges +€6,500
up €6,500 (+97.7%), from €6,651 to €13,151
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 | €1,393,058 | €1,486,146 | +€93,088 | +6.7% |
| Fixed assets | 21/28 | €379,000 | €379,000 | = | 0.0% |
| Financial fixed assets | 28 | €379,000 | €379,000 | = | 0.0% |
| Current assets | 29/58 | €1,014,058 | €1,107,146 | +€93,088 | +9.2% |
| Amounts receivable within one year | 40/41 | €582,127 | €735,400 | +€153,273 | +26.3% |
| Trade receivables | 40 | €15,197 | €169,400 | +€154,203 | +1014.7% |
| Other amounts receivable | 41 | €566,930 | €566,000 | -€930 | -0.2% |
| Cash at bank and in hand | 54/58 | €431,930 | €371,746 | -€60,185 | -13.9% |
| Total equity and liabilities | 10/49 | €1,393,058 | €1,486,146 | +€93,088 | +6.7% |
| Equity | 10/15 | €62,210 | €214,486 | +€152,276 | +244.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €57,210 | €209,486 | +€152,276 | +266.2% |
| Distributable reserves | 133 | €57,210 | €209,486 | +€152,276 | +266.2% |
| Amounts payable | 17/49 | €1,330,848 | €1,271,660 | -€59,188 | -4.4% |
| Amounts payable after more than one year | 17 | €301,599 | €255,786 | -€45,813 | -15.2% |
| Financial debts | 170/4 | €301,599 | €255,786 | -€45,813 | -15.2% |
| Amounts payable within one year | 42/48 | €1,029,249 | €1,015,874 | -€13,375 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €45,813 | €45,813 | = | 0.0% |
| Trade debts | 44 | - | €292 | +€292 | |
| Suppliers | 440/4 | - | €292 | +€292 | |
| Taxes, remuneration and social security | 45 | €6,986 | €53,269 | +€46,283 | +662.5% |
| Taxes | 450/3 | €6,986 | €53,269 | +€46,283 | +662.5% |
| Other amounts payable | 47/48 | €976,450 | €916,500 | -€59,950 | -6.1% |
| Other operating charges | 640/8 | €709 | €520 | -€190 | -26.7% |
| Gross operating margin | 9900 | €83,640 | €216,705 | +€133,065 | +159.1% |
| Operating profit (loss) | 9901 | €82,931 | €216,185 | +€133,254 | +160.7% |
| Financial charges | 65/66B | €6,651 | €13,151 | +€6,500 | +97.7% |
| Recurring financial charges | 65 | €6,651 | €13,151 | +€6,500 | +97.7% |
| Profit (loss) for the period before taxes | 9903 | €76,280 | €203,034 | +€126,754 | +166.2% |
| Income taxes | 67/77 | €19,070 | €50,759 | +€31,689 | +166.2% |
| Profit (loss) for the period | 9904 | €57,210 | €152,276 | +€95,066 | +166.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,210 | €152,276 | +€95,066 | +166.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.