VGF Invest: 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 Invest
Largest movements
- Receivables within one year +€24,315
up €24,315 (+1,214%), from €2,002 to €26,317
of which Trade receivables: +€24,000
- Tangible fixed assets -€14,379
down €14,379 (-1.7%), from €856,055 to €841,675
of which Land and buildings: -€14,325
- Other debts +€55,395
up €55,395 (+25.2%), from €219,500 to €274,895
- Debts after one year -€44,137
down €44,137 (-7.9%), from €561,002 to €516,865
- Gross operating margin +€14,769
up €14,769 (+99.0%), from €14,914 to €29,683
- Depreciation -€14,379
down €14,379 (-50.0%), from €28,758 to €14,379
- Other operating charges +€527
up €527 (+21.6%), from €2,433 to €2,959
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 | €866,958 | €878,996 | +€12,038 | +1.4% |
| Fixed assets | 21/28 | €856,055 | €841,675 | -€14,379 | -1.7% |
| Tangible fixed assets | 22/27 | €856,055 | €841,675 | -€14,379 | -1.7% |
| Land and buildings | 22 | €855,325 | €840,999 | -€14,325 | -1.7% |
| Furniture and vehicles | 24 | €730 | €676 | -€54 | -7.4% |
| Current assets | 29/58 | €10,903 | €37,321 | +€26,417 | +242% |
| Amounts receivable within one year | 40/41 | €2,002 | €26,317 | +€24,315 | +1,214% |
| Trade receivables | 40 | €0 | €24,000 | +€24,000 | |
| Other amounts receivable | 41 | €2,002 | €2,317 | +€315 | +15.7% |
| Cash at bank and in hand | 54/58 | €8,301 | €10,374 | +€2,072 | +25.0% |
| Deferred charges and accrued income | 490/1 | €600 | €630 | +€31 | +5.1% |
| Total equity and liabilities | 10/49 | €866,958 | €878,996 | +€12,038 | +1.4% |
| Equity | 10/15 | €32,787 | €35,087 | +€2,300 | +7.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €48,974 | €48,974 | = | 0.0% |
| Distributable reserves | 133 | €48,974 | €48,974 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,187 | -€23,887 | +€2,300 | +8.8% |
| Amounts payable | 17/49 | €834,171 | €843,909 | +€9,738 | +1.2% |
| Amounts payable after more than one year | 17 | €561,002 | €516,865 | -€44,137 | -7.9% |
| Financial debts | 170/4 | €561,002 | €516,865 | -€44,137 | -7.9% |
| Amounts payable within one year | 42/48 | €273,169 | €326,222 | +€53,054 | +19.4% |
| Current portion of amounts payable after more than one year | 42 | €51,064 | €51,227 | +€163 | +0.3% |
| Trade debts | 44 | €2,146 | €101 | -€2,045 | -95.3% |
| Suppliers | 440/4 | €2,146 | €101 | -€2,045 | -95.3% |
| Taxes, remuneration and social security | 45 | €460 | €0 | -€460 | -100% |
| Taxes | 450/3 | €460 | €0 | -€460 | -100% |
| Other amounts payable | 47/48 | €219,500 | €274,895 | +€55,395 | +25.2% |
| Accrued charges and deferred income | 492/3 | €0 | €821 | +€821 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,758 | €14,379 | -€14,379 | -50.0% |
| Other operating charges | 640/8 | €2,433 | €2,959 | +€527 | +21.6% |
| Gross operating margin | 9900 | €14,914 | €29,683 | +€14,769 | +99.0% |
| Operating profit (loss) | 9901 | -€16,277 | €12,345 | +€28,622 | |
| Financial income | 75/76B | €157 | €0 | -€157 | -100% |
| Recurring financial income | 75 | €157 | €0 | -€157 | -100% |
| Financial charges | 65/66B | €10,067 | €10,045 | -€22 | -0.2% |
| Recurring financial charges | 65 | €10,067 | €10,045 | -€22 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,187 | €2,300 | +€28,487 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€26,187 | €2,300 | +€28,487 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,187 | €2,300 | +€28,487 |
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 31 October 2026 via checked.be.