VGF-TECHNICS: 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-TECHNICS
Largest movements
- Receivables within one year -€102,696
down €102,696 (-10.8%), from €947,517 to €844,821
of which Trade receivables: -€120,023
- Cash +€81,568
up €81,568 (+128.3%), from €63,570 to €145,138
mainly Receivables within one year (+€102,696) and Depreciation (+€17,151)
- Tangible fixed assets -€16,380
down €16,380 (-70.0%), from €23,405 to €7,025
of which Plant, machinery and equipment: -€9,443
- Reserves -€24,629
down €24,629 (-2.5%), from €997,767 to €973,138
- Tax, wage and social debts -€18,235
down €18,235 (-100.0%), from €18,235 to €0
of which Taxes: -€10,921
- Gross operating margin -€201,275
down €201,275 (-99.9%), from €201,526 to €251
- Staff costs -€48,995
down €48,995 (-89.1%), from €54,960 to €5,965
- Taxes -€34,628
down €34,628 (-99.2%), from €34,890 to €263
- Depreciation -€4,872
down €4,872 (-22.1%), from €22,023 to €17,151
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 | €1,055,994 | €1,010,214 | -€45,780 | -4.3% |
| Fixed assets | 21/28 | €23,405 | €7,025 | -€16,380 | -70.0% |
| Tangible fixed assets | 22/27 | €23,405 | €7,025 | -€16,380 | -70.0% |
| Plant, machinery and equipment | 23 | €10,158 | €715 | -€9,443 | -93.0% |
| Furniture and vehicles | 24 | €13,247 | €6,310 | -€6,937 | -52.4% |
| Current assets | 29/58 | €1,032,589 | €1,003,189 | -€29,400 | -2.8% |
| Stocks and contracts in progress | 3 | €10,625 | €11,785 | +€1,160 | +10.9% |
| Stocks | 30/36 | €10,625 | €11,785 | +€1,160 | +10.9% |
| Amounts receivable within one year | 40/41 | €947,517 | €844,821 | -€102,696 | -10.8% |
| Trade receivables | 40 | €502,166 | €382,142 | -€120,023 | -23.9% |
| Other amounts receivable | 41 | €445,351 | €462,678 | +€17,328 | +3.9% |
| Cash at bank and in hand | 54/58 | €63,570 | €145,138 | +€81,568 | +128.3% |
| Deferred charges and accrued income | 490/1 | €10,877 | €1,445 | -€9,433 | -86.7% |
| Total equity and liabilities | 10/49 | €1,055,994 | €1,010,214 | -€45,780 | -4.3% |
| Equity | 10/15 | €1,016,367 | €991,738 | -€24,629 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €997,767 | €973,138 | -€24,629 | -2.5% |
| Distributable reserves | 133 | €997,767 | €973,138 | -€24,629 | -2.5% |
| Amounts payable | 17/49 | €39,627 | €18,476 | -€21,151 | -53.4% |
| Amounts payable within one year | 42/48 | €39,627 | €18,476 | -€21,151 | -53.4% |
| Trade debts | 44 | €9,999 | €4,915 | -€5,084 | -50.8% |
| Suppliers | 440/4 | €9,999 | €4,915 | -€5,084 | -50.8% |
| Taxes, remuneration and social security | 45 | €18,235 | €0 | -€18,235 | -100.0% |
| Taxes | 450/3 | €10,921 | €0 | -€10,921 | -100.0% |
| Remuneration and social security | 454/9 | €7,314 | €0 | -€7,314 | -100.0% |
| Other amounts payable | 47/48 | €11,393 | €13,561 | +€2,168 | +19.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €45,484 | €0 | -€45,484 | -100.0% |
| Remuneration, social security and pensions | 62 | €54,960 | €5,965 | -€48,995 | -89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,023 | €17,151 | -€4,872 | -22.1% |
| Other operating charges | 640/8 | €3,123 | €2,570 | -€553 | -17.7% |
| Non-recurring operating charges | 66A | €2,445 | -€771 | -€3,216 | |
| Gross operating margin | 9900 | €201,526 | €251 | -€201,275 | -99.9% |
| Operating profit (loss) | 9901 | €118,975 | -€24,664 | -€143,639 | |
| Financial income | 75/76B | €0 | €1,284 | +€1,284 | +4281200.0% |
| Recurring financial income | 75 | €0 | €1,284 | +€1,284 | +4281200.0% |
| Financial charges | 65/66B | €169 | €987 | +€818 | +483.4% |
| Recurring financial charges | 65 | €169 | €987 | +€818 | +483.4% |
| Profit (loss) for the period before taxes | 9903 | €118,805 | -€24,367 | -€143,172 | |
| Income taxes | 67/77 | €34,890 | €263 | -€34,628 | -99.2% |
| Profit (loss) for the period | 9904 | €83,915 | -€24,629 | -€108,545 | |
| Profit (loss) for the period to be appropriated | 9905 | €83,915 | -€24,629 | -€108,545 |
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 5 October 2026 via checked.be.