VGH MANAGEMENT: 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.
VGH MANAGEMENT
Largest movements
- Receivables within one year -€198,192
down €198,192 (-92.5%), from €214,303 to €16,112
of which Other amounts receivable: -€202,775
- Debts after one year -€500,000
down €500,000 (-100%), from €500,000 to €0
- Other debts +€308,899
up €308,899 (+1,091%), from €28,300 to €337,200
- Trade debts -€7,801
down €7,801 (-29.0%), from €26,874 to €19,073
- Provisions +€5,000
new in 2025: €5,000
- Tax, wage and social debts -€3,306
down €3,306 (-100%), from €3,306 to €0
- Financial income -€11,277
down €11,277 (-100%), from €11,277 to €0
- Provisions +€5,000
new in 2025: €5,000
- Gross operating margin -€1,449
down €1,449 (-7.3%), from €19,750 to €18,301
- Financial charges -€404
down €404 (-57.3%), from €706 to €302
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 | €214,303 | €16,112 | -€198,192 | -92.5% |
| Current assets | 29/58 | €214,303 | €16,112 | -€198,192 | -92.5% |
| Amounts receivable within one year | 40/41 | €214,303 | €16,112 | -€198,192 | -92.5% |
| Trade receivables | 40 | €9,680 | €14,263 | +€4,583 | +47.3% |
| Other amounts receivable | 41 | €204,623 | €1,849 | -€202,775 | -99.1% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €214,303 | €16,112 | -€198,192 | -92.5% |
| Equity | 10/15 | -€344,435 | -€345,161 | -€726 | -0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€350,635 | -€351,361 | -€726 | -0.2% |
| Provisions and deferred taxes | 16 | - | €5,000 | +€5,000 | |
| Provisions for liabilities and charges | 160/5 | - | €5,000 | +€5,000 | |
| Other liabilities and charges | 164/5 | - | €5,000 | +€5,000 | |
| Amounts payable | 17/49 | €558,739 | €356,273 | -€202,466 | -36.2% |
| Amounts payable after more than one year | 17 | €500,000 | €0 | -€500,000 | -100% |
| Other amounts payable | 178/9 | €500,000 | €0 | -€500,000 | -100% |
| Amounts payable within one year | 42/48 | €58,739 | €356,273 | +€297,534 | +507% |
| Financial debts | 43 | €258 | €0 | -€258 | -100% |
| Credit institutions | 430/8 | €258 | €0 | -€258 | -100% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €26,874 | €19,073 | -€7,801 | -29.0% |
| Suppliers | 440/4 | €26,874 | €19,073 | -€7,801 | -29.0% |
| Taxes, remuneration and social security | 45 | €3,306 | €0 | -€3,306 | -100% |
| Taxes | 450/3 | €3,306 | €0 | -€3,306 | -100% |
| Other amounts payable | 47/48 | €28,300 | €337,200 | +€308,899 | +1,091% |
| Non-recurring operating income | 76A | €0 | €7,150 | +€7,150 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €5,000 | +€5,000 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €545 | €13,325 | +€12,780 | +2,345% |
| Gross operating margin | 9900 | €19,750 | €18,301 | -€1,449 | -7.3% |
| Operating profit (loss) | 9901 | €18,818 | -€424 | -€19,242 | |
| Financial income | 75/76B | €11,277 | €0 | -€11,277 | -100% |
| Recurring financial income | 75 | €11,277 | €0 | -€11,277 | -100% |
| Financial charges | 65/66B | €706 | €302 | -€404 | -57.3% |
| Recurring financial charges | 65 | €706 | €302 | -€404 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | €29,388 | -€726 | -€30,114 | |
| Profit (loss) for the period | 9904 | €29,388 | -€726 | -€30,114 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,388 | -€726 | -€30,114 |
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 15 October 2026 via checked.be.