VGH Projects: 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 Projects
Largest movements
- Stocks and contracts -€183,638
down €183,638 (-22.5%), from €814,987 to €631,348
- Tangible fixed assets +€116,897
up €116,897 (+47.1%), from €248,383 to €365,279
of which Land and buildings: +€93,372
- Cash +€34,272
up €34,272 (+59.6%), from €57,475 to €91,747
mainly Short-term financial debts (+€346,839) and Stocks and contracts (+€183,638)
- Short-term financial debts +€346,839
new in 2025: €346,839
- Current portion of long-term debt -€308,258
down €308,258 (-95.1%), from €324,235 to €15,977
- Trade debts -€32,058
down €32,058 (-52.3%), from €61,332 to €29,274
- Other debts -€20,564
down €20,564 (-8.6%), from €240,119 to €219,554
- Debts after one year -€15,977
down €15,977 (-9.0%), from €177,435 to €161,458
- Gross operating margin -€38,631
down €38,631 (-20.8%), from €185,988 to €147,357
- Depreciation +€19,409
up €19,409 (+112.2%), from €17,306 to €36,715
- Taxes -€14,973
down €14,973 (-43.4%), from €34,469 to €19,496
- Financial charges -€14,681
down €14,681 (-29.6%), from €49,579 to €34,898
- Other operating charges +€3,111
up €3,111 (+136.1%), from €2,287 to €5,398
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 | €1,124,860 | €1,091,740 | -€33,120 | -2.9% |
| Fixed assets | 21/28 | €248,383 | €365,279 | +€116,897 | +47.1% |
| Tangible fixed assets | 22/27 | €248,383 | €365,279 | +€116,897 | +47.1% |
| Land and buildings | 22 | €231,640 | €325,012 | +€93,372 | +40.3% |
| Plant, machinery and equipment | 23 | €1,702 | €3,526 | +€1,824 | +107.2% |
| Furniture and vehicles | 24 | €1,079 | €27,891 | +€26,812 | +2484.1% |
| Leasing and similar rights | 25 | €13,962 | €8,850 | -€5,111 | -36.6% |
| Current assets | 29/58 | €876,477 | €726,460 | -€150,017 | -17.1% |
| Stocks and contracts in progress | 3 | €814,987 | €631,348 | -€183,638 | -22.5% |
| Stocks | 30/36 | €814,987 | €631,348 | -€183,638 | -22.5% |
| Amounts receivable within one year | 40/41 | €1,398 | €212 | -€1,186 | -84.8% |
| Trade receivables | 40 | €1,398 | €212 | -€1,186 | -84.8% |
| Cash at bank and in hand | 54/58 | €57,475 | €91,747 | +€34,272 | +59.6% |
| Deferred charges and accrued income | 490/1 | €2,618 | €3,153 | +€535 | +20.4% |
| Total equity and liabilities | 10/49 | €1,124,860 | €1,091,740 | -€33,120 | -2.9% |
| Equity | 10/15 | €291,694 | €283,094 | -€8,600 | -2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €273,094 | €264,494 | -€8,600 | -3.1% |
| Tax-exempt reserves | 132 | €16,950 | €16,950 | = | 0.0% |
| Distributable reserves | 133 | €256,144 | €247,544 | -€8,600 | -3.4% |
| Amounts payable | 17/49 | €833,166 | €808,646 | -€24,520 | -2.9% |
| Amounts payable after more than one year | 17 | €177,435 | €161,458 | -€15,977 | -9.0% |
| Financial debts | 170/4 | €177,435 | €161,458 | -€15,977 | -9.0% |
| Amounts payable within one year | 42/48 | €655,731 | €635,346 | -€20,386 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €324,235 | €15,977 | -€308,258 | -95.1% |
| Financial debts | 43 | - | €346,839 | +€346,839 | |
| Credit institutions | 430/8 | - | €346,839 | +€346,839 | |
| Trade debts | 44 | €61,332 | €29,274 | -€32,058 | -52.3% |
| Suppliers | 440/4 | €61,332 | €29,274 | -€32,058 | -52.3% |
| Taxes, remuneration and social security | 45 | €30,046 | €23,701 | -€6,344 | -21.1% |
| Taxes | 450/3 | €28,830 | €23,701 | -€5,129 | -17.8% |
| Remuneration and social security | 454/9 | €1,216 | - | -€1,216 | |
| Other amounts payable | 47/48 | €240,119 | €219,554 | -€20,564 | -8.6% |
| Accrued charges and deferred income | 492/3 | - | €11,843 | +€11,843 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,306 | €36,715 | +€19,409 | +112.2% |
| Other operating charges | 640/8 | €2,287 | €5,398 | +€3,111 | +136.1% |
| Gross operating margin | 9900 | €185,988 | €147,357 | -€38,631 | -20.8% |
| Operating profit (loss) | 9901 | €166,395 | €105,244 | -€61,151 | -36.8% |
| Financial income | 75/76B | €846 | €551 | -€295 | -34.9% |
| Recurring financial income | 75 | €846 | €551 | -€295 | -34.9% |
| Financial charges | 65/66B | €49,579 | €34,898 | -€14,681 | -29.6% |
| Recurring financial charges | 65 | €49,579 | €34,898 | -€14,681 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €117,662 | €70,896 | -€46,766 | -39.7% |
| Income taxes | 67/77 | €34,469 | €19,496 | -€14,973 | -43.4% |
| Profit (loss) for the period | 9904 | €83,194 | €51,400 | -€31,793 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €83,194 | €51,400 | -€31,793 | -38.2% |
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 11 October 2026 via checked.be.