VGH SOFTWARE: 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 SOFTWARE
Largest movements
- Cash +€48,578
up €48,578 (+40.8%), from €119,154 to €167,732
mainly Net result for the year (+€48,803) and Other debts (+€11,853)
- Tangible fixed assets -€8,473
down €8,473 (-15.0%), from €56,451 to €47,978
of which Land and buildings: -€6,736
- Receivables within one year +€3,307
up €3,307 (+16.3%), from €20,233 to €23,540
of which Other amounts receivable: +€4,979
- Reserves +€31,553
up €31,553 (+19.6%), from €160,837 to €192,390
- Other debts +€11,853
up €11,853 (+207.9%), from €5,700 to €17,553
- Trade debts +€3,327
up €3,327 (+452.0%), from €736 to €4,063
- Gross operating margin -€4,826
down €4,826 (-5.6%), from €86,202 to €81,376
- Purchases and services +€3,724
up €3,724 (+3.8%), from €98,409 to €102,133
- Depreciation -€2,597
down €2,597 (-21.4%), from €12,160 to €9,563
- Turnover -€2,229
down €2,229 (-1.3%), from €176,642 to €174,413
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 | €198,173 | €243,769 | +€45,597 | +23.0% |
| Fixed assets | 21/28 | €56,451 | €47,978 | -€8,473 | -15.0% |
| Tangible fixed assets | 22/27 | €56,451 | €47,978 | -€8,473 | -15.0% |
| Land and buildings | 22 | €47,155 | €40,418 | -€6,736 | -14.3% |
| Plant, machinery and equipment | 23 | €1,782 | €1,924 | +€142 | +8.0% |
| Furniture and vehicles | 24 | €7,514 | €5,635 | -€1,878 | -25.0% |
| Current assets | 29/58 | €141,722 | €195,791 | +€54,069 | +38.2% |
| Amounts receivable within one year | 40/41 | €20,233 | €23,540 | +€3,307 | +16.3% |
| Trade receivables | 40 | €19,464 | €17,792 | -€1,672 | -8.6% |
| Other amounts receivable | 41 | €769 | €5,748 | +€4,979 | +647.3% |
| Cash at bank and in hand | 54/58 | €119,154 | €167,732 | +€48,578 | +40.8% |
| Deferred charges and accrued income | 490/1 | €2,335 | €4,520 | +€2,185 | +93.6% |
| Total equity and liabilities | 10/49 | €198,173 | €243,769 | +€45,597 | +23.0% |
| Equity | 10/15 | €179,387 | €210,940 | +€31,553 | +17.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €160,837 | €192,390 | +€31,553 | +19.6% |
| Distributable reserves | 133 | €160,837 | €192,390 | +€31,553 | +19.6% |
| Amounts payable | 17/49 | €18,786 | €32,829 | +€14,044 | +74.8% |
| Amounts payable within one year | 42/48 | €17,869 | €32,829 | +€14,960 | +83.7% |
| Trade debts | 44 | €736 | €4,063 | +€3,327 | +452.0% |
| Suppliers | 440/4 | €736 | €4,063 | +€3,327 | +452.0% |
| Taxes, remuneration and social security | 45 | €11,433 | €11,213 | -€220 | -1.9% |
| Taxes | 450/3 | €11,433 | €11,213 | -€220 | -1.9% |
| Other amounts payable | 47/48 | €5,700 | €17,553 | +€11,853 | +207.9% |
| Accrued charges and deferred income | 492/3 | €917 | - | -€917 | |
| Turnover | 70 | €176,642 | €174,413 | -€2,229 | -1.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €98,409 | €102,133 | +€3,724 | +3.8% |
| Remuneration, social security and pensions | 62 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,160 | €9,563 | -€2,597 | -21.4% |
| Other operating charges | 640/8 | €1,237 | €1,123 | -€115 | -9.3% |
| Gross operating margin | 9900 | €86,202 | €81,376 | -€4,826 | -5.6% |
| Operating profit (loss) | 9901 | €72,418 | €70,291 | -€2,127 | -2.9% |
| Financial income | 75/76B | €23 | €0 | -€23 | -99.4% |
| Recurring financial income | 75 | €23 | €0 | -€23 | -99.4% |
| Financial charges | 65/66B | €184 | €183 | -€0 | -0.1% |
| Recurring financial charges | 65 | €184 | €183 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €72,257 | €70,108 | -€2,150 | -3.0% |
| Income taxes | 67/77 | €21,960 | €21,305 | -€656 | -3.0% |
| Profit (loss) for the period | 9904 | €50,297 | €48,803 | -€1,494 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,297 | €48,803 | -€1,494 | -3.0% |
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 9 October 2026 via checked.be.