VGL CONSTRUCT: 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.
VGL CONSTRUCT
Largest movements
- Receivables within one year +€695,246
up €695,246 (+150%), from €463,825 to €1.2m
of which Trade receivables: +€678,229
- Cash +€218,555
up €218,555 (+41.8%), from €522,502 to €741,056
mainly Net result for the year (+€759,837) and Trade debts (+€405,300)
- Reserves +€468,489
up €468,489 (+68.0%), from €688,778 to €1.2m
- Trade debts +€405,300
up €405,300 (+142%), from €286,394 to €691,694
- Debts after one year -€139,982
down €139,982 (-11.6%), from €1.2m to €1.1m
- Tax, wage and social debts +€108,612
up €108,612 (+177%), from €61,531 to €170,142
of which Taxes: +€131,565
- Other debts +€49,420
up €49,420 (+19.2%), from €256,944 to €306,364
- Gross operating margin +€794,760
up €794,760 (+49.8%), from €1.6m to €2.4m
- Staff costs +€219,473
up €219,473 (+22.5%), from €974,988 to €1.2m
- Taxes +€144,578
up €144,578 (+121%), from €119,699 to €264,277
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 | €2,668,161 | €3,529,627 | +€861,466 | +32.3% |
| Fixed assets | 21/28 | €1,608,449 | €1,589,340 | -€19,108 | -1.2% |
| Intangible fixed assets | 21 | €75,131 | €73,966 | -€1,165 | -1.6% |
| Tangible fixed assets | 22/27 | €1,078,318 | €1,060,375 | -€17,943 | -1.7% |
| Land and buildings | 22 | €950,852 | €897,238 | -€53,614 | -5.6% |
| Plant, machinery and equipment | 23 | €37,534 | €61,790 | +€24,256 | +64.6% |
| Furniture and vehicles | 24 | €89,525 | €101,075 | +€11,550 | +12.9% |
| Other tangible fixed assets | 26 | €407 | €271 | -€136 | -33.3% |
| Financial fixed assets | 28 | €455,000 | €455,000 | = | 0.0% |
| Current assets | 29/58 | €1,059,713 | €1,940,287 | +€880,574 | +83.1% |
| Amounts receivable after more than one year | 29 | €9,709 | - | -€9,709 | |
| Other amounts receivable | 291 | €9,709 | - | -€9,709 | |
| Amounts receivable within one year | 40/41 | €463,825 | €1,159,071 | +€695,246 | +150% |
| Trade receivables | 40 | €405,600 | €1,083,829 | +€678,229 | +167% |
| Other amounts receivable | 41 | €58,225 | €75,242 | +€17,017 | +29.2% |
| Cash at bank and in hand | 54/58 | €522,502 | €741,056 | +€218,555 | +41.8% |
| Deferred charges and accrued income | 490/1 | €63,677 | €40,159 | -€23,518 | -36.9% |
| Total equity and liabilities | 10/49 | €2,668,161 | €3,529,627 | +€861,466 | +32.3% |
| Equity | 10/15 | €690,778 | €1,159,267 | +€468,489 | +67.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €688,778 | €1,157,267 | +€468,489 | +68.0% |
| Distributable reserves | 133 | €688,778 | €1,157,267 | +€468,489 | +68.0% |
| Amounts payable | 17/49 | €1,977,383 | €2,370,360 | +€392,976 | +19.9% |
| Amounts payable after more than one year | 17 | €1,202,159 | €1,062,177 | -€139,982 | -11.6% |
| Financial debts | 170/4 | €1,202,159 | €1,062,177 | -€139,982 | -11.6% |
| Amounts payable within one year | 42/48 | €775,224 | €1,308,183 | +€532,959 | +68.7% |
| Current portion of amounts payable after more than one year | 42 | €170,355 | €139,982 | -€30,373 | -17.8% |
| Trade debts | 44 | €286,394 | €691,694 | +€405,300 | +142% |
| Suppliers | 440/4 | €286,394 | €691,694 | +€405,300 | +142% |
| Taxes, remuneration and social security | 45 | €61,531 | €170,142 | +€108,612 | +177% |
| Taxes | 450/3 | €4,510 | €136,075 | +€131,565 | +2,917% |
| Remuneration and social security | 454/9 | €57,021 | €34,067 | -€22,954 | -40.3% |
| Other amounts payable | 47/48 | €256,944 | €306,364 | +€49,420 | +19.2% |
| Non-recurring operating income | 76A | €2,797 | €34,453 | +€31,656 | +1,132% |
| Remuneration, social security and pensions | 62 | €974,988 | €1,194,461 | +€219,473 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,359 | €120,602 | -€1,757 | -1.4% |
| Other operating charges | 640/8 | €2,367 | €2,168 | -€199 | -8.4% |
| Gross operating margin | 9900 | €1,596,497 | €2,391,257 | +€794,760 | +49.8% |
| Operating profit (loss) | 9901 | €496,783 | €1,074,026 | +€577,243 | +116% |
| Financial income | 75/76B | €27 | €1,152 | +€1,125 | +4,133% |
| Recurring financial income | 75 | €27 | €1,152 | +€1,125 | +4,133% |
| Financial charges | 65/66B | €73,134 | €51,063 | -€22,071 | -30.2% |
| Recurring financial charges | 65 | €73,134 | €51,063 | -€22,071 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €423,675 | €1,024,114 | +€600,439 | +142% |
| Income taxes | 67/77 | €119,699 | €264,277 | +€144,578 | +121% |
| Profit (loss) for the period | 9904 | €303,977 | €759,837 | +€455,861 | +150% |
| Profit (loss) for the period to be appropriated | 9905 | €303,977 | €759,837 | +€455,861 | +150% |
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 16 October 2026 via checked.be.