VGL HORECA GROUP: 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 HORECA GROUP
Largest movements
- Financial fixed assets +€150,000
new in 2025: €150,000
- Receivables within one year -€19,282
down €19,282 (-55.1%), from €35,020 to €15,739
of which Trade receivables: -€26,465
- Deferred charges and accrued income +€10,101
up €10,101, from €0 to €10,101
- Cash +€3,606
up €3,606 (+159%), from €2,269 to €5,876
mainly Debts after one year (+€134,373) and Receivables within one year (+€19,282)
- Debts after one year +€134,373
new in 2025: €134,373
- Profit (loss) carried forward -€21,465
down €21,465, from €0 to -€21,465
- Advances received +€18,329
new in 2025: €18,329
- Current portion of long-term debt +€15,010
new in 2025: €15,010
- Other debts -€4,039
down €4,039 (-98.8%), from €4,089 to €50
- Gross operating margin -€29,018
down €29,018, from €19,566 to -€9,452
- Financial charges +€6,338
up €6,338 (+291%), from €2,181 to €8,520
- Taxes -€3,356
down €3,356 (-100%), from €3,356 to €0
- Other operating charges +€2,072
up €2,072 (+202%), from €1,027 to €3,099
- Depreciation +€556
new in 2025: €556
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 | €37,290 | €183,467 | +€146,177 | +392% |
| Fixed assets | 21/28 | - | €151,751 | +€151,751 | |
| Intangible fixed assets | 21 | - | €916 | +€916 | |
| Tangible fixed assets | 22/27 | - | €835 | +€835 | |
| Furniture and vehicles | 24 | - | €835 | +€835 | |
| Financial fixed assets | 28 | - | €150,000 | +€150,000 | |
| Current assets | 29/58 | €37,290 | €31,716 | -€5,574 | -14.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €35,020 | €15,739 | -€19,282 | -55.1% |
| Trade receivables | 40 | €34,587 | €8,122 | -€26,465 | -76.5% |
| Other amounts receivable | 41 | €433 | €7,616 | +€7,183 | +1,657% |
| Cash at bank and in hand | 54/58 | €2,269 | €5,876 | +€3,606 | +159% |
| Deferred charges and accrued income | 490/1 | €0 | €10,101 | +€10,101 | |
| Total equity and liabilities | 10/49 | €37,290 | €183,467 | +€146,177 | +392% |
| Equity | 10/15 | €18,160 | -€3,305 | -€21,465 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €13,160 | €13,160 | = | 0.0% |
| Distributable reserves | 133 | €13,160 | €13,160 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€21,465 | -€21,465 | |
| Amounts payable | 17/49 | €19,129 | €186,771 | +€167,642 | +876% |
| Amounts payable after more than one year | 17 | - | €134,373 | +€134,373 | |
| Financial debts | 170/4 | - | €134,373 | +€134,373 | |
| Amounts payable within one year | 42/48 | €19,116 | €51,965 | +€32,850 | +172% |
| Current portion of amounts payable after more than one year | 42 | - | €15,010 | +€15,010 | |
| Trade debts | 44 | €11,464 | €13,449 | +€1,985 | +17.3% |
| Suppliers | 440/4 | €11,464 | €13,449 | +€1,985 | +17.3% |
| Advances received on contracts in progress | 46 | - | €18,329 | +€18,329 | |
| Taxes, remuneration and social security | 45 | €3,563 | €5,128 | +€1,565 | +43.9% |
| Taxes | 450/3 | €3,563 | €5,128 | +€1,565 | +43.9% |
| Other amounts payable | 47/48 | €4,089 | €50 | -€4,039 | -98.8% |
| Accrued charges and deferred income | 492/3 | €13 | €432 | +€419 | +3,107% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €556 | +€556 | |
| Other operating charges | 640/8 | €1,027 | €3,099 | +€2,072 | +202% |
| Gross operating margin | 9900 | €19,566 | -€9,452 | -€29,018 | |
| Operating profit (loss) | 9901 | €18,539 | -€13,107 | -€31,645 | |
| Financial income | 75/76B | €0 | €161 | +€161 | +1,614,500% |
| Recurring financial income | 75 | €0 | €161 | +€161 | +1,614,500% |
| Financial charges | 65/66B | €2,181 | €8,520 | +€6,338 | +291% |
| Recurring financial charges | 65 | €2,181 | €8,520 | +€6,338 | +291% |
| Profit (loss) for the period before taxes | 9903 | €16,357 | -€21,465 | -€37,822 | |
| Income taxes | 67/77 | €3,356 | €0 | -€3,356 | -100% |
| Profit (loss) for the period | 9904 | €13,001 | -€21,465 | -€34,466 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,001 | -€21,465 | -€34,466 |
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 19 October 2026 via checked.be.