VGM Construct: what changed
Two fiscal 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.
VGM Construct
Largest movements
- Cash -€60
down €60 (-1.6%), from €3,789 to €3,728
mainly Net result for the year (-€1,956)
- Profit (loss) carried forward -€1,956
down €1,956 (-4.3%), from -€45,098 to -€47,054
- Trade debts +€1,896
up €1,896 (+199.1%), from €952 to €2,848
- Gross operating margin -€68
down €68 (-3.7%), from -€1,828 to -€1,896
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 | €3,789 | €3,728 | -€60 | -1.6% |
| Current assets | 29/58 | €3,789 | €3,728 | -€60 | -1.6% |
| Cash at bank and in hand | 54/58 | €3,789 | €3,728 | -€60 | -1.6% |
| Total equity and liabilities | 10/49 | €3,789 | €3,728 | -€60 | -1.6% |
| Equity | 10/15 | -€37,038 | -€38,994 | -€1,956 | -5.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,098 | -€47,054 | -€1,956 | -4.3% |
| Amounts payable | 17/49 | €40,827 | €42,723 | +€1,896 | +4.6% |
| Amounts payable within one year | 42/48 | €40,827 | €42,723 | +€1,896 | +4.6% |
| Trade debts | 44 | €952 | €2,848 | +€1,896 | +199.1% |
| Suppliers | 440/4 | €952 | €2,848 | +€1,896 | +199.1% |
| Other amounts payable | 47/48 | €39,875 | €39,875 | = | 0.0% |
| Gross operating margin | 9900 | -€1,828 | -€1,896 | -€68 | -3.7% |
| Operating profit (loss) | 9901 | -€1,828 | -€1,896 | -€68 | -3.7% |
| Financial income | 75/76B | €14 | €15 | +€0 | +0.4% |
| Recurring financial income | 75 | €14 | €15 | +€0 | +0.4% |
| Financial charges | 65/66B | €74 | €75 | +€2 | +2.0% |
| Recurring financial charges | 65 | €74 | €75 | +€2 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,887 | -€1,956 | -€70 | -3.7% |
| Profit (loss) for the period | 9904 | -€1,887 | -€1,956 | -€70 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,887 | -€1,956 | -€70 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.