VGM 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.
VGM Group
Largest movements
- Receivables within one year +€32,572
up €32,572 (+26.2%), from €124,531 to €157,103
of which Trade receivables: +€30,761
- Tangible fixed assets -€19,369
down €19,369 (-80.5%), from €24,047 to €4,678
- Cash -€6,547
down €6,547 (-55.4%), from €11,820 to €5,273
mainly Receivables within one year (-€32,572) and Debts after one year (-€8,054)
- Trade debts +€8,609
up €8,609 (+5.3%), from €163,060 to €171,670
- Debts after one year -€8,054
no longer reported in 2025 (was €8,054)
- Profit (loss) carried forward +€4,439
up €4,439 (+8.0%), from -€55,542 to -€51,103
- Tax, wage and social debts +€3,462
up €3,462 (+18.0%), from €19,210 to €22,672
of which Remuneration and social security: +€3,724
- Current portion of long-term debt -€2,793
down €2,793 (-17.0%), from €16,447 to €13,654
- Staff costs +€37,283
up €37,283 (+46.4%), from €80,419 to €117,702
- Gross operating margin +€29,747
up €29,747 (+29.0%), from €102,449 to €132,195
- Financial charges -€1,915
down €1,915 (-61.5%), from €3,116 to €1,201
- Depreciation -€1,900
down €1,900 (-25.0%), from €7,610 to €5,710
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 | €161,664 | €167,329 | +€5,664 | +3.5% |
| Fixed assets | 21/28 | €24,097 | €4,953 | -€19,144 | -79.4% |
| Tangible fixed assets | 22/27 | €24,047 | €4,678 | -€19,369 | -80.5% |
| Furniture and vehicles | 24 | €24,047 | €4,678 | -€19,369 | -80.5% |
| Financial fixed assets | 28 | €50 | €275 | +€225 | +451% |
| Current assets | 29/58 | €137,568 | €162,376 | +€24,808 | +18.0% |
| Amounts receivable within one year | 40/41 | €124,531 | €157,103 | +€32,572 | +26.2% |
| Trade receivables | 40 | €123,993 | €154,754 | +€30,761 | +24.8% |
| Other amounts receivable | 41 | €537 | €2,348 | +€1,811 | +337% |
| Cash at bank and in hand | 54/58 | €11,820 | €5,273 | -€6,547 | -55.4% |
| Deferred charges and accrued income | 490/1 | €1,217 | - | -€1,217 | |
| Total equity and liabilities | 10/49 | €161,664 | €167,329 | +€5,664 | +3.5% |
| Equity | 10/15 | -€45,106 | -€40,667 | +€4,439 | +9.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €4,236 | €4,236 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,236 | €4,236 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,236 | €4,236 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,542 | -€51,103 | +€4,439 | +8.0% |
| Amounts payable | 17/49 | €206,771 | €207,996 | +€1,225 | +0.6% |
| Amounts payable after more than one year | 17 | €8,054 | - | -€8,054 | |
| Financial debts | 170/4 | €8,054 | - | -€8,054 | |
| Amounts payable within one year | 42/48 | €198,717 | €207,996 | +€9,279 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €16,447 | €13,654 | -€2,793 | -17.0% |
| Trade debts | 44 | €163,060 | €171,670 | +€8,609 | +5.3% |
| Suppliers | 440/4 | €163,060 | €171,670 | +€8,609 | +5.3% |
| Taxes, remuneration and social security | 45 | €19,210 | €22,672 | +€3,462 | +18.0% |
| Taxes | 450/3 | €9,419 | €9,158 | -€262 | -2.8% |
| Remuneration and social security | 454/9 | €9,791 | €13,514 | +€3,724 | +38.0% |
| Remuneration, social security and pensions | 62 | €80,419 | €117,702 | +€37,283 | +46.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,610 | €5,710 | -€1,900 | -25.0% |
| Other operating charges | 640/8 | €2,665 | €3,180 | +€515 | +19.3% |
| Gross operating margin | 9900 | €102,449 | €132,195 | +€29,747 | +29.0% |
| Operating profit (loss) | 9901 | €11,754 | €5,603 | -€6,152 | -52.3% |
| Financial income | 75/76B | €3 | €38 | +€35 | +1,338% |
| Recurring financial income | 75 | €3 | €38 | +€35 | +1,338% |
| Financial charges | 65/66B | €3,116 | €1,201 | -€1,915 | -61.5% |
| Recurring financial charges | 65 | €3,116 | €1,201 | -€1,915 | -61.5% |
| Profit (loss) for the period before taxes | 9903 | €8,641 | €4,439 | -€4,201 | -48.6% |
| Income taxes | 67/77 | €518 | - | -€518 | |
| Profit (loss) for the period | 9904 | €8,123 | €4,439 | -€3,684 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,123 | €4,439 | -€3,684 | -45.3% |
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 23 October 2026 via checked.be.