VGN VASTGOED: 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.
VGN VASTGOED
Largest movements
- Cash +€20,421
up €20,421 (+53.8%), from €37,968 to €58,389
mainly Net result for the year (+€23,004) and Depreciation (+€8,412)
- Receivables within one year +€7,641
up €7,641 (+69.9%), from €10,936 to €18,577
of which Trade receivables: +€7,881
- Tangible fixed assets -€6,288
down €6,288 (-32.2%), from €19,519 to €13,230
of which Furniture and vehicles: -€6,065
- Deferred charges and accrued income +€1,088
up €1,088 (+801.1%), from €136 to €1,224
- Reserves +€23,004
up €23,004 (+80.4%), from €28,617 to €51,621
- Tax, wage and social debts +€7,766
up €7,766 (+52.1%), from €14,917 to €22,682
- Debts after one year -€7,314
down €7,314 (-46.8%), from €15,634 to €8,320
- Trade debts -€955
down €955 (-67.7%), from €1,411 to €456
- Gross operating margin -€14,188
down €14,188 (-25.9%), from €54,854 to €40,666
- Depreciation -€4,943
down €4,943 (-37.0%), from €13,355 to €8,412
- Taxes -€1,769
down €1,769 (-19.2%), from €9,211 to €7,442
- Financial charges -€767
down €767 (-43.2%), from €1,774 to €1,007
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 | €68,558 | €91,419 | +€22,861 | +33.3% |
| Fixed assets | 21/28 | €19,519 | €13,230 | -€6,288 | -32.2% |
| Tangible fixed assets | 22/27 | €19,519 | €13,230 | -€6,288 | -32.2% |
| Plant, machinery and equipment | 23 | €325 | €102 | -€223 | -68.6% |
| Furniture and vehicles | 24 | €19,193 | €13,128 | -€6,065 | -31.6% |
| Current assets | 29/58 | €49,040 | €78,189 | +€29,150 | +59.4% |
| Amounts receivable within one year | 40/41 | €10,936 | €18,577 | +€7,641 | +69.9% |
| Trade receivables | 40 | €10,696 | €18,577 | +€7,881 | +73.7% |
| Other amounts receivable | 41 | €240 | - | -€240 | |
| Cash at bank and in hand | 54/58 | €37,968 | €58,389 | +€20,421 | +53.8% |
| Deferred charges and accrued income | 490/1 | €136 | €1,224 | +€1,088 | +801.1% |
| Total equity and liabilities | 10/49 | €68,558 | €91,419 | +€22,861 | +33.3% |
| Equity | 10/15 | €29,617 | €52,621 | +€23,004 | +77.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €28,617 | €51,621 | +€23,004 | +80.4% |
| Distributable reserves | 133 | €28,617 | €51,621 | +€23,004 | +80.4% |
| Amounts payable | 17/49 | €38,941 | €38,798 | -€143 | -0.4% |
| Amounts payable after more than one year | 17 | €15,634 | €8,320 | -€7,314 | -46.8% |
| Financial debts | 170/4 | €15,634 | €8,320 | -€7,314 | -46.8% |
| Amounts payable within one year | 42/48 | €23,307 | €30,452 | +€7,145 | +30.7% |
| Current portion of amounts payable after more than one year | 42 | €6,980 | €7,314 | +€334 | +4.8% |
| Trade debts | 44 | €1,411 | €456 | -€955 | -67.7% |
| Suppliers | 440/4 | €1,411 | €456 | -€955 | -67.7% |
| Taxes, remuneration and social security | 45 | €14,917 | €22,682 | +€7,766 | +52.1% |
| Taxes | 450/3 | €14,917 | €22,682 | +€7,766 | +52.1% |
| Accrued charges and deferred income | 492/3 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,355 | €8,412 | -€4,943 | -37.0% |
| Other operating charges | 640/8 | €1,097 | €802 | -€295 | -26.9% |
| Gross operating margin | 9900 | €54,854 | €40,666 | -€14,188 | -25.9% |
| Operating profit (loss) | 9901 | €40,402 | €31,453 | -€8,949 | -22.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,774 | €1,007 | -€767 | -43.2% |
| Recurring financial charges | 65 | €1,774 | €1,007 | -€767 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | €38,628 | €30,445 | -€8,182 | -21.2% |
| Income taxes | 67/77 | €9,211 | €7,442 | -€1,769 | -19.2% |
| Profit (loss) for the period | 9904 | €29,417 | €23,004 | -€6,413 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,417 | €23,004 | -€6,413 | -21.8% |
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 12 October 2026 via checked.be.