VGNV: 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.
VGNV
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year -€22,027
down €22,027 (-16.5%), from €133,758 to €111,731
of which Trade receivables: -€14,778
- Cash +€21,838
up €21,838 (+26.1%), from €83,519 to €105,357
mainly Net result for the year (+€84,073) and Current investments (+€50,000)
- Tangible fixed assets +€9,383
up €9,383 (+80.7%), from €11,627 to €21,010
of which Furniture and vehicles: +€10,351
- Receivables after one year -€2,935
no longer reported in 2025 (was €2,935)
- Other debts -€25,814
down €25,814 (-24.8%), from €103,992 to €78,179
- Trade debts -€21,185
down €21,185 (-26.1%), from €81,148 to €59,963
- Tax, wage and social debts +€3,191
up €3,191 (+32.6%), from €9,778 to €12,969
- Gross operating margin -€12,149
down €12,149 (-9.4%), from €129,231 to €117,082
- Taxes -€4,447
down €4,447 (-15.2%), from €29,336 to €24,889
- Financial income -€4,149
down €4,149 (-88.9%), from €4,669 to €520
- Depreciation +€1,742
up €1,742 (+32.2%), from €5,405 to €7,147
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 | €283,636 | €239,901 | -€43,735 | -15.4% |
| Fixed assets | 21/28 | €11,627 | €21,010 | +€9,383 | +80.7% |
| Tangible fixed assets | 22/27 | €11,627 | €21,010 | +€9,383 | +80.7% |
| Furniture and vehicles | 24 | €3,216 | €13,567 | +€10,351 | +321.9% |
| Other tangible fixed assets | 26 | €8,411 | €7,443 | -€968 | -11.5% |
| Current assets | 29/58 | €272,009 | €218,892 | -€53,117 | -19.5% |
| Amounts receivable after more than one year | 29 | €2,935 | - | -€2,935 | |
| Other amounts receivable | 291 | €2,935 | - | -€2,935 | |
| Amounts receivable within one year | 40/41 | €133,758 | €111,731 | -€22,027 | -16.5% |
| Trade receivables | 40 | €121,258 | €106,481 | -€14,778 | -12.2% |
| Other amounts receivable | 41 | €12,499 | €5,250 | -€7,249 | -58.0% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €83,519 | €105,357 | +€21,838 | +26.1% |
| Deferred charges and accrued income | 490/1 | €1,797 | €1,804 | +€7 | +0.4% |
| Total equity and liabilities | 10/49 | €283,636 | €239,901 | -€43,735 | -15.4% |
| Equity | 10/15 | €88,719 | €88,791 | +€73 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,480 | €69,480 | = | 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% |
| Distributable reserves | 133 | €67,620 | €67,620 | = | 0.0% |
| Profit (loss) carried forward | 14 | €639 | €711 | +€73 | +11.4% |
| Amounts payable | 17/49 | €194,917 | €151,110 | -€43,807 | -22.5% |
| Amounts payable within one year | 42/48 | €194,917 | €151,110 | -€43,807 | -22.5% |
| Trade debts | 44 | €81,148 | €59,963 | -€21,185 | -26.1% |
| Suppliers | 440/4 | €81,148 | €59,963 | -€21,185 | -26.1% |
| Taxes, remuneration and social security | 45 | €9,778 | €12,969 | +€3,191 | +32.6% |
| Taxes | 450/3 | €9,778 | €12,969 | +€3,191 | +32.6% |
| Other amounts payable | 47/48 | €103,992 | €78,179 | -€25,814 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,405 | €7,147 | +€1,742 | +32.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€980 | - | +€980 | |
| Other operating charges | 640/8 | €1,430 | €1,115 | -€315 | -22.0% |
| Gross operating margin | 9900 | €129,231 | €117,082 | -€12,149 | -9.4% |
| Operating profit (loss) | 9901 | €123,376 | €108,820 | -€14,556 | -11.8% |
| Financial income | 75/76B | €4,669 | €520 | -€4,149 | -88.9% |
| Recurring financial income | 75 | €4,669 | €520 | -€4,149 | -88.9% |
| Financial charges | 65/66B | €565 | €379 | -€186 | -32.9% |
| Recurring financial charges | 65 | €565 | €379 | -€186 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €127,480 | €108,962 | -€18,519 | -14.5% |
| Income taxes | 67/77 | €29,336 | €24,889 | -€4,447 | -15.2% |
| Profit (loss) for the period | 9904 | €98,145 | €84,073 | -€14,072 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €98,145 | €84,073 | -€14,072 | -14.3% |
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 8 October 2026 via checked.be.