VGP ADVISORY SERVICES: 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.
VGP ADVISORY SERVICES
Largest movements
- Cash -€48,470
down €48,470 (-22.7%), from €213,933 to €165,463
mainly Contributions, distributions and other (-€164,614) and Investment in fixed assets (net) (-€13,425)
- Tangible fixed assets -€12,664
down €12,664 (-16.7%), from €75,749 to €63,086
of which Furniture and vehicles: -€12,114
- Reserves -€62,411
down €62,411 (-31.1%), from €200,883 to €138,472
- Other debts +€4,055
up €4,055 (+13.3%), from €30,474 to €34,530
- Gross operating margin +€46,976
up €46,976 (+40.6%), from €115,717 to €162,692
- Taxes +€9,604
up €9,604 (+51.1%), from €18,784 to €28,388
- Depreciation +€4,710
up €4,710 (+22.0%), from €21,379 to €26,089
- Financial charges +€1,811
up €1,811 (+40.9%), from €4,426 to €6,237
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 | €304,846 | €243,713 | -€61,133 | -20.1% |
| Fixed assets | 21/28 | €75,749 | €63,086 | -€12,664 | -16.7% |
| Tangible fixed assets | 22/27 | €75,749 | €63,086 | -€12,664 | -16.7% |
| Plant, machinery and equipment | 23 | €4,847 | €3,510 | -€1,337 | -27.6% |
| Furniture and vehicles | 24 | €50,441 | €38,326 | -€12,114 | -24.0% |
| Other tangible fixed assets | 26 | €20,462 | €21,250 | +€788 | +3.8% |
| Current assets | 29/58 | €229,097 | €180,628 | -€48,470 | -21.2% |
| Current investments | 50/53 | €15,164 | €15,164 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €213,933 | €165,463 | -€48,470 | -22.7% |
| Total equity and liabilities | 10/49 | €304,846 | €243,713 | -€61,133 | -20.1% |
| Equity | 10/15 | €203,383 | €140,972 | -€62,411 | -30.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €200,883 | €138,472 | -€62,411 | -31.1% |
| Distributable reserves | 133 | €200,883 | €138,472 | -€62,411 | -31.1% |
| Amounts payable | 17/49 | €101,463 | €102,741 | +€1,278 | +1.3% |
| Amounts payable within one year | 42/48 | €95,670 | €97,413 | +€1,743 | +1.8% |
| Financial debts | 43 | €38,500 | €38,500 | = | 0.0% |
| Other loans | 439 | €38,500 | €38,500 | = | 0.0% |
| Trade debts | 44 | €1,268 | €547 | -€721 | -56.9% |
| Suppliers | 440/4 | €1,268 | €547 | -€721 | -56.9% |
| Taxes, remuneration and social security | 45 | €25,428 | €23,836 | -€1,591 | -6.3% |
| Taxes | 450/3 | €22,848 | €20,954 | -€1,894 | -8.3% |
| Remuneration and social security | 454/9 | €2,579 | €2,882 | +€303 | +11.7% |
| Other amounts payable | 47/48 | €30,474 | €34,530 | +€4,055 | +13.3% |
| Accrued charges and deferred income | 492/3 | €5,793 | €5,328 | -€465 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,379 | €26,089 | +€4,710 | +22.0% |
| Other operating charges | 640/8 | €516 | €672 | +€156 | +30.2% |
| Gross operating margin | 9900 | €115,717 | €162,692 | +€46,976 | +40.6% |
| Operating profit (loss) | 9901 | €93,822 | €135,932 | +€42,110 | +44.9% |
| Financial income | 75/76B | €881 | €896 | +€15 | +1.7% |
| Recurring financial income | 75 | €881 | €896 | +€15 | +1.7% |
| Financial charges | 65/66B | €4,426 | €6,237 | +€1,811 | +40.9% |
| Recurring financial charges | 65 | €4,426 | €6,237 | +€1,811 | +40.9% |
| Profit (loss) for the period before taxes | 9903 | €90,277 | €130,591 | +€40,314 | +44.7% |
| Income taxes | 67/77 | €18,784 | €28,388 | +€9,604 | +51.1% |
| Profit (loss) for the period | 9904 | €71,493 | €102,203 | +€30,710 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,493 | €102,203 | +€30,710 | +43.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.