VGP BREE: 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 BREE
Largest movements
- Tangible fixed assets +€291,284
up €291,284 (+71.9%), from €405,257 to €696,541
of which Land and buildings: +€313,110
- Receivables within one year -€54,633
down €54,633 (-90.5%), from €60,354 to €5,721
of which Trade receivables: -€54,817
- Reserves +€460,774
up €460,774 (+296%), from €155,603 to €616,377
of which Distributable reserves: +€454,835
- Debts after one year -€193,237
down €193,237 (-11.2%), from €1.7m to €1.5m
of which Financial debts: -€193,237
- Gross operating margin +€98,184
up €98,184 (+69.3%), from €141,634 to €239,818
- Depreciation +€75,247
up €75,247 (+593%), from €12,683 to €87,930
- Taxes +€13,108
up €13,108 (+68.2%), from €19,208 to €32,316
- Financial charges -€10,118
down €10,118 (-17.9%), from €56,433 to €46,315
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 | €2,048,090 | €2,289,229 | +€241,139 | +11.8% |
| Fixed assets | 21/28 | €1,976,512 | €2,267,796 | +€291,284 | +14.7% |
| Tangible fixed assets | 22/27 | €405,257 | €696,541 | +€291,284 | +71.9% |
| Land and buildings | 22 | €383,432 | €696,541 | +€313,110 | +81.7% |
| Furniture and vehicles | 24 | €21,826 | €0 | -€21,826 | -100% |
| Financial fixed assets | 28 | €1,571,255 | €1,571,255 | = | 0.0% |
| Current assets | 29/58 | €71,578 | €21,433 | -€50,145 | -70.1% |
| Amounts receivable within one year | 40/41 | €60,354 | €5,721 | -€54,633 | -90.5% |
| Trade receivables | 40 | €60,354 | €5,537 | -€54,817 | -90.8% |
| Other amounts receivable | 41 | - | €184 | +€184 | |
| Cash at bank and in hand | 54/58 | €1,511 | €7,361 | +€5,851 | +387% |
| Deferred charges and accrued income | 490/1 | €9,713 | €8,350 | -€1,363 | -14.0% |
| Total equity and liabilities | 10/49 | €2,048,090 | €2,289,229 | +€241,139 | +11.8% |
| Equity | 10/15 | €168,003 | €638,679 | +€470,676 | +280% |
| Contributions | 10/11 | €12,400 | €22,302 | +€9,902 | +79.9% |
| Reserves | 13 | €155,603 | €616,377 | +€460,774 | +296% |
| Non-distributable reserves | 130/1 | €1,860 | €7,799 | +€5,939 | +319% |
| Reserves not available under the articles | 1311 | €1,860 | €2,850 | +€990 | +53.2% |
| Other | 1319 | - | €4,949 | +€4,949 | |
| Distributable reserves | 133 | €153,743 | €608,578 | +€454,835 | +296% |
| Amounts payable | 17/49 | €1,880,088 | €1,650,550 | -€229,537 | -12.2% |
| Amounts payable after more than one year | 17 | €1,731,567 | €1,538,330 | -€193,237 | -11.2% |
| Financial debts | 170/4 | €1,730,367 | €1,537,130 | -€193,237 | -11.2% |
| Other amounts payable | 178/9 | €1,200 | €1,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €132,486 | €94,006 | -€38,480 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | €82,577 | €71,802 | -€10,775 | -13.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,799 | €10,174 | +€6,375 | +168% |
| Suppliers | 440/4 | €3,799 | €10,174 | +€6,375 | +168% |
| Taxes, remuneration and social security | 45 | €33,381 | €12,030 | -€21,351 | -64.0% |
| Taxes | 450/3 | €27,381 | €10,030 | -€17,351 | -63.4% |
| Remuneration and social security | 454/9 | €6,000 | €2,000 | -€4,000 | -66.7% |
| Other amounts payable | 47/48 | €12,729 | €0 | -€12,729 | -100% |
| Accrued charges and deferred income | 492/3 | €16,034 | €18,214 | +€2,180 | +13.6% |
| Non-recurring operating income | 76A | - | €9,849 | +€9,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,683 | €87,930 | +€75,247 | +593% |
| Other operating charges | 640/8 | €5,198 | €3,622 | -€1,576 | -30.3% |
| Gross operating margin | 9900 | €141,634 | €239,818 | +€98,184 | +69.3% |
| Operating profit (loss) | 9901 | €123,754 | €148,267 | +€24,513 | +19.8% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100% |
| Financial charges | 65/66B | €56,433 | €46,315 | -€10,118 | -17.9% |
| Recurring financial charges | 65 | €56,433 | €46,315 | -€10,118 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | €67,371 | €101,952 | +€34,581 | +51.3% |
| Transfer from deferred taxes | 780 | - | €11,472 | +€11,472 | |
| Income taxes | 67/77 | €19,208 | €32,316 | +€13,108 | +68.2% |
| Profit (loss) for the period | 9904 | €48,162 | €81,109 | +€32,946 | +68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €48,162 | €81,109 | +€32,946 | +68.4% |
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 25 October 2026 via checked.be.