VGP FOUNDATION: 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.
VGP FOUNDATION
Largest movements
- Current investments -€1.5m
down €1.5m (-41.4%), from €3.7m to €2.2m
- Tangible fixed assets +€1.1m
up €1.1m (+32.5%), from €3.3m to €4.3m
of which Assets under construction and advance payments: +€965,741
- Receivables within one year -€158,963
down €158,963 (-8.3%), from €1.9m to €1.8m
- Profit (loss) carried forward -€535,805
down €535,805 (-5.7%), from €9.4m to €8.8m
- Debts within one year -€116,746
down €116,746 (-78.2%), from €149,213 to €32,466
- Gross operating margin -€1.7m
down €1.7m, from €1.7m to -€30,985
- Other operating charges +€119,387
up €119,387 (+27.8%), from €429,638 to €549,025
- Financial income -€85,651
down €85,651 (-57.2%), from €149,868 to €64,217
- Purchases and services -€35,772
down €35,772 (-52.9%), from €67,583 to €31,811
- Taxes -€25,695
down €25,695 (-57.2%), from €44,961 to €19,265
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 | €9,550,972 | €8,898,421 | -€652,551 | -6.8% |
| Fixed assets | 21/28 | €3,277,782 | €4,342,943 | +€1.1m | +32.5% |
| Tangible fixed assets | 22/27 | €3,277,782 | €4,342,943 | +€1.1m | +32.5% |
| Land and buildings | 22 | €1,288,000 | €1,288,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,246 | €666 | -€580 | -46.5% |
| Other tangible fixed assets | 26 | €50,700 | €150,700 | +€100,000 | +197.2% |
| Assets under construction and advance payments | 27 | €1,937,836 | €2,903,577 | +€965,741 | +49.8% |
| Current assets | 29/58 | €6,273,190 | €4,555,478 | -€1.7m | -27.4% |
| Stocks and contracts in progress | 3 | €33,652 | €33,652 | = | 0.0% |
| Stocks | 30/36 | €33,652 | €33,652 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,923,971 | €1,765,008 | -€158,963 | -8.3% |
| Other amounts receivable | 41 | €1,923,971 | €1,765,008 | -€158,963 | -8.3% |
| Current investments | 50/53 | €3,699,372 | €2,166,873 | -€1.5m | -41.4% |
| Cash at bank and in hand | 54/58 | €616,195 | €589,945 | -€26,250 | -4.3% |
| Total equity and liabilities | 10/49 | €9,550,972 | €8,898,421 | -€652,551 | -6.8% |
| Equity | 10/15 | €9,401,759 | €8,865,955 | -€535,805 | -5.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,376,759 | €8,840,955 | -€535,805 | -5.7% |
| Amounts payable | 17/49 | €149,213 | €32,466 | -€116,746 | -78.2% |
| Amounts payable within one year | 42/48 | €149,213 | €32,466 | -€116,746 | -78.2% |
| Trade debts | 44 | €149,213 | €28,002 | -€121,210 | -81.2% |
| Suppliers | 440/4 | €149,213 | €28,002 | -€121,210 | -81.2% |
| Non-recurring operating income | 76A | - | €826 | +€826 | |
| Goods, raw materials, services and sundry goods | 60/61 | €67,583 | €31,811 | -€35,772 | -52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €786 | €580 | -€206 | -26.2% |
| Other operating charges | 640/8 | €429,638 | €549,025 | +€119,387 | +27.8% |
| Gross operating margin | 9900 | €1,682,417 | -€30,985 | -€1.7m | |
| Operating profit (loss) | 9901 | €1,251,993 | -€580,590 | -€1.8m | |
| Financial income | 75/76B | €149,868 | €64,217 | -€85,651 | -57.2% |
| Recurring financial income | 75 | €149,868 | €64,217 | -€85,651 | -57.2% |
| Financial charges | 65/66B | €81 | €167 | +€86 | +106.6% |
| Recurring financial charges | 65 | €81 | €167 | +€86 | +106.6% |
| Profit (loss) for the period before taxes | 9903 | €1,401,781 | -€516,540 | -€1.9m | |
| Income taxes | 67/77 | €44,961 | €19,265 | -€25,695 | -57.2% |
| Profit (loss) for the period | 9904 | €1,356,820 | -€535,805 | -€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,356,820 | -€535,805 | -€1.9m |
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 5 October 2026 via checked.be.