VGP Projects: 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 Projects
Largest movements
- Cash +€76,188
up €76,188 (+29.6%), from €257,775 to €333,963
mainly Net result for the year (+€96,574) and Depreciation (+€10,404)
- Tangible fixed assets -€10,404
down €10,404 (-24.2%), from €42,961 to €32,557
- Reserves +€96,574
up €96,574 (+38.8%), from €248,846 to €345,420
- Tax, wage and social debts -€32,828
down €32,828 (-39.9%), from €82,331 to €49,503
- Gross operating margin +€17,055
up €17,055 (+13.1%), from €130,267 to €147,322
- Taxes +€3,338
up €3,338 (+9.3%), from €36,057 to €39,395
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 | €337,379 | €404,340 | +€66,961 | +19.8% |
| Fixed assets | 21/28 | €42,961 | €32,557 | -€10,404 | -24.2% |
| Tangible fixed assets | 22/27 | €42,961 | €32,557 | -€10,404 | -24.2% |
| Furniture and vehicles | 24 | €42,961 | €32,557 | -€10,404 | -24.2% |
| Current assets | 29/58 | €294,418 | €371,783 | +€77,365 | +26.3% |
| Amounts receivable within one year | 40/41 | €34,402 | €32,139 | -€2,263 | -6.6% |
| Trade receivables | 40 | €34,402 | €32,139 | -€2,263 | -6.6% |
| Cash at bank and in hand | 54/58 | €257,775 | €333,963 | +€76,188 | +29.6% |
| Deferred charges and accrued income | 490/1 | €2,241 | €5,681 | +€3,440 | +153.5% |
| Total equity and liabilities | 10/49 | €337,379 | €404,340 | +€66,961 | +19.8% |
| Equity | 10/15 | €251,846 | €348,420 | +€96,574 | +38.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €248,846 | €345,420 | +€96,574 | +38.8% |
| Distributable reserves | 133 | €248,846 | €345,420 | +€96,574 | +38.8% |
| Amounts payable | 17/49 | €85,533 | €55,920 | -€29,613 | -34.6% |
| Amounts payable within one year | 42/48 | €85,533 | €55,920 | -€29,613 | -34.6% |
| Taxes, remuneration and social security | 45 | €82,331 | €49,503 | -€32,828 | -39.9% |
| Taxes | 450/3 | €82,331 | €49,503 | -€32,828 | -39.9% |
| Other amounts payable | 47/48 | €3,202 | €6,417 | +€3,215 | +100.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,376 | €10,404 | +€28 | +0.3% |
| Other operating charges | 640/8 | €433 | €790 | +€357 | +82.4% |
| Gross operating margin | 9900 | €130,267 | €147,322 | +€17,055 | +13.1% |
| Operating profit (loss) | 9901 | €119,458 | €136,128 | +€16,670 | +14.0% |
| Financial charges | 65/66B | €70 | €159 | +€89 | +127.1% |
| Recurring financial charges | 65 | €70 | €159 | +€89 | +127.1% |
| Profit (loss) for the period before taxes | 9903 | €119,388 | €135,969 | +€16,581 | +13.9% |
| Income taxes | 67/77 | €36,057 | €39,395 | +€3,338 | +9.3% |
| Profit (loss) for the period | 9904 | €83,331 | €96,574 | +€13,243 | +15.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,331 | €96,574 | +€13,243 | +15.9% |
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 9 October 2026 via checked.be.