"VGR East": 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.
"VGR East"
Largest movements
- Receivables within one year +€20,245
up €20,245 (+9,119%), from €222 to €20,467
of which Trade receivables: +€20,467
- Cash -€15,368
down €15,368 (-38.3%), from €40,092 to €24,724
mainly Receivables within one year (-€20,245) and Investment in fixed assets (net) (-€1,577)
- Tangible fixed assets +€1,359
up €1,359 (+624%), from €218 to €1,577
of which Plant, machinery and equipment: +€1,577
- Profit (loss) carried forward +€8,352
up €8,352 (+81.3%), from €10,271 to €18,623
- Trade debts -€1,439
no longer reported in 2025 (was €1,439)
- Tax, wage and social debts -€1,270
down €1,270 (-21.7%), from €5,859 to €4,589
- Other debts +€594
up €594 (+13.5%), from €4,403 to €4,997
- Gross operating margin -€3,851
down €3,851 (-24.5%), from €15,736 to €11,885
- Taxes -€1,428
down €1,428 (-32.6%), from €4,382 to €2,954
- Depreciation -€641
down €641 (-74.7%), from €859 to €218
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 | €40,532 | €46,768 | +€6,236 | +15.4% |
| Fixed assets | 21/28 | €218 | €1,577 | +€1,359 | +624% |
| Tangible fixed assets | 22/27 | €218 | €1,577 | +€1,359 | +624% |
| Plant, machinery and equipment | 23 | - | €1,577 | +€1,577 | |
| Furniture and vehicles | 24 | €218 | - | -€218 | |
| Current assets | 29/58 | €40,314 | €45,191 | +€4,877 | +12.1% |
| Amounts receivable within one year | 40/41 | €222 | €20,467 | +€20,245 | +9,119% |
| Trade receivables | 40 | - | €20,467 | +€20,467 | |
| Other amounts receivable | 41 | €222 | - | -€222 | |
| Cash at bank and in hand | 54/58 | €40,092 | €24,724 | -€15,368 | -38.3% |
| Total equity and liabilities | 10/49 | €40,532 | €46,768 | +€6,236 | +15.4% |
| Equity | 10/15 | €28,831 | €37,183 | +€8,352 | +29.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €12,360 | €12,360 | = | 0.0% |
| Distributable reserves | 133 | €12,360 | €12,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,271 | €18,623 | +€8,352 | +81.3% |
| Amounts payable | 17/49 | €11,701 | €9,586 | -€2,115 | -18.1% |
| Amounts payable within one year | 42/48 | €11,701 | €9,586 | -€2,115 | -18.1% |
| Trade debts | 44 | €1,439 | - | -€1,439 | |
| Suppliers | 440/4 | €1,439 | - | -€1,439 | |
| Taxes, remuneration and social security | 45 | €5,859 | €4,589 | -€1,270 | -21.7% |
| Taxes | 450/3 | €5,859 | €4,589 | -€1,270 | -21.7% |
| Other amounts payable | 47/48 | €4,403 | €4,997 | +€594 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €859 | €218 | -€641 | -74.7% |
| Other operating charges | 640/8 | - | €101 | +€101 | |
| Gross operating margin | 9900 | €15,736 | €11,885 | -€3,851 | -24.5% |
| Operating profit (loss) | 9901 | €14,877 | €11,566 | -€3,311 | -22.3% |
| Financial income | 75/76B | - | €32 | +€32 | |
| Recurring financial income | 75 | - | €32 | +€32 | |
| Financial charges | 65/66B | €286 | €292 | +€6 | +2.1% |
| Recurring financial charges | 65 | €286 | €292 | +€6 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €14,591 | €11,306 | -€3,285 | -22.5% |
| Income taxes | 67/77 | €4,382 | €2,954 | -€1,428 | -32.6% |
| Profit (loss) for the period | 9904 | €10,209 | €8,352 | -€1,857 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,209 | €8,352 | -€1,857 | -18.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.