VGR Group: 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.
What changed
VGR Group
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€99,026
2024 · €127,925-€28,900
Equity
€1.2m
2024 · €1.1m+€99,026
Cash
€15,870
2024 · €23,575-€7,706
Balance sheet total
€3.1m
2024 · €3.0m+€63,624
Largest movements
Assets
- Receivables within one year +€93,985
up €93,985 (+263.6%), from €35,653 to €129,637
of which Trade receivables: +€93,764
Equity and liabilities
- Debts after one year -€125,000
down €125,000 (-7.4%), from €1.7m to €1.6m
of which Financial debts: -€100,000
- Reserves +€99,026
up €99,026 (+15.4%), from €644,705 to €743,730
of which Distributable reserves: +€99,026
- Accrued charges and deferred income +€42,388
up €42,388 (+52.2%), from €81,243 to €123,630
Income statement
- Gross operating margin -€38,905
down €38,905 (-14.5%), from €268,541 to €229,636
- Financial charges -€9,369
down €9,369 (-12.7%), from €73,647 to €64,278
- Taxes -€3,910
down €3,910 (-11.2%), from €35,048 to €31,138
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.
Result 2024
€127,925
Gross operating margin
-€38,905
Depreciation
-€647
Other operating charges
-€79
Financial income
-€2,548
Financial charges
+€9,369
Taxes
+€3,910
Result 2025
€99,026
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.
From operations
+€122,391
Investment
€0
Financing
-€130,097
Cash 2024
€23,575
From operations (derived)
+€122,391
Net result for the year
+€99,026
Depreciation
+€25,161
Receivables within one year
-€93,985
Deferred charges and accrued income
-€2,506
Trade debts
+€26,607
Tax, wage and social debts
+€23,428
Other debts
+€2,272
Accrued charges and deferred income
+€42,388
Financing
-€130,097
Debts after one year
-€125,000
Short-term financial debts
-€5,097
Cash 2025
€15,870
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,018,616 | €3,082,240 | +€63,624 | +2.1% |
| Fixed assets | 21/28 | €2,793,979 | €2,768,818 | -€25,161 | -0.9% |
| Tangible fixed assets | 22/27 | €746,086 | €720,924 | -€25,161 | -3.4% |
| Land and buildings | 22 | €740,448 | €716,336 | -€24,113 | -3.3% |
| Plant, machinery and equipment | 23 | €3,441 | €2,743 | -€699 | -20.3% |
| Other tangible fixed assets | 26 | €2,196 | €1,846 | -€350 | -15.9% |
| Financial fixed assets | 28 | €2,047,894 | €2,047,894 | = | 0.0% |
| Current assets | 29/58 | €224,637 | €313,422 | +€88,785 | +39.5% |
| Amounts receivable after more than one year | 29 | €165,000 | €165,000 | = | 0.0% |
| Other amounts receivable | 291 | €165,000 | €165,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €35,653 | €129,637 | +€93,985 | +263.6% |
| Trade receivables | 40 | €24,000 | €117,764 | +€93,764 | +390.7% |
| Other amounts receivable | 41 | €11,653 | €11,873 | +€220 | +1.9% |
| Cash at bank and in hand | 54/58 | €23,575 | €15,870 | -€7,706 | -32.7% |
| Deferred charges and accrued income | 490/1 | €409 | €2,915 | +€2,506 | +612.8% |
| Total equity and liabilities | 10/49 | €3,018,616 | €3,082,240 | +€63,624 | +2.1% |
| Equity | 10/15 | €1,112,698 | €1,211,724 | +€99,026 | +8.9% |
| Contributions | 10/11 | €273,905 | €273,905 | = | 0.0% |
| Capital | 10 | €273,905 | €273,905 | = | 0.0% |
| Issued capital | 100 | €298,700 | €298,700 | = | 0.0% |
| Uncalled capital | 101 | €24,795 | €24,795 | = | 0.0% |
| Revaluation surpluses | 12 | €194,088 | €194,088 | = | 0.0% |
| Reserves | 13 | €644,705 | €743,730 | +€99,026 | +15.4% |
| Non-distributable reserves | 130/1 | €29,870 | €29,870 | = | 0.0% |
| Legal reserve | 130 | €29,870 | €29,870 | = | 0.0% |
| Distributable reserves | 133 | €614,835 | €713,860 | +€99,026 | +16.1% |
| Amounts payable | 17/49 | €1,905,918 | €1,870,517 | -€35,401 | -1.9% |
| Amounts payable after more than one year | 17 | €1,695,000 | €1,570,000 | -€125,000 | -7.4% |
| Financial debts | 170/4 | €950,000 | €850,000 | -€100,000 | -10.5% |
| Other amounts payable | 178/9 | €745,000 | €720,000 | -€25,000 | -3.4% |
| Amounts payable within one year | 42/48 | €129,676 | €176,886 | +€47,211 | +36.4% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Financial debts | 43 | €11,846 | €6,749 | -€5,097 | -43.0% |
| Credit institutions | 430/8 | €11,846 | €6,749 | -€5,097 | -43.0% |
| Trade debts | 44 | €1,777 | €28,385 | +€26,607 | +1497.2% |
| Suppliers | 440/4 | €1,777 | €28,385 | +€26,607 | +1497.2% |
| Taxes, remuneration and social security | 45 | €13,632 | €37,060 | +€23,428 | +171.9% |
| Taxes | 450/3 | €13,632 | €37,060 | +€23,428 | +171.9% |
| Other amounts payable | 47/48 | €2,421 | €4,693 | +€2,272 | +93.9% |
| Accrued charges and deferred income | 492/3 | €81,243 | €123,630 | +€42,388 | +52.2% |
| Non-recurring operating income | 76A | €21,839 | - | -€21,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,514 | €25,161 | +€647 | +2.6% |
| Other operating charges | 640/8 | €15,124 | €15,203 | +€79 | +0.5% |
| Gross operating margin | 9900 | €268,541 | €229,636 | -€38,905 | -14.5% |
| Operating profit (loss) | 9901 | €228,902 | €189,272 | -€39,630 | -17.3% |
| Financial income | 75/76B | €7,718 | €5,170 | -€2,548 | -33.0% |
| Recurring financial income | 75 | €7,718 | €5,170 | -€2,548 | -33.0% |
| Financial charges | 65/66B | €73,647 | €64,278 | -€9,369 | -12.7% |
| Recurring financial charges | 65 | €73,647 | €64,278 | -€9,369 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €162,973 | €130,164 | -€32,809 | -20.1% |
| Income taxes | 67/77 | €35,048 | €31,138 | -€3,910 | -11.2% |
| Profit (loss) for the period | 9904 | €127,925 | €99,026 | -€28,900 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €127,925 | €99,026 | -€28,900 | -22.6% |
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 6 October 2026 via checked.be.