VGRL: 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.
VGRL
Largest movements
- Receivables within one year +€34,018
up €34,018 (+57.1%), from €59,617 to €93,635
of which Trade receivables: +€41,222
- Cash -€9,959
no longer reported in 2025 (was €9,959)
mainly Receivables within one year (-€34,018) and Tax, wage and social debts (-€15,351)
- Tangible fixed assets -€2,419
down €2,419 (-39.9%), from €6,061 to €3,642
- Profit (loss) carried forward +€34,121
up €34,121, from -€18,571 to €15,550
- Tax, wage and social debts -€15,351
no longer reported in 2025 (was €15,351)
- Trade debts +€3,724
up €3,724 (+12.3%), from €30,161 to €33,885
- Gross operating margin +€112,175
up €112,175, from -€73,893 to €38,282
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 | €75,637 | €97,588 | +€21,951 | +29.0% |
| Fixed assets | 21/28 | €6,061 | €3,642 | -€2,419 | -39.9% |
| Tangible fixed assets | 22/27 | €6,061 | €3,642 | -€2,419 | -39.9% |
| Plant, machinery and equipment | 23 | €6,061 | €3,642 | -€2,419 | -39.9% |
| Current assets | 29/58 | €69,576 | €93,946 | +€24,370 | +35.0% |
| Amounts receivable within one year | 40/41 | €59,617 | €93,635 | +€34,018 | +57.1% |
| Trade receivables | 40 | €42,207 | €83,429 | +€41,222 | +97.7% |
| Other amounts receivable | 41 | €17,410 | €10,206 | -€7,204 | -41.4% |
| Cash at bank and in hand | 54/58 | €9,959 | - | -€9,959 | |
| Deferred charges and accrued income | 490/1 | - | €311 | +€311 | |
| Total equity and liabilities | 10/49 | €75,637 | €97,588 | +€21,951 | +29.0% |
| Equity | 10/15 | €4,056 | €38,177 | +€34,121 | +841.2% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €6,427 | €6,427 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,427 | €6,427 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,571 | €15,550 | +€34,121 | |
| Amounts payable | 17/49 | €71,581 | €59,411 | -€12,170 | -17.0% |
| Amounts payable within one year | 42/48 | €71,581 | €59,411 | -€12,170 | -17.0% |
| Financial debts | 43 | - | €12 | +€12 | |
| Credit institutions | 430/8 | - | €12 | +€12 | |
| Trade debts | 44 | €30,161 | €33,885 | +€3,724 | +12.3% |
| Suppliers | 440/4 | €30,161 | €33,885 | +€3,724 | +12.3% |
| Advances received on contracts in progress | 46 | €13,098 | €13,098 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,351 | - | -€15,351 | |
| Taxes | 450/3 | €15,351 | - | -€15,351 | |
| Other amounts payable | 47/48 | €12,971 | €12,416 | -€555 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,749 | €3,869 | +€120 | +3.2% |
| Other operating charges | 640/8 | €483 | €189 | -€294 | -60.9% |
| Gross operating margin | 9900 | -€73,893 | €38,282 | +€112,175 | |
| Operating profit (loss) | 9901 | -€78,125 | €34,224 | +€112,349 | |
| Financial charges | 65/66B | €62 | €103 | +€41 | +66.1% |
| Recurring financial charges | 65 | €62 | €103 | +€41 | +66.1% |
| Profit (loss) for the period before taxes | 9903 | -€78,187 | €34,121 | +€112,308 | |
| Profit (loss) for the period | 9904 | -€78,187 | €34,121 | +€112,308 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78,187 | €34,121 | +€112,308 |
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.