VGRT: 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.
VGRT
Largest movements
- Tangible fixed assets -€15,183
down €15,183 (-27.2%), from €55,894 to €40,711
- Cash -€3,565
down €3,565 (-16.6%), from €21,534 to €17,969
mainly Other debts (-€13,750) and Tax, wage and social debts (-€10,777)
- Receivables after one year +€1,770
up €1,770 (+57.8%), from €3,060 to €4,830
- Other debts -€13,750
down €13,750 (-42.3%), from €32,500 to €18,750
- Tax, wage and social debts -€10,777
down €10,777 (-72.1%), from €14,956 to €4,179
- Profit (loss) carried forward +€8,710
up €8,710, from -€5,541 to €3,169
- Debts after one year -€3,902
down €3,902 (-27.0%), from €14,472 to €10,570
- Trade debts +€2,806
up €2,806 (+149.5%), from €1,877 to €4,683
- Purchases and services +€13,812
up €13,812 (+16.8%), from €82,264 to €96,076
- Other operating charges +€1,881
up €1,881 (+34.8%), from €5,407 to €7,289
- Gross operating margin +€1,242
up €1,242 (+3.8%), from €32,684 to €33,926
- Depreciation +€627
up €627 (+4.3%), from €14,556 to €15,183
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 | €82,884 | €65,713 | -€17,172 | -20.7% |
| Fixed assets | 21/28 | €55,894 | €40,711 | -€15,183 | -27.2% |
| Tangible fixed assets | 22/27 | €55,894 | €40,711 | -€15,183 | -27.2% |
| Plant, machinery and equipment | 23 | €55,894 | €40,711 | -€15,183 | -27.2% |
| Current assets | 29/58 | €26,990 | €25,002 | -€1,988 | -7.4% |
| Amounts receivable after more than one year | 29 | €3,060 | €4,830 | +€1,770 | +57.8% |
| Trade receivables | 290 | €3,060 | €4,830 | +€1,770 | +57.8% |
| Stocks and contracts in progress | 3 | €261 | €170 | -€91 | -34.8% |
| Stocks | 30/36 | €261 | €170 | -€91 | -34.8% |
| Amounts receivable within one year | 40/41 | €2,136 | €2,033 | -€103 | -4.8% |
| Trade receivables | 40 | €2,136 | €2,033 | -€103 | -4.8% |
| Cash at bank and in hand | 54/58 | €21,534 | €17,969 | -€3,565 | -16.6% |
| Total equity and liabilities | 10/49 | €82,884 | €65,713 | -€17,172 | -20.7% |
| Equity | 10/15 | €14,919 | €23,629 | +€8,710 | +58.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,541 | €3,169 | +€8,710 | |
| Amounts payable | 17/49 | €67,965 | €42,083 | -€25,882 | -38.1% |
| Amounts payable after more than one year | 17 | €14,472 | €10,570 | -€3,902 | -27.0% |
| Financial debts | 170/4 | €14,472 | €10,570 | -€3,902 | -27.0% |
| Amounts payable within one year | 42/48 | €53,494 | €31,514 | -€21,980 | -41.1% |
| Current portion of amounts payable after more than one year | 42 | €4,160 | €3,902 | -€259 | -6.2% |
| Trade debts | 44 | €1,877 | €4,683 | +€2,806 | +149.5% |
| Suppliers | 440/4 | €1,877 | €4,683 | +€2,806 | +149.5% |
| Taxes, remuneration and social security | 45 | €14,956 | €4,179 | -€10,777 | -72.1% |
| Taxes | 450/3 | €14,956 | €4,179 | -€10,777 | -72.1% |
| Other amounts payable | 47/48 | €32,500 | €18,750 | -€13,750 | -42.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €82,264 | €96,076 | +€13,812 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,556 | €15,183 | +€627 | +4.3% |
| Other operating charges | 640/8 | €5,407 | €7,289 | +€1,881 | +34.8% |
| Gross operating margin | 9900 | €32,684 | €33,926 | +€1,242 | +3.8% |
| Operating profit (loss) | 9901 | €12,720 | €11,454 | -€1,266 | -10.0% |
| Financial income | 75/76B | €21 | €36 | +€15 | +69.8% |
| Recurring financial income | 75 | €21 | €36 | +€15 | +69.8% |
| Financial charges | 65/66B | €2,669 | €2,779 | +€111 | +4.2% |
| Recurring financial charges | 65 | €2,669 | €2,779 | +€111 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €10,072 | €8,710 | -€1,362 | -13.5% |
| Profit (loss) for the period | 9904 | €10,072 | €8,710 | -€1,362 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,072 | €8,710 | -€1,362 | -13.5% |
Source: filed annual accounts (NBB), financial 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.