VGS: 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.
VGS
Largest movements
- Current investments -€25,017
down €25,017 (-99.9%), from €25,039 to €22
- Receivables within one year -€20,599
down €20,599 (-55.9%), from €36,860 to €16,260
of which Trade receivables: -€14,618
- Cash -€18,548
down €18,548 (-56.9%), from €32,610 to €14,062
mainly Contributions, distributions and other (-€69,552) and Investment in fixed assets (net) (-€5,807)
- Tangible fixed assets -€6,498
down €6,498 (-41.4%), from €15,692 to €9,194
of which Furniture and vehicles: -€10,514
- Receivables after one year +€3,406
up €3,406 (+20.5%), from €16,594 to €20,000
- Reserves -€63,376
down €63,376 (-52.3%), from €121,288 to €57,911
- Other debts -€2,066
down €2,066 (-100.0%), from €2,066 to €0
- Trade debts -€1,706
down €1,706 (-50.8%), from €3,356 to €1,650
- Other operating charges +€4,212
up €4,212 (+339.6%), from €1,240 to €5,452
- Gross operating margin -€1,723
down €1,723 (-4.8%), from €35,599 to €33,876
- Taxes -€410
down €410 (-3.8%), from €10,645 to €10,235
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 | €128,836 | €61,894 | -€66,942 | -52.0% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €15,692 | €9,194 | -€6,498 | -41.4% |
| Tangible fixed assets | 22/27 | €15,692 | €9,194 | -€6,498 | -41.4% |
| Plant, machinery and equipment | 23 | €362 | €4,756 | +€4,394 | +1215.4% |
| Furniture and vehicles | 24 | €13,861 | €3,347 | -€10,514 | -75.9% |
| Other tangible fixed assets | 26 | €1,470 | €1,092 | -€378 | -25.7% |
| Current assets | 29/58 | €113,144 | €52,700 | -€60,444 | -53.4% |
| Amounts receivable after more than one year | 29 | €16,594 | €20,000 | +€3,406 | +20.5% |
| Trade receivables | 290 | €16,594 | €20,000 | +€3,406 | +20.5% |
| Amounts receivable within one year | 40/41 | €36,860 | €16,260 | -€20,599 | -55.9% |
| Trade receivables | 40 | €25,286 | €10,668 | -€14,618 | -57.8% |
| Other amounts receivable | 41 | €11,574 | €5,593 | -€5,981 | -51.7% |
| Current investments | 50/53 | €25,039 | €22 | -€25,017 | -99.9% |
| Cash at bank and in hand | 54/58 | €32,610 | €14,062 | -€18,548 | -56.9% |
| Deferred charges and accrued income | 490/1 | €2,041 | €2,356 | +€314 | +15.4% |
| Total equity and liabilities | 10/49 | €128,836 | €61,894 | -€66,942 | -52.0% |
| Equity | 10/15 | €121,288 | €57,911 | -€63,376 | -52.3% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €121,288 | €57,911 | -€63,376 | -52.3% |
| Distributable reserves | 133 | €121,288 | €57,911 | -€63,376 | -52.3% |
| Amounts payable | 17/49 | €7,549 | €3,983 | -€3,566 | -47.2% |
| Amounts payable within one year | 42/48 | €7,549 | €3,983 | -€3,566 | -47.2% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €3,356 | €1,650 | -€1,706 | -50.8% |
| Suppliers | 440/4 | €3,356 | €1,650 | -€1,706 | -50.8% |
| Taxes, remuneration and social security | 45 | €2,126 | €2,333 | +€206 | +9.7% |
| Taxes | 450/3 | €2,126 | €2,333 | +€206 | +9.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,066 | €0 | -€2,066 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Remuneration, social security and pensions | 62 | -€299 | - | +€299 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,223 | €12,305 | +€82 | +0.7% |
| Other operating charges | 640/8 | €1,240 | €5,452 | +€4,212 | +339.6% |
| Gross operating margin | 9900 | €35,599 | €33,876 | -€1,723 | -4.8% |
| Operating profit (loss) | 9901 | €22,435 | €16,119 | -€6,316 | -28.2% |
| Financial income | 75/76B | €659 | €1,005 | +€346 | +52.4% |
| Recurring financial income | 75 | €659 | €1,005 | +€346 | +52.4% |
| Financial charges | 65/66B | €502 | €713 | +€211 | +42.1% |
| Recurring financial charges | 65 | €502 | €713 | +€211 | +42.1% |
| Profit (loss) for the period before taxes | 9903 | €22,592 | €16,411 | -€6,182 | -27.4% |
| Income taxes | 67/77 | €10,645 | €10,235 | -€410 | -3.8% |
| Profit (loss) for the period | 9904 | €11,947 | €6,176 | -€5,772 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,947 | €6,176 | -€5,772 | -48.3% |
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 7 October 2026 via checked.be.