VGS: what changed
VGS
Largest movements
- Tangible fixed assets +€515,835
up €515,835 (+823%), from €62,715 to €578,550
of which Land and buildings: +€530,217
- Cash -€27,762
down €27,762 (-4.6%), from €608,612 to €580,850
mainly Investment in fixed assets (net) (-€550,074) and Trade debts (-€27,665)
- Stocks and contracts +€20,000
up €20,000 (+50.0%), from €40,000 to €60,000
- Debts after one year +€315,000
new in 2025: €315,000
- Reserves +€126,541
up €126,541 (+14.2%), from €890,070 to €1.0m
of which Distributable reserves: +€126,541
- Tax, wage and social debts +€45,971
up €45,971 (+2,575%), from €1,785 to €47,757
of which Taxes: +€43,268
- Current portion of long-term debt +€35,000
new in 2025: €35,000
- Trade debts -€27,665
down €27,665 (-31.3%), from €88,302 to €60,637
- Depreciation +€21,431
up €21,431 (+167%), from €12,808 to €34,238
- Taxes -€16,210
down €16,210 (-47.1%), from €34,405 to €18,195
- Gross operating margin +€12,834
up €12,834 (+5.6%), from €230,307 to €243,142
- Other operating charges +€3,562
up €3,562 (+436%), from €817 to €4,379
- Staff costs +€2,573
up €2,573 (+4.6%), from €55,917 to €58,490
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,001,121 | €1,498,431 | +€497,309 | +49.7% |
| Fixed assets | 21/28 | €62,715 | €578,550 | +€515,835 | +823% |
| Tangible fixed assets | 22/27 | €62,715 | €578,550 | +€515,835 | +823% |
| Land and buildings | 22 | €17,265 | €547,482 | +€530,217 | +3,071% |
| Plant, machinery and equipment | 23 | €8,214 | €2,214 | -€6,000 | -73.0% |
| Furniture and vehicles | 24 | €37,236 | €28,855 | -€8,382 | -22.5% |
| Current assets | 29/58 | €938,406 | €919,880 | -€18,526 | -2.0% |
| Stocks and contracts in progress | 3 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Stocks | 30/36 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €276,315 | €274,056 | -€2,260 | -0.8% |
| Trade receivables | 40 | €258,013 | €251,787 | -€6,227 | -2.4% |
| Other amounts receivable | 41 | €18,302 | €22,269 | +€3,967 | +21.7% |
| Cash at bank and in hand | 54/58 | €608,612 | €580,850 | -€27,762 | -4.6% |
| Deferred charges and accrued income | 490/1 | €13,479 | €4,975 | -€8,504 | -63.1% |
| Total equity and liabilities | 10/49 | €1,001,121 | €1,498,431 | +€497,309 | +49.7% |
| Equity | 10/15 | €908,670 | €1,035,211 | +€126,541 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €890,070 | €1,016,611 | +€126,541 | +14.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €888,210 | €1,014,751 | +€126,541 | +14.2% |
| Amounts payable | 17/49 | €92,451 | €463,219 | +€370,768 | +401% |
| Amounts payable after more than one year | 17 | - | €315,000 | +€315,000 | |
| Financial debts | 170/4 | - | €315,000 | +€315,000 | |
| Amounts payable within one year | 42/48 | €92,153 | €148,219 | +€56,067 | +60.8% |
| Current portion of amounts payable after more than one year | 42 | - | €35,000 | +€35,000 | |
| Trade debts | 44 | €88,302 | €60,637 | -€27,665 | -31.3% |
| Suppliers | 440/4 | €88,302 | €60,637 | -€27,665 | -31.3% |
| Taxes, remuneration and social security | 45 | €1,785 | €47,757 | +€45,971 | +2,575% |
| Taxes | 450/3 | - | €43,268 | +€43,268 | |
| Remuneration and social security | 454/9 | €1,785 | €4,489 | +€2,703 | +151% |
| Other amounts payable | 47/48 | €2,065 | €4,826 | +€2,761 | +134% |
| Accrued charges and deferred income | 492/3 | €299 | - | -€299 | |
| Non-recurring operating income | 76A | - | €1,686 | +€1,686 | |
| Remuneration, social security and pensions | 62 | €55,917 | €58,490 | +€2,573 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,808 | €34,238 | +€21,431 | +167% |
| Other operating charges | 640/8 | €817 | €4,379 | +€3,562 | +436% |
| Gross operating margin | 9900 | €230,307 | €243,142 | +€12,834 | +5.6% |
| Operating profit (loss) | 9901 | €160,765 | €146,034 | -€14,731 | -9.2% |
| Financial income | 75/76B | €289 | €390 | +€101 | +35.1% |
| Recurring financial income | 75 | €289 | €390 | +€101 | +35.1% |
| Financial charges | 65/66B | €176 | €888 | +€711 | +403% |
| Recurring financial charges | 65 | €176 | €888 | +€711 | +403% |
| Profit (loss) for the period before taxes | 9903 | €160,877 | €145,536 | -€15,341 | -9.5% |
| Income taxes | 67/77 | €34,405 | €18,195 | -€16,210 | -47.1% |
| Profit (loss) for the period | 9904 | €126,472 | €127,341 | +€869 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €126,472 | €127,341 | +€869 | +0.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.