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
- Tangible fixed assets +€376,712
up €376,712 (+122.3%), from €308,022 to €684,734
of which Land and buildings: +€380,261
- Cash -€8,292
down €8,292 (-30.3%), from €27,342 to €19,049
mainly Investment in fixed assets (net) (-€408,020) and Other debts (-€108,713)
- Debts after one year +€504,503
up €504,503 (+591.2%), from €85,333 to €589,836
- Other debts -€108,713
no longer reported in 2025 (was €108,713)
- Profit (loss) carried forward -€25,571
down €25,571, from €25,212 to -€359
- Other operating charges +€48,031
up €48,031 (+847.1%), from €5,670 to €53,701
- Taxes -€4,962
down €4,962 (-96.5%), from €5,140 to €178
- Gross operating margin +€4,529
up €4,529 (+7.7%), from €58,471 to €63,000
- Financial charges +€1,352
up €1,352 (+66.5%), from €2,032 to €3,383
- Depreciation -€829
down €829 (-2.6%), from €32,137 to €31,308
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 | €346,160 | €719,187 | +€373,028 | +107.8% |
| Fixed assets | 21/28 | €308,022 | €684,734 | +€376,712 | +122.3% |
| Tangible fixed assets | 22/27 | €308,022 | €684,734 | +€376,712 | +122.3% |
| Land and buildings | 22 | €278,237 | €658,498 | +€380,261 | +136.7% |
| Furniture and vehicles | 24 | €23,695 | €8,186 | -€15,509 | -65.5% |
| Other tangible fixed assets | 26 | €6,091 | €5,951 | -€140 | -2.3% |
| Assets under construction and advance payments | 27 | - | €12,100 | +€12,100 | |
| Current assets | 29/58 | €38,138 | €34,453 | -€3,684 | -9.7% |
| Amounts receivable within one year | 40/41 | €9,109 | €13,630 | +€4,522 | +49.6% |
| Trade receivables | 40 | €9,109 | €8,809 | -€300 | -3.3% |
| Other amounts receivable | 41 | - | €4,822 | +€4,822 | |
| Cash at bank and in hand | 54/58 | €27,342 | €19,049 | -€8,292 | -30.3% |
| Deferred charges and accrued income | 490/1 | €1,687 | €1,773 | +€86 | +5.1% |
| Total equity and liabilities | 10/49 | €346,160 | €719,187 | +€373,028 | +107.8% |
| Equity | 10/15 | €105,212 | €79,641 | -€25,571 | -24.3% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,212 | -€359 | -€25,571 | |
| Amounts payable | 17/49 | €240,948 | €639,547 | +€398,599 | +165.4% |
| Amounts payable after more than one year | 17 | €85,333 | €589,836 | +€504,503 | +591.2% |
| Financial debts | 170/4 | €85,333 | €589,836 | +€504,503 | +591.2% |
| Amounts payable within one year | 42/48 | €146,985 | €40,877 | -€106,108 | -72.2% |
| Current portion of amounts payable after more than one year | 42 | €32,000 | €32,000 | = | 0.0% |
| Trade debts | 44 | €117 | - | -€117 | |
| Suppliers | 440/4 | €117 | - | -€117 | |
| Advances received on contracts in progress | 46 | €1,740 | €1,740 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,415 | €7,137 | +€2,722 | +61.7% |
| Taxes | 450/3 | €4,415 | €7,137 | +€2,722 | +61.7% |
| Other amounts payable | 47/48 | €108,713 | - | -€108,713 | |
| Accrued charges and deferred income | 492/3 | €8,629 | €8,834 | +€204 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,137 | €31,308 | -€829 | -2.6% |
| Other operating charges | 640/8 | €5,670 | €53,701 | +€48,031 | +847.1% |
| Gross operating margin | 9900 | €58,471 | €63,000 | +€4,529 | +7.7% |
| Operating profit (loss) | 9901 | €20,664 | -€22,009 | -€42,673 | |
| Financial charges | 65/66B | €2,032 | €3,383 | +€1,352 | +66.5% |
| Recurring financial charges | 65 | €2,032 | €3,383 | +€1,352 | +66.5% |
| Profit (loss) for the period before taxes | 9903 | €18,632 | -€25,393 | -€44,025 | |
| Income taxes | 67/77 | €5,140 | €178 | -€4,962 | -96.5% |
| Profit (loss) for the period | 9904 | €13,492 | -€25,571 | -€39,063 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,492 | -€25,571 | -€39,063 |
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.