VGS: what changed
Position among the sector peers
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You see every sector peer as a dot per ratio, with the company in two financial years and every ratio over five years against the sector.
What moved between 2025 and 2026
Largest movements
- Receivables within one year +€191,288
up €191,288 (+58.7%), from €325,620 to €516,907
of which Trade receivables: +€182,948
- Cash -€118,802
down €118,802 (-47.0%), from €252,712 to €133,910
mainly Receivables within one year (-€191,288) and Debts after one year (-€60,325)
- Tangible fixed assets -€71,761
down €71,761 (-9.3%), from €775,124 to €703,363
- Stocks and contracts -€18,609
down €18,609 (-73.8%), from €25,221 to €6,612
- Debts after one year -€60,325
down €60,325 (-14.4%), from €418,150 to €357,824
of which Financial debts: -€62,525
- Reserves +€44,634
up €44,634 (+7.0%), from €639,903 to €684,537
- Short-term financial debts -€23,000
no longer reported in 2026 (was €23,000)
- Gross operating margin -€130,062
down €130,062 (-33.1%), from €392,416 to €262,354
- Taxes -€52,731
down €52,731 (-73.1%), from €72,173 to €19,442
- Staff costs +€38,600
up €38,600 (+56.9%), from €67,790 to €106,390
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,433,508 | €1,410,448 | -€23,060 | -1.6% |
| Fixed assets | 21/28 | €775,124 | €703,363 | -€71,761 | -9.3% |
| Tangible fixed assets | 22/27 | €775,124 | €703,363 | -€71,761 | -9.3% |
| Land and buildings | 22 | €665,975 | €633,308 | -€32,667 | -4.9% |
| Plant, machinery and equipment | 23 | €12,982 | €9,194 | -€3,788 | -29.2% |
| Furniture and vehicles | 24 | €96,167 | €60,861 | -€35,306 | -36.7% |
| Current assets | 29/58 | €658,383 | €707,085 | +€48,701 | +7.4% |
| Stocks and contracts in progress | 3 | €25,221 | €6,612 | -€18,609 | -73.8% |
| Stocks | 30/36 | €25,221 | €6,612 | -€18,609 | -73.8% |
| Amounts receivable within one year | 40/41 | €325,620 | €516,907 | +€191,288 | +58.7% |
| Trade receivables | 40 | €292,388 | €475,336 | +€182,948 | +62.6% |
| Other amounts receivable | 41 | €33,231 | €41,571 | +€8,340 | +25.1% |
| Current investments | 50/53 | €39,670 | €35,798 | -€3,871 | -9.8% |
| Cash at bank and in hand | 54/58 | €252,712 | €133,910 | -€118,802 | -47.0% |
| Deferred charges and accrued income | 490/1 | €15,161 | €13,857 | -€1,304 | -8.6% |
| Total equity and liabilities | 10/49 | €1,433,508 | €1,410,448 | -€23,060 | -1.6% |
| Equity | 10/15 | €658,503 | €703,137 | +€44,634 | +6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €639,903 | €684,537 | +€44,634 | +7.0% |
| Distributable reserves | 133 | €639,903 | €684,537 | +€44,634 | +7.0% |
| Amounts payable | 17/49 | €775,005 | €707,310 | -€67,695 | -8.7% |
| Amounts payable after more than one year | 17 | €418,150 | €357,824 | -€60,325 | -14.4% |
| Financial debts | 170/4 | €413,050 | €350,524 | -€62,525 | -15.1% |
| Other amounts payable | 178/9 | €5,100 | €7,300 | +€2,200 | +43.1% |
| Amounts payable within one year | 42/48 | €355,053 | €346,541 | -€8,512 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €66,024 | €67,667 | +€1,643 | +2.5% |
| Financial debts | 43 | €23,000 | - | -€23,000 | |
| Credit institutions | 430/8 | €23,000 | - | -€23,000 | |
| Trade debts | 44 | €225,721 | €228,284 | +€2,562 | +1.1% |
| Suppliers | 440/4 | €225,721 | €228,284 | +€2,562 | +1.1% |
| Taxes, remuneration and social security | 45 | €26,318 | €31,435 | +€5,117 | +19.4% |
| Taxes | 450/3 | €18,591 | €16,791 | -€1,800 | -9.7% |
| Remuneration and social security | 454/9 | €7,727 | €14,644 | +€6,917 | +89.5% |
| Other amounts payable | 47/48 | €13,989 | €19,156 | +€5,167 | +36.9% |
| Accrued charges and deferred income | 492/3 | €1,802 | €2,945 | +€1,143 | +63.4% |
| Remuneration, social security and pensions | 62 | €67,790 | €106,390 | +€38,600 | +56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,021 | €74,391 | -€629 | -0.8% |
| Other operating charges | 640/8 | €11,475 | €7,773 | -€3,702 | -32.3% |
| Non-recurring operating charges | 66A | €8,988 | - | -€8,988 | |
| Gross operating margin | 9900 | €392,416 | €262,354 | -€130,062 | -33.1% |
| Operating profit (loss) | 9901 | €229,143 | €73,800 | -€155,342 | -67.8% |
| Financial income | 75/76B | €842 | €2,541 | +€1,699 | +202% |
| Recurring financial income | 75 | €842 | €2,541 | +€1,699 | +202% |
| Financial charges | 65/66B | €14,814 | €12,266 | -€2,548 | -17.2% |
| Recurring financial charges | 65 | €14,814 | €12,266 | -€2,548 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €215,171 | €64,076 | -€151,095 | -70.2% |
| Income taxes | 67/77 | €72,173 | €19,442 | -€52,731 | -73.1% |
| Profit (loss) for the period | 9904 | €142,998 | €44,634 | -€98,364 | -68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €142,998 | €44,634 | -€98,364 | -68.8% |
Value
latest balance sheet 31-03-2026 · indication, not a valuation or adviceIndicative value of the equity
Indication, not a valuation or adviceMidpoint €666,531 · 50% capitalised earnings, 50% adjusted equity
Capitalisation rate 12% result over 3 years, excluding non-recurring income and charges earnings weight 50% revaluation €0 other adjustment €0 EBITDA multiple
The filed figures and these assumptions give no positive value. The adjusted equity and the average result are both zero or negative.
Part of the calculation comes out below zero. A shareholding is never worth less than zero, so the floor is zero.
Adjusted equity
- Equity (10/15)
- €703,137
- Formation expenses (20)
- €0
- Intangible fixed assets (21)
- €0
- Revaluation of assets
- €0
- Deferred tax on the revaluation
- €0
- Other adjustment
- €0
- Adjusted equity
- €703,137
Capitalised earnings
- 2026
- €44,634
- 2025
- €142,998
- excluding non-recurring income and charges
- €151,987
- 2024
- €62,182
- excluding non-recurring income and charges
- €30,153
- 2023
- €72,873
- excluding non-recurring income and charges
- €72,462
- 2022
- €141,516
- Average result, excluding non-recurring income and charges
- €75,591
- Divided by the capitalisation rate
- 14% / 12% / 10%
- Capitalised earnings
- €539,936 / €629,925 / €755,910
Your EBITDA multiple
- EBITDA 2026
- €148,192
- Net financial debt
- €248,482
- Your multiple
- -
- Value with your multiple
- -
Net financial debt is the sum of financial debts after one year, the part due within the year and short-term financial debts, less cash and current investments.
Limits of the indication
- Checked holds no market prices or comparable transactions.
- Anything after the latest accounts and items off the balance sheet (guarantees, leases, disputes) are left out.
- Checked does not know the real value of buildings, stock and receivables. Enter your own revaluation or adjustment for it.
- The owner's role in the business, synergies for a buyer and the tax consequences of a sale are left out.
For a valuation to base a decision on, go to a company auditor or a certified accountant.
Next steps
Calculation and sources
Source: filed annual accounts (NBB) and main activity (KBO). The movements compare the financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. The value is an indication, not a valuation or advice. Prepared on 9 November 2026 via checked.be.