VGS DEVELOPMENT: 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.
VGS DEVELOPMENT
Largest movements
- Stocks and contracts +€20,592
up €20,592 (+37.8%), from €54,416 to €75,008
- Current investments -€3,596
down €3,596 (-4.6%), from €79,019 to €75,422
- Receivables within one year -€1,774
down €1,774 (-44.8%), from €3,958 to €2,184
of which Trade receivables: -€3,798
- Cash +€1,701
up €1,701 (+70.3%), from €2,421 to €4,122
mainly Other debts (+€15,656) and Trade debts (+€5,525)
- Other debts +€15,656
up €15,656 (+33.0%), from €47,380 to €63,036
- Trade debts +€5,525
up €5,525 (+198%), from €2,796 to €8,321
- Profit (loss) carried forward -€4,516
down €4,516 (-50.1%), from -€9,016 to -€13,532
- Gross operating margin +€50,856
up €50,856 (+93.9%), from -€54,167 to -€3,311
- Other operating charges -€2,080
down €2,080 (-72.2%), from €2,881 to €801
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €142,687 | €159,261 | +€16,574 | +11.6% |
| Fixed assets | 21/28 | €2,379 | €1,792 | -€588 | -24.7% |
| Tangible fixed assets | 22/27 | €2,379 | €1,792 | -€588 | -24.7% |
| Furniture and vehicles | 24 | €2,379 | €1,792 | -€588 | -24.7% |
| Current assets | 29/58 | €140,307 | €157,469 | +€17,162 | +12.2% |
| Stocks and contracts in progress | 3 | €54,416 | €75,008 | +€20,592 | +37.8% |
| Stocks | 30/36 | €54,416 | €75,008 | +€20,592 | +37.8% |
| Amounts receivable within one year | 40/41 | €3,958 | €2,184 | -€1,774 | -44.8% |
| Trade receivables | 40 | €3,798 | - | -€3,798 | |
| Other amounts receivable | 41 | €161 | €2,184 | +€2,023 | +1,259% |
| Current investments | 50/53 | €79,019 | €75,422 | -€3,596 | -4.6% |
| Cash at bank and in hand | 54/58 | €2,421 | €4,122 | +€1,701 | +70.3% |
| Deferred charges and accrued income | 490/1 | €494 | €734 | +€239 | +48.5% |
| Total equity and liabilities | 10/49 | €142,687 | €159,261 | +€16,574 | +11.6% |
| Equity | 10/15 | €92,334 | €87,818 | -€4,516 | -4.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €81,350 | €81,350 | = | 0.0% |
| Distributable reserves | 133 | €81,350 | €81,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,016 | -€13,532 | -€4,516 | -50.1% |
| Amounts payable | 17/49 | €50,353 | €71,443 | +€21,090 | +41.9% |
| Amounts payable within one year | 42/48 | €50,353 | €71,443 | +€21,090 | +41.9% |
| Trade debts | 44 | €2,796 | €8,321 | +€5,525 | +198% |
| Suppliers | 440/4 | €2,796 | €8,321 | +€5,525 | +198% |
| Taxes, remuneration and social security | 45 | €177 | €86 | -€90 | -51.1% |
| Taxes | 450/3 | €177 | €86 | -€90 | -51.1% |
| Other amounts payable | 47/48 | €47,380 | €63,036 | +€15,656 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €559 | €588 | +€29 | +5.2% |
| Other operating charges | 640/8 | €2,881 | €801 | -€2,080 | -72.2% |
| Non-recurring operating charges | 66A | €38,529 | - | -€38,529 | |
| Gross operating margin | 9900 | -€54,167 | -€3,311 | +€50,856 | +93.9% |
| Operating profit (loss) | 9901 | -€96,136 | -€4,700 | +€91,436 | +95.1% |
| Financial income | 75/76B | €730 | €470 | -€261 | -35.7% |
| Recurring financial income | 75 | €730 | €470 | -€261 | -35.7% |
| Financial charges | 65/66B | €76 | €58 | -€18 | -23.1% |
| Recurring financial charges | 65 | €76 | €58 | -€18 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | -€95,481 | -€4,288 | +€91,193 | +95.5% |
| Income taxes | 67/77 | €212 | €227 | +€15 | +7.2% |
| Profit (loss) for the period | 9904 | -€95,694 | -€4,516 | +€91,178 | +95.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,694 | -€4,516 | +€91,178 | +95.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.