VGS PROJECTS MANAGEMENT: 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 PROJECTS MANAGEMENT
Largest movements
- Receivables within one year +€10,285
up €10,285 (+5.1%), from €203,561 to €213,846
of which Other amounts receivable: +€47,543
- Deferred charges and accrued income +€3,845
up €3,845 (+57.3%), from €6,712 to €10,558
- Trade debts -€35,598
down €35,598 (-57.2%), from €62,265 to €26,667
- Reserves +€28,173
up €28,173 (+30.5%), from €92,328 to €120,500
of which Distributable reserves: +€28,173
- Advances received +€12,342
new in 2024: €12,342
- Tax, wage and social debts +€6,146
up €6,146 (+13.7%), from €44,746 to €50,892
- Gross operating margin +€18,320
up €18,320 (+64.7%), from €28,330 to €46,651
- Taxes +€9,200
up €9,200 (+70.8%), from €13,003 to €22,203
- Financial income +€3,803
up €3,803 (+56.3%), from €6,755 to €10,558
- Other operating charges -€2,579
down €2,579 (-42.5%), from €6,068 to €3,489
- Financial charges -€2,418
down €2,418 (-65.5%), from €3,690 to €1,273
From the 2023 result to the 2024 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €212,900 | €224,960 | +€12,060 | +5.7% |
| Fixed assets | 21/28 | €2,627 | €556 | -€2,071 | -78.8% |
| Tangible fixed assets | 22/27 | €2,627 | €556 | -€2,071 | -78.8% |
| Plant, machinery and equipment | 23 | €2,627 | €556 | -€2,071 | -78.8% |
| Current assets | 29/58 | €210,273 | €224,404 | +€14,131 | +6.7% |
| Amounts receivable within one year | 40/41 | €203,561 | €213,846 | +€10,285 | +5.1% |
| Trade receivables | 40 | €58,406 | €21,149 | -€37,257 | -63.8% |
| Other amounts receivable | 41 | €145,155 | €192,697 | +€47,543 | +32.8% |
| Deferred charges and accrued income | 490/1 | €6,712 | €10,558 | +€3,845 | +57.3% |
| Total equity and liabilities | 10/49 | €212,900 | €224,960 | +€12,060 | +5.7% |
| Equity | 10/15 | €98,528 | €126,700 | +€28,173 | +28.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €92,328 | €120,500 | +€28,173 | +30.5% |
| 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 | €90,468 | €118,640 | +€28,173 | +31.1% |
| Amounts payable | 17/49 | €114,373 | €98,260 | -€16,113 | -14.1% |
| Amounts payable within one year | 42/48 | €114,373 | €98,260 | -€16,113 | -14.1% |
| Financial debts | 43 | €7,362 | €8,359 | +€997 | +13.5% |
| Credit institutions | 430/8 | €7,362 | €8,359 | +€997 | +13.5% |
| Trade debts | 44 | €62,265 | €26,667 | -€35,598 | -57.2% |
| Suppliers | 440/4 | €62,265 | €26,667 | -€35,598 | -57.2% |
| Advances received on contracts in progress | 46 | - | €12,342 | +€12,342 | |
| Taxes, remuneration and social security | 45 | €44,746 | €50,892 | +€6,146 | +13.7% |
| Taxes | 450/3 | €44,746 | €50,892 | +€6,146 | +13.7% |
| Remuneration, social security and pensions | 62 | €149 | - | -€149 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,305 | €2,071 | -€1,234 | -37.3% |
| Other operating charges | 640/8 | €6,068 | €3,489 | -€2,579 | -42.5% |
| Gross operating margin | 9900 | €28,330 | €46,651 | +€18,320 | +64.7% |
| Operating profit (loss) | 9901 | €18,808 | €41,091 | +€22,282 | +118% |
| Financial income | 75/76B | €6,755 | €10,558 | +€3,803 | +56.3% |
| Recurring financial income | 75 | €6,755 | €10,558 | +€3,803 | +56.3% |
| Financial charges | 65/66B | €3,690 | €1,273 | -€2,418 | -65.5% |
| Recurring financial charges | 65 | €3,690 | €1,273 | -€2,418 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €21,873 | €50,376 | +€28,503 | +130% |
| Income taxes | 67/77 | €13,003 | €22,203 | +€9,200 | +70.8% |
| Profit (loss) for the period | 9904 | €8,870 | €28,173 | +€19,303 | +218% |
| Profit (loss) for the period to be appropriated | 9905 | €8,870 | €28,173 | +€19,303 | +218% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.