VGT Concept: 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.
VGT Concept
Largest movements
- Tangible fixed assets +€279,786
up €279,786 (+174%), from €161,149 to €440,934
of which Land and buildings: +€319,607
- Current investments -€137,415
down €137,415 (-11.4%), from €1.2m to €1.1m
- Cash -€56,338
down €56,338 (-57.4%), from €98,235 to €41,897
mainly Investment in fixed assets (net) (-€377,047) and Debts after one year (-€80,817)
- Stocks and contracts +€42,613
up €42,613 (+135%), from €31,645 to €74,258
- Reserves +€198,566
up €198,566 (+31.9%), from €622,721 to €821,287
- Debts after one year -€80,817
down €80,817 (-9.7%), from €836,765 to €755,949
- Tax, wage and social debts +€34,623
up €34,623 (+97.3%), from €35,576 to €70,199
- Trade debts -€19,358
down €19,358 (-78.4%), from €24,682 to €5,324
- Gross operating margin -€211,114
down €211,114 (-36.0%), from €586,922 to €375,808
- Taxes -€80,442
down €80,442 (-46.3%), from €173,884 to €93,442
- Depreciation +€56,190
up €56,190 (+136%), from €41,279 to €97,469
- Financial income +€14,608
up €14,608 (+138%), from €10,603 to €25,211
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.
Derived cash bridge
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 | €1,539,840 | €1,672,855 | +€133,015 | +8.6% |
| Fixed assets | 21/28 | €162,158 | €441,735 | +€279,578 | +172% |
| Intangible fixed assets | 21 | €1,009 | €801 | -€208 | -20.6% |
| Tangible fixed assets | 22/27 | €161,149 | €440,934 | +€279,786 | +174% |
| Land and buildings | 22 | €6,432 | €326,039 | +€319,607 | +4,969% |
| Plant, machinery and equipment | 23 | €15,750 | €19,173 | +€3,422 | +21.7% |
| Furniture and vehicles | 24 | €138,966 | €95,723 | -€43,243 | -31.1% |
| Current assets | 29/58 | €1,377,682 | €1,231,120 | -€146,562 | -10.6% |
| Stocks and contracts in progress | 3 | €31,645 | €74,258 | +€42,613 | +135% |
| Stocks | 30/36 | €31,645 | €74,258 | +€42,613 | +135% |
| Amounts receivable within one year | 40/41 | €33,542 | €38,233 | +€4,691 | +14.0% |
| Trade receivables | 40 | €33,357 | €38,200 | +€4,843 | +14.5% |
| Other amounts receivable | 41 | €185 | €34 | -€152 | -81.9% |
| Current investments | 50/53 | €1,207,415 | €1,070,000 | -€137,415 | -11.4% |
| Cash at bank and in hand | 54/58 | €98,235 | €41,897 | -€56,338 | -57.4% |
| Deferred charges and accrued income | 490/1 | €6,845 | €6,732 | -€113 | -1.7% |
| Total equity and liabilities | 10/49 | €1,539,840 | €1,672,855 | +€133,015 | +8.6% |
| Equity | 10/15 | €642,721 | €841,287 | +€198,566 | +30.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €622,721 | €821,287 | +€198,566 | +31.9% |
| Distributable reserves | 133 | €622,721 | €821,287 | +€198,566 | +31.9% |
| Amounts payable | 17/49 | €897,119 | €831,569 | -€65,550 | -7.3% |
| Amounts payable after more than one year | 17 | €836,765 | €755,949 | -€80,817 | -9.7% |
| Other amounts payable | 178/9 | €836,765 | €755,949 | -€80,817 | -9.7% |
| Amounts payable within one year | 42/48 | €60,353 | €75,620 | +€15,267 | +25.3% |
| Financial debts | 43 | €96 | €97 | +€1 | +1.3% |
| Credit institutions | 430/8 | €96 | €97 | +€1 | +1.3% |
| Trade debts | 44 | €24,682 | €5,324 | -€19,358 | -78.4% |
| Suppliers | 440/4 | €24,682 | €5,324 | -€19,358 | -78.4% |
| Taxes, remuneration and social security | 45 | €35,576 | €70,199 | +€34,623 | +97.3% |
| Taxes | 450/3 | €35,576 | €70,199 | +€34,623 | +97.3% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €430,954 | €0 | -€430,954 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,279 | €97,469 | +€56,190 | +136% |
| Other operating charges | 640/8 | €9,177 | €11,248 | +€2,071 | +22.6% |
| Gross operating margin | 9900 | €586,922 | €375,808 | -€211,114 | -36.0% |
| Operating profit (loss) | 9901 | €536,466 | €267,091 | -€269,375 | -50.2% |
| Financial income | 75/76B | €10,603 | €25,211 | +€14,608 | +138% |
| Recurring financial income | 75 | €10,603 | €25,211 | +€14,608 | +138% |
| Financial charges | 65/66B | €226 | €294 | +€68 | +30.0% |
| Recurring financial charges | 65 | €226 | €294 | +€68 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €546,843 | €292,008 | -€254,835 | -46.6% |
| Income taxes | 67/77 | €173,884 | €93,442 | -€80,442 | -46.3% |
| Profit (loss) for the period | 9904 | €372,959 | €198,566 | -€174,394 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €372,959 | €198,566 | -€174,394 | -46.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.