VGV INVEST: 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.
VGV INVEST
Largest movements
- Financial fixed assets -€1.3m
down €1.3m (-50.1%), from €2.5m to €1.3m
- Receivables within one year +€875,950
up €875,950 (+16.9%), from €5.2m to €6.1m
of which Other amounts receivable: +€879,339
- Cash +€83,426
up €83,426 (+5,557%), from €1,501 to €84,928
mainly Investment in fixed assets (net) (+€1.3m)
- Other debts -€295,688
down €295,688 (-3.5%), from €8.4m to €8.1m
- Financial charges -€3.0m
down €3.0m (-97.3%), from €3.1m to €83,199
of which Non-recurring financial charges: -€3.0m
- Financial income -€2.4m
down €2.4m (-96.7%), from €2.5m to €81,069
- Gross operating margin -€1,092
down €1,092 (-10.5%), from -€10,402 to -€11,493
- Other operating charges +€207
up €207 (+18.1%), from €1,142 to €1,349
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 | €7,742,673 | €7,430,073 | -€312,600 | -4.0% |
| Fixed assets | 21/28 | €2,541,176 | €1,269,200 | -€1.3m | -50.1% |
| Financial fixed assets | 28 | €2,541,176 | €1,269,200 | -€1.3m | -50.1% |
| Current assets | 29/58 | €5,201,497 | €6,160,873 | +€959,376 | +18.4% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,174,253 | €6,050,203 | +€875,950 | +16.9% |
| Trade receivables | 40 | €3,538 | €149 | -€3,389 | -95.8% |
| Other amounts receivable | 41 | €5,170,715 | €6,050,054 | +€879,339 | +17.0% |
| Cash at bank and in hand | 54/58 | €1,501 | €84,928 | +€83,426 | +5,557% |
| Deferred charges and accrued income | 490/1 | €743 | €742 | -€1 | -0.1% |
| Total equity and liabilities | 10/49 | €7,742,673 | €7,430,073 | -€312,600 | -4.0% |
| Equity | 10/15 | -€613,971 | -€628,943 | -€14,972 | -2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€632,571 | -€647,543 | -€14,972 | -2.4% |
| Amounts payable | 17/49 | €8,356,644 | €8,059,016 | -€297,628 | -3.6% |
| Amounts payable within one year | 42/48 | €8,353,706 | €8,058,018 | -€295,688 | -3.5% |
| Other amounts payable | 47/48 | €8,353,706 | €8,058,018 | -€295,688 | -3.5% |
| Accrued charges and deferred income | 492/3 | €2,939 | €998 | -€1,940 | -66.0% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Other operating charges | 640/8 | €1,142 | €1,349 | +€207 | +18.1% |
| Gross operating margin | 9900 | -€10,402 | -€11,493 | -€1,092 | -10.5% |
| Operating profit (loss) | 9901 | -€11,544 | -€12,843 | -€1,299 | -11.3% |
| Financial income | 75/76B | €2,452,289 | €81,069 | -€2.4m | -96.7% |
| Recurring financial income | 75 | €2,452,289 | €81,069 | -€2.4m | -96.7% |
| Financial charges | 65/66B | €3,121,110 | €83,199 | -€3.0m | -97.3% |
| Recurring financial charges | 65 | €151,994 | €83,199 | -€68,795 | -45.3% |
| Non-recurring financial charges | 66B | €2,969,116 | - | -€3.0m | |
| Profit (loss) for the period before taxes | 9903 | -€680,364 | -€14,972 | +€665,392 | +97.8% |
| Profit (loss) for the period | 9904 | -€680,364 | -€14,972 | +€665,392 | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€680,364 | -€14,972 | +€665,392 | +97.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.