VGW: 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.
VGW
Largest movements
- Receivables within one year -€62,358
down €62,358 (-30.6%), from €203,967 to €141,609
of which Trade receivables: -€61,922
- Cash +€49,822
up €49,822 (+51.6%), from €96,550 to €146,372
mainly Receivables within one year (+€62,358) and Net result for the year (+€20,002)
- Stocks and contracts +€37,201
up €37,201 (+254%), from €14,624 to €51,825
- Tangible fixed assets -€4,649
down €4,649 (-35.6%), from €13,069 to €8,420
of which Plant, machinery and equipment: -€2,972
- Reserves +€20,002
up €20,002 (+37.1%), from €53,875 to €73,877
of which Distributable reserves: +€19,001
- Trade debts -€9,192
down €9,192 (-37.1%), from €24,774 to €15,581
- Other debts +€4,673
up €4,673 (+2.4%), from €191,387 to €196,060
- Write-downs +€16,152
new in 2025: €16,152
- Gross operating margin +€7,313
up €7,313 (+16.4%), from €44,606 to €51,919
- Taxes -€2,694
down €2,694 (-22.2%), from €12,129 to €9,435
- Financial income -€881
down €881 (-90.0%), from €979 to €98
- Other operating charges -€690
down €690 (-51.1%), from €1,350 to €659
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 | €335,689 | €353,281 | +€17,592 | +5.2% |
| Fixed assets | 21/28 | €18,054 | €13,405 | -€4,649 | -25.8% |
| Tangible fixed assets | 22/27 | €13,069 | €8,420 | -€4,649 | -35.6% |
| Plant, machinery and equipment | 23 | €8,819 | €5,847 | -€2,972 | -33.7% |
| Furniture and vehicles | 24 | €1,101 | €324 | -€777 | -70.5% |
| Other tangible fixed assets | 26 | €3,150 | €2,249 | -€900 | -28.6% |
| Financial fixed assets | 28 | €4,985 | €4,985 | = | 0.0% |
| Current assets | 29/58 | €317,635 | €339,876 | +€22,241 | +7.0% |
| Stocks and contracts in progress | 3 | €14,624 | €51,825 | +€37,201 | +254% |
| Stocks | 30/36 | €14,624 | €51,825 | +€37,201 | +254% |
| Amounts receivable within one year | 40/41 | €203,967 | €141,609 | -€62,358 | -30.6% |
| Trade receivables | 40 | €174,519 | €112,597 | -€61,922 | -35.5% |
| Other amounts receivable | 41 | €29,448 | €29,012 | -€436 | -1.5% |
| Cash at bank and in hand | 54/58 | €96,550 | €146,372 | +€49,822 | +51.6% |
| Deferred charges and accrued income | 490/1 | €2,493 | €70 | -€2,424 | -97.2% |
| Total equity and liabilities | 10/49 | €335,689 | €353,281 | +€17,592 | +5.2% |
| Equity | 10/15 | €115,875 | €135,877 | +€20,002 | +17.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €53,875 | €73,877 | +€20,002 | +37.1% |
| Non-distributable reserves | 130/1 | €2,694 | €3,694 | +€1,000 | +37.1% |
| Legal reserve | 130 | €2,694 | €3,694 | +€1,000 | +37.1% |
| Distributable reserves | 133 | €51,181 | €70,183 | +€19,001 | +37.1% |
| Amounts payable | 17/49 | €219,814 | €217,404 | -€2,409 | -1.1% |
| Amounts payable within one year | 42/48 | €217,264 | €214,754 | -€2,509 | -1.2% |
| Trade debts | 44 | €24,774 | €15,581 | -€9,192 | -37.1% |
| Suppliers | 440/4 | €24,774 | €15,581 | -€9,192 | -37.1% |
| Taxes, remuneration and social security | 45 | €1,103 | €3,113 | +€2,010 | +182% |
| Taxes | 450/3 | €1,103 | €3,113 | +€2,010 | +182% |
| Other amounts payable | 47/48 | €191,387 | €196,060 | +€4,673 | +2.4% |
| Accrued charges and deferred income | 492/3 | €2,550 | €2,650 | +€100 | +3.9% |
| Non-recurring operating income | 76A | €65,500 | €50,000 | -€15,500 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,800 | €4,649 | -€151 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,152 | +€16,152 | |
| Other operating charges | 640/8 | €1,350 | €659 | -€690 | -51.1% |
| Gross operating margin | 9900 | €44,606 | €51,919 | +€7,313 | +16.4% |
| Operating profit (loss) | 9901 | €38,456 | €30,459 | -€7,998 | -20.8% |
| Financial income | 75/76B | €979 | €98 | -€881 | -90.0% |
| Recurring financial income | 75 | €979 | €98 | -€881 | -90.0% |
| Financial charges | 65/66B | €1,245 | €1,120 | -€125 | -10.0% |
| Recurring financial charges | 65 | €1,245 | €1,120 | -€125 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €38,190 | €29,437 | -€8,753 | -22.9% |
| Income taxes | 67/77 | €12,129 | €9,435 | -€2,694 | -22.2% |
| Profit (loss) for the period | 9904 | €26,061 | €20,002 | -€6,059 | -23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,061 | €20,002 | -€6,059 | -23.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.