VGX Immo: 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.
VGX Immo
Largest movements
- Cash +€19,852
up €19,852 (+479%), from €4,148 to €24,000
mainly Depreciation (+€35,889) and Net result for the year (+€34,054)
- Tangible fixed assets -€7,093
down €7,093 (-2.0%), from €362,270 to €355,177
- Profit (loss) carried forward +€34,054
up €34,054 (+28.2%), from €120,845 to €154,899
- Debts after one year -€24,357
down €24,357 (-10.3%), from €236,535 to €212,178
of which Financial debts: -€26,157
- Gross operating margin +€28,707
up €28,707 (+35.3%), from €81,363 to €110,070
- Taxes +€7,472
up €7,472 (+173%), from €4,311 to €11,783
- Depreciation -€5,842
down €5,842 (-14.0%), from €41,731 to €35,889
- Other operating charges +€4,620
up €4,620 (+23.5%), from €19,665 to €24,285
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 | €386,757 | €395,758 | +€9,001 | +2.3% |
| Fixed assets | 21/28 | €362,384 | €355,291 | -€7,093 | -2.0% |
| Tangible fixed assets | 22/27 | €362,270 | €355,177 | -€7,093 | -2.0% |
| Land and buildings | 22 | €362,270 | €355,177 | -€7,093 | -2.0% |
| Financial fixed assets | 28 | €114 | €114 | = | 0.0% |
| Current assets | 29/58 | €24,372 | €40,467 | +€16,095 | +66.0% |
| Amounts receivable within one year | 40/41 | €18,329 | €16,467 | -€1,862 | -10.2% |
| Trade receivables | 40 | €330 | - | -€330 | |
| Other amounts receivable | 41 | €17,999 | €16,467 | -€1,532 | -8.5% |
| Cash at bank and in hand | 54/58 | €4,148 | €24,000 | +€19,852 | +479% |
| Deferred charges and accrued income | 490/1 | €1,895 | - | -€1,895 | |
| Total equity and liabilities | 10/49 | €386,757 | €395,758 | +€9,001 | +2.3% |
| Equity | 10/15 | €120,911 | €154,964 | +€34,054 | +28.2% |
| Contributions | 10/11 | €66 | €66 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,845 | €154,899 | +€34,054 | +28.2% |
| Amounts payable | 17/49 | €265,846 | €240,793 | -€25,053 | -9.4% |
| Amounts payable after more than one year | 17 | €236,535 | €212,178 | -€24,357 | -10.3% |
| Financial debts | 170/4 | €221,125 | €194,968 | -€26,157 | -11.8% |
| Other amounts payable | 178/9 | €15,410 | €17,210 | +€1,800 | +11.7% |
| Amounts payable within one year | 42/48 | €29,311 | €28,615 | -€696 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €25,894 | +€894 | +3.6% |
| Trade debts | 44 | - | €938 | +€938 | |
| Suppliers | 440/4 | - | €938 | +€938 | |
| Taxes, remuneration and social security | 45 | €4,311 | €1,783 | -€2,528 | -58.7% |
| Taxes | 450/3 | €4,311 | €1,783 | -€2,528 | -58.7% |
| Non-recurring operating income | 76A | €283 | €164 | -€120 | -42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,731 | €35,889 | -€5,842 | -14.0% |
| Other operating charges | 640/8 | €19,665 | €24,285 | +€4,620 | +23.5% |
| Gross operating margin | 9900 | €81,363 | €110,070 | +€28,707 | +35.3% |
| Operating profit (loss) | 9901 | €19,967 | €49,896 | +€29,929 | +150% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €4,147 | €4,066 | -€81 | -1.9% |
| Recurring financial charges | 65 | €4,147 | €4,066 | -€81 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €15,820 | €45,836 | +€30,016 | +190% |
| Income taxes | 67/77 | €4,311 | €11,783 | +€7,472 | +173% |
| Profit (loss) for the period | 9904 | €11,509 | €34,054 | +€22,545 | +196% |
| Profit (loss) for the period to be appropriated | 9905 | €11,509 | €34,054 | +€22,545 | +196% |
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 15 October 2026 via checked.be.