VGY: 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.
VGY
Largest movements
- Cash +€45,776
up €45,776 (+108%), from €42,514 to €88,290
mainly Depreciation (+€41,009) and Net result for the year (+€26,743)
- Tangible fixed assets -€12,770
down €12,770 (-15.6%), from €82,073 to €69,303
- Reserves +€26,743
up €26,743 (+18.8%), from €142,074 to €168,818
- Trade debts +€11,265
up €11,265 (+68.6%), from €16,411 to €27,676
- Current portion of long-term debt -€8,732
down €8,732 (-6.4%), from €136,348 to €127,616
- Staff costs +€35,131
up €35,131 (+49.5%), from €71,025 to €106,156
- Depreciation +€25,511
up €25,511 (+165%), from €15,499 to €41,009
- Gross operating margin -€13,749
down €13,749 (-6.8%), from €202,703 to €188,954
- Taxes -€9,400
down €9,400 (-49.0%), from €19,185 to €9,785
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 | €803,007 | €834,979 | +€31,972 | +4.0% |
| Fixed assets | 21/28 | €682,073 | €669,303 | -€12,770 | -1.9% |
| Tangible fixed assets | 22/27 | €82,073 | €69,303 | -€12,770 | -15.6% |
| Furniture and vehicles | 24 | €82,073 | €69,303 | -€12,770 | -15.6% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €120,934 | €165,676 | +€44,743 | +37.0% |
| Amounts receivable within one year | 40/41 | €78,420 | €76,119 | -€2,301 | -2.9% |
| Trade receivables | 40 | €78,420 | €65,904 | -€12,516 | -16.0% |
| Other amounts receivable | 41 | - | €10,215 | +€10,215 | |
| Cash at bank and in hand | 54/58 | €42,514 | €88,290 | +€45,776 | +108% |
| Deferred charges and accrued income | 490/1 | - | €1,267 | +€1,267 | |
| Total equity and liabilities | 10/49 | €803,007 | €834,979 | +€31,972 | +4.0% |
| Equity | 10/15 | €144,574 | €171,318 | +€26,743 | +18.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €142,074 | €168,818 | +€26,743 | +18.8% |
| Distributable reserves | 133 | €142,074 | €168,818 | +€26,743 | +18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €658,432 | €663,661 | +€5,229 | +0.8% |
| Amounts payable after more than one year | 17 | €360,000 | €360,000 | = | 0.0% |
| Financial debts | 170/4 | €360,000 | €360,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €296,477 | €298,515 | +€2,038 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €136,348 | €127,616 | -€8,732 | -6.4% |
| Trade debts | 44 | €16,411 | €27,676 | +€11,265 | +68.6% |
| Suppliers | 440/4 | €16,411 | €27,676 | +€11,265 | +68.6% |
| Taxes, remuneration and social security | 45 | €48,719 | €51,867 | +€3,148 | +6.5% |
| Taxes | 450/3 | €38,106 | €28,533 | -€9,573 | -25.1% |
| Remuneration and social security | 454/9 | €10,613 | €23,334 | +€12,721 | +120% |
| Other amounts payable | 47/48 | €95,000 | €91,357 | -€3,643 | -3.8% |
| Accrued charges and deferred income | 492/3 | €1,955 | €5,146 | +€3,191 | +163% |
| Remuneration, social security and pensions | 62 | €71,025 | €106,156 | +€35,131 | +49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,499 | €41,009 | +€25,511 | +165% |
| Other operating charges | 640/8 | €926 | €1,132 | +€207 | +22.3% |
| Gross operating margin | 9900 | €202,703 | €188,954 | -€13,749 | -6.8% |
| Operating profit (loss) | 9901 | €115,253 | €40,656 | -€74,598 | -64.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,563 | €4,127 | +€564 | +15.8% |
| Recurring financial charges | 65 | €3,563 | €4,127 | +€564 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €111,691 | €36,528 | -€75,162 | -67.3% |
| Income taxes | 67/77 | €19,185 | €9,785 | -€9,400 | -49.0% |
| Profit (loss) for the period | 9904 | €92,505 | €26,743 | -€65,762 | -71.1% |
| Profit (loss) for the period to be appropriated | 9905 | €92,505 | €26,743 | -€65,762 | -71.1% |
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 20 October 2026 via checked.be.