VIGICORE: what changed
What changed
VIGICORE
NACE 80.010, Investigation and private security services
filed annual accounts (NBB)
Net result for the year
€23,971
2024 · €91,256-€67,285
Equity
€529,264
2024 · €505,293+€23,971
Cash
€90,870
2024 · €162,637-€71,768
Balance sheet total
€1.4m
2024 · €1.3m+€131,045
Largest movements
Assets
- Receivables within one year +€209,056
up €209,056 (+24.6%), from €851,510 to €1.1m
of which Other amounts receivable: +€215,272
- Cash -€71,768
down €71,768 (-44.1%), from €162,637 to €90,870
mainly Receivables within one year (-€209,056) and Trade debts (-€86,037)
Equity and liabilities
- Short-term financial debts +€269,347
up €269,347 (+295%), from €91,359 to €360,706
- Trade debts -€86,037
down €86,037 (-59.0%), from €145,815 to €59,777
- Accrued charges and deferred income -€56,821
down €56,821 (-81.3%), from €69,859 to €13,038
- Profit (loss) carried forward +€23,971
up €23,971 (+10.9%), from €220,036 to €244,007
- Tax, wage and social debts -€21,149
down €21,149 (-4.8%), from €436,279 to €415,130
of which Remuneration and social security: -€14,346
Income statement
- Gross operating margin -€724,136
down €724,136 (-19.6%), from €3.7m to €3.0m
- Staff costs -€586,260
down €586,260 (-16.9%), from €3.5m to €2.9m
- Taxes -€41,866
down €41,866 (-63.3%), from €66,116 to €24,250
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€91,256
Gross operating margin
-€724,136
Staff costs
+€586,260
Depreciation
+€864
Other operating charges
+€22,301
Financial income
+€3,222
Financial charges
+€2,337
Taxes
+€41,866
Result 2025
€23,971
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€335,823
Investment
-€3,542
Financing
+€267,597
Cash 2024
€162,637
From operations (derived)
-€335,823
Net result for the year
+€23,971
Depreciation
+€11,626
Receivables after one year
-€4,500
Receivables within one year
-€209,056
Deferred charges and accrued income
+€2,658
Trade debts
-€86,037
Tax, wage and social debts
-€21,149
Other debts
+€3,483
Accrued charges and deferred income
-€56,821
Investment (derived)
-€3,542
Investment in fixed assets (net)
-€3,542
Financing
+€267,597
Current portion of long-term debt
-€1,750
Short-term financial debts
+€269,347
Cash 2025
€90,870
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,250,354 | €1,381,399 | +€131,045 | +10.5% |
| Fixed assets | 21/28 | €43,275 | €35,190 | -€8,084 | -18.7% |
| Tangible fixed assets | 22/27 | €38,996 | €30,911 | -€8,084 | -20.7% |
| Land and buildings | 22 | €16,398 | €14,494 | -€1,904 | -11.6% |
| Furniture and vehicles | 24 | €22,210 | €16,418 | -€5,792 | -26.1% |
| Other tangible fixed assets | 26 | €388 | €0 | -€388 | -100% |
| Financial fixed assets | 28 | €4,279 | €4,279 | = | 0.0% |
| Current assets | 29/58 | €1,207,079 | €1,346,208 | +€139,129 | +11.5% |
| Amounts receivable after more than one year | 29 | €166,295 | €170,795 | +€4,500 | +2.7% |
| Trade receivables | 290 | €82,190 | €84,240 | +€2,050 | +2.5% |
| Other amounts receivable | 291 | €84,105 | €86,555 | +€2,450 | +2.9% |
| Amounts receivable within one year | 40/41 | €851,510 | €1,060,566 | +€209,056 | +24.6% |
| Trade receivables | 40 | €847,157 | €840,941 | -€6,217 | -0.7% |
| Other amounts receivable | 41 | €4,353 | €219,625 | +€215,272 | +4,945% |
| Cash at bank and in hand | 54/58 | €162,637 | €90,870 | -€71,768 | -44.1% |
| Deferred charges and accrued income | 490/1 | €26,636 | €23,978 | -€2,658 | -10.0% |
| Total equity and liabilities | 10/49 | €1,250,354 | €1,381,399 | +€131,045 | +10.5% |
| Equity | 10/15 | €505,293 | €529,264 | +€23,971 | +4.7% |
| Contributions | 10/11 | €58,600 | €58,600 | = | 0.0% |
| Reserves | 13 | €226,657 | €226,657 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €212,657 | €212,657 | = | 0.0% |
| Profit (loss) carried forward | 14 | €220,036 | €244,007 | +€23,971 | +10.9% |
| Amounts payable | 17/49 | €745,061 | €852,135 | +€107,074 | +14.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €675,202 | €839,097 | +€163,895 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €1,750 | €0 | -€1,750 | -100% |
| Financial debts | 43 | €91,359 | €360,706 | +€269,347 | +295% |
| Credit institutions | 430/8 | €91,359 | €360,706 | +€269,347 | +295% |
| Trade debts | 44 | €145,815 | €59,777 | -€86,037 | -59.0% |
| Suppliers | 440/4 | €145,815 | €59,777 | -€86,037 | -59.0% |
| Taxes, remuneration and social security | 45 | €436,279 | €415,130 | -€21,149 | -4.8% |
| Taxes | 450/3 | €77,914 | €71,111 | -€6,803 | -8.7% |
| Remuneration and social security | 454/9 | €358,365 | €344,019 | -€14,346 | -4.0% |
| Other amounts payable | 47/48 | - | €3,483 | +€3,483 | |
| Accrued charges and deferred income | 492/3 | €69,859 | €13,038 | -€56,821 | -81.3% |
| Non-recurring operating income | 76A | - | €21,156 | +€21,156 | |
| Remuneration, social security and pensions | 62 | €3,475,451 | €2,889,191 | -€586,260 | -16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,491 | €11,626 | -€864 | -6.9% |
| Other operating charges | 640/8 | €22,301 | €0 | -€22,301 | -100% |
| Gross operating margin | 9900 | €3,686,284 | €2,962,148 | -€724,136 | -19.6% |
| Operating profit (loss) | 9901 | €176,041 | €61,331 | -€114,710 | -65.2% |
| Financial income | 75/76B | €2,752 | €5,973 | +€3,222 | +117% |
| Recurring financial income | 75 | €2,752 | €5,973 | +€3,222 | +117% |
| Financial charges | 65/66B | €21,420 | €19,083 | -€2,337 | -10.9% |
| Recurring financial charges | 65 | €21,420 | €19,083 | -€2,337 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €157,372 | €48,221 | -€109,151 | -69.4% |
| Income taxes | 67/77 | €66,116 | €24,250 | -€41,866 | -63.3% |
| Profit (loss) for the period | 9904 | €91,256 | €23,971 | -€67,285 | -73.7% |
| Profit (loss) for the period to be appropriated | 9905 | €91,256 | €23,971 | -€67,285 | -73.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.