VIGISEC: what changed
Two fiscal 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.
VIGISEC
Largest movements
- Receivables within one year -€16,697
down €16,697 (-10.9%), from €152,558 to €135,861
of which Trade receivables: -€18,322
- Tangible fixed assets -€11,214
down €11,214 (-9.0%), from €124,118 to €112,904
of which Furniture and vehicles: -€8,722
- Trade debts -€54,002
down €54,002 (-85.1%), from €63,457 to €9,455
of which Suppliers: -€52,651
- Profit (loss) carried forward +€32,694
up €32,694 (+31.9%), from -€102,550 to -€69,856
- Other debts +€31,564
up €31,564 (+97.2%), from €32,479 to €64,044
- Tax, wage and social debts -€27,810
down €27,810 (-85.5%), from €32,540 to €4,730
of which Taxes: -€21,102
- Debts after one year -€9,811
down €9,811 (-14.8%), from €66,434 to €56,623
- Gross operating margin +€149,754
up €149,754, from -€97,208 to €52,546
- Staff costs -€38,566
down €38,566 (-91.7%), from €42,042 to €3,476
- Other operating charges -€1,793
down €1,793 (-70.8%), from €2,532 to €739
- Depreciation +€1,370
up €1,370 (+11.7%), from €11,750 to €13,120
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.
Cash bridge derived
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 | €292,816 | €265,769 | -€27,047 | -9.2% |
| Fixed assets | 21/28 | €127,923 | €116,709 | -€11,214 | -8.8% |
| Tangible fixed assets | 22/27 | €124,118 | €112,904 | -€11,214 | -9.0% |
| Land and buildings | 22 | €86,858 | €84,609 | -€2,250 | -2.6% |
| Furniture and vehicles | 24 | €34,666 | €25,945 | -€8,722 | -25.2% |
| Other tangible fixed assets | 26 | €2,593 | €2,350 | -€243 | -9.4% |
| Financial fixed assets | 28 | €3,805 | €3,805 | = | 0.0% |
| Current assets | 29/58 | €164,893 | €149,060 | -€15,833 | -9.6% |
| Amounts receivable within one year | 40/41 | €152,558 | €135,861 | -€16,697 | -10.9% |
| Trade receivables | 40 | €150,203 | €131,881 | -€18,322 | -12.2% |
| Other amounts receivable | 41 | €2,355 | €3,980 | +€1,625 | +69.0% |
| Cash at bank and in hand | 54/58 | €8,736 | €10,992 | +€2,256 | +25.8% |
| Deferred charges and accrued income | 490/1 | €3,600 | €2,208 | -€1,392 | -38.7% |
| Total equity and liabilities | 10/49 | €292,816 | €265,769 | -€27,047 | -9.2% |
| Equity | 10/15 | €88,413 | €121,107 | +€32,694 | +37.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €184,763 | €184,763 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €182,903 | €184,763 | +€1,860 | +1.0% |
| Profit (loss) carried forward | 14 | -€102,550 | -€69,856 | +€32,694 | +31.9% |
| Amounts payable | 17/49 | €204,403 | €144,662 | -€59,741 | -29.2% |
| Amounts payable after more than one year | 17 | €66,434 | €56,623 | -€9,811 | -14.8% |
| Financial debts | 170/4 | €66,434 | €56,623 | -€9,811 | -14.8% |
| Amounts payable within one year | 42/48 | €137,970 | €88,039 | -€49,930 | -36.2% |
| Current portion of amounts payable after more than one year | 42 | €9,494 | €9,811 | +€317 | +3.3% |
| Trade debts | 44 | €63,457 | €9,455 | -€54,002 | -85.1% |
| Suppliers | 440/4 | €53,857 | €1,205 | -€52,651 | -97.8% |
| Bills of exchange payable | 441 | €9,600 | €8,249 | -€1,351 | -14.1% |
| Taxes, remuneration and social security | 45 | €32,540 | €4,730 | -€27,810 | -85.5% |
| Taxes | 450/3 | €25,833 | €4,730 | -€21,102 | -81.7% |
| Remuneration and social security | 454/9 | €6,707 | €0 | -€6,707 | -100.0% |
| Other amounts payable | 47/48 | €32,479 | €64,044 | +€31,564 | +97.2% |
| Remuneration, social security and pensions | 62 | €42,042 | €3,476 | -€38,566 | -91.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,750 | €13,120 | +€1,370 | +11.7% |
| Other operating charges | 640/8 | €2,532 | €739 | -€1,793 | -70.8% |
| Gross operating margin | 9900 | -€97,208 | €52,546 | +€149,754 | |
| Operating profit (loss) | 9901 | -€153,533 | €35,211 | +€188,744 | |
| Financial income | 75/76B | €20 | €61 | +€40 | +200.0% |
| Recurring financial income | 75 | €20 | €61 | +€40 | +200.0% |
| Financial charges | 65/66B | €3,085 | €2,438 | -€648 | -21.0% |
| Recurring financial charges | 65 | €3,085 | €2,438 | -€648 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | -€156,598 | €32,834 | +€189,432 | |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€156,737 | €32,694 | +€189,431 | |
| Profit (loss) for the period to be appropriated | 9905 | -€156,737 | €32,694 | +€189,431 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.