VIGOR: 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.
VIGOR
Largest movements
- Receivables within one year -€642,470
down €642,470 (-46.3%), from €1.4m to €746,364
of which Other amounts receivable: -€763,653
- Cash +€66,580
up €66,580 (+26.2%), from €254,224 to €320,805
mainly Receivables within one year (+€642,470) and Net result for the year (+€223,973)
- Intangible fixed assets -€41,100
down €41,100 (-30.9%), from €132,871 to €91,771
- Tangible fixed assets +€28,526
up €28,526 (+1465.7%), from €1,946 to €30,473
of which Other tangible fixed assets: +€14,705
- Other debts -€1.1m
down €1.1m (-98.2%), from €1.1m to €18,886
- Reserves +€223,973
up €223,973 (+813.8%), from €27,523 to €251,496
of which Distributable reserves: +€223,973
- Accrued charges and deferred income +€124,673
up €124,673 (+81.4%), from €153,210 to €277,883
- Trade debts +€79,444
up €79,444 (+24.1%), from €330,044 to €409,489
- Tax, wage and social debts +€47,937
up €47,937 (+30.3%), from €158,178 to €206,116
of which Taxes: +€32,699
- Gross operating margin -€181,352
down €181,352 (-11.9%), from €1.5m to €1.3m
- Write-downs -€74,380
down €74,380, from €44,628 to -€29,752
- Staff costs -€73,764
down €73,764 (-6.7%), from €1.1m to €1.0m
- Taxes -€24,212
down €24,212 (-22.3%), from €108,621 to €84,409
- Financial income -€17,453
down €17,453 (-50.8%), from €34,352 to €16,899
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 | €1,845,318 | €1,264,984 | -€580,334 | -31.4% |
| Fixed assets | 21/28 | €134,818 | €122,244 | -€12,574 | -9.3% |
| Intangible fixed assets | 21 | €132,871 | €91,771 | -€41,100 | -30.9% |
| Tangible fixed assets | 22/27 | €1,946 | €30,473 | +€28,526 | +1465.7% |
| Plant, machinery and equipment | 23 | €0 | €4,562 | +€4,562 | |
| Furniture and vehicles | 24 | €1,946 | €11,206 | +€9,260 | +475.8% |
| Other tangible fixed assets | 26 | - | €14,705 | +€14,705 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,710,501 | €1,142,740 | -€567,761 | -33.2% |
| Amounts receivable within one year | 40/41 | €1,388,834 | €746,364 | -€642,470 | -46.3% |
| Trade receivables | 40 | €619,590 | €740,774 | +€121,184 | +19.6% |
| Other amounts receivable | 41 | €769,244 | €5,591 | -€763,653 | -99.3% |
| Cash at bank and in hand | 54/58 | €254,224 | €320,805 | +€66,580 | +26.2% |
| Deferred charges and accrued income | 490/1 | €67,443 | €75,571 | +€8,129 | +12.1% |
| Total equity and liabilities | 10/49 | €1,845,318 | €1,264,984 | -€580,334 | -31.4% |
| Equity | 10/15 | €127,523 | €351,496 | +€223,973 | +175.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €27,523 | €251,496 | +€223,973 | +813.8% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €17,523 | €241,496 | +€223,973 | +1278.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,717,796 | €913,489 | -€804,307 | -46.8% |
| Amounts payable within one year | 42/48 | €1,564,586 | €635,606 | -€928,980 | -59.4% |
| Current portion of amounts payable after more than one year | 42 | €398 | €398 | = | 0.0% |
| Trade debts | 44 | €330,044 | €409,489 | +€79,444 | +24.1% |
| Suppliers | 440/4 | €330,044 | €409,489 | +€79,444 | +24.1% |
| Advances received on contracts in progress | 46 | €965 | €717 | -€248 | -25.6% |
| Taxes, remuneration and social security | 45 | €158,178 | €206,116 | +€47,937 | +30.3% |
| Taxes | 450/3 | €54,964 | €87,664 | +€32,699 | +59.5% |
| Remuneration and social security | 454/9 | €103,214 | €118,452 | +€15,238 | +14.8% |
| Other amounts payable | 47/48 | €1,075,000 | €18,886 | -€1.1m | -98.2% |
| Accrued charges and deferred income | 492/3 | €153,210 | €277,883 | +€124,673 | +81.4% |
| Remuneration, social security and pensions | 62 | €1,097,750 | €1,023,986 | -€73,764 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,517 | €46,395 | +€877 | +1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €44,628 | -€29,752 | -€74,380 | |
| Other operating charges | 640/8 | €365 | €15,846 | +€15,481 | +4240.1% |
| Gross operating margin | 9900 | €1,529,838 | €1,348,486 | -€181,352 | -11.9% |
| Operating profit (loss) | 9901 | €341,578 | €292,011 | -€49,566 | -14.5% |
| Financial income | 75/76B | €34,352 | €16,899 | -€17,453 | -50.8% |
| Recurring financial income | 75 | €34,352 | €16,899 | -€17,453 | -50.8% |
| Financial charges | 65/66B | €466 | €527 | +€61 | +13.2% |
| Recurring financial charges | 65 | €466 | €527 | +€61 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €375,464 | €308,383 | -€67,081 | -17.9% |
| Income taxes | 67/77 | €108,621 | €84,409 | -€24,212 | -22.3% |
| Profit (loss) for the period | 9904 | €266,843 | €223,973 | -€42,869 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €266,843 | €223,973 | -€42,869 | -16.1% |
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 1 October 2026 via checked.be.