VIGOR LAW: 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.
VIGOR LAW
Largest movements
- Cash +€281,967
up €281,967 (+61.8%), from €456,509 to €738,475
mainly Net result for the year (+€214,726) and Current investments (+€58,794)
- Current investments -€58,794
down €58,794 (-6.9%), from €851,352 to €792,558
- Reserves +€213,890
up €213,890 (+17.0%), from €1.3m to €1.5m
of which Distributable reserves: +€213,890
- Gross operating margin +€9,413
up €9,413 (+3.5%), from €272,521 to €281,934
- Financial income +€7,927
up €7,927 (+33.1%), from €23,936 to €31,863
- Taxes +€5,191
up €5,191 (+5.8%), from €88,824 to €94,015
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 | €1,320,607 | €1,538,305 | +€217,698 | +16.5% |
| Fixed assets | 21/28 | €6,323 | €3,012 | -€3,311 | -52.4% |
| Tangible fixed assets | 22/27 | €6,323 | €3,012 | -€3,311 | -52.4% |
| Furniture and vehicles | 24 | €1,071 | €512 | -€559 | -52.2% |
| Other tangible fixed assets | 26 | €5,252 | €2,500 | -€2,752 | -52.4% |
| Current assets | 29/58 | €1,314,284 | €1,535,293 | +€221,009 | +16.8% |
| Amounts receivable within one year | 40/41 | €115 | €122 | +€7 | +6.1% |
| Other amounts receivable | 41 | €115 | €122 | +€7 | +6.1% |
| Current investments | 50/53 | €851,352 | €792,558 | -€58,794 | -6.9% |
| Cash at bank and in hand | 54/58 | €456,509 | €738,475 | +€281,967 | +61.8% |
| Deferred charges and accrued income | 490/1 | €6,308 | €4,138 | -€2,170 | -34.4% |
| Total equity and liabilities | 10/49 | €1,320,607 | €1,538,305 | +€217,698 | +16.5% |
| Equity | 10/15 | €1,269,784 | €1,483,677 | +€213,893 | +16.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,256,540 | €1,470,430 | +€213,890 | +17.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,254,680 | €1,468,570 | +€213,890 | +17.0% |
| Profit (loss) carried forward | 14 | €844 | €847 | +€3 | +0.4% |
| Amounts payable | 17/49 | €50,823 | €54,628 | +€3,805 | +7.5% |
| Amounts payable within one year | 42/48 | €50,184 | €53,989 | +€3,805 | +7.6% |
| Trade debts | 44 | - | €829 | +€829 | |
| Suppliers | 440/4 | - | €829 | +€829 | |
| Taxes, remuneration and social security | 45 | €45,841 | €49,733 | +€3,892 | +8.5% |
| Taxes | 450/3 | €45,841 | €49,733 | +€3,892 | +8.5% |
| Other amounts payable | 47/48 | €4,343 | €3,427 | -€916 | -21.1% |
| Accrued charges and deferred income | 492/3 | €639 | €639 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,240 | €3,311 | +€72 | +2.2% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €272,521 | €281,934 | +€9,413 | +3.5% |
| Operating profit (loss) | 9901 | €268,314 | €277,624 | +€9,310 | +3.5% |
| Financial income | 75/76B | €23,936 | €31,863 | +€7,927 | +33.1% |
| Recurring financial income | 75 | €23,936 | €31,863 | +€7,927 | +33.1% |
| Financial charges | 65/66B | €670 | €746 | +€77 | +11.4% |
| Recurring financial charges | 65 | €670 | €746 | +€77 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €291,580 | €308,741 | +€17,161 | +5.9% |
| Income taxes | 67/77 | €88,824 | €94,015 | +€5,191 | +5.8% |
| Profit (loss) for the period | 9904 | €202,757 | €214,726 | +€11,970 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €202,757 | €214,726 | +€11,970 | +5.9% |
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 18 October 2026 via checked.be.