VIGORE: 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.
VIGORE
Largest movements
- Financial fixed assets +€74,453
up €74,453 (+28.2%), from €264,000 to €338,453
- Cash +€57,493
up €57,493 (+196.9%), from €29,195 to €86,688
mainly Debts after one year (+€86,920) and Net result for the year (+€52,346)
- Receivables after one year -€13,697
down €13,697 (-44.2%), from €31,000 to €17,303
- Tangible fixed assets -€10,168
down €10,168 (-23.3%), from €43,645 to €33,477
of which Furniture and vehicles: -€8,964
- Debts after one year +€86,920
up €86,920 (+218.4%), from €39,798 to €126,718
- Reserves +€37,650
up €37,650 (+15.5%), from €243,158 to €280,808
- Current portion of long-term debt -€18,933
down €18,933 (-27.5%), from €68,766 to €49,832
- Gross operating margin -€27,365
down €27,365 (-21.8%), from €125,384 to €98,019
- Taxes -€7,607
down €7,607 (-24.3%), from €31,299 to €23,692
- Financial charges +€4,147
up €4,147 (+74.4%), from €5,577 to €9,724
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 | €406,237 | €512,645 | +€106,408 | +26.2% |
| Fixed assets | 21/28 | €307,645 | €371,930 | +€64,285 | +20.9% |
| Tangible fixed assets | 22/27 | €43,645 | €33,477 | -€10,168 | -23.3% |
| Land and buildings | 22 | €4,300 | €3,097 | -€1,203 | -28.0% |
| Furniture and vehicles | 24 | €39,344 | €30,380 | -€8,964 | -22.8% |
| Financial fixed assets | 28 | €264,000 | €338,453 | +€74,453 | +28.2% |
| Current assets | 29/58 | €98,592 | €140,714 | +€42,122 | +42.7% |
| Amounts receivable after more than one year | 29 | €31,000 | €17,303 | -€13,697 | -44.2% |
| Other amounts receivable | 291 | €31,000 | €17,303 | -€13,697 | -44.2% |
| Amounts receivable within one year | 40/41 | €38,055 | €35,292 | -€2,763 | -7.3% |
| Trade receivables | 40 | €38,055 | €35,292 | -€2,763 | -7.3% |
| Cash at bank and in hand | 54/58 | €29,195 | €86,688 | +€57,493 | +196.9% |
| Deferred charges and accrued income | 490/1 | €342 | €1,431 | +€1,089 | +318.4% |
| Total equity and liabilities | 10/49 | €406,237 | €512,645 | +€106,408 | +26.2% |
| Equity | 10/15 | €255,558 | €293,208 | +€37,650 | +14.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €243,158 | €280,808 | +€37,650 | +15.5% |
| Distributable reserves | 133 | €243,158 | €280,808 | +€37,650 | +15.5% |
| Amounts payable | 17/49 | €150,678 | €219,436 | +€68,758 | +45.6% |
| Amounts payable after more than one year | 17 | €39,798 | €126,718 | +€86,920 | +218.4% |
| Financial debts | 170/4 | €39,798 | €126,718 | +€86,920 | +218.4% |
| Amounts payable within one year | 42/48 | €109,537 | €92,719 | -€16,819 | -15.4% |
| Current portion of amounts payable after more than one year | 42 | €68,766 | €49,832 | -€18,933 | -27.5% |
| Trade debts | 44 | €893 | €2,309 | +€1,415 | +158.4% |
| Suppliers | 440/4 | €893 | €2,309 | +€1,415 | +158.4% |
| Taxes, remuneration and social security | 45 | €26,311 | €27,839 | +€1,529 | +5.8% |
| Taxes | 450/3 | €26,311 | €27,839 | +€1,529 | +5.8% |
| Other amounts payable | 47/48 | €13,567 | €12,738 | -€829 | -6.1% |
| Accrued charges and deferred income | 492/3 | €1,344 | - | -€1,344 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,991 | €12,429 | +€438 | +3.7% |
| Other operating charges | 640/8 | €534 | €1,212 | +€679 | +127.2% |
| Gross operating margin | 9900 | €125,384 | €98,019 | -€27,365 | -21.8% |
| Operating profit (loss) | 9901 | €112,860 | €84,377 | -€28,482 | -25.2% |
| Financial income | 75/76B | €274 | €1,384 | +€1,110 | +405.4% |
| Recurring financial income | 75 | €274 | €1,384 | +€1,110 | +405.4% |
| Financial charges | 65/66B | €5,577 | €9,724 | +€4,147 | +74.4% |
| Recurring financial charges | 65 | €5,577 | €9,724 | +€4,147 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €107,557 | €76,038 | -€31,519 | -29.3% |
| Income taxes | 67/77 | €31,299 | €23,692 | -€7,607 | -24.3% |
| Profit (loss) for the period | 9904 | €76,258 | €52,346 | -€23,912 | -31.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,258 | €52,346 | -€23,912 | -31.4% |
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 10 October 2026 via checked.be.