VKG: 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.
VKG
Largest movements
- Financial fixed assets -€49,615
no longer reported in 2025 (was €49,615)
- Receivables within one year -€12,351
down €12,351 (-65.3%), from €18,901 to €6,550
of which Trade receivables: -€9,396
- Cash -€11,817
down €11,817 (-11.1%), from €106,702 to €94,886
mainly Net result for the year (-€65,950) and Tax, wage and social debts (-€8,396)
- Tangible fixed assets -€2,131
down €2,131 (-31.1%), from €6,853 to €4,722
of which Furniture and vehicles: -€1,571
- Profit (loss) carried forward -€65,950
down €65,950 (-48.0%), from €137,378 to €71,428
- Tax, wage and social debts -€8,396
down €8,396 (-24.6%), from €34,091 to €25,695
- Gross operating margin -€122,601
down €122,601, from €101,430 to -€21,171
- Financial charges +€42,017
up €42,017 (+92958.4%), from €45 to €42,062
of which Non-recurring financial charges: +€42,002
- Taxes -€20,542
no longer reported in 2025 (was €20,542)
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 | €182,072 | €106,795 | -€75,277 | -41.3% |
| Fixed assets | 21/28 | €56,469 | €4,722 | -€51,747 | -91.6% |
| Tangible fixed assets | 22/27 | €6,853 | €4,722 | -€2,131 | -31.1% |
| Plant, machinery and equipment | 23 | €2,800 | €2,240 | -€560 | -20.0% |
| Furniture and vehicles | 24 | €4,053 | €2,482 | -€1,571 | -38.8% |
| Financial fixed assets | 28 | €49,615 | - | -€49,615 | |
| Current assets | 29/58 | €125,603 | €102,073 | -€23,530 | -18.7% |
| Amounts receivable within one year | 40/41 | €18,901 | €6,550 | -€12,351 | -65.3% |
| Trade receivables | 40 | €15,125 | €5,730 | -€9,396 | -62.1% |
| Other amounts receivable | 41 | €3,776 | €821 | -€2,955 | -78.3% |
| Cash at bank and in hand | 54/58 | €106,702 | €94,886 | -€11,817 | -11.1% |
| Deferred charges and accrued income | 490/1 | - | €637 | +€637 | |
| Total equity and liabilities | 10/49 | €182,072 | €106,795 | -€75,277 | -41.3% |
| Equity | 10/15 | €142,378 | €76,428 | -€65,950 | -46.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,378 | €71,428 | -€65,950 | -48.0% |
| Amounts payable | 17/49 | €39,694 | €30,367 | -€9,327 | -23.5% |
| Amounts payable within one year | 42/48 | €39,694 | €30,367 | -€9,327 | -23.5% |
| Trade debts | 44 | €1,664 | €380 | -€1,284 | -77.2% |
| Suppliers | 440/4 | €1,664 | €380 | -€1,284 | -77.2% |
| Taxes, remuneration and social security | 45 | €34,091 | €25,695 | -€8,396 | -24.6% |
| Taxes | 450/3 | €34,091 | €25,695 | -€8,396 | -24.6% |
| Other amounts payable | 47/48 | €3,938 | €4,292 | +€354 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,628 | €2,131 | +€504 | +31.0% |
| Other operating charges | 640/8 | €182 | €585 | +€404 | +222.0% |
| Gross operating margin | 9900 | €101,430 | -€21,171 | -€122,601 | |
| Operating profit (loss) | 9901 | €99,621 | -€23,888 | -€123,509 | |
| Financial income | 75/76B | €476 | - | -€476 | |
| Recurring financial income | 75 | €476 | - | -€476 | |
| Financial charges | 65/66B | €45 | €42,062 | +€42,017 | +92958.4% |
| Recurring financial charges | 65 | €45 | €60 | +€15 | +32.7% |
| Non-recurring financial charges | 66B | - | €42,002 | +€42,002 | |
| Profit (loss) for the period before taxes | 9903 | €100,052 | -€65,950 | -€166,002 | |
| Income taxes | 67/77 | €20,542 | - | -€20,542 | |
| Profit (loss) for the period | 9904 | €79,510 | -€65,950 | -€145,461 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,510 | -€65,950 | -€145,461 |
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 4 October 2026 via checked.be.