VLG PACKAGING & SERVICES: 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.
VLG PACKAGING & SERVICES
Largest movements
- Receivables within one year -€804,126
down €804,126 (-27.3%), from €2.9m to €2.1m
of which Trade receivables: -€803,817
- Advances received -€1.2m
no longer reported in 2025 (was €1.2m)
- Trade debts +€239,530
up €239,530 (+38.1%), from €629,476 to €869,006
- Accrued charges and deferred income +€225,000
new in 2025: €225,000
- Tax, wage and social debts -€30,052
down €30,052 (-6.3%), from €476,815 to €446,763
of which Remuneration and social security: -€89,180
- Other debts +€30,009
up €30,009 (+6.8%), from €443,148 to €473,157
- Staff costs +€622,061
up €622,061 (+37.6%), from €1.7m to €2.3m
- Gross operating margin +€619,659
up €619,659 (+36.9%), from €1.7m to €2.3m
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 | €2,944,120 | €2,157,079 | -€787,041 | -26.7% |
| Fixed assets | 21/28 | €374 | €0 | -€374 | -100% |
| Tangible fixed assets | 22/27 | €374 | €0 | -€374 | -100% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €374 | €0 | -€374 | -100% |
| Current assets | 29/58 | €2,943,746 | €2,157,079 | -€786,667 | -26.7% |
| Amounts receivable within one year | 40/41 | €2,942,376 | €2,138,250 | -€804,126 | -27.3% |
| Trade receivables | 40 | €2,522,652 | €1,718,835 | -€803,817 | -31.9% |
| Other amounts receivable | 41 | €419,724 | €419,415 | -€309 | -0.1% |
| Cash at bank and in hand | 54/58 | €291 | €17,548 | +€17,257 | +5,929% |
| Deferred charges and accrued income | 490/1 | €1,079 | €1,281 | +€202 | +18.7% |
| Total equity and liabilities | 10/49 | €2,944,120 | €2,157,079 | -€787,041 | -26.7% |
| Equity | 10/15 | €92,622 | €96,010 | +€3,388 | +3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €86,422 | €89,810 | +€3,388 | +3.9% |
| 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 | €84,562 | €87,950 | +€3,388 | +4.0% |
| Amounts payable | 17/49 | €2,851,498 | €2,061,069 | -€790,429 | -27.7% |
| Amounts payable after more than one year | 17 | €45,000 | €21,920 | -€23,080 | -51.3% |
| Financial debts | 170/4 | €45,000 | €21,920 | -€23,080 | -51.3% |
| Amounts payable within one year | 42/48 | €2,806,498 | €1,814,149 | -€992,349 | -35.4% |
| Current portion of amounts payable after more than one year | 42 | €9,084 | €25,223 | +€16,139 | +178% |
| Trade debts | 44 | €629,476 | €869,006 | +€239,530 | +38.1% |
| Suppliers | 440/4 | €629,476 | €869,006 | +€239,530 | +38.1% |
| Advances received on contracts in progress | 46 | €1,247,975 | - | -€1.2m | |
| Taxes, remuneration and social security | 45 | €476,815 | €446,763 | -€30,052 | -6.3% |
| Taxes | 450/3 | €209,659 | €268,787 | +€59,128 | +28.2% |
| Remuneration and social security | 454/9 | €267,156 | €177,976 | -€89,180 | -33.4% |
| Other amounts payable | 47/48 | €443,148 | €473,157 | +€30,009 | +6.8% |
| Accrued charges and deferred income | 492/3 | - | €225,000 | +€225,000 | |
| Remuneration, social security and pensions | 62 | €1,654,049 | €2,276,110 | +€622,061 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €622 | €374 | -€249 | -39.9% |
| Other operating charges | 640/8 | €2,940 | €1,769 | -€1,171 | -39.8% |
| Gross operating margin | 9900 | €1,677,843 | €2,297,503 | +€619,659 | +36.9% |
| Operating profit (loss) | 9901 | €20,232 | €19,250 | -€982 | -4.9% |
| Financial income | 75/76B | €28 | €616 | +€588 | +2,112% |
| Recurring financial income | 75 | €28 | €616 | +€588 | +2,112% |
| Financial charges | 65/66B | €9,497 | €3,226 | -€6,271 | -66.0% |
| Recurring financial charges | 65 | €9,497 | €3,226 | -€6,271 | -66.0% |
| Profit (loss) for the period before taxes | 9903 | €10,763 | €16,640 | +€5,876 | +54.6% |
| Income taxes | 67/77 | €7,502 | €13,251 | +€5,750 | +76.6% |
| Profit (loss) for the period | 9904 | €3,262 | €3,388 | +€127 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,262 | €3,388 | +€127 | +3.9% |
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 20 October 2026 via checked.be.