VO GROUP: 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.
What changed
VO GROUP
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€658,180
2024 · €711,203-€53,024
Equity
€4.0m
2024 · €3.8m+€158,180
Cash
€165,596
2024 · €37,320+€128,277
Balance sheet total
€6.3m
2024 · €5.6m+€684,258
Largest movements
Assets
- Receivables within one year +€678,671
up €678,671 (+43.4%), from €1.6m to €2.2m
of which Trade receivables: +€761,562
- Cash +€128,277
up €128,277 (+344%), from €37,320 to €165,596
mainly Net result for the year (+€658,180) and Trade debts (+€521,266)
- Tangible fixed assets -€86,554
down €86,554 (-13.3%), from €651,248 to €564,694
of which Furniture and vehicles: -€65,616
Equity and liabilities
- Trade debts +€521,266
up €521,266 (+75.9%), from €686,803 to €1.2m
- Accrued charges and deferred income +€247,007
up €247,007 (+1,331%), from €18,560 to €265,567
- Other debts -€216,901
down €216,901 (-55.1%), from €393,578 to €176,677
- Profit (loss) carried forward +€158,888
up €158,888 (+7.3%), from €2.2m to €2.3m
- Debts after one year -€97,515
down €97,515 (-25.9%), from €376,196 to €278,682
Income statement
- Turnover -€275,085
down €275,085 (-7.9%), from €3.5m to €3.2m
- Services and other goods -€244,530
down €244,530 (-10.4%), from €2.4m to €2.1m
- Other operating charges -€235,308
down €235,308 (-90.7%), from €259,410 to €24,102
- Other operating income -€176,356
down €176,356 (-76.1%), from €231,820 to €55,463
- Staff costs +€122,295
up €122,295 (+16.0%), from €765,561 to €887,855
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.
Result 2024
€711,203
Turnover
-€275,085
Other operating income
-€176,356
Goods and materials
-€37,154
Services and other goods
+€244,530
Staff costs
-€122,295
Depreciation
-€25,420
Other operating charges
+€235,308
Other operating items
+€70,764
Financial income
-€2,751
Financial charges
+€42,562
Taxes
-€7,127
Result 2025
€658,180
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€732,501
Investment
-€5,874
Financing
-€598,351
Cash 2024
€37,320
From operations (derived)
+€732,501
Net result for the year
+€658,180
Depreciation
+€138,398
Stocks and contracts
+€33
Receivables within one year
-€678,671
Deferred charges and accrued income
-€9,868
Trade debts
+€521,266
Tax, wage and social debts
+€64,558
Advances received
+€8,500
Other debts
-€216,901
Accrued charges and deferred income
+€247,007
Investment (derived)
-€5,874
Investment in fixed assets (net)
-€5,874
Financing
-€598,351
Debts after one year
-€97,515
Current portion of long-term debt
-€781
Short-term financial debts
-€56
Contributions, distributions and other
-€500,000
Cash 2025
€165,596
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,588,404 | €6,272,662 | +€684,258 | +12.2% |
| Formation expenses | 20 | €58,288 | €45,903 | -€12,386 | -21.2% |
| Fixed assets | 21/28 | €3,722,888 | €3,602,749 | -€120,139 | -3.2% |
| Intangible fixed assets | 21 | €49,542 | €35,800 | -€13,742 | -27.7% |
| Tangible fixed assets | 22/27 | €651,248 | €564,694 | -€86,554 | -13.3% |
| Plant, machinery and equipment | 23 | €8,510 | €7,393 | -€1,117 | -13.1% |
| Furniture and vehicles | 24 | €200,126 | €134,511 | -€65,616 | -32.8% |
| Leasing and similar rights | 25 | - | €21,990 | +€21,990 | |
| Other tangible fixed assets | 26 | €442,612 | €400,800 | -€41,812 | -9.4% |
| Financial fixed assets | 28 | €3,022,098 | €3,002,255 | -€19,843 | -0.7% |
| Affiliated companies | 280/1 | €2,974,004 | €2,954,004 | -€20,000 | -0.7% |
| Participating interests | 280 | €2,974,004 | €2,954,004 | -€20,000 | -0.7% |
| Companies linked by participating interests | 282/3 | €41,500 | €41,501 | +€1 | 0.0% |
| Participating interests | 282 | €41,500 | €41,501 | +€1 | 0.0% |
| Other financial fixed assets | 284/8 | €6,594 | €6,750 | +€156 | +2.4% |
| Shares | 284 | €6,594 | €6,750 | +€156 | +2.4% |
| Current assets | 29/58 | €1,807,227 | €2,624,010 | +€816,783 | +45.2% |
| Amounts receivable after more than one year | 29 | €110,920 | €110,920 | = | 0.0% |
| Other amounts receivable | 291 | €110,920 | €110,920 | = | 0.0% |
| Stocks and contracts in progress | 3 | €33 | €0 | -€33 | -100% |
| Contracts in progress | 37 | €33 | €0 | -€33 | -100% |
| Amounts receivable within one year | 40/41 | €1,563,050 | €2,241,721 | +€678,671 | +43.4% |
| Trade receivables | 40 | €1,425,934 | €2,187,497 | +€761,562 | +53.4% |
| Other amounts receivable | 41 | €137,115 | €54,224 | -€82,891 | -60.5% |
| Cash at bank and in hand | 54/58 | €37,320 | €165,596 | +€128,277 | +344% |
| Deferred charges and accrued income | 490/1 | €95,905 | €105,773 | +€9,868 | +10.3% |
| Total equity and liabilities | 10/49 | €5,588,404 | €6,272,662 | +€684,258 | +12.2% |
| Equity | 10/15 | €3,822,079 | €3,980,258 | +€158,180 | +4.1% |
| Contributions | 10/11 | €1,506,000 | €1,506,000 | = | 0.0% |
| Capital | 10 | €1,506,000 | €1,506,000 | = | 0.0% |
| Issued capital | 100 | €1,506,000 | €1,506,000 | = | 0.0% |
| Reserves | 13 | €151,308 | €150,600 | -€708 | -0.5% |
| Non-distributable reserves | 130/1 | €150,600 | €150,600 | = | 0.0% |
| Legal reserve | 130 | €150,600 | €150,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €708 | €0 | -€708 | -100% |
| Profit (loss) carried forward | 14 | €2,164,771 | €2,323,658 | +€158,888 | +7.3% |
| Amounts payable | 17/49 | €1,766,325 | €2,292,403 | +€526,079 | +29.8% |
| Amounts payable after more than one year | 17 | €376,196 | €278,682 | -€97,515 | -25.9% |
| Financial debts | 170/4 | €376,196 | €278,682 | -€97,515 | -25.9% |
| Leasing and similar obligations | 172 | - | €15,631 | +€15,631 | |
| Credit institutions | 173 | €376,196 | €263,051 | -€113,145 | -30.1% |
| Amounts payable within one year | 42/48 | €1,371,569 | €1,748,155 | +€376,586 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €116,411 | €115,630 | -€781 | -0.7% |
| Financial debts | 43 | €52,028 | €51,972 | -€56 | -0.1% |
| Credit institutions | 430/8 | €52,028 | €51,972 | -€56 | -0.1% |
| Trade debts | 44 | €686,803 | €1,208,069 | +€521,266 | +75.9% |
| Suppliers | 440/4 | €686,803 | €1,208,069 | +€521,266 | +75.9% |
| Advances received on contracts in progress | 46 | - | €8,500 | +€8,500 | |
| Taxes, remuneration and social security | 45 | €122,749 | €187,307 | +€64,558 | +52.6% |
| Taxes | 450/3 | €38,198 | €94,447 | +€56,249 | +147% |
| Remuneration and social security | 454/9 | €84,551 | €92,860 | +€8,309 | +9.8% |
| Other amounts payable | 47/48 | €393,578 | €176,677 | -€216,901 | -55.1% |
| Accrued charges and deferred income | 492/3 | €18,560 | €265,567 | +€247,007 | +1,331% |
| Operating income | 70/76A | €3,698,346 | €3,244,605 | -€453,741 | -12.3% |
| Turnover | 70 | €3,464,227 | €3,189,142 | -€275,085 | -7.9% |
| Other operating income | 74 | €231,820 | €55,463 | -€176,356 | -76.1% |
| Non-recurring operating income | 76A | €2,299 | €0 | -€2,299 | -100% |
| Operating charges | 60/66A | €3,585,040 | €3,217,007 | -€368,033 | -10.3% |
| Goods for resale, raw materials and consumables | 60 | €16,557 | €53,711 | +€37,154 | +224% |
| Purchases | 600/8 | €16,557 | €53,711 | +€37,154 | +224% |
| Services and other goods | 61 | €2,357,471 | €2,112,941 | -€244,530 | -10.4% |
| Remuneration, social security and pensions | 62 | €765,561 | €887,855 | +€122,295 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,979 | €138,398 | +€25,420 | +22.5% |
| Other operating charges | 640/8 | €259,410 | €24,102 | -€235,308 | -90.7% |
| Non-recurring operating charges | 66A | €73,063 | €0 | -€73,063 | -100% |
| Operating profit (loss) | 9901 | €113,306 | €27,598 | -€85,708 | -75.6% |
| Financial income | 75/76B | €709,217 | €706,467 | -€2,751 | -0.4% |
| Recurring financial income | 75 | €709,217 | €706,467 | -€2,751 | -0.4% |
| Income from financial fixed assets | 750 | €700,130 | €700,330 | +€200 | 0.0% |
| Income from current assets | 751 | €9,087 | €5,190 | -€3,897 | -42.9% |
| Other financial income | 752/9 | €0 | €947 | +€947 | +315,590% |
| Financial charges | 65/66B | €96,297 | €53,735 | -€42,562 | -44.2% |
| Recurring financial charges | 65 | €32,409 | €33,735 | +€1,326 | +4.1% |
| Debt charges | 650 | €24,852 | €25,571 | +€719 | +2.9% |
| Other financial charges | 652/9 | €7,557 | €8,164 | +€608 | +8.0% |
| Non-recurring financial charges | 66B | €63,888 | €20,000 | -€43,888 | -68.7% |
| Profit (loss) for the period before taxes | 9903 | €726,226 | €680,330 | -€45,897 | -6.3% |
| Income taxes | 67/77 | €15,023 | €22,150 | +€7,127 | +47.4% |
| Taxes | 670/3 | €15,023 | €22,150 | +€7,127 | +47.4% |
| Profit (loss) for the period | 9904 | €711,203 | €658,180 | -€53,024 | -7.5% |
| Transfer from tax-exempt reserves | 789 | - | €708 | +€708 | |
| Profit (loss) for the period to be appropriated | 9905 | €711,203 | €658,888 | -€52,315 | -7.4% |
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 17 October 2026 via checked.be.