Vogcap: 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.
What changed
Vogcap
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,386
2024 · -€89,552+€94,938
Equity
€1.6m
2024 · €1.6m+€5,386
Cash
€5,221
2024 · €363+€4,858
Balance sheet total
€3.2m
2024 · €2.9m+€271,854
Largest movements
Assets
- Financial fixed assets +€300,000
up €300,000 (+113.6%), from €264,024 to €564,024
- Receivables after one year -€175,000
down €175,000 (-30.4%), from €575,000 to €400,000
- Receivables within one year +€138,713
up €138,713 (+32.4%), from €428,518 to €567,231
of which Trade receivables: +€187,835
Equity and liabilities
- Short-term financial debts +€140,000
up €140,000 (+70.0%), from €200,000 to €340,000
- Trade debts +€69,001
up €69,001 (+255.9%), from €26,969 to €95,970
- Debts after one year +€67,513
up €67,513 (+32.0%), from €210,852 to €278,365
- Other debts -€49,141
down €49,141 (-11.9%), from €413,837 to €364,696
Income statement
- Gross operating margin +€107,695
up €107,695 (+396.0%), from €27,194 to €134,889
- Financial income -€11,829
down €11,829 (-48.5%), from €24,380 to €12,551
- Financial charges +€1,871
up €1,871 (+3.5%), from €53,883 to €55,754
- Other operating charges -€1,554
down €1,554 (-9.0%), from €17,265 to €15,711
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
-€89,552
Gross operating margin
+€107,695
Depreciation
+€259
Other operating charges
+€1,554
Financial income
-€11,829
Financial charges
-€1,871
Taxes
-€931
Deferred taxes and other
+€61
Result 2025
€5,386
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.
From operations
+€166,599
Investment
-€378,472
Financing
+€216,731
Cash 2024
€363
From operations (derived)
+€166,599
Net result for the year
+€5,386
Depreciation
+€75,374
Receivables after one year
+€175,000
Receivables within one year
-€138,713
Deferred charges and accrued income
-€185
Provisions
-€10,703
Trade debts
+€69,001
Tax, wage and social debts
+€15,438
Other debts
-€49,141
Accrued charges and deferred income
+€25,142
Investment (derived)
-€378,472
Investment in fixed assets (net)
-€378,472
Financing
+€216,731
Debts after one year
+€67,513
Current portion of long-term debt
+€9,218
Short-term financial debts
+€140,000
Cash 2025
€5,221
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,944,693 | €3,216,547 | +€271,854 | +9.2% |
| Fixed assets | 21/28 | €1,931,879 | €2,234,977 | +€303,098 | +15.7% |
| Tangible fixed assets | 22/27 | €1,667,855 | €1,670,953 | +€3,098 | +0.2% |
| Land and buildings | 22 | €1,644,565 | €1,649,636 | +€5,071 | +0.3% |
| Plant, machinery and equipment | 23 | €8,686 | €6,930 | -€1,756 | -20.2% |
| Furniture and vehicles | 24 | €14,604 | €14,387 | -€217 | -1.5% |
| Financial fixed assets | 28 | €264,024 | €564,024 | +€300,000 | +113.6% |
| Current assets | 29/58 | €1,012,814 | €981,570 | -€31,244 | -3.1% |
| Amounts receivable after more than one year | 29 | €575,000 | €400,000 | -€175,000 | -30.4% |
| Other amounts receivable | 291 | €575,000 | €400,000 | -€175,000 | -30.4% |
| Amounts receivable within one year | 40/41 | €428,518 | €567,231 | +€138,713 | +32.4% |
| Trade receivables | 40 | €35,068 | €222,903 | +€187,835 | +535.6% |
| Other amounts receivable | 41 | €393,450 | €344,328 | -€49,122 | -12.5% |
| Cash at bank and in hand | 54/58 | €363 | €5,221 | +€4,858 | +1338.3% |
| Deferred charges and accrued income | 490/1 | €8,933 | €9,118 | +€185 | +2.1% |
| Total equity and liabilities | 10/49 | €2,944,693 | €3,216,547 | +€271,854 | +9.2% |
| Equity | 10/15 | €1,598,334 | €1,603,720 | +€5,386 | +0.3% |
| Contributions | 10/11 | €337,135 | €337,135 | = | 0.0% |
| Capital | 10 | €337,135 | €337,135 | = | 0.0% |
| Issued capital | 100 | €337,135 | €337,135 | = | 0.0% |
| Reserves | 13 | €1,261,199 | €1,266,585 | +€5,386 | +0.4% |
| Non-distributable reserves | 130/1 | €33,714 | €33,714 | = | 0.0% |
| Legal reserve | 130 | €33,714 | €33,714 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,031,680 | €999,574 | -€32,106 | -3.1% |
| Distributable reserves | 133 | €195,805 | €233,297 | +€37,492 | +19.1% |
| Provisions and deferred taxes | 16 | €335,863 | €325,160 | -€10,703 | -3.2% |
| Deferred taxes | 168 | €335,863 | €325,160 | -€10,703 | -3.2% |
| Amounts payable | 17/49 | €1,010,496 | €1,287,667 | +€277,171 | +27.4% |
| Amounts payable after more than one year | 17 | €210,852 | €278,365 | +€67,513 | +32.0% |
| Financial debts | 170/4 | €210,852 | €278,365 | +€67,513 | +32.0% |
| Amounts payable within one year | 42/48 | €707,248 | €891,764 | +€184,516 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €57,252 | €66,470 | +€9,218 | +16.1% |
| Financial debts | 43 | €200,000 | €340,000 | +€140,000 | +70.0% |
| Credit institutions | 430/8 | €200,000 | €340,000 | +€140,000 | +70.0% |
| Trade debts | 44 | €26,969 | €95,970 | +€69,001 | +255.9% |
| Suppliers | 440/4 | €26,969 | €95,970 | +€69,001 | +255.9% |
| Taxes, remuneration and social security | 45 | €9,190 | €24,628 | +€15,438 | +168.0% |
| Taxes | 450/3 | €9,190 | €24,628 | +€15,438 | +168.0% |
| Other amounts payable | 47/48 | €413,837 | €364,696 | -€49,141 | -11.9% |
| Accrued charges and deferred income | 492/3 | €92,396 | €117,538 | +€25,142 | +27.2% |
| Non-recurring operating income | 76A | €12,781 | - | -€12,781 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,633 | €75,374 | -€259 | -0.3% |
| Other operating charges | 640/8 | €17,265 | €15,711 | -€1,554 | -9.0% |
| Gross operating margin | 9900 | €27,194 | €134,889 | +€107,695 | +396.0% |
| Operating profit (loss) | 9901 | -€65,704 | €43,804 | +€109,508 | |
| Financial income | 75/76B | €24,380 | €12,551 | -€11,829 | -48.5% |
| Recurring financial income | 75 | €24,380 | €12,551 | -€11,829 | -48.5% |
| Financial charges | 65/66B | €53,883 | €55,754 | +€1,871 | +3.5% |
| Recurring financial charges | 65 | €53,883 | €55,754 | +€1,871 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | -€95,207 | €601 | +€95,808 | |
| Transfer from deferred taxes | 780 | €10,641 | €10,702 | +€61 | +0.6% |
| Income taxes | 67/77 | €4,986 | €5,917 | +€931 | +18.7% |
| Profit (loss) for the period | 9904 | -€89,552 | €5,386 | +€94,938 | |
| Transfer from tax-exempt reserves | 789 | €31,923 | €32,106 | +€183 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,629 | €37,492 | +€95,121 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.