VOGE: 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.
VOGE
Largest movements
- Receivables within one year +€30,143
up €30,143 (+24.7%), from €122,068 to €152,211
of which Other amounts receivable: +€20,130
- Tangible fixed assets +€12,637
up €12,637, from €0 to €12,637
of which Furniture and vehicles: +€12,637
- Debts after one year +€21,638
new in 2025: €21,638
- Reserves +€15,000
up €15,000 (+81.6%), from €18,380 to €33,380
- Current portion of long-term debt +€9,098
up €9,098, from €0 to €9,098
- Trade debts -€3,777
down €3,777 (-94.0%), from €4,017 to €240
- Short-term financial debts +€3,104
up €3,104 (+63.4%), from €4,895 to €7,999
- Gross operating margin -€4,423
down €4,423 (-16.6%), from €26,663 to €22,239
- Depreciation +€3,065
up €3,065, from €0 to €3,065
- Financial income +€1,308
up €1,308 (+25.6%), from €5,113 to €6,421
- Financial charges -€1,280
down €1,280 (-26.7%), from €4,790 to €3,510
- Taxes -€1,271
down €1,271 (-16.7%), from €7,610 to €6,339
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 | €122,178 | €164,958 | +€42,780 | +35.0% |
| Fixed assets | 21/28 | €90 | €12,727 | +€12,637 | +14041.4% |
| Tangible fixed assets | 22/27 | €0 | €12,637 | +€12,637 | |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €12,637 | +€12,637 | |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €122,088 | €152,231 | +€30,143 | +24.7% |
| Amounts receivable within one year | 40/41 | €122,068 | €152,211 | +€30,143 | +24.7% |
| Trade receivables | 40 | €13,645 | €23,658 | +€10,013 | +73.4% |
| Other amounts receivable | 41 | €108,423 | €128,553 | +€20,130 | +18.6% |
| Cash at bank and in hand | 54/58 | €20 | €20 | = | 0.0% |
| Total equity and liabilities | 10/49 | €122,178 | €164,958 | +€42,780 | +35.0% |
| Equity | 10/15 | €92,588 | €107,601 | +€15,012 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,380 | €33,380 | +€15,000 | +81.6% |
| Distributable reserves | 133 | €18,380 | €33,380 | +€15,000 | +81.6% |
| Profit (loss) carried forward | 14 | €55,608 | €55,621 | +€12 | 0.0% |
| Amounts payable | 17/49 | €29,590 | €57,358 | +€27,768 | +93.8% |
| Amounts payable after more than one year | 17 | - | €21,638 | +€21,638 | |
| Financial debts | 170/4 | - | €21,638 | +€21,638 | |
| Amounts payable within one year | 42/48 | €29,590 | €35,720 | +€6,130 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,098 | +€9,098 | |
| Financial debts | 43 | €4,895 | €7,999 | +€3,104 | +63.4% |
| Credit institutions | 430/8 | €4,895 | €7,999 | +€3,104 | +63.4% |
| Trade debts | 44 | €4,017 | €240 | -€3,777 | -94.0% |
| Suppliers | 440/4 | €4,017 | €240 | -€3,777 | -94.0% |
| Taxes, remuneration and social security | 45 | €20,677 | €18,382 | -€2,295 | -11.1% |
| Taxes | 450/3 | €20,677 | €18,382 | -€2,295 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €3,065 | +€3,065 | |
| Other operating charges | 640/8 | €994 | €734 | -€260 | -26.2% |
| Gross operating margin | 9900 | €26,663 | €22,239 | -€4,423 | -16.6% |
| Operating profit (loss) | 9901 | €25,668 | €18,440 | -€7,228 | -28.2% |
| Financial income | 75/76B | €5,113 | €6,421 | +€1,308 | +25.6% |
| Recurring financial income | 75 | €5,113 | €6,421 | +€1,308 | +25.6% |
| Financial charges | 65/66B | €4,790 | €3,510 | -€1,280 | -26.7% |
| Recurring financial charges | 65 | €4,790 | €3,510 | -€1,280 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €25,992 | €21,351 | -€4,640 | -17.9% |
| Income taxes | 67/77 | €7,610 | €6,339 | -€1,271 | -16.7% |
| Profit (loss) for the period | 9904 | €18,382 | €15,012 | -€3,369 | -18.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,382 | €15,012 | -€3,369 | -18.3% |
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 3 October 2026 via checked.be.