VRG PROJECTS: 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
VRG PROJECTS
NACE 70.100, Activities of head offices
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€861
2024 · €2,591-€1,730
Equity
€611,015
2024 · €565,354+€45,661
Cash
€5,097
2024 · €2,764+€2,332
Balance sheet total
€1.7m
2024 · €1.7m+€22,297
Largest movements
Assets
- Receivables after one year +€180,000
up €180,000 (+137%), from €131,790 to €311,790
- Receivables within one year -€140,862
down €140,862 (-61.1%), from €230,638 to €89,776
of which Trade receivables: -€155,153
Equity and liabilities
- Current portion of long-term debt -€49,989
down €49,989 (-43.1%), from €115,966 to €65,976
- Revaluation surpluses +€44,800
up €44,800 (+10.0%), from €448,000 to €492,800
- Debts after one year +€24,024
up €24,024 (+2.8%), from €849,726 to €873,750
of which Financial debts: +€24,024
- Trade debts -€19,643
down €19,643 (-58.5%), from €33,584 to €13,941
Income statement
- Financial charges +€1,847
up €1,847 (+9.4%), from €19,625 to €21,472
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
€2,591
Gross operating margin
+€586
Depreciation
+€145
Other operating charges
-€5
Financial charges
-€1,847
Taxes
-€609
Result 2025
€861
raises the resultlowers the result
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
+€32,298
Investment
-€48,800
Financing
+€18,834
Cash 2024
€2,764
From operations (derived)
+€32,298
Net result for the year
+€861
Depreciation
+€54,917
Receivables after one year
-€180,000
Receivables within one year
+€140,862
Deferred charges and accrued income
+€13,057
Trade debts
-€19,643
Tax, wage and social debts
+€10,225
Other debts
+€164
Accrued charges and deferred income
+€11,856
Investment (derived)
-€48,800
Investment in fixed assets (net)
-€48,800
Financing
+€18,834
Debts after one year
+€24,024
Current portion of long-term debt
-€49,989
Contributions, distributions and other
+€44,800
Cash 2025
€5,097
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,708,543 | €1,730,840 | +€22,297 | +1.3% |
| Fixed assets | 21/28 | €1,275,590 | €1,269,474 | -€6,117 | -0.5% |
| Intangible fixed assets | 21 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Tangible fixed assets | 22/27 | €1,272,590 | €1,267,474 | -€5,117 | -0.4% |
| Land and buildings | 22 | €1,232,838 | €1,225,284 | -€7,554 | -0.6% |
| Plant, machinery and equipment | 23 | €38,284 | €38,284 | = | 0.0% |
| Furniture and vehicles | 24 | €1,469 | €3,906 | +€2,438 | +166% |
| Current assets | 29/58 | €432,953 | €461,366 | +€28,413 | +6.6% |
| Amounts receivable after more than one year | 29 | €131,790 | €311,790 | +€180,000 | +137% |
| Other amounts receivable | 291 | €131,790 | €311,790 | +€180,000 | +137% |
| Stocks and contracts in progress | 3 | €6,000 | €6,000 | = | 0.0% |
| Stocks | 30/36 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €230,638 | €89,776 | -€140,862 | -61.1% |
| Trade receivables | 40 | €218,729 | €63,576 | -€155,153 | -70.9% |
| Other amounts receivable | 41 | €11,909 | €26,200 | +€14,291 | +120% |
| Current investments | 50/53 | €41,502 | €41,502 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,764 | €5,097 | +€2,332 | +84.4% |
| Deferred charges and accrued income | 490/1 | €20,259 | €7,202 | -€13,057 | -64.5% |
| Total equity and liabilities | 10/49 | €1,708,543 | €1,730,840 | +€22,297 | +1.3% |
| Equity | 10/15 | €565,354 | €611,015 | +€45,661 | +8.1% |
| Contributions | 10/11 | €33,814 | €33,814 | = | 0.0% |
| Revaluation surpluses | 12 | €448,000 | €492,800 | +€44,800 | +10.0% |
| Reserves | 13 | €141,902 | €141,902 | = | 0.0% |
| Non-distributable reserves | 130/1 | €41,502 | €41,502 | = | 0.0% |
| Own shares acquired | 1312 | €41,502 | €41,502 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,400 | €1,400 | = | 0.0% |
| Distributable reserves | 133 | €99,000 | €99,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,363 | -€57,502 | +€861 | +1.5% |
| Amounts payable | 17/49 | €1,143,190 | €1,119,825 | -€23,364 | -2.0% |
| Amounts payable after more than one year | 17 | €849,726 | €873,750 | +€24,024 | +2.8% |
| Financial debts | 170/4 | €849,726 | €873,750 | +€24,024 | +2.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €293,463 | €234,220 | -€59,244 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €115,966 | €65,976 | -€49,989 | -43.1% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €33,584 | €13,941 | -€19,643 | -58.5% |
| Suppliers | 440/4 | €33,584 | €13,941 | -€19,643 | -58.5% |
| Taxes, remuneration and social security | 45 | €12,602 | €22,827 | +€10,225 | +81.1% |
| Taxes | 450/3 | €12,602 | €22,827 | +€10,225 | +81.1% |
| Other amounts payable | 47/48 | €6,312 | €6,476 | +€164 | +2.6% |
| Accrued charges and deferred income | 492/3 | €0 | €11,856 | +€11,856 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,061 | €54,917 | -€145 | -0.3% |
| Other operating charges | 640/8 | €8,057 | €8,062 | +€5 | +0.1% |
| Gross operating margin | 9900 | €85,554 | €86,140 | +€586 | +0.7% |
| Operating profit (loss) | 9901 | €22,435 | €23,162 | +€726 | +3.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €19,625 | €21,472 | +€1,847 | +9.4% |
| Recurring financial charges | 65 | €19,625 | €21,472 | +€1,847 | +9.4% |
| Profit (loss) for the period before taxes | 9903 | €2,811 | €1,690 | -€1,121 | -39.9% |
| Income taxes | 67/77 | €219 | €829 | +€609 | +278% |
| Profit (loss) for the period | 9904 | €2,591 | €861 | -€1,730 | -66.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,591 | €861 | -€1,730 | -66.8% |
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.