VSGA: 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.
VSGA
Largest movements
- Cash +€28,680
up €28,680 (+38.3%), from €74,869 to €103,549
mainly Net result for the year (+€34,118) and Depreciation (+€645)
- Receivables within one year +€1,500
up €1,500 (+566.9%), from €265 to €1,764
of which Other amounts receivable: +€1,192
- Reserves +€34,118
up €34,118 (+42.0%), from €81,196 to €115,314
- Trade debts -€1,927
down €1,927 (-85.5%), from €2,254 to €326
- Gross operating margin +€13,066
up €13,066 (+39.1%), from €33,386 to €46,452
- Taxes +€2,758
up €2,758 (+38.1%), from €7,235 to €9,994
- Other operating charges -€511
down €511 (-35.1%), from €1,457 to €946
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 | €88,872 | €120,239 | +€31,367 | +35.3% |
| Fixed assets | 21/28 | €3,739 | €4,926 | +€1,187 | +31.8% |
| Tangible fixed assets | 22/27 | €3,739 | €4,926 | +€1,187 | +31.8% |
| Land and buildings | 22 | €3,739 | €3,272 | -€467 | -12.5% |
| Furniture and vehicles | 24 | - | €1,655 | +€1,655 | |
| Current assets | 29/58 | €85,133 | €115,313 | +€30,180 | +35.4% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €265 | €1,764 | +€1,500 | +566.9% |
| Trade receivables | 40 | - | €308 | +€308 | |
| Other amounts receivable | 41 | €265 | €1,457 | +€1,192 | +450.5% |
| Cash at bank and in hand | 54/58 | €74,869 | €103,549 | +€28,680 | +38.3% |
| Total equity and liabilities | 10/49 | €88,872 | €120,239 | +€31,367 | +35.3% |
| Equity | 10/15 | €84,196 | €118,314 | +€34,118 | +40.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €81,196 | €115,314 | +€34,118 | +42.0% |
| Distributable reserves | 133 | €81,196 | €115,314 | +€34,118 | +42.0% |
| Amounts payable | 17/49 | €4,676 | €1,925 | -€2,751 | -58.8% |
| Amounts payable within one year | 42/48 | €4,676 | €1,925 | -€2,751 | -58.8% |
| Trade debts | 44 | €2,254 | €326 | -€1,927 | -85.5% |
| Suppliers | 440/4 | €2,254 | €326 | -€1,927 | -85.5% |
| Taxes, remuneration and social security | 45 | €2,244 | €1,599 | -€645 | -28.8% |
| Taxes | 450/3 | €2,244 | €1,599 | -€645 | -28.8% |
| Other amounts payable | 47/48 | €178 | €0 | -€178 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €467 | €645 | +€178 | +38.0% |
| Other operating charges | 640/8 | €1,457 | €946 | -€511 | -35.1% |
| Gross operating margin | 9900 | €33,386 | €46,452 | +€13,066 | +39.1% |
| Operating profit (loss) | 9901 | €31,462 | €44,861 | +€13,399 | +42.6% |
| Financial income | 75/76B | €400 | €300 | -€100 | -25.0% |
| Recurring financial income | 75 | €400 | €300 | -€100 | -25.0% |
| Financial charges | 65/66B | €1,187 | €1,049 | -€138 | -11.6% |
| Recurring financial charges | 65 | €1,187 | €1,049 | -€138 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €30,675 | €44,112 | +€13,436 | +43.8% |
| Income taxes | 67/77 | €7,235 | €9,994 | +€2,758 | +38.1% |
| Profit (loss) for the period | 9904 | €23,440 | €34,118 | +€10,678 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,440 | €34,118 | +€10,678 | +45.6% |
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 4 October 2026 via checked.be.