VIGOR: what changed
What changed
VIGOR
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
filed annual accounts (NBB)
Net result for the year
€70,033
2024 · €58,755+€11,278
Equity
€287,720
2024 · €217,687+€70,033
Cash
€28,551
2024 · €29,509-€958
Balance sheet total
€372,187
2024 · €238,299+€133,887
Largest movements
Assets
- Tangible fixed assets +€72,426
up €72,426 (+761%), from €9,517 to €81,943
of which Furniture and vehicles: +€73,557
- Current investments +€48,000
up €48,000 (+24.1%), from €199,273 to €247,273
- Receivables within one year +€10,739
new in 2025: €10,739
of which Trade receivables: +€6,630
Equity and liabilities
- Reserves +€69,500
up €69,500 (+32.0%), from €217,425 to €286,925
of which Distributable reserves: +€69,500
- Debts after one year +€55,352
new in 2025: €55,352
- Current portion of long-term debt +€12,789
new in 2025: €12,789
- Tax, wage and social debts -€4,111
down €4,111 (-23.4%), from €17,537 to €13,426
Income statement
- Gross operating margin +€12,812
up €12,812 (+14.2%), from €90,031 to €102,843
- Taxes +€3,018
up €3,018 (+12.0%), from €25,203 to €28,221
- Depreciation -€2,491
down €2,491 (-46.5%), from €5,361 to €2,870
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€58,755
Gross operating margin
+€12,812
Depreciation
+€2,491
Other operating charges
+€30
Financial income
-€754
Financial charges
-€283
Taxes
-€3,018
Result 2025
€70,033
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€54,196
Investment
-€123,295
Financing
+€68,141
Cash 2024
€29,509
From operations (derived)
+€54,196
Net result for the year
+€70,033
Depreciation
+€2,870
Receivables within one year
-€10,739
Deferred charges and accrued income
-€3,681
Trade debts
-€762
Tax, wage and social debts
-€4,111
Other debts
+€586
Investment (derived)
-€123,295
Investment in fixed assets (net)
-€75,296
Current investments
-€48,000
Financing
+€68,141
Debts after one year
+€55,352
Current portion of long-term debt
+€12,789
Cash 2025
€28,551
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €238,299 | €372,187 | +€133,887 | +56.2% |
| Fixed assets | 21/28 | €9,517 | €81,943 | +€72,426 | +761% |
| Tangible fixed assets | 22/27 | €9,517 | €81,943 | +€72,426 | +761% |
| Plant, machinery and equipment | 23 | €5,166 | €4,035 | -€1,131 | -21.9% |
| Furniture and vehicles | 24 | €4,351 | €77,908 | +€73,557 | +1,691% |
| Current assets | 29/58 | €228,782 | €290,244 | +€61,462 | +26.9% |
| Amounts receivable within one year | 40/41 | - | €10,739 | +€10,739 | |
| Trade receivables | 40 | - | €6,630 | +€6,630 | |
| Other amounts receivable | 41 | - | €4,109 | +€4,109 | |
| Current investments | 50/53 | €199,273 | €247,273 | +€48,000 | +24.1% |
| Cash at bank and in hand | 54/58 | €29,509 | €28,551 | -€958 | -3.2% |
| Deferred charges and accrued income | 490/1 | - | €3,681 | +€3,681 | |
| Total equity and liabilities | 10/49 | €238,299 | €372,187 | +€133,887 | +56.2% |
| Equity | 10/15 | €217,687 | €287,720 | +€70,033 | +32.2% |
| Reserves | 13 | €217,425 | €286,925 | +€69,500 | +32.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €215,565 | €285,065 | +€69,500 | +32.2% |
| Profit (loss) carried forward | 14 | €262 | €795 | +€533 | +203% |
| Amounts payable | 17/49 | €20,612 | €84,467 | +€63,854 | +310% |
| Amounts payable after more than one year | 17 | - | €55,352 | +€55,352 | |
| Financial debts | 170/4 | - | €55,352 | +€55,352 | |
| Amounts payable within one year | 42/48 | €20,612 | €29,115 | +€8,503 | +41.2% |
| Current portion of amounts payable after more than one year | 42 | - | €12,789 | +€12,789 | |
| Trade debts | 44 | €2,865 | €2,104 | -€762 | -26.6% |
| Suppliers | 440/4 | €2,865 | €2,104 | -€762 | -26.6% |
| Taxes, remuneration and social security | 45 | €17,537 | €13,426 | -€4,111 | -23.4% |
| Taxes | 450/3 | €17,537 | €13,426 | -€4,111 | -23.4% |
| Other amounts payable | 47/48 | €210 | €796 | +€586 | +279% |
| Non-recurring operating income | 76A | - | €6,000 | +€6,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,361 | €2,870 | -€2,491 | -46.5% |
| Other operating charges | 640/8 | €1,351 | €1,320 | -€30 | -2.2% |
| Gross operating margin | 9900 | €90,031 | €102,843 | +€12,812 | +14.2% |
| Operating profit (loss) | 9901 | €83,320 | €98,653 | +€15,333 | +18.4% |
| Financial income | 75/76B | €756 | €2 | -€754 | -99.7% |
| Recurring financial income | 75 | €756 | €2 | -€754 | -99.7% |
| Financial charges | 65/66B | €118 | €401 | +€283 | +239% |
| Recurring financial charges | 65 | €118 | €401 | +€283 | +239% |
| Profit (loss) for the period before taxes | 9903 | €83,958 | €98,254 | +€14,296 | +17.0% |
| Income taxes | 67/77 | €25,203 | €28,221 | +€3,018 | +12.0% |
| Profit (loss) for the period | 9904 | €58,755 | €70,033 | +€11,278 | +19.2% |
| Profit (loss) for the period to be appropriated | 9905 | €58,755 | €70,033 | +€11,278 | +19.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.