VERGEL: 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
VERGEL
NACE 64.210, Activities of holding companies
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
€80,264
31-12-2024 · €8,078+€72,186
Equity
€979,732
31-12-2024 · €899,468+€80,264
Cash
€39,979
31-12-2024 · €47,606-€7,627
Balance sheet total
€1.5m
31-12-2024 · €1.4m+€172,829
Largest movements
Assets
- Receivables within one year +€159,341
up €159,341 (+234%), from €68,166 to €227,507
of which Trade receivables: +€91,364
- Deferred charges and accrued income +€21,114
up €21,114, from €0 to €21,114
Equity and liabilities
- Profit (loss) carried forward +€80,264
up €80,264 (+18.9%), from €424,468 to €504,732
- Other debts +€41,776
up €41,776 (+8.8%), from €473,612 to €515,388
- Accrued charges and deferred income +€23,222
new in 2025: €23,222
- Tax, wage and social debts +€19,394
new in 2025: €19,394
Income statement
- Turnover +€120,857
up €120,857 (+187%), from €64,800 to €185,657
- Goods and materials +€60,520
new in 2025: €60,520
- Services and other goods -€30,760
down €30,760 (-66.5%), from €46,285 to €15,525
- Financial charges +€23,133
up €23,133 (+248%), from €9,323 to €32,456
- Financial income +€21,038
up €21,038 (+27,729%), from €76 to €21,114
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€8,078
Turnover
+€120,857
Goods and materials
-€60,520
Services and other goods
+€30,760
Other operating charges
-€1,579
Financial income
+€21,038
Financial charges
-€23,133
Taxes
-€15,236
Result 31-12-2025
€80,264
raises the resultlowers the result
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€7,626
Investment
-€1
Financing
€0
Cash 31-12-2024
€47,606
From operations (derived)
-€7,626
Net result for the year
+€80,264
Receivables within one year
-€159,341
Deferred charges and accrued income
-€21,114
Trade debts
+€8,173
Tax, wage and social debts
+€19,394
Other debts
+€41,776
Accrued charges and deferred income
+€23,222
Investment (derived)
-€1
Investment in fixed assets (net)
-€1
Cash 31-12-2025
€39,979
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,373,080 | €1,545,909 | +€172,829 | +12.6% |
| Fixed assets | 21/28 | €1,257,308 | €1,257,309 | +€1 | 0.0% |
| Tangible fixed assets | 22/27 | €147,870 | €147,870 | = | 0.0% |
| Land and buildings | 22 | €147,870 | €147,870 | = | 0.0% |
| Financial fixed assets | 28 | €1,109,438 | €1,109,439 | +€1 | 0.0% |
| Affiliated companies | 280/1 | €1,106,938 | €1,106,938 | = | 0.0% |
| Participating interests | 280 | €1,106,938 | €1,106,938 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,500 | €2,501 | +€1 | 0.0% |
| Shares | 284 | - | €1 | +€1 | |
| Amounts receivable and cash guarantees | 285/8 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €115,772 | €288,600 | +€172,828 | +149% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €68,166 | €227,507 | +€159,341 | +234% |
| Trade receivables | 40 | €66,429 | €157,793 | +€91,364 | +138% |
| Other amounts receivable | 41 | €1,737 | €69,715 | +€67,977 | +3,913% |
| Cash at bank and in hand | 54/58 | €47,606 | €39,979 | -€7,627 | -16.0% |
| Deferred charges and accrued income | 490/1 | €0 | €21,114 | +€21,114 | |
| Total equity and liabilities | 10/49 | €1,373,080 | €1,545,909 | +€172,829 | +12.6% |
| Equity | 10/15 | €899,468 | €979,732 | +€80,264 | +8.9% |
| Contributions | 10/11 | €130,000 | €130,000 | = | 0.0% |
| Reserves | 13 | €345,000 | €345,000 | = | 0.0% |
| Distributable reserves | 133 | €345,000 | €345,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €424,468 | €504,732 | +€80,264 | +18.9% |
| Amounts payable | 17/49 | €473,612 | €566,177 | +€92,565 | +19.5% |
| Amounts payable within one year | 42/48 | €473,612 | €542,955 | +€69,343 | +14.6% |
| Trade debts | 44 | €0 | €8,173 | +€8,173 | |
| Suppliers | 440/4 | €0 | €8,173 | +€8,173 | |
| Taxes, remuneration and social security | 45 | - | €19,394 | +€19,394 | |
| Taxes | 450/3 | - | €19,394 | +€19,394 | |
| Other amounts payable | 47/48 | €473,612 | €515,388 | +€41,776 | +8.8% |
| Accrued charges and deferred income | 492/3 | - | €23,222 | +€23,222 | |
| Operating income | 70/76A | €64,800 | €185,657 | +€120,857 | +187% |
| Turnover | 70 | €64,800 | €185,657 | +€120,857 | +187% |
| Operating charges | 60/66A | €47,476 | €78,815 | +€31,339 | +66.0% |
| Goods for resale, raw materials and consumables | 60 | - | €60,520 | +€60,520 | |
| Purchases | 600/8 | - | €60,520 | +€60,520 | |
| Services and other goods | 61 | €46,285 | €15,525 | -€30,760 | -66.5% |
| Other operating charges | 640/8 | €1,191 | €2,770 | +€1,579 | +133% |
| Operating profit (loss) | 9901 | €17,324 | €106,842 | +€89,517 | +517% |
| Financial income | 75/76B | €76 | €21,114 | +€21,038 | +27,729% |
| Recurring financial income | 75 | €76 | €21,114 | +€21,038 | +27,729% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | - | €21,114 | +€21,114 | |
| Other financial income | 752/9 | €76 | €0 | -€76 | -100% |
| Financial charges | 65/66B | €9,323 | €32,456 | +€23,133 | +248% |
| Recurring financial charges | 65 | €9,323 | €32,456 | +€23,133 | +248% |
| Debt charges | 650 | €9,176 | €32,304 | +€23,129 | +252% |
| Other financial charges | 652/9 | €147 | €151 | +€4 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €8,078 | €95,500 | +€87,423 | +1,082% |
| Income taxes | 67/77 | - | €15,236 | +€15,236 | |
| Taxes | 670/3 | - | €15,236 | +€15,236 | |
| Profit (loss) for the period | 9904 | €8,078 | €80,264 | +€72,186 | +894% |
| Profit (loss) for the period to be appropriated | 9905 | €8,078 | €80,264 | +€72,186 | +894% |
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 16 October 2026 via checked.be.