VGP: 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
VGP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€245.1m
2024 · €268.6m-€23.6m
Equity
€1.79bn
2024 · €1.64bn+€152.3m
Cash
€377.2m
2024 · €43.8m+€333.4m
Balance sheet total
€4.15bn
2024 · €3.69bn+€467.1m
Largest movements
Assets
- Financial fixed assets +€352.6m
up €352.6m (+10.5%), from €3.36bn to €3.72bn
of which Affiliated companies: +€204.9m
- Cash +€333.4m
up €333.4m (+762%), from €43.8m to €377.2m
mainly Net result for the year (+€245.1m) and Current investments (+€225.2m)
- Current investments -€225.2m
down €225.2m (-100.0%), from €225.2m to €25,000
Equity and liabilities
- Debts after one year +€167.0m
up €167.0m (+9.2%), from €1.82bn to €1.99bn
of which Financial debts: +€162.0m
- Profit (loss) carried forward +€152.3m
up €152.3m (+20.8%), from €733.3m to €885.6m
- Current portion of long-term debt +€134.0m
up €134.0m (+168%), from €80.0m to €214.0m
Income statement
- Financial charges +€30.5m
up €30.5m (+60.0%), from €50.8m to €81.3m
of which Non-recurring financial charges: +€16.3m
- Turnover +€22.4m
new in 2025: €22.4m
- Other operating income -€20.3m
down €20.3m (-98.9%), from €20.5m to €225,639
- Taxes -€2.0m
down €2.0m (-31.5%), from €6.4m to €4.4m
of which Taxes: -€2.0m
- Other operating charges -€1.8m
down €1.8m (-98.5%), from €1.8m to €27,339
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.
Result 2024
€268.6m
Turnover
+€22.4m
Other operating income
-€20.3m
Services and other goods
+€1.2m
Staff costs
+€564,828
Depreciation
+€272,300
Other operating charges
+€1.8m
Other operating items
+€1,313
Financial income
-€1.1m
Financial charges
-€30.5m
Taxes
+€2.0m
Result 2025
€245.1m
raises the resultlowers the resultnot broken down further in the accounts
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
+€259.5m
Investment
-€134.4m
Financing
+€208.2m
Cash 2024
€43.8m
From operations (derived)
+€259.5m
Net result for the year
+€245.1m
Depreciation
+€2.4m
Receivables after one year
+€13.6m
Receivables within one year
-€38.3m
Deferred charges and accrued income
+€23.0m
Trade debts
-€2.9m
Tax, wage and social debts
+€16,752
Other debts
+€3.0m
Accrued charges and deferred income
+€13.7m
Investment (derived)
-€134.4m
Investment in fixed assets (net)
-€359.6m
Current investments
+€225.2m
Financing
+€208.2m
Debts after one year
+€167.0m
Current portion of long-term debt
+€134.0m
Contributions, distributions and other
-€92.8m
Cash 2025
€377.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,685,893,924 | €4,152,961,431 | +€467.1m | +12.7% |
| Formation expenses | 20 | €12,644,361 | €17,512,781 | +€4.9m | +38.5% |
| Fixed assets | 21/28 | €3,363,981,053 | €3,716,316,160 | +€352.3m | +10.5% |
| Intangible fixed assets | 21 | €694,854 | €504,178 | -€190,676 | -27.4% |
| Tangible fixed assets | 22/27 | €48,212 | €18,005 | -€30,206 | -62.7% |
| Plant, machinery and equipment | 23 | €13,042 | €16,186 | +€3,143 | +24.1% |
| Furniture and vehicles | 24 | €1,497 | €454 | -€1,043 | -69.7% |
| Other tangible fixed assets | 26 | €33,672 | €1,365 | -€32,307 | -95.9% |
| Financial fixed assets | 28 | €3,363,237,988 | €3,715,793,977 | +€352.6m | +10.5% |
| Affiliated companies | 280/1 | €2,627,256,167 | €2,832,175,811 | +€204.9m | +7.8% |
| Participating interests | 280 | €1,235,074,953 | €1,197,907,662 | -€37.2m | -3.0% |
| Amounts receivable | 281 | €1,392,181,214 | €1,634,268,148 | +€242.1m | +17.4% |
| Companies linked by participating interests | 282/3 | €735,981,821 | €883,618,166 | +€147.6m | +20.1% |
| Participating interests | 282 | €551,023,594 | €626,224,490 | +€75.2m | +13.6% |
| Amounts receivable | 283 | €184,958,226 | €257,393,675 | +€72.4m | +39.2% |
| Current assets | 29/58 | €309,268,510 | €419,132,490 | +€109.9m | +35.5% |
| Amounts receivable after more than one year | 29 | €13,623,366 | - | -€13.6m | |
| Other amounts receivable | 291 | €13,623,366 | - | -€13.6m | |
| Amounts receivable within one year | 40/41 | €2,670,730 | €40,958,088 | +€38.3m | +1,434% |
| Trade receivables | 40 | €1,859,080 | €7,703,309 | +€5.8m | +314% |
| Other amounts receivable | 41 | €811,650 | €33,254,779 | +€32.4m | +3,997% |
| Current investments | 50/53 | €225,239,543 | €25,000 | -€225.2m | -100.0% |
| Other investments | 51/53 | €225,239,543 | €25,000 | -€225.2m | -100.0% |
| Cash at bank and in hand | 54/58 | €43,760,436 | €377,170,137 | +€333.4m | +762% |
| Deferred charges and accrued income | 490/1 | €23,974,436 | €979,265 | -€23.0m | -95.9% |
| Total equity and liabilities | 10/49 | €3,685,893,924 | €4,152,961,431 | +€467.1m | +12.7% |
| Equity | 10/15 | €1,642,556,061 | €1,794,825,257 | +€152.3m | +9.3% |
| Contributions | 10/11 | €895,600,356 | €895,600,356 | = | 0.0% |
| Capital | 10 | €136,091,705 | €136,091,705 | = | 0.0% |
| Issued capital | 100 | €136,091,705 | €136,091,705 | = | 0.0% |
| Contributions outside capital | 11 | €759,508,651 | €759,508,651 | = | 0.0% |
| Share premium | 1100/10 | €759,508,651 | €759,508,651 | = | 0.0% |
| Reserves | 13 | €13,609,171 | €13,609,171 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,609,171 | €13,609,171 | = | 0.0% |
| Legal reserve | 130 | €13,609,171 | €13,609,171 | = | 0.0% |
| Profit (loss) carried forward | 14 | €733,346,535 | €885,615,731 | +€152.3m | +20.8% |
| Amounts payable | 17/49 | €2,043,337,863 | €2,358,136,173 | +€314.8m | +15.4% |
| Amounts payable after more than one year | 17 | €1,820,797,657 | €1,987,817,557 | +€167.0m | +9.2% |
| Financial debts | 170/4 | €1,816,000,000 | €1,978,000,000 | +€162.0m | +8.9% |
| Unsubordinated bonds | 171 | €1,816,000,000 | €1,978,000,000 | +€162.0m | +8.9% |
| Other amounts payable | 178/9 | €4,797,657 | €9,817,557 | +€5.0m | +105% |
| Amounts payable within one year | 42/48 | €187,796,276 | €321,861,726 | +€134.1m | +71.4% |
| Current portion of amounts payable after more than one year | 42 | €80,000,000 | €214,000,000 | +€134.0m | +168% |
| Trade debts | 44 | €12,280,871 | €9,341,548 | -€2.9m | -23.9% |
| Suppliers | 440/4 | €12,280,871 | €9,341,548 | -€2.9m | -23.9% |
| Taxes, remuneration and social security | 45 | €135,430 | €152,182 | +€16,752 | +12.4% |
| Remuneration and social security | 454/9 | €135,430 | €152,182 | +€16,752 | +12.4% |
| Other amounts payable | 47/48 | €95,379,976 | €98,367,996 | +€3.0m | +3.1% |
| Accrued charges and deferred income | 492/3 | €34,743,930 | €48,456,890 | +€13.7m | +39.5% |
| Operating income | 70/76A | €20,506,806 | €22,658,143 | +€2.2m | +10.5% |
| Turnover | 70 | - | €22,432,504 | +€22.4m | |
| Other operating income | 74 | €20,506,806 | €225,639 | -€20.3m | -98.9% |
| Operating charges | 60/66A | €33,312,143 | €29,482,202 | -€3.8m | -11.5% |
| Services and other goods | 61 | €27,172,136 | €25,950,702 | -€1.2m | -4.5% |
| Remuneration, social security and pensions | 62 | €1,705,723 | €1,140,895 | -€564,828 | -33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,635,566 | €2,363,266 | -€272,300 | -10.3% |
| Other operating charges | 640/8 | €1,797,405 | €27,339 | -€1.8m | -98.5% |
| Non-recurring operating charges | 66A | €1,313 | - | -€1,313 | |
| Operating profit (loss) | 9901 | -€12,805,338 | -€6,824,059 | +€6.0m | +46.7% |
| Financial income | 75/76B | €338,649,296 | €337,575,553 | -€1.1m | -0.3% |
| Recurring financial income | 75 | €101,324,709 | €235,473,980 | +€134.1m | +132% |
| Income from financial fixed assets | 750 | €89,897,895 | €230,802,966 | +€140.9m | +157% |
| Income from current assets | 751 | €11,268,830 | €4,641,556 | -€6.6m | -58.8% |
| Other financial income | 752/9 | €157,985 | €29,457 | -€128,527 | -81.4% |
| Non-recurring financial income | 76B | €237,324,587 | €102,101,573 | -€135.2m | -57.0% |
| Financial charges | 65/66B | €50,808,124 | €81,302,722 | +€30.5m | +60.0% |
| Recurring financial charges | 65 | €50,514,642 | €64,723,547 | +€14.2m | +28.1% |
| Debt charges | 650 | €48,569,673 | €61,705,124 | +€13.1m | +27.0% |
| Other financial charges | 652/9 | €1,944,970 | €3,018,423 | +€1.1m | +55.2% |
| Non-recurring financial charges | 66B | €293,482 | €16,579,175 | +€16.3m | +5,549% |
| Profit (loss) for the period before taxes | 9903 | €275,035,834 | €249,448,772 | -€25.6m | -9.3% |
| Income taxes | 67/77 | €6,407,394 | €4,389,115 | -€2.0m | -31.5% |
| Taxes | 670/3 | €6,407,394 | €4,391,478 | -€2.0m | -31.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €2,363 | +€2,363 | |
| Profit (loss) for the period | 9904 | €268,628,441 | €245,059,657 | -€23.6m | -8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €268,628,441 | €245,059,657 | -€23.6m | -8.8% |
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 23 October 2026 via checked.be.