VAGEME: 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.
VAGEME
Largest movements
- Cash -€112,480
down €112,480 (-46.5%), from €241,842 to €129,361
mainly Receivables within one year (-€77,354) and Trade debts (-€33,277)
- Receivables within one year +€77,354
up €77,354 (+30.7%), from €252,280 to €329,634
of which Trade receivables: +€53,654
- Tangible fixed assets +€20,558
up €20,558 (+283.4%), from €7,254 to €27,812
of which Furniture and vehicles: +€21,348
- Reserves +€33,305
up €33,305 (+31.4%), from €105,903 to €139,208
of which Distributable reserves: +€33,305
- Trade debts -€33,277
down €33,277 (-11.0%), from €303,791 to €270,515
- Tax, wage and social debts -€11,605
down €11,605 (-57.8%), from €20,081 to €8,476
of which Taxes: -€10,180
- Staff costs -€17,208
down €17,208 (-90.4%), from €19,037 to €1,830
- Gross operating margin +€8,303
up €8,303 (+17.9%), from €46,328 to €54,631
- Financial charges +€3,910
up €3,910 (+387.7%), from €1,009 to €4,919
- Taxes +€2,738
up €2,738 (+50.8%), from €5,389 to €8,127
- Other operating charges +€2,613
up €2,613 (+358.6%), from €729 to €3,341
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €503,063 | €488,554 | -€14,508 | -2.9% |
| Fixed assets | 21/28 | €7,659 | €28,217 | +€20,558 | +268.4% |
| Tangible fixed assets | 22/27 | €7,254 | €27,812 | +€20,558 | +283.4% |
| Plant, machinery and equipment | 23 | €2,418 | €1,628 | -€790 | -32.7% |
| Furniture and vehicles | 24 | €4,835 | €26,183 | +€21,348 | +441.5% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €495,404 | €460,338 | -€35,066 | -7.1% |
| Amounts receivable within one year | 40/41 | €252,280 | €329,634 | +€77,354 | +30.7% |
| Trade receivables | 40 | €2,591 | €56,246 | +€53,654 | +2070.4% |
| Other amounts receivable | 41 | €249,688 | €273,389 | +€23,700 | +9.5% |
| Cash at bank and in hand | 54/58 | €241,842 | €129,361 | -€112,480 | -46.5% |
| Deferred charges and accrued income | 490/1 | €1,283 | €1,342 | +€59 | +4.6% |
| Total equity and liabilities | 10/49 | €503,063 | €488,554 | -€14,508 | -2.9% |
| Equity | 10/15 | €167,903 | €201,208 | +€33,305 | +19.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €105,903 | €139,208 | +€33,305 | +31.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,904 | €7,904 | = | 0.0% |
| Distributable reserves | 133 | €91,799 | €125,104 | +€33,305 | +36.3% |
| Amounts payable | 17/49 | €335,159 | €287,346 | -€47,813 | -14.3% |
| Amounts payable after more than one year | 17 | €1,729 | €0 | -€1,729 | -100.0% |
| Financial debts | 170/4 | €1,729 | €0 | -€1,729 | -100.0% |
| Amounts payable within one year | 42/48 | €333,431 | €287,344 | -€46,087 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €2,933 | €1,729 | -€1,204 | -41.1% |
| Trade debts | 44 | €303,791 | €270,515 | -€33,277 | -11.0% |
| Suppliers | 440/4 | €303,791 | €270,515 | -€33,277 | -11.0% |
| Taxes, remuneration and social security | 45 | €20,081 | €8,476 | -€11,605 | -57.8% |
| Taxes | 450/3 | €18,656 | €8,476 | -€10,180 | -54.6% |
| Remuneration and social security | 454/9 | €1,425 | €0 | -€1,425 | -100.0% |
| Other amounts payable | 47/48 | €6,625 | €6,625 | -€1 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €2 | +€2 | |
| Remuneration, social security and pensions | 62 | €19,037 | €1,830 | -€17,208 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,881 | €6,592 | +€1,712 | +35.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €729 | €3,341 | +€2,613 | +358.6% |
| Gross operating margin | 9900 | €46,328 | €54,631 | +€8,303 | +17.9% |
| Operating profit (loss) | 9901 | €21,682 | €42,868 | +€21,186 | +97.7% |
| Financial income | 75/76B | €2,312 | €3,483 | +€1,171 | +50.7% |
| Recurring financial income | 75 | €2,312 | €3,483 | +€1,171 | +50.7% |
| Financial charges | 65/66B | €1,009 | €4,919 | +€3,910 | +387.7% |
| Recurring financial charges | 65 | €1,009 | €4,919 | +€3,910 | +387.7% |
| Profit (loss) for the period before taxes | 9903 | €22,985 | €41,432 | +€18,447 | +80.3% |
| Income taxes | 67/77 | €5,389 | €8,127 | +€2,738 | +50.8% |
| Profit (loss) for the period | 9904 | €17,596 | €33,305 | +€15,709 | +89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,596 | €33,305 | +€15,709 | +89.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.