VAXY: 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.
VAXY
Largest movements
- Cash +€13,770
up €13,770 (+64.4%), from €21,397 to €35,167
mainly Net result for the year (+€14,244) and Depreciation (+€4,318)
- Receivables within one year +€5,662
new in 2025: €5,662
- Profit (loss) carried forward +€14,244
up €14,244 (+11.4%), from -€124,464 to -€110,220
- Trade debts +€3,418
new in 2025: €3,418
- Gross operating margin +€18,080
up €18,080 (+203.9%), from €8,869 to €26,949
- Other operating charges +€3,691
up €3,691 (+125.9%), from €2,932 to €6,623
- Financial charges +€1,339
up €1,339 (+314.9%), from €425 to €1,765
- Depreciation +€478
up €478 (+12.4%), from €3,841 to €4,318
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 | €289,782 | €313,346 | +€23,564 | +8.1% |
| Fixed assets | 21/28 | €268,385 | €269,471 | +€1,086 | +0.4% |
| Tangible fixed assets | 22/27 | €267,559 | €268,453 | +€894 | +0.3% |
| Land and buildings | 22 | €152,334 | €152,334 | = | 0.0% |
| Plant, machinery and equipment | 23 | €115,225 | €111,391 | -€3,835 | -3.3% |
| Furniture and vehicles | 24 | - | €1,746 | +€1,746 | |
| Other tangible fixed assets | 26 | - | €2,983 | +€2,983 | |
| Financial fixed assets | 28 | €826 | €1,018 | +€192 | +23.3% |
| Current assets | 29/58 | €21,397 | €43,875 | +€22,478 | +105.1% |
| Amounts receivable within one year | 40/41 | - | €5,662 | +€5,662 | |
| Trade receivables | 40 | - | €5,662 | +€5,662 | |
| Cash at bank and in hand | 54/58 | €21,397 | €35,167 | +€13,770 | +64.4% |
| Deferred charges and accrued income | 490/1 | - | €3,046 | +€3,046 | |
| Total equity and liabilities | 10/49 | €289,782 | €313,346 | +€23,564 | +8.1% |
| Equity | 10/15 | -€62,964 | -€48,720 | +€14,244 | +22.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€124,464 | -€110,220 | +€14,244 | +11.4% |
| Amounts payable | 17/49 | €352,746 | €362,066 | +€9,320 | +2.6% |
| Amounts payable within one year | 42/48 | €352,746 | €360,022 | +€7,276 | +2.1% |
| Trade debts | 44 | - | €3,418 | +€3,418 | |
| Suppliers | 440/4 | - | €3,418 | +€3,418 | |
| Taxes, remuneration and social security | 45 | - | €1,102 | +€1,102 | |
| Taxes | 450/3 | - | €1,102 | +€1,102 | |
| Other amounts payable | 47/48 | €352,746 | €355,502 | +€2,756 | +0.8% |
| Accrued charges and deferred income | 492/3 | - | €2,045 | +€2,045 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,841 | €4,318 | +€478 | +12.4% |
| Other operating charges | 640/8 | €2,932 | €6,623 | +€3,691 | +125.9% |
| Gross operating margin | 9900 | €8,869 | €26,949 | +€18,080 | +203.9% |
| Operating profit (loss) | 9901 | €2,097 | €16,008 | +€13,912 | +663.5% |
| Financial charges | 65/66B | €425 | €1,765 | +€1,339 | +314.9% |
| Recurring financial charges | 65 | €425 | €1,765 | +€1,339 | +314.9% |
| Profit (loss) for the period before taxes | 9903 | €1,671 | €14,244 | +€12,572 | +752.2% |
| Profit (loss) for the period | 9904 | €1,671 | €14,244 | +€12,572 | +752.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,671 | €14,244 | +€12,572 | +752.2% |
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 1 October 2026 via checked.be.