VEGA: 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.
VEGA
Largest movements
- Tangible fixed assets -€12,366
down €12,366 (-26.2%), from €47,281 to €34,915
of which Other tangible fixed assets: -€10,469
- Stocks and contracts +€1,865
up €1,865 (+9.8%), from €18,944 to €20,810
- Cash -€925
down €925 (-11.9%), from €7,796 to €6,872
mainly Net result for the year (-€67,466) and Debts after one year (-€15,713)
- Receivables within one year +€925
up €925 (+8.8%), from €10,512 to €11,437
of which Other amounts receivable: +€869
- Profit (loss) carried forward -€67,466
down €67,466 (-610.0%), from -€11,060 to -€78,526
- Other debts +€47,307
up €47,307 (+430.4%), from €10,992 to €58,299
- Tax, wage and social debts +€19,549
up €19,549 (+176.3%), from €11,087 to €30,636
of which Remuneration and social security: +€15,232
- Debts after one year -€15,713
down €15,713 (-48.5%), from €32,388 to €16,676
- Trade debts +€4,811
up €4,811 (+52.9%), from €9,095 to €13,905
- Staff costs +€89,976
up €89,976 (+132.2%), from €68,036 to €158,012
- Gross operating margin +€36,535
up €36,535 (+48.3%), from €75,677 to €112,212
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 | €85,885 | €75,115 | -€10,770 | -12.5% |
| Fixed assets | 21/28 | €47,281 | €34,915 | -€12,366 | -26.2% |
| Tangible fixed assets | 22/27 | €47,281 | €34,915 | -€12,366 | -26.2% |
| Furniture and vehicles | 24 | €493 | €4,896 | +€4,403 | +894.0% |
| Leasing and similar rights | 25 | €26,749 | €20,449 | -€6,300 | -23.6% |
| Other tangible fixed assets | 26 | €20,039 | €9,570 | -€10,469 | -52.2% |
| Current assets | 29/58 | €38,605 | €40,200 | +€1,595 | +4.1% |
| Stocks and contracts in progress | 3 | €18,944 | €20,810 | +€1,865 | +9.8% |
| Stocks | 30/36 | €18,944 | €20,810 | +€1,865 | +9.8% |
| Amounts receivable within one year | 40/41 | €10,512 | €11,437 | +€925 | +8.8% |
| Trade receivables | 40 | €36 | €92 | +€56 | +155.1% |
| Other amounts receivable | 41 | €10,476 | €11,345 | +€869 | +8.3% |
| Cash at bank and in hand | 54/58 | €7,796 | €6,872 | -€925 | -11.9% |
| Deferred charges and accrued income | 490/1 | €1,352 | €1,082 | -€270 | -20.0% |
| Total equity and liabilities | 10/49 | €85,885 | €75,115 | -€10,770 | -12.5% |
| Equity | 10/15 | €7,887 | -€59,579 | -€67,466 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €355 | €355 | = | 0.0% |
| Distributable reserves | 133 | €355 | €355 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,060 | -€78,526 | -€67,466 | -610.0% |
| Amounts payable | 17/49 | €77,998 | €134,694 | +€56,696 | +72.7% |
| Amounts payable after more than one year | 17 | €32,388 | €16,676 | -€15,713 | -48.5% |
| Financial debts | 170/4 | €32,388 | €16,676 | -€15,713 | -48.5% |
| Amounts payable within one year | 42/48 | €45,610 | €118,018 | +€72,409 | +158.8% |
| Current portion of amounts payable after more than one year | 42 | €14,436 | €15,178 | +€742 | +5.1% |
| Trade debts | 44 | €9,095 | €13,905 | +€4,811 | +52.9% |
| Suppliers | 440/4 | €9,095 | €13,905 | +€4,811 | +52.9% |
| Taxes, remuneration and social security | 45 | €11,087 | €30,636 | +€19,549 | +176.3% |
| Taxes | 450/3 | €3,636 | €7,953 | +€4,317 | +118.7% |
| Remuneration and social security | 454/9 | €7,451 | €22,683 | +€15,232 | +204.4% |
| Other amounts payable | 47/48 | €10,992 | €58,299 | +€47,307 | +430.4% |
| Non-recurring operating income | 76A | - | €5,810 | +€5,810 | |
| Remuneration, social security and pensions | 62 | €68,036 | €158,012 | +€89,976 | +132.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,288 | €17,572 | +€283 | +1.6% |
| Other operating charges | 640/8 | €600 | €613 | +€13 | +2.2% |
| Gross operating margin | 9900 | €75,677 | €112,212 | +€36,535 | +48.3% |
| Operating profit (loss) | 9901 | -€10,247 | -€63,985 | -€53,738 | -524.4% |
| Financial income | 75/76B | €215 | €586 | +€371 | +172.7% |
| Recurring financial income | 75 | €215 | €586 | +€371 | +172.7% |
| Financial charges | 65/66B | €4,611 | €4,018 | -€593 | -12.9% |
| Recurring financial charges | 65 | €4,611 | €4,018 | -€593 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,643 | -€67,417 | -€52,773 | -360.4% |
| Income taxes | 67/77 | - | €50 | +€50 | |
| Profit (loss) for the period | 9904 | -€14,643 | -€67,466 | -€52,823 | -360.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,643 | -€67,466 | -€52,823 | -360.7% |
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 7 October 2026 via checked.be.