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
- Cash -€48,173
down €48,173 (-17.6%), from €274,331 to €226,159
mainly Other debts (-€40,802) and Receivables within one year (-€30,540)
- Receivables within one year +€30,540
up €30,540 (+175.3%), from €17,426 to €47,966
of which Trade receivables: +€17,074
- Tangible fixed assets +€16,055
up €16,055 (+272.8%), from €5,885 to €21,939
- Other debts -€40,802
down €40,802 (-59.1%), from €68,988 to €28,186
- Reserves +€21,402
up €21,402 (+10.8%), from €198,125 to €219,527
of which Distributable reserves: +€21,402
- Trade debts +€20,195
up €20,195 (+6307.6%), from €320 to €20,515
- Accrued charges and deferred income -€3,912
down €3,912 (-76.5%), from €5,112 to €1,200
- Gross operating margin +€6,244
up €6,244 (+8.7%), from €71,612 to €77,856
- Depreciation +€4,874
up €4,874 (+182.6%), from €2,669 to €7,543
- Financial charges -€4,251
down €4,251, from €3,955 to -€295
- Taxes +€2,124
up €2,124 (+11.9%), from €17,831 to €19,955
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 | €301,285 | €298,088 | -€3,196 | -1.1% |
| Fixed assets | 21/28 | €5,885 | €21,939 | +€16,055 | +272.8% |
| Tangible fixed assets | 22/27 | €5,885 | €21,939 | +€16,055 | +272.8% |
| Furniture and vehicles | 24 | €5,885 | €21,939 | +€16,055 | +272.8% |
| Current assets | 29/58 | €295,400 | €276,149 | -€19,251 | -6.5% |
| Amounts receivable within one year | 40/41 | €17,426 | €47,966 | +€30,540 | +175.3% |
| Trade receivables | 40 | €13,671 | €30,745 | +€17,074 | +124.9% |
| Other amounts receivable | 41 | €3,755 | €17,221 | +€13,466 | +358.6% |
| Cash at bank and in hand | 54/58 | €274,331 | €226,159 | -€48,173 | -17.6% |
| Deferred charges and accrued income | 490/1 | €3,643 | €2,025 | -€1,618 | -44.4% |
| Total equity and liabilities | 10/49 | €301,285 | €298,088 | -€3,196 | -1.1% |
| Equity | 10/15 | €216,725 | €238,127 | +€21,402 | +9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €198,125 | €219,527 | +€21,402 | +10.8% |
| Tax-exempt reserves | 132 | €1,421 | €1,421 | = | 0.0% |
| Distributable reserves | 133 | €196,705 | €218,106 | +€21,402 | +10.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,559 | €59,961 | -€24,598 | -29.1% |
| Amounts payable within one year | 42/48 | €79,447 | €58,761 | -€20,686 | -26.0% |
| Trade debts | 44 | €320 | €20,515 | +€20,195 | +6307.6% |
| Suppliers | 440/4 | €320 | €20,515 | +€20,195 | +6307.6% |
| Taxes, remuneration and social security | 45 | €10,139 | €10,060 | -€79 | -0.8% |
| Taxes | 450/3 | €10,139 | €10,060 | -€79 | -0.8% |
| Other amounts payable | 47/48 | €68,988 | €28,186 | -€40,802 | -59.1% |
| Accrued charges and deferred income | 492/3 | €5,112 | €1,200 | -€3,912 | -76.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,669 | €7,543 | +€4,874 | +182.6% |
| Other operating charges | 640/8 | €1,287 | €1,065 | -€222 | -17.2% |
| Gross operating margin | 9900 | €71,612 | €77,856 | +€6,244 | +8.7% |
| Operating profit (loss) | 9901 | €67,656 | €69,248 | +€1,592 | +2.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,955 | -€295 | -€4,251 | |
| Recurring financial charges | 65 | €3,955 | -€295 | -€4,251 | |
| Profit (loss) for the period before taxes | 9903 | €63,700 | €69,543 | +€5,842 | +9.2% |
| Income taxes | 67/77 | €17,831 | €19,955 | +€2,124 | +11.9% |
| Profit (loss) for the period | 9904 | €45,869 | €49,587 | +€3,718 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,869 | €49,587 | +€3,718 | +8.1% |
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 30 September 2026 via checked.be.