VEGA-MAT: 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.
VEGA-MAT
Largest movements
- Receivables within one year -€77,891
down €77,891 (-66.8%), from €116,656 to €38,765
of which Trade receivables: -€76,415
- Cash +€2,236
up €2,236 (+47.3%), from €4,729 to €6,965
mainly Receivables within one year (+€77,891) and Tax, wage and social debts (+€4,350)
- Trade debts -€57,396
down €57,396 (-31.2%), from €183,949 to €126,553
- Current portion of long-term debt -€13,804
down €13,804 (-16.7%), from €82,600 to €68,797
- Debts after one year -€4,599
no longer reported in 2025 (was €4,599)
- Profit (loss) carried forward -€4,399
down €4,399 (-4.3%), from -€101,786 to -€106,184
- Tax, wage and social debts +€4,350
up €4,350 (+259%), from €1,678 to €6,027
of which Taxes: +€4,350
- Purchases and services -€133,792
no longer reported in 2025 (was €133,792)
- Gross operating margin -€67,039
down €67,039, from €65,187 to -€1,852
- Staff costs -€7,018
no longer reported in 2025 (was €7,018)
- Other operating charges -€5,940
down €5,940 (-90.8%), from €6,545 to €605
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,792 | €109,945 | -€75,847 | -40.8% |
| Fixed assets | 21/28 | €2,278 | €2,086 | -€192 | -8.4% |
| Tangible fixed assets | 22/27 | €2,278 | €2,086 | -€192 | -8.4% |
| Plant, machinery and equipment | 23 | €1,254 | €434 | -€820 | -65.4% |
| Furniture and vehicles | 24 | €1,024 | €1,652 | +€628 | +61.3% |
| Current assets | 29/58 | €183,514 | €107,859 | -€75,655 | -41.2% |
| Stocks and contracts in progress | 3 | €62,129 | €62,129 | = | 0.0% |
| Stocks | 30/36 | €62,129 | €62,129 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €116,656 | €38,765 | -€77,891 | -66.8% |
| Trade receivables | 40 | €115,049 | €38,634 | -€76,415 | -66.4% |
| Other amounts receivable | 41 | €1,607 | €131 | -€1,476 | -91.8% |
| Cash at bank and in hand | 54/58 | €4,729 | €6,965 | +€2,236 | +47.3% |
| Total equity and liabilities | 10/49 | €185,792 | €109,945 | -€75,847 | -40.8% |
| Equity | 10/15 | -€101,785 | -€106,183 | -€4,399 | -4.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,786 | -€106,184 | -€4,399 | -4.3% |
| Amounts payable | 17/49 | €287,577 | €216,128 | -€71,449 | -24.8% |
| Amounts payable after more than one year | 17 | €4,599 | - | -€4,599 | |
| Financial debts | 170/4 | €4,599 | - | -€4,599 | |
| Amounts payable within one year | 42/48 | €282,978 | €216,128 | -€66,850 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €82,600 | €68,797 | -€13,804 | -16.7% |
| Trade debts | 44 | €183,949 | €126,553 | -€57,396 | -31.2% |
| Suppliers | 440/4 | €183,949 | €126,553 | -€57,396 | -31.2% |
| Taxes, remuneration and social security | 45 | €1,678 | €6,027 | +€4,350 | +259% |
| Taxes | 450/3 | - | €4,350 | +€4,350 | |
| Remuneration and social security | 454/9 | €1,678 | €1,678 | = | 0.0% |
| Other amounts payable | 47/48 | €14,751 | €14,751 | = | 0.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €133,792 | - | -€133,792 | |
| Remuneration, social security and pensions | 62 | €7,018 | - | -€7,018 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,161 | €1,161 | = | 0.0% |
| Other operating charges | 640/8 | €6,545 | €605 | -€5,940 | -90.8% |
| Non-recurring operating charges | 66A | €24,045 | - | -€24,045 | |
| Gross operating margin | 9900 | €65,187 | -€1,852 | -€67,039 | |
| Operating profit (loss) | 9901 | €26,417 | -€3,619 | -€30,036 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,194 | €780 | -€414 | -34.7% |
| Recurring financial charges | 65 | €1,194 | €780 | -€414 | -34.7% |
| Profit (loss) for the period before taxes | 9903 | €25,223 | -€4,399 | -€29,622 | |
| Income taxes | 67/77 | €272 | - | -€272 | |
| Profit (loss) for the period | 9904 | €24,951 | -€4,399 | -€29,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,951 | -€4,399 | -€29,350 |
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 15 October 2026 via checked.be.