VEGA RM: 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 RM
Largest movements
- Tangible fixed assets +€2.2m
up €2.2m (+138.0%), from €1.6m to €3.8m
- Receivables within one year -€46,997
down €46,997 (-49.6%), from €94,797 to €47,800
- Debts after one year +€2.2m
up €2.2m (+131.5%), from €1.7m to €4.0m
- Profit (loss) carried forward -€121,388
down €121,388 (-195.8%), from -€62,008 to -€183,396
- Other debts +€61,681
new in 2025: €61,681
- Depreciation +€76,134
up €76,134 (+148.8%), from €51,161 to €127,295
- Financial charges +€37,697
up €37,697 (+127.9%), from €29,482 to €67,178
- Gross operating margin +€36,996
up €36,996 (+98.5%), from €37,571 to €74,568
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 | €1,691,765 | €3,850,010 | +€2.2m | +127.6% |
| Fixed assets | 21/28 | €1,580,751 | €3,761,588 | +€2.2m | +138.0% |
| Tangible fixed assets | 22/27 | €1,580,751 | €3,761,588 | +€2.2m | +138.0% |
| Land and buildings | 22 | €1,580,751 | €3,761,588 | +€2.2m | +138.0% |
| Current assets | 29/58 | €111,015 | €88,422 | -€22,593 | -20.4% |
| Amounts receivable within one year | 40/41 | €94,797 | €47,800 | -€46,997 | -49.6% |
| Trade receivables | 40 | €94,797 | €47,800 | -€46,997 | -49.6% |
| Cash at bank and in hand | 54/58 | €15,378 | €40,622 | +€25,244 | +164.2% |
| Deferred charges and accrued income | 490/1 | €840 | €0 | -€840 | -100.0% |
| Total equity and liabilities | 10/49 | €1,691,765 | €3,850,010 | +€2.2m | +127.6% |
| Equity | 10/15 | -€52,008 | -€173,396 | -€121,388 | -233.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,008 | -€183,396 | -€121,388 | -195.8% |
| Amounts payable | 17/49 | €1,743,773 | €4,023,406 | +€2.3m | +130.7% |
| Amounts payable after more than one year | 17 | €1,708,000 | €3,953,250 | +€2.2m | +131.5% |
| Financial debts | 170/4 | €1,708,000 | €3,953,250 | +€2.2m | +131.5% |
| Amounts payable within one year | 42/48 | - | €68,424 | +€68,424 | |
| Current portion of amounts payable after more than one year | 42 | - | €6,022 | +€6,022 | |
| Trade debts | 44 | - | €721 | +€721 | |
| Suppliers | 440/4 | - | €721 | +€721 | |
| Other amounts payable | 47/48 | - | €61,681 | +€61,681 | |
| Accrued charges and deferred income | 492/3 | €35,773 | €1,732 | -€34,041 | -95.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,161 | €127,295 | +€76,134 | +148.8% |
| Other operating charges | 640/8 | €1,357 | €1,483 | +€125 | +9.2% |
| Gross operating margin | 9900 | €37,571 | €74,568 | +€36,996 | +98.5% |
| Operating profit (loss) | 9901 | -€14,947 | -€54,210 | -€39,263 | -262.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -50.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -50.0% |
| Financial charges | 65/66B | €29,482 | €67,178 | +€37,697 | +127.9% |
| Recurring financial charges | 65 | €29,482 | €67,178 | +€37,697 | +127.9% |
| Profit (loss) for the period before taxes | 9903 | -€44,428 | -€121,388 | -€76,960 | -173.2% |
| Profit (loss) for the period | 9904 | -€44,428 | -€121,388 | -€76,960 | -173.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,428 | -€121,388 | -€76,960 | -173.2% |
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 6 October 2026 via checked.be.