VEGEMAC: 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.
VEGEMAC
Largest movements
- Cash -€89,230
down €89,230 (-86.5%), from €103,191 to €13,961
mainly Stocks and contracts (-€83,317) and Short-term financial debts (-€55,000)
- Stocks and contracts +€83,317
up €83,317 (+7.6%), from €1.1m to €1.2m
- Tangible fixed assets -€23,453
down €23,453 (-24.6%), from €95,398 to €71,945
of which Land and buildings: -€17,904
- Intangible fixed assets -€22,311
down €22,311 (-32.5%), from €68,630 to €46,318
- Receivables within one year -€19,563
down €19,563 (-10.6%), from €185,224 to €165,661
- Short-term financial debts -€55,000
down €55,000 (-55.0%), from €100,000 to €45,000
- Debts after one year -€32,558
down €32,558 (-100.0%), from €32,558 to €0
- Tax, wage and social debts +€27,792
up €27,792 (+54.3%), from €51,191 to €78,984
of which Taxes: +€25,424
- Staff costs +€40,709
up €40,709 (+75.7%), from €53,787 to €94,496
- Gross operating margin -€18,180
down €18,180 (-7.2%), from €251,705 to €233,525
- Financial charges -€15,175
down €15,175 (-20.9%), from €72,763 to €57,587
- Financial income +€14,855
up €14,855 (+988.4%), from €1,503 to €16,358
- Depreciation -€14,695
down €14,695 (-16.2%), from €90,829 to €76,134
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 | €1,569,360 | €1,504,956 | -€64,404 | -4.1% |
| Fixed assets | 21/28 | €164,028 | €118,263 | -€45,764 | -27.9% |
| Intangible fixed assets | 21 | €68,630 | €46,318 | -€22,311 | -32.5% |
| Tangible fixed assets | 22/27 | €95,398 | €71,945 | -€23,453 | -24.6% |
| Land and buildings | 22 | €33,169 | €15,265 | -€17,904 | -54.0% |
| Plant, machinery and equipment | 23 | €7,462 | €4,735 | -€2,728 | -36.6% |
| Furniture and vehicles | 24 | €4,767 | €1,945 | -€2,821 | -59.2% |
| Assets under construction and advance payments | 27 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €1,405,332 | €1,386,692 | -€18,640 | -1.3% |
| Stocks and contracts in progress | 3 | €1,101,850 | €1,185,168 | +€83,317 | +7.6% |
| Stocks | 30/36 | €1,101,850 | €1,185,168 | +€83,317 | +7.6% |
| Amounts receivable within one year | 40/41 | €185,224 | €165,661 | -€19,563 | -10.6% |
| Trade receivables | 40 | €185,224 | €165,661 | -€19,563 | -10.6% |
| Cash at bank and in hand | 54/58 | €103,191 | €13,961 | -€89,230 | -86.5% |
| Deferred charges and accrued income | 490/1 | €15,067 | €21,903 | +€6,836 | +45.4% |
| Total equity and liabilities | 10/49 | €1,569,360 | €1,504,956 | -€64,404 | -4.1% |
| Equity | 10/15 | €572,635 | €559,415 | -€13,220 | -2.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €50,273 | €50,273 | = | 0.0% |
| Tax-exempt reserves | 132 | €273 | €273 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €322,362 | €309,142 | -€13,220 | -4.1% |
| Amounts payable | 17/49 | €996,725 | €945,541 | -€51,184 | -5.1% |
| Amounts payable after more than one year | 17 | €32,558 | €0 | -€32,558 | -100.0% |
| Financial debts | 170/4 | €32,558 | €0 | -€32,558 | -100.0% |
| Amounts payable within one year | 42/48 | €964,168 | €945,541 | -€18,626 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €9,508 | €4,153 | -€5,356 | -56.3% |
| Financial debts | 43 | €100,000 | €45,000 | -€55,000 | -55.0% |
| Credit institutions | 430/8 | €100,000 | €45,000 | -€55,000 | -55.0% |
| Trade debts | 44 | €112,267 | €118,514 | +€6,247 | +5.6% |
| Suppliers | 440/4 | €112,267 | €118,514 | +€6,247 | +5.6% |
| Taxes, remuneration and social security | 45 | €51,191 | €78,984 | +€27,792 | +54.3% |
| Taxes | 450/3 | €44,963 | €70,387 | +€25,424 | +56.5% |
| Remuneration and social security | 454/9 | €6,228 | €8,596 | +€2,368 | +38.0% |
| Other amounts payable | 47/48 | €691,201 | €698,891 | +€7,690 | +1.1% |
| Remuneration, social security and pensions | 62 | €53,787 | €94,496 | +€40,709 | +75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,829 | €76,134 | -€14,695 | -16.2% |
| Other operating charges | 640/8 | €9,511 | €13,021 | +€3,509 | +36.9% |
| Non-recurring operating charges | 66A | €3,411 | €0 | -€3,411 | -100.0% |
| Gross operating margin | 9900 | €251,705 | €233,525 | -€18,180 | -7.2% |
| Operating profit (loss) | 9901 | €94,166 | €49,874 | -€44,292 | -47.0% |
| Financial income | 75/76B | €1,503 | €16,358 | +€14,855 | +988.4% |
| Recurring financial income | 75 | €1,503 | €16,358 | +€14,855 | +988.4% |
| Financial charges | 65/66B | €72,763 | €57,587 | -€15,175 | -20.9% |
| Recurring financial charges | 65 | €72,763 | €57,587 | -€15,175 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €22,907 | €8,645 | -€14,261 | -62.3% |
| Income taxes | 67/77 | €13,515 | €21,865 | +€8,351 | +61.8% |
| Profit (loss) for the period | 9904 | €9,392 | -€13,220 | -€22,612 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,392 | -€13,220 | -€22,612 |
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.