VEGES: 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.
VEGES
Largest movements
- Cash -€17,367
down €17,367 (-59.4%), from €29,216 to €11,849
mainly Debts after one year (-€26,026) and Other debts (-€2,016)
- Tangible fixed assets -€9,406
down €9,406 (-2.8%), from €335,130 to €325,724
- Debts after one year -€26,026
down €26,026 (-10.3%), from €252,823 to €226,796
of which Financial debts: -€16,026
- Gross operating margin -€3,784
down €3,784 (-14.0%), from €26,936 to €23,152
- Financial charges -€763
down €763 (-10.8%), from €7,089 to €6,326
- Taxes -€507
down €507 (-19.1%), from €2,656 to €2,149
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €414,722 | €387,990 | -€26,733 | -6.4% |
| Fixed assets | 21/28 | €335,130 | €325,724 | -€9,406 | -2.8% |
| Tangible fixed assets | 22/27 | €335,130 | €325,724 | -€9,406 | -2.8% |
| Land and buildings | 22 | €335,130 | €325,724 | -€9,406 | -2.8% |
| Current assets | 29/58 | €79,592 | €62,266 | -€17,326 | -21.8% |
| Current investments | 50/53 | €49,250 | €49,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,216 | €11,849 | -€17,367 | -59.4% |
| Deferred charges and accrued income | 490/1 | €1,126 | €1,167 | +€40 | +3.6% |
| Total equity and liabilities | 10/49 | €414,722 | €387,990 | -€26,733 | -6.4% |
| Equity | 10/15 | €130,389 | €133,074 | +€2,685 | +2.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €71,005 | €73,690 | +€2,685 | +3.8% |
| Tax-exempt reserves | 132 | €20,794 | €19,628 | -€1,166 | -5.6% |
| Distributable reserves | 133 | €50,211 | €54,062 | +€3,851 | +7.7% |
| Profit (loss) carried forward | 14 | €40,792 | €40,792 | = | 0.0% |
| Provisions and deferred taxes | 16 | €6,931 | €6,543 | -€389 | -5.6% |
| Deferred taxes | 168 | €6,931 | €6,543 | -€389 | -5.6% |
| Amounts payable | 17/49 | €277,401 | €248,372 | -€29,029 | -10.5% |
| Amounts payable after more than one year | 17 | €252,823 | €226,796 | -€26,026 | -10.3% |
| Financial debts | 170/4 | €206,823 | €190,796 | -€16,026 | -7.7% |
| Other amounts payable | 178/9 | €46,000 | €36,000 | -€10,000 | -21.7% |
| Amounts payable within one year | 42/48 | €22,109 | €20,042 | -€2,067 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €15,686 | €16,026 | +€341 | +2.2% |
| Trade debts | 44 | €500 | €750 | +€250 | +50.0% |
| Suppliers | 440/4 | €500 | €750 | +€250 | +50.0% |
| Taxes, remuneration and social security | 45 | €3,277 | €2,635 | -€642 | -19.6% |
| Taxes | 450/3 | €3,277 | €2,635 | -€642 | -19.6% |
| Other amounts payable | 47/48 | €2,646 | €631 | -€2,016 | -76.2% |
| Accrued charges and deferred income | 492/3 | €2,470 | €1,534 | -€936 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,406 | €9,406 | = | 0.0% |
| Other operating charges | 640/8 | €2,886 | €2,975 | +€89 | +3.1% |
| Gross operating margin | 9900 | €26,936 | €23,152 | -€3,784 | -14.0% |
| Operating profit (loss) | 9901 | €14,644 | €10,771 | -€3,873 | -26.4% |
| Financial charges | 65/66B | €7,089 | €6,326 | -€763 | -10.8% |
| Recurring financial charges | 65 | €7,089 | €6,326 | -€763 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €7,555 | €4,445 | -€3,110 | -41.2% |
| Transfer from deferred taxes | 780 | €389 | €389 | = | 0.0% |
| Income taxes | 67/77 | €2,656 | €2,149 | -€507 | -19.1% |
| Profit (loss) for the period | 9904 | €5,288 | €2,685 | -€2,603 | -49.2% |
| Transfer from tax-exempt reserves | 789 | €1,166 | €1,166 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,454 | €3,851 | -€2,603 | -40.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.