VEGO: 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.
VEGO
Largest movements
- Stocks and contracts -€6,662
down €6,662 (-87.3%), from €7,632 to €970
of which Contracts in progress: -€6,751
- Receivables within one year +€5,612
up €5,612 (+9.0%), from €62,296 to €67,908
of which Trade receivables: +€6,171
- Tangible fixed assets -€1,179
down €1,179 (-43.3%), from €2,721 to €1,542
of which Plant, machinery and equipment: -€1,179
- Profit (loss) carried forward +€13,073
up €13,073 (+33.9%), from -€38,584 to -€25,510
- Other debts -€10,692
down €10,692 (-49.2%), from €21,727 to €11,034
- Trade debts -€2,488
down €2,488 (-23.7%), from €10,491 to €8,003
- Debts after one year -€2,171
no longer reported in 2025 (was €2,171)
- Tax, wage and social debts +€858
up €858 (+30.7%), from €2,794 to €3,651
- Gross operating margin +€24,054
up €24,054 (+312.2%), from €7,704 to €31,757
- Write-downs +€8,853
new in 2025: €8,853
- Other operating charges +€7,659
up €7,659 (+596.9%), from €1,283 to €8,942
- Depreciation -€1,974
down €1,974 (-62.6%), from €3,153 to €1,179
- Financial income +€554
up €554 (+79.7%), from €695 to €1,249
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 | €74,704 | €73,281 | -€1,423 | -1.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,721 | €1,542 | -€1,179 | -43.3% |
| Tangible fixed assets | 22/27 | €2,721 | €1,542 | -€1,179 | -43.3% |
| Plant, machinery and equipment | 23 | €2,721 | €1,542 | -€1,179 | -43.3% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €71,983 | €71,740 | -€243 | -0.3% |
| Stocks and contracts in progress | 3 | €7,632 | €970 | -€6,662 | -87.3% |
| Stocks | 30/36 | €882 | €970 | +€88 | +10.0% |
| Contracts in progress | 37 | €6,751 | - | -€6,751 | |
| Amounts receivable within one year | 40/41 | €62,296 | €67,908 | +€5,612 | +9.0% |
| Trade receivables | 40 | €60,747 | €66,919 | +€6,171 | +10.2% |
| Other amounts receivable | 41 | €1,549 | €989 | -€560 | -36.1% |
| Cash at bank and in hand | 54/58 | €230 | €601 | +€370 | +160.6% |
| Deferred charges and accrued income | 490/1 | €1,824 | €2,261 | +€437 | +24.0% |
| Total equity and liabilities | 10/49 | €74,704 | €73,281 | -€1,423 | -1.9% |
| Equity | 10/15 | €33,227 | €46,300 | +€13,073 | +39.3% |
| Contributions | 10/11 | €51,200 | €51,200 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Distributable reserves | 133 | €20,610 | €20,610 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,584 | -€25,510 | +€13,073 | +33.9% |
| Amounts payable | 17/49 | €41,477 | €26,981 | -€14,496 | -34.9% |
| Amounts payable after more than one year | 17 | €2,171 | - | -€2,171 | |
| Financial debts | 170/4 | €2,171 | - | -€2,171 | |
| Amounts payable within one year | 42/48 | €39,306 | €26,981 | -€12,325 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €4,294 | €4,292 | -€2 | 0.0% |
| Trade debts | 44 | €10,491 | €8,003 | -€2,488 | -23.7% |
| Suppliers | 440/4 | €10,491 | €8,003 | -€2,488 | -23.7% |
| Taxes, remuneration and social security | 45 | €2,794 | €3,651 | +€858 | +30.7% |
| Taxes | 450/3 | €2,794 | €3,651 | +€858 | +30.7% |
| Other amounts payable | 47/48 | €21,727 | €11,034 | -€10,692 | -49.2% |
| Non-recurring operating income | 76A | - | €25,000 | +€25,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,153 | €1,179 | -€1,974 | -62.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,853 | +€8,853 | |
| Other operating charges | 640/8 | €1,283 | €8,942 | +€7,659 | +596.9% |
| Gross operating margin | 9900 | €7,704 | €31,757 | +€24,054 | +312.2% |
| Operating profit (loss) | 9901 | €3,267 | €12,783 | +€9,516 | +291.3% |
| Financial income | 75/76B | €695 | €1,249 | +€554 | +79.7% |
| Recurring financial income | 75 | €695 | €1,249 | +€554 | +79.7% |
| Financial charges | 65/66B | €926 | €818 | -€108 | -11.7% |
| Recurring financial charges | 65 | €926 | €818 | -€108 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €3,036 | €13,214 | +€10,178 | +335.3% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | €2,896 | €13,073 | +€10,177 | +351.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,896 | €13,073 | +€10,177 | +351.4% |
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 9 October 2026 via checked.be.