VEGRAM GRAPHICS: 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.
VEGRAM GRAPHICS
Largest movements
- Cash +€115,327
up €115,327 (+58.9%), from €195,900 to €311,227
mainly Current investments (+€99,961) and Receivables within one year (+€48,512)
- Current investments -€99,961
down €99,961 (-90.4%), from €110,610 to €10,649
- Receivables within one year -€48,512
down €48,512 (-20.8%), from €233,110 to €184,597
of which Trade receivables: -€32,180
- Accrued charges and deferred income -€21,066
down €21,066 (-9.3%), from €226,435 to €205,369
- Trade debts -€19,692
down €19,692 (-56.3%), from €34,971 to €15,278
- Tax, wage and social debts +€7,377
up €7,377 (+15.1%), from €48,935 to €56,312
of which Taxes: +€6,581
- Gross operating margin -€103,257
down €103,257 (-37.4%), from €276,075 to €172,819
- Write-downs -€34,471
down €34,471 (-100.0%), from €34,471 to €0
- Financial charges +€28,293
up €28,293, from -€18,577 to €9,715
- Depreciation -€20,383
down €20,383 (-84.1%), from €24,236 to €3,853
- Financial income -€15,883
down €15,883 (-58.9%), from €26,988 to €11,104
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 | €674,685 | €642,239 | -€32,445 | -4.8% |
| Fixed assets | 21/28 | €6,711 | €5,872 | -€840 | -12.5% |
| Intangible fixed assets | 21 | - | €2,905 | +€2,905 | |
| Tangible fixed assets | 22/27 | €6,711 | €2,967 | -€3,744 | -55.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €2,200 | €0 | -€2,200 | -100.0% |
| Furniture and vehicles | 24 | €4,511 | €2,967 | -€1,544 | -34.2% |
| Current assets | 29/58 | €667,973 | €636,367 | -€31,606 | -4.7% |
| Stocks and contracts in progress | 3 | €104,674 | €109,141 | +€4,466 | +4.3% |
| Stocks | 30/36 | €104,674 | €109,141 | +€4,466 | +4.3% |
| Amounts receivable within one year | 40/41 | €233,110 | €184,597 | -€48,512 | -20.8% |
| Trade receivables | 40 | €197,419 | €165,239 | -€32,180 | -16.3% |
| Other amounts receivable | 41 | €35,690 | €19,359 | -€16,332 | -45.8% |
| Current investments | 50/53 | €110,610 | €10,649 | -€99,961 | -90.4% |
| Cash at bank and in hand | 54/58 | €195,900 | €311,227 | +€115,327 | +58.9% |
| Deferred charges and accrued income | 490/1 | €23,680 | €20,753 | -€2,926 | -12.4% |
| Total equity and liabilities | 10/49 | €674,685 | €642,239 | -€32,445 | -4.8% |
| Equity | 10/15 | €364,343 | €365,280 | +€937 | +0.3% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €114,343 | €115,280 | +€937 | +0.8% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €89,343 | €90,280 | +€937 | +1.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €310,341 | €276,959 | -€33,382 | -10.8% |
| Amounts payable within one year | 42/48 | €83,906 | €71,590 | -€12,316 | -14.7% |
| Trade debts | 44 | €34,971 | €15,278 | -€19,692 | -56.3% |
| Suppliers | 440/4 | €34,971 | €15,278 | -€19,692 | -56.3% |
| Taxes, remuneration and social security | 45 | €48,935 | €56,312 | +€7,377 | +15.1% |
| Taxes | 450/3 | €19,173 | €25,754 | +€6,581 | +34.3% |
| Remuneration and social security | 454/9 | €29,762 | €30,558 | +€796 | +2.7% |
| Accrued charges and deferred income | 492/3 | €226,435 | €205,369 | -€21,066 | -9.3% |
| Non-recurring operating income | 76A | €28,000 | €0 | -€28,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €164,793 | €157,211 | -€7,582 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,236 | €3,853 | -€20,383 | -84.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €34,471 | €0 | -€34,471 | -100.0% |
| Other operating charges | 640/8 | €14,628 | €11,435 | -€3,193 | -21.8% |
| Gross operating margin | 9900 | €276,075 | €172,819 | -€103,257 | -37.4% |
| Operating profit (loss) | 9901 | €37,946 | €320 | -€37,626 | -99.2% |
| Financial income | 75/76B | €26,988 | €11,104 | -€15,883 | -58.9% |
| Recurring financial income | 75 | €26,988 | €11,104 | -€15,883 | -58.9% |
| Financial charges | 65/66B | -€18,577 | €9,715 | +€28,293 | |
| Recurring financial charges | 65 | -€18,577 | €9,715 | +€28,293 | |
| Profit (loss) for the period before taxes | 9903 | €83,511 | €1,709 | -€81,802 | -98.0% |
| Income taxes | 67/77 | €947 | €772 | -€175 | -18.5% |
| Profit (loss) for the period | 9904 | €82,564 | €937 | -€81,628 | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,564 | €937 | -€81,628 | -98.9% |
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 4 October 2026 via checked.be.