VEGRAS: 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.
What changed
VEGRAS
NACE 94.200, Activities of membership organisations
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€147,053
2024 · €294,347-€147,295
Equity
€544,004
2024 · €396,951+€147,053
Cash
€872,801
2024 · €446,616+€426,185
Balance sheet total
€10.5m
2024 · €10.0m+€458,272
Largest movements
Assets
- Tangible fixed assets +€439,279
up €439,279 (+20.3%), from €2.2m to €2.6m
of which Leasing and similar rights: +€922,760
- Cash +€426,185
up €426,185 (+95.4%), from €446,616 to €872,801
mainly Debts after one year (+€1.7m) and Depreciation (+€703,911)
- Receivables within one year -€407,192
down €407,192 (-5.5%), from €7.4m to €7.0m
of which Trade receivables: -€796,013
Equity and liabilities
- Debts after one year +€1.7m
up €1.7m (+180.9%), from €926,094 to €2.6m
- Other debts -€1.0m
no longer reported in 2025 (was €1.0m)
- Trade debts -€613,574
down €613,574 (-8.6%), from €7.2m to €6.6m
- Current portion of long-term debt +€164,246
up €164,246 (+67.3%), from €243,987 to €408,233
- Reserves +€147,053
up €147,053 (+38.9%), from €378,351 to €525,404
of which Distributable reserves: +€147,053
Income statement
- Turnover -€1.1m
down €1.1m (-2.2%), from €50.9m to €49.8m
- Goods and materials -€914,188
down €914,188 (-1.8%), from €49.5m to €48.5m
- Services and other goods +€595,426
up €595,426 (+21.1%), from €2.8m to €3.4m
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.
Result 2024
€294,347
Turnover
-€1.1m
Other operating income
+€54,851
Goods and materials
+€914,188
Services and other goods
-€595,426
Staff costs
-€11,359
Depreciation
+€271,717
Other operating charges
+€5,054
Other operating items
+€210,442
Financial income
-€7,751
Financial charges
+€64,789
Taxes
+€51,301
Result 2025
€147,053
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.
From operations
-€269,803
Investment
-€1.1m
Financing
+€1.8m
Cash 2024
€446,616
From operations (derived)
-€269,803
Net result for the year
+€147,053
Depreciation
+€703,911
Receivables within one year
+€407,192
Trade debts
-€613,574
Tax, wage and social debts
-€53,150
Other debts
-€1.0m
Accrued charges and deferred income
+€138,765
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€1.8m
Debts after one year
+€1.7m
Current portion of long-term debt
+€164,246
Cash 2025
€872,801
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,042,895 | €10,501,167 | +€458,272 | +4.6% |
| Fixed assets | 21/28 | €2,167,257 | €2,606,536 | +€439,279 | +20.3% |
| Tangible fixed assets | 22/27 | €2,159,817 | €2,599,096 | +€439,279 | +20.3% |
| Plant, machinery and equipment | 23 | €815,284 | €642,792 | -€172,492 | -21.2% |
| Furniture and vehicles | 24 | €450,875 | €139,886 | -€310,989 | -69.0% |
| Leasing and similar rights | 25 | €893,658 | €1,816,419 | +€922,760 | +103.3% |
| Financial fixed assets | 28 | €7,440 | €7,440 | = | 0.0% |
| Affiliated companies | 280/1 | €7,440 | €7,440 | = | 0.0% |
| Participating interests | 280 | €7,440 | €7,440 | = | 0.0% |
| Current assets | 29/58 | €7,875,638 | €7,894,631 | +€18,993 | +0.2% |
| Amounts receivable within one year | 40/41 | €7,429,022 | €7,021,830 | -€407,192 | -5.5% |
| Trade receivables | 40 | €7,020,680 | €6,224,668 | -€796,013 | -11.3% |
| Other amounts receivable | 41 | €408,342 | €797,162 | +€388,821 | +95.2% |
| Cash at bank and in hand | 54/58 | €446,616 | €872,801 | +€426,185 | +95.4% |
| Total equity and liabilities | 10/49 | €10,042,895 | €10,501,167 | +€458,272 | +4.6% |
| Equity | 10/15 | €396,951 | €544,004 | +€147,053 | +37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €378,351 | €525,404 | +€147,053 | +38.9% |
| Non-distributable reserves | 130/1 | €1,100 | €1,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,100 | €1,100 | = | 0.0% |
| Distributable reserves | 133 | €377,251 | €524,304 | +€147,053 | +39.0% |
| Amounts payable | 17/49 | €9,645,944 | €9,957,163 | +€311,219 | +3.2% |
| Amounts payable after more than one year | 17 | €926,094 | €2,601,027 | +€1.7m | +180.9% |
| Financial debts | 170/4 | €926,094 | €2,601,027 | +€1.7m | +180.9% |
| Subordinated loans | 170 | - | €1,000,000 | +€1.0m | |
| Leasing and similar obligations | 172 | €594,918 | €1,380,243 | +€785,325 | +132.0% |
| Credit institutions | 173 | €331,177 | €220,784 | -€110,392 | -33.3% |
| Amounts payable within one year | 42/48 | €8,714,614 | €7,212,136 | -€1.5m | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €243,987 | €408,233 | +€164,246 | +67.3% |
| Trade debts | 44 | €7,171,100 | €6,557,526 | -€613,574 | -8.6% |
| Suppliers | 440/4 | €7,171,100 | €6,557,526 | -€613,574 | -8.6% |
| Taxes, remuneration and social security | 45 | €299,527 | €246,377 | -€53,150 | -17.7% |
| Taxes | 450/3 | €174,307 | €116,902 | -€57,405 | -32.9% |
| Remuneration and social security | 454/9 | €125,220 | €129,475 | +€4,255 | +3.4% |
| Other amounts payable | 47/48 | €1,000,000 | - | -€1.0m | |
| Accrued charges and deferred income | 492/3 | €5,235 | €144,000 | +€138,765 | +2650.6% |
| Operating income | 70/76A | €55,114,806 | €54,274,998 | -€839,808 | -1.5% |
| Turnover | 70 | €50,870,026 | €49,764,926 | -€1.1m | -2.2% |
| Other operating income | 74 | €4,192,960 | €4,247,811 | +€54,851 | +1.3% |
| Non-recurring operating income | 76A | €51,819 | €262,261 | +€210,442 | +406.1% |
| Operating charges | 60/66A | €54,505,289 | €53,921,115 | -€584,174 | -1.1% |
| Goods for resale, raw materials and consumables | 60 | €49,455,662 | €48,541,473 | -€914,188 | -1.8% |
| Purchases | 600/8 | €49,455,662 | €48,541,473 | -€914,188 | -1.8% |
| Services and other goods | 61 | €2,824,094 | €3,419,520 | +€595,426 | +21.1% |
| Remuneration, social security and pensions | 62 | €1,233,975 | €1,245,334 | +€11,359 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €975,628 | €703,911 | -€271,717 | -27.9% |
| Other operating charges | 640/8 | €15,931 | €10,877 | -€5,054 | -31.7% |
| Operating profit (loss) | 9901 | €609,517 | €353,883 | -€255,634 | -41.9% |
| Financial income | 75/76B | €8,069 | €318 | -€7,751 | -96.1% |
| Recurring financial income | 75 | €8,069 | €318 | -€7,751 | -96.1% |
| Other financial income | 752/9 | €8,069 | €318 | -€7,751 | -96.1% |
| Financial charges | 65/66B | €205,637 | €140,848 | -€64,789 | -31.5% |
| Recurring financial charges | 65 | €205,637 | €140,848 | -€64,789 | -31.5% |
| Debt charges | 650 | €191,666 | €125,901 | -€65,765 | -34.3% |
| Other financial charges | 652/9 | €13,971 | €14,947 | +€976 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €411,949 | €213,353 | -€198,596 | -48.2% |
| Income taxes | 67/77 | €117,602 | €66,301 | -€51,301 | -43.6% |
| Taxes | 670/3 | €117,602 | €66,301 | -€51,301 | -43.6% |
| Profit (loss) for the period | 9904 | €294,347 | €147,053 | -€147,295 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €294,347 | €147,053 | -€147,295 | -50.0% |
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 8 October 2026 via checked.be.