VEGUR: 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.
VEGUR
Largest movements
- Receivables within one year -€10,015
down €10,015 (-79.4%), from €12,621 to €2,606
of which Trade receivables: -€12,100
- Current investments +€6,000
up €6,000 (+21.1%), from €28,429 to €34,429
- Cash +€4,332
up €4,332 (+7.5%), from €57,404 to €61,736
mainly Other debts (+€115,129) and Net result for the year (+€24,268)
- Other debts +€115,129
up €115,129 (+1,008%), from €11,426 to €126,555
- Reserves -€105,543
down €105,543 (-100%), from €105,543 to €0
- Debts after one year -€16,000
down €16,000 (-20.8%), from €76,970 to €60,970
- Current portion of long-term debt +€8,000
new in 2025: €8,000
- Gross operating margin -€7,783
down €7,783 (-18.1%), from €42,936 to €35,152
- Taxes -€6,349
down €6,349 (-42.7%), from €14,853 to €8,504
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.
Derived cash bridge
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 | €215,926 | €216,027 | +€101 | 0.0% |
| Fixed assets | 21/28 | €117,473 | €116,840 | -€633 | -0.5% |
| Tangible fixed assets | 22/27 | €2,673 | €2,040 | -€633 | -23.7% |
| Plant, machinery and equipment | 23 | - | €1,059 | +€1,059 | |
| Furniture and vehicles | 24 | €1,357 | €103 | -€1,254 | -92.4% |
| Other tangible fixed assets | 26 | €1,316 | €877 | -€439 | -33.3% |
| Financial fixed assets | 28 | €114,800 | €114,800 | = | 0.0% |
| Current assets | 29/58 | €98,454 | €99,188 | +€734 | +0.7% |
| Amounts receivable within one year | 40/41 | €12,621 | €2,606 | -€10,015 | -79.4% |
| Trade receivables | 40 | €12,100 | €0 | -€12,100 | -100% |
| Other amounts receivable | 41 | €521 | €2,606 | +€2,085 | +401% |
| Current investments | 50/53 | €28,429 | €34,429 | +€6,000 | +21.1% |
| Cash at bank and in hand | 54/58 | €57,404 | €61,736 | +€4,332 | +7.5% |
| Deferred charges and accrued income | 490/1 | €0 | €417 | +€417 | |
| Total equity and liabilities | 10/49 | €215,926 | €216,027 | +€101 | 0.0% |
| Equity | 10/15 | €124,143 | €18,600 | -€105,543 | -85.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €105,543 | €0 | -€105,543 | -100% |
| Distributable reserves | 133 | €105,543 | €0 | -€105,543 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €91,783 | €197,427 | +€105,644 | +115% |
| Amounts payable after more than one year | 17 | €76,970 | €60,970 | -€16,000 | -20.8% |
| Financial debts | 170/4 | €76,970 | €60,970 | -€16,000 | -20.8% |
| Amounts payable within one year | 42/48 | €14,804 | €135,841 | +€121,036 | +818% |
| Current portion of amounts payable after more than one year | 42 | - | €8,000 | +€8,000 | |
| Trade debts | 44 | €1,753 | €1,109 | -€644 | -36.7% |
| Suppliers | 440/4 | €1,753 | €1,109 | -€644 | -36.7% |
| Taxes, remuneration and social security | 45 | €1,625 | €176 | -€1,449 | -89.2% |
| Taxes | 450/3 | €1,625 | €176 | -€1,449 | -89.2% |
| Other amounts payable | 47/48 | €11,426 | €126,555 | +€115,129 | +1,008% |
| Accrued charges and deferred income | 492/3 | €8 | €617 | +€608 | +7,197% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,692 | €1,858 | +€166 | +9.8% |
| Other operating charges | 640/8 | €810 | €619 | -€191 | -23.6% |
| Gross operating margin | 9900 | €42,936 | €35,152 | -€7,783 | -18.1% |
| Operating profit (loss) | 9901 | €40,433 | €32,675 | -€7,758 | -19.2% |
| Financial income | 75/76B | €419 | €366 | -€53 | -12.7% |
| Recurring financial income | 75 | €419 | €366 | -€53 | -12.7% |
| Financial charges | 65/66B | €309 | €269 | -€40 | -12.9% |
| Recurring financial charges | 65 | €309 | €269 | -€40 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €40,543 | €32,772 | -€7,771 | -19.2% |
| Income taxes | 67/77 | €14,853 | €8,504 | -€6,349 | -42.7% |
| Profit (loss) for the period | 9904 | €25,690 | €24,268 | -€1,422 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,690 | €24,268 | -€1,422 | -5.5% |
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 18 October 2026 via checked.be.