VEGURA: 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.
What changed
VEGURA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€176,436
2024 · €147,264+€29,172
Equity
€5.1m
2024 · €4.9m+€176,436
Cash
€96,272
2024 · €62,098+€34,174
Balance sheet total
€5.1m
2024 · €4.9m+€181,954
Largest movements
Assets
- Current investments +€104,559
up €104,559 (+12.6%), from €828,596 to €933,156
Equity and liabilities
- Reserves +€176,436
up €176,436 (+3.7%), from €4.8m to €5.0m
of which Distributable reserves: +€176,436
Income statement
- Financial income +€41,451
up €41,451 (+74.6%), from €55,580 to €97,030
- Gross operating margin -€24,841
down €24,841 (-11.3%), from €219,229 to €194,388
- Taxes -€15,449
down €15,449 (-30.4%), from €50,853 to €35,404
- Staff costs +€3,206
up €3,206 (+4.9%), from €65,201 to €68,407
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
€147,264
Gross operating margin
-€24,841
Staff costs
-€3,206
Depreciation
+€338
Other operating charges
-€21
Financial income
+€41,451
Financial charges
+€2
Taxes
+€15,449
Result 2025
€176,436
raises the resultlowers the result
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.
From operations
+€138,733
Investment
-€104,559
Financing
€0
Cash 2024
€62,098
From operations (derived)
+€138,733
Net result for the year
+€176,436
Depreciation
+€9,378
Receivables within one year
-€1,863
Deferred charges and accrued income
-€50,736
Trade debts
+€862
Tax, wage and social debts
+€5,901
Other debts
-€1,245
Investment (derived)
-€104,559
Current investments
-€104,559
Cash 2025
€96,272
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,914,315 | €5,096,269 | +€181,954 | +3.7% |
| Fixed assets | 21/28 | €241,328 | €231,950 | -€9,378 | -3.9% |
| Tangible fixed assets | 22/27 | €10,914 | €1,536 | -€9,378 | -85.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €10,914 | €1,536 | -€9,378 | -85.9% |
| Financial fixed assets | 28 | €230,414 | €230,414 | = | 0.0% |
| Current assets | 29/58 | €4,672,987 | €4,864,318 | +€191,332 | +4.1% |
| Amounts receivable after more than one year | 29 | €3,360,000 | €3,360,000 | = | 0.0% |
| Trade receivables | 290 | €3,360,000 | €3,360,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €420,432 | €422,295 | +€1,863 | +0.4% |
| Trade receivables | 40 | €31,009 | €27,830 | -€3,179 | -10.3% |
| Other amounts receivable | 41 | €389,423 | €394,465 | +€5,042 | +1.3% |
| Current investments | 50/53 | €828,596 | €933,156 | +€104,559 | +12.6% |
| Cash at bank and in hand | 54/58 | €62,098 | €96,272 | +€34,174 | +55.0% |
| Deferred charges and accrued income | 490/1 | €1,860 | €52,596 | +€50,736 | +2,728% |
| Total equity and liabilities | 10/49 | €4,914,315 | €5,096,269 | +€181,954 | +3.7% |
| Equity | 10/15 | €4,884,646 | €5,061,082 | +€176,436 | +3.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €4,823,146 | €4,999,582 | +€176,436 | +3.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €72,087 | €72,087 | = | 0.0% |
| Distributable reserves | 133 | €4,744,910 | €4,921,346 | +€176,436 | +3.7% |
| Amounts payable | 17/49 | €29,668 | €35,186 | +€5,518 | +18.6% |
| Amounts payable within one year | 42/48 | €29,668 | €35,186 | +€5,518 | +18.6% |
| Trade debts | 44 | €491 | €1,352 | +€862 | +176% |
| Suppliers | 440/4 | €491 | €1,352 | +€862 | +176% |
| Taxes, remuneration and social security | 45 | €27,932 | €33,834 | +€5,901 | +21.1% |
| Taxes | 450/3 | €18,568 | €25,623 | +€7,056 | +38.0% |
| Remuneration and social security | 454/9 | €9,365 | €8,210 | -€1,154 | -12.3% |
| Other amounts payable | 47/48 | €1,245 | €0 | -€1,245 | -100% |
| Remuneration, social security and pensions | 62 | €65,201 | €68,407 | +€3,206 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,716 | €9,378 | -€338 | -3.5% |
| Other operating charges | 640/8 | €1,503 | €1,523 | +€21 | +1.4% |
| Gross operating margin | 9900 | €219,229 | €194,388 | -€24,841 | -11.3% |
| Operating profit (loss) | 9901 | €142,809 | €115,080 | -€27,730 | -19.4% |
| Financial income | 75/76B | €55,580 | €97,030 | +€41,451 | +74.6% |
| Recurring financial income | 75 | €55,580 | €97,030 | +€41,451 | +74.6% |
| Financial charges | 65/66B | €272 | €270 | -€2 | -0.7% |
| Recurring financial charges | 65 | €272 | €270 | -€2 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €198,118 | €211,840 | +€13,723 | +6.9% |
| Income taxes | 67/77 | €50,853 | €35,404 | -€15,449 | -30.4% |
| Profit (loss) for the period | 9904 | €147,264 | €176,436 | +€29,172 | +19.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €71,570 | €0 | -€71,570 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €75,694 | €176,436 | +€100,742 | +133% |
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 21 October 2026 via checked.be.