VEVAX: 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.
VEVAX
Largest movements
- Receivables within one year +€45,397
up €45,397 (+19.6%), from €231,786 to €277,183
of which Other amounts receivable: +€44,024
- Tangible fixed assets -€8,956
down €8,956 (-23.7%), from €37,748 to €28,792
- Cash -€3,159
down €3,159 (-75.6%), from €4,177 to €1,018
mainly Receivables within one year (-€45,397) and Current portion of long-term debt (-€29,655)
- Reserves +€94,036
up €94,036 (+78.4%), from €119,932 to €213,968
- Current portion of long-term debt -€29,655
down €29,655 (-80.3%), from €36,926 to €7,271
- Tax, wage and social debts -€22,151
down €22,151 (-29.5%), from €75,197 to €53,046
- Debts after one year -€7,271
down €7,271 (-34.8%), from €20,876 to €13,606
- Taxes -€24,877
down €24,877 (-34.3%), from €72,432 to €47,555
- Other operating charges -€20,945
down €20,945 (-95.3%), from €21,969 to €1,024
- Gross operating margin -€14,024
down €14,024 (-9.0%), from €155,968 to €141,944
- Financial income +€5,165
up €5,165 (+59.4%), from €8,688 to €13,853
- Financial charges -€4,022
down €4,022 (-58.5%), from €6,875 to €2,853
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 | €274,979 | €308,321 | +€33,342 | +12.1% |
| Fixed assets | 21/28 | €37,948 | €28,992 | -€8,956 | -23.6% |
| Tangible fixed assets | 22/27 | €37,748 | €28,792 | -€8,956 | -23.7% |
| Furniture and vehicles | 24 | €37,748 | €28,792 | -€8,956 | -23.7% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €237,030 | €279,329 | +€42,298 | +17.8% |
| Amounts receivable within one year | 40/41 | €231,786 | €277,183 | +€45,397 | +19.6% |
| Trade receivables | 40 | €250 | €1,623 | +€1,373 | +549.2% |
| Other amounts receivable | 41 | €231,536 | €275,560 | +€44,024 | +19.0% |
| Cash at bank and in hand | 54/58 | €4,177 | €1,018 | -€3,159 | -75.6% |
| Deferred charges and accrued income | 490/1 | €1,068 | €1,128 | +€60 | +5.6% |
| Total equity and liabilities | 10/49 | €274,979 | €308,321 | +€33,342 | +12.1% |
| Equity | 10/15 | €138,532 | €232,568 | +€94,036 | +67.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €119,932 | €213,968 | +€94,036 | +78.4% |
| Distributable reserves | 133 | €119,932 | €213,968 | +€94,036 | +78.4% |
| Amounts payable | 17/49 | €136,447 | €75,753 | -€60,694 | -44.5% |
| Amounts payable after more than one year | 17 | €20,876 | €13,606 | -€7,271 | -34.8% |
| Financial debts | 170/4 | €20,876 | €13,606 | -€7,271 | -34.8% |
| Amounts payable within one year | 42/48 | €115,570 | €62,147 | -€53,423 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €36,926 | €7,271 | -€29,655 | -80.3% |
| Trade debts | 44 | €3,447 | €1,831 | -€1,617 | -46.9% |
| Suppliers | 440/4 | €3,447 | €1,831 | -€1,617 | -46.9% |
| Taxes, remuneration and social security | 45 | €75,197 | €53,046 | -€22,151 | -29.5% |
| Taxes | 450/3 | €75,197 | €53,046 | -€22,151 | -29.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,016 | €10,329 | +€314 | +3.1% |
| Other operating charges | 640/8 | €21,969 | €1,024 | -€20,945 | -95.3% |
| Non-recurring operating charges | 66A | €79 | €0 | -€79 | -100.0% |
| Gross operating margin | 9900 | €155,968 | €141,944 | -€14,024 | -9.0% |
| Operating profit (loss) | 9901 | €123,904 | €130,591 | +€6,687 | +5.4% |
| Financial income | 75/76B | €8,688 | €13,853 | +€5,165 | +59.4% |
| Recurring financial income | 75 | €8,688 | €13,853 | +€5,165 | +59.4% |
| Financial charges | 65/66B | €6,875 | €2,853 | -€4,022 | -58.5% |
| Recurring financial charges | 65 | €6,875 | €2,853 | -€4,022 | -58.5% |
| Profit (loss) for the period before taxes | 9903 | €125,717 | €141,591 | +€15,874 | +12.6% |
| Income taxes | 67/77 | €72,432 | €47,555 | -€24,877 | -34.3% |
| Profit (loss) for the period | 9904 | €53,285 | €94,036 | +€40,751 | +76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,285 | €94,036 | +€40,751 | +76.5% |
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 1 October 2026 via checked.be.