VEX: 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.
VEX
Largest movements
- Tangible fixed assets +€33,087
up €33,087 (+7.5%), from €440,296 to €473,383
- Cash -€12,461
down €12,461 (-90.2%), from €13,815 to €1,354
mainly Investment in fixed assets (net) (-€63,079) and Net result for the year (-€22,463)
- Debts after one year +€44,726
up €44,726 (+14.8%), from €301,789 to €346,515
- Profit (loss) carried forward -€22,463
down €22,463 (-13.6%), from -€165,372 to -€187,835
- Other operating charges +€7,075
up €7,075 (+203.4%), from €3,479 to €10,554
- Gross operating margin +€5,046
up €5,046 (+26.5%), from €19,032 to €24,078
- Depreciation +€3,962
up €3,962 (+15.2%), from €26,030 to €29,992
- Financial charges +€533
up €533 (+9.8%), from €5,462 to €5,995
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 | €454,609 | €475,372 | +€20,763 | +4.6% |
| Fixed assets | 21/28 | €440,296 | €473,383 | +€33,087 | +7.5% |
| Tangible fixed assets | 22/27 | €440,296 | €473,383 | +€33,087 | +7.5% |
| Land and buildings | 22 | €440,296 | €473,383 | +€33,087 | +7.5% |
| Current assets | 29/58 | €14,313 | €1,989 | -€12,324 | -86.1% |
| Amounts receivable within one year | 40/41 | €36 | €92 | +€56 | +155.6% |
| Trade receivables | 40 | €36 | €92 | +€56 | +155.6% |
| Cash at bank and in hand | 54/58 | €13,815 | €1,354 | -€12,461 | -90.2% |
| Deferred charges and accrued income | 490/1 | €462 | €543 | +€81 | +17.5% |
| Total equity and liabilities | 10/49 | €454,609 | €475,372 | +€20,763 | +4.6% |
| Equity | 10/15 | €134,628 | €112,165 | -€22,463 | -16.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | - | -€300,000 | |
| Issued capital | 100 | €300,000 | - | -€300,000 | |
| Profit (loss) carried forward | 14 | -€165,372 | -€187,835 | -€22,463 | -13.6% |
| Amounts payable | 17/49 | €319,981 | €363,207 | +€43,226 | +13.5% |
| Amounts payable after more than one year | 17 | €301,789 | €346,515 | +€44,726 | +14.8% |
| Financial debts | 170/4 | €301,789 | €346,515 | +€44,726 | +14.8% |
| Amounts payable within one year | 42/48 | €17,571 | €16,692 | -€879 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €15,797 | €16,274 | +€477 | +3.0% |
| Trade debts | 44 | €1,516 | €418 | -€1,098 | -72.4% |
| Suppliers | 440/4 | €1,129 | €19 | -€1,110 | -98.3% |
| Bills of exchange payable | 441 | €387 | €399 | +€12 | +3.1% |
| Other amounts payable | 47/48 | €258 | - | -€258 | |
| Accrued charges and deferred income | 492/3 | €621 | - | -€621 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,030 | €29,992 | +€3,962 | +15.2% |
| Other operating charges | 640/8 | €3,479 | €10,554 | +€7,075 | +203.4% |
| Gross operating margin | 9900 | €19,032 | €24,078 | +€5,046 | +26.5% |
| Operating profit (loss) | 9901 | -€10,477 | -€16,468 | -€5,991 | -57.2% |
| Financial charges | 65/66B | €5,462 | €5,995 | +€533 | +9.8% |
| Recurring financial charges | 65 | €5,462 | €5,995 | +€533 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | -€15,939 | -€22,463 | -€6,524 | -40.9% |
| Profit (loss) for the period | 9904 | -€15,939 | -€22,463 | -€6,524 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,939 | -€22,463 | -€6,524 | -40.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.