VEX: 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.
VEX
Largest movements
- Financial fixed assets -€845,000
down €845,000 (-100.0%), from €845,000 to €0
- Receivables after one year +€450,000
new in 2025: €450,000
- Current investments +€347,802
new in 2025: €347,802
- Cash +€72,307
up €72,307 (+245.0%), from €29,516 to €101,823
mainly Investment in fixed assets (net) (+€845,000) and Net result for the year (+€282,606)
- Reserves +€128,352
up €128,352 (+27.6%), from €464,959 to €593,311
- Current portion of long-term debt -€44,975
down €44,975 (-63.6%), from €70,682 to €25,707
- Other debts -€35,771
down €35,771 (-95.7%), from €37,390 to €1,619
- Debts after one year -€20,231
down €20,231 (-32.0%), from €63,226 to €42,995
- Financial income +€209,371
up €209,371 (+12340.6%), from €1,697 to €211,067
- Taxes +€18,857
up €18,857 (+41.2%), from €45,721 to €64,578
- Gross operating margin -€4,755
down €4,755 (-3.3%), from €143,056 to €138,300
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 | €876,195 | €904,260 | +€28,065 | +3.2% |
| Fixed assets | 21/28 | €845,000 | €0 | -€845,000 | -100.0% |
| Financial fixed assets | 28 | €845,000 | €0 | -€845,000 | -100.0% |
| Current assets | 29/58 | €31,195 | €904,260 | +€873,065 | +2798.7% |
| Amounts receivable after more than one year | 29 | - | €450,000 | +€450,000 | |
| Other amounts receivable | 291 | - | €450,000 | +€450,000 | |
| Amounts receivable within one year | 40/41 | €1,679 | €4,635 | +€2,956 | +176.0% |
| Trade receivables | 40 | €1,678 | €4,634 | +€2,956 | +176.2% |
| Other amounts receivable | 41 | €2 | €1 | -€0 | -27.8% |
| Current investments | 50/53 | - | €347,802 | +€347,802 | |
| Cash at bank and in hand | 54/58 | €29,516 | €101,823 | +€72,307 | +245.0% |
| Total equity and liabilities | 10/49 | €876,195 | €904,260 | +€28,065 | +3.2% |
| Equity | 10/15 | €677,378 | €805,730 | +€128,352 | +18.9% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €464,959 | €593,311 | +€128,352 | +27.6% |
| Distributable reserves | 133 | €464,959 | €593,311 | +€128,352 | +27.6% |
| Profit (loss) carried forward | 14 | €62,418 | €62,418 | = | 0.0% |
| Amounts payable | 17/49 | €198,817 | €98,530 | -€100,287 | -50.4% |
| Amounts payable after more than one year | 17 | €63,226 | €42,995 | -€20,231 | -32.0% |
| Financial debts | 170/4 | €63,226 | €42,995 | -€20,231 | -32.0% |
| Amounts payable within one year | 42/48 | €135,591 | €55,535 | -€80,056 | -59.0% |
| Current portion of amounts payable after more than one year | 42 | €70,682 | €25,707 | -€44,975 | -63.6% |
| Trade debts | 44 | €2,338 | €0 | -€2,338 | -100.0% |
| Suppliers | 440/4 | €2,338 | €0 | -€2,338 | -100.0% |
| Taxes, remuneration and social security | 45 | €25,182 | €28,209 | +€3,026 | +12.0% |
| Taxes | 450/3 | €25,182 | €28,209 | +€3,026 | +12.0% |
| Other amounts payable | 47/48 | €37,390 | €1,619 | -€35,771 | -95.7% |
| Other operating charges | 640/8 | €1,207 | €208 | -€1,000 | -82.8% |
| Non-recurring operating charges | 66A | - | €45 | +€45 | |
| Gross operating margin | 9900 | €143,056 | €138,300 | -€4,755 | -3.3% |
| Operating profit (loss) | 9901 | €141,849 | €138,047 | -€3,801 | -2.7% |
| Financial income | 75/76B | €1,697 | €211,067 | +€209,371 | +12340.6% |
| Recurring financial income | 75 | €1,697 | €211,067 | +€209,371 | +12340.6% |
| Financial charges | 65/66B | €2,645 | €1,931 | -€714 | -27.0% |
| Recurring financial charges | 65 | €2,645 | €1,931 | -€714 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €140,901 | €347,184 | +€206,283 | +146.4% |
| Income taxes | 67/77 | €45,721 | €64,578 | +€18,857 | +41.2% |
| Profit (loss) for the period | 9904 | €95,180 | €282,606 | +€187,426 | +196.9% |
| Profit (loss) for the period to be appropriated | 9905 | €95,180 | €282,606 | +€187,426 | +196.9% |
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 12 October 2026 via checked.be.