VEXA: 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.
VEXA
Largest movements
- Cash +€29,738
up €29,738 (+66.5%), from €44,746 to €74,484
mainly Net result for the year (+€23,111) and Depreciation (+€16,593)
- Receivables within one year -€14,601
down €14,601 (-92.7%), from €15,756 to €1,155
of which Other amounts receivable: -€15,753
- Tangible fixed assets -€8,873
down €8,873 (-16.3%), from €54,531 to €45,658
of which Plant, machinery and equipment: -€4,667
- Profit (loss) carried forward +€15,511
up €15,511 (+44.9%), from €34,520 to €50,031
- Other debts -€13,737
down €13,737 (-96.2%), from €14,285 to €548
- Reserves +€7,600
up €7,600 (+29.5%), from €25,784 to €33,384
- Debts after one year -€6,244
down €6,244 (-49.0%), from €12,754 to €6,510
- Tax, wage and social debts +€2,733
up €2,733 (+43.5%), from €6,278 to €9,012
- Gross operating margin +€14,923
up €14,923 (+43.2%), from €34,517 to €49,440
- Taxes +€3,747
up €3,747 (+120%), from €3,130 to €6,877
- Depreciation +€887
up €887 (+5.6%), from €15,706 to €16,593
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 | €125,823 | €132,830 | +€7,006 | +5.6% |
| Fixed assets | 21/28 | €56,631 | €47,758 | -€8,873 | -15.7% |
| Tangible fixed assets | 22/27 | €54,531 | €45,658 | -€8,873 | -16.3% |
| Land and buildings | 22 | €582 | €378 | -€204 | -35.0% |
| Plant, machinery and equipment | 23 | €12,555 | €7,888 | -€4,667 | -37.2% |
| Furniture and vehicles | 24 | €41,394 | €37,392 | -€4,002 | -9.7% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €69,192 | €85,072 | +€15,880 | +23.0% |
| Stocks and contracts in progress | 3 | €5,444 | €6,299 | +€855 | +15.7% |
| Stocks | 30/36 | €5,444 | €6,299 | +€855 | +15.7% |
| Amounts receivable within one year | 40/41 | €15,756 | €1,155 | -€14,601 | -92.7% |
| Trade receivables | 40 | - | €1,152 | +€1,152 | |
| Other amounts receivable | 41 | €15,756 | €3 | -€15,753 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,746 | €74,484 | +€29,738 | +66.5% |
| Deferred charges and accrued income | 490/1 | €3,246 | €3,133 | -€113 | -3.5% |
| Total equity and liabilities | 10/49 | €125,823 | €132,830 | +€7,006 | +5.6% |
| Equity | 10/15 | €78,903 | €102,015 | +€23,111 | +29.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,784 | €33,384 | +€7,600 | +29.5% |
| Distributable reserves | 133 | €25,784 | €33,384 | +€7,600 | +29.5% |
| Profit (loss) carried forward | 14 | €34,520 | €50,031 | +€15,511 | +44.9% |
| Amounts payable | 17/49 | €46,920 | €30,815 | -€16,105 | -34.3% |
| Amounts payable after more than one year | 17 | €12,754 | €6,510 | -€6,244 | -49.0% |
| Financial debts | 170/4 | €12,754 | €6,510 | -€6,244 | -49.0% |
| Amounts payable within one year | 42/48 | €34,166 | €24,305 | -€9,861 | -28.9% |
| Current portion of amounts payable after more than one year | 42 | €7,990 | €10,244 | +€2,255 | +28.2% |
| Trade debts | 44 | €5,613 | €4,501 | -€1,112 | -19.8% |
| Suppliers | 440/4 | €5,613 | €4,501 | -€1,112 | -19.8% |
| Taxes, remuneration and social security | 45 | €6,278 | €9,012 | +€2,733 | +43.5% |
| Taxes | 450/3 | €6,278 | €9,012 | +€2,733 | +43.5% |
| Other amounts payable | 47/48 | €14,285 | €548 | -€13,737 | -96.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,706 | €16,593 | +€887 | +5.6% |
| Other operating charges | 640/8 | €1,779 | €1,777 | -€2 | -0.1% |
| Gross operating margin | 9900 | €34,517 | €49,440 | +€14,923 | +43.2% |
| Operating profit (loss) | 9901 | €17,032 | €31,070 | +€14,038 | +82.4% |
| Financial income | 75/76B | €7 | €1 | -€6 | -90.7% |
| Recurring financial income | 75 | €7 | €1 | -€6 | -90.7% |
| Financial charges | 65/66B | €1,333 | €1,082 | -€251 | -18.8% |
| Recurring financial charges | 65 | €1,333 | €1,082 | -€251 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €15,706 | €29,989 | +€14,282 | +90.9% |
| Income taxes | 67/77 | €3,130 | €6,877 | +€3,747 | +120% |
| Profit (loss) for the period | 9904 | €12,576 | €23,111 | +€10,535 | +83.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,576 | €23,111 | +€10,535 | +83.8% |
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 13 October 2026 via checked.be.