VEXILLUM: 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
VEXILLUM
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€63,720
2024 · -€50,415-€13,306
Equity
€256,899
2024 · €320,619-€63,720
Cash
€5,018
2024 · €51,442-€46,424
Balance sheet total
€5.3m
2024 · €3.6m+€1.7m
Largest movements
Assets
- Receivables within one year +€1.7m
up €1.7m (+5,439%), from €30,779 to €1.7m
of which Trade receivables: +€1.7m
Equity and liabilities
- Short-term financial debts +€1.9m
up €1.9m (+148%), from €1.3m to €3.2m
of which Other loans: +€1.9m
- Debts after one year -€119,113
down €119,113 (-6.3%), from €1.9m to €1.8m
- Profit (loss) carried forward -€63,720
down €63,720 (-51.6%), from -€123,591 to -€187,311
Income statement
- Financial charges +€44,718
up €44,718 (+107%), from €41,989 to €86,707
- Gross operating margin +€29,846
up €29,846 (+430%), from €6,939 to €36,785
- Financial income +€4,744
up €4,744 (+37.2%), from €12,768 to €17,512
- Other operating charges +€3,178
up €3,178 (+14.4%), from €22,003 to €25,181
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
-€50,415
Gross operating margin
+€29,846
Other operating charges
-€3,178
Financial income
+€4,744
Financial charges
-€44,718
Result 2025
-€63,720
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
-€1.8m
Investment
€0
Financing
+€1.8m
Cash 2024
€51,442
From operations (derived)
-€1.8m
Net result for the year
-€63,720
Depreciation
+€6,130
Receivables after one year
-€49,899
Stocks and contracts
-€12,570
Receivables within one year
-€1.7m
Smaller working-capital items
+€2,325
Trade debts
-€36,359
Tax, wage and social debts
-€12,304
Financing
+€1.8m
Debts after one year
-€119,113
Current portion of long-term debt
+€219
Short-term financial debts
+€1.9m
Cash 2025
€5,018
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,576,372 | €5,260,360 | +€1.7m | +47.1% |
| Fixed assets | 21/28 | €85,284 | €79,154 | -€6,130 | -7.2% |
| Tangible fixed assets | 22/27 | €56,399 | €50,269 | -€6,130 | -10.9% |
| Other tangible fixed assets | 26 | €56,399 | €50,269 | -€6,130 | -10.9% |
| Financial fixed assets | 28 | €28,885 | €28,885 | = | 0.0% |
| Current assets | 29/58 | €3,491,087 | €5,181,206 | +€1.7m | +48.4% |
| Amounts receivable after more than one year | 29 | €453,255 | €503,154 | +€49,899 | +11.0% |
| Other amounts receivable | 291 | €453,255 | €503,154 | +€49,899 | +11.0% |
| Stocks and contracts in progress | 3 | €2,955,411 | €2,967,981 | +€12,570 | +0.4% |
| Stocks | 30/36 | €2,955,411 | €2,967,981 | +€12,570 | +0.4% |
| Amounts receivable within one year | 40/41 | €30,779 | €1,704,711 | +€1.7m | +5,439% |
| Trade receivables | 40 | €5,601 | €1,676,040 | +€1.7m | +29,825% |
| Other amounts receivable | 41 | €25,178 | €28,671 | +€3,493 | +13.9% |
| Cash at bank and in hand | 54/58 | €51,442 | €5,018 | -€46,424 | -90.2% |
| Deferred charges and accrued income | 490/1 | €200 | €342 | +€142 | +70.8% |
| Total equity and liabilities | 10/49 | €3,576,372 | €5,260,360 | +€1.7m | +47.1% |
| Equity | 10/15 | €320,619 | €256,899 | -€63,720 | -19.9% |
| Contributions | 10/11 | €423,600 | €423,600 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€123,591 | -€187,311 | -€63,720 | -51.6% |
| Amounts payable | 17/49 | €3,255,752 | €5,003,461 | +€1.7m | +53.7% |
| Amounts payable after more than one year | 17 | €1,876,663 | €1,757,550 | -€119,113 | -6.3% |
| Financial debts | 170/4 | €1,876,663 | €1,757,550 | -€119,113 | -6.3% |
| Amounts payable within one year | 42/48 | €1,378,335 | €3,243,387 | +€1.9m | +135% |
| Current portion of amounts payable after more than one year | 42 | €18,894 | €19,113 | +€219 | +1.2% |
| Financial debts | 43 | €1,293,637 | €3,206,436 | +€1.9m | +148% |
| Credit institutions | 430/8 | €45,000 | €105,409 | +€60,409 | +134% |
| Other loans | 439 | €1,248,637 | €3,101,027 | +€1.9m | +148% |
| Trade debts | 44 | €50,402 | €14,043 | -€36,359 | -72.1% |
| Suppliers | 440/4 | €50,402 | €14,043 | -€36,359 | -72.1% |
| Taxes, remuneration and social security | 45 | €15,402 | €3,098 | -€12,304 | -79.9% |
| Taxes | 450/3 | €15,402 | €3,098 | -€12,304 | -79.9% |
| Other amounts payable | 47/48 | - | €696 | +€696 | |
| Accrued charges and deferred income | 492/3 | €754 | €2,525 | +€1,770 | +235% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,130 | €6,130 | = | 0.0% |
| Other operating charges | 640/8 | €22,003 | €25,181 | +€3,178 | +14.4% |
| Gross operating margin | 9900 | €6,939 | €36,785 | +€29,846 | +430% |
| Operating profit (loss) | 9901 | -€21,194 | €5,475 | +€26,668 | |
| Financial income | 75/76B | €12,768 | €17,512 | +€4,744 | +37.2% |
| Recurring financial income | 75 | €12,768 | €17,512 | +€4,744 | +37.2% |
| Financial charges | 65/66B | €41,989 | €86,707 | +€44,718 | +107% |
| Recurring financial charges | 65 | €41,989 | €86,707 | +€44,718 | +107% |
| Profit (loss) for the period before taxes | 9903 | -€50,415 | -€63,720 | -€13,306 | -26.4% |
| Profit (loss) for the period | 9904 | -€50,415 | -€63,720 | -€13,306 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,415 | -€63,720 | -€13,306 | -26.4% |
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 27 October 2026 via checked.be.