VEXOR: 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.
VEXOR
Largest movements
- Cash -€20,582
down €20,582 (-21.8%), from €94,562 to €73,979
mainly Investment in fixed assets (net) (-€19,243) and Receivables within one year (-€18,316)
- Receivables within one year +€18,316
up €18,316 (+102.0%), from €17,961 to €36,277
of which Trade receivables: +€20,598
- Tangible fixed assets +€3,438
up €3,438 (+11.8%), from €29,150 to €32,588
of which Furniture and vehicles: +€6,075
- Reserves +€17,371
up €17,371 (+15.0%), from €116,179 to €133,550
- Current portion of long-term debt -€14,089
no longer reported in 2025 (was €14,089)
- Gross operating margin -€17,026
down €17,026 (-27.7%), from €61,472 to €44,445
- Taxes -€4,468
down €4,468 (-34.7%), from €12,861 to €8,393
- Depreciation -€921
down €921 (-5.5%), from €16,726 to €15,805
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 | €142,221 | €143,758 | +€1,537 | +1.1% |
| Fixed assets | 21/28 | €29,150 | €32,588 | +€3,438 | +11.8% |
| Tangible fixed assets | 22/27 | €29,150 | €32,588 | +€3,438 | +11.8% |
| Plant, machinery and equipment | 23 | €16,054 | €13,418 | -€2,636 | -16.4% |
| Furniture and vehicles | 24 | €13,096 | €19,170 | +€6,075 | +46.4% |
| Current assets | 29/58 | €113,071 | €111,170 | -€1,902 | -1.7% |
| Amounts receivable within one year | 40/41 | €17,961 | €36,277 | +€18,316 | +102.0% |
| Trade receivables | 40 | €14,072 | €34,670 | +€20,598 | +146.4% |
| Other amounts receivable | 41 | €3,888 | €1,607 | -€2,281 | -58.7% |
| Cash at bank and in hand | 54/58 | €94,562 | €73,979 | -€20,582 | -21.8% |
| Deferred charges and accrued income | 490/1 | €549 | €913 | +€364 | +66.4% |
| Total equity and liabilities | 10/49 | €142,221 | €143,758 | +€1,537 | +1.1% |
| Equity | 10/15 | €117,179 | €134,550 | +€17,371 | +14.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €116,179 | €133,550 | +€17,371 | +15.0% |
| Distributable reserves | 133 | €116,179 | €133,550 | +€17,371 | +15.0% |
| Amounts payable | 17/49 | €25,043 | €9,208 | -€15,834 | -63.2% |
| Amounts payable within one year | 42/48 | €24,352 | €9,208 | -€15,144 | -62.2% |
| Current portion of amounts payable after more than one year | 42 | €14,089 | - | -€14,089 | |
| Trade debts | 44 | €2,427 | €1,425 | -€1,002 | -41.3% |
| Suppliers | 440/4 | €2,427 | €1,425 | -€1,002 | -41.3% |
| Taxes, remuneration and social security | 45 | €6,918 | €5,614 | -€1,304 | -18.8% |
| Taxes | 450/3 | €6,918 | €5,614 | -€1,304 | -18.8% |
| Other amounts payable | 47/48 | €918 | €2,170 | +€1,252 | +136.4% |
| Accrued charges and deferred income | 492/3 | €691 | - | -€691 | |
| Non-recurring operating income | 76A | - | €1,257 | +€1,257 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,726 | €15,805 | -€921 | -5.5% |
| Other operating charges | 640/8 | €2,030 | €2,364 | +€334 | +16.4% |
| Gross operating margin | 9900 | €61,472 | €44,445 | -€17,026 | -27.7% |
| Operating profit (loss) | 9901 | €42,715 | €26,276 | -€16,439 | -38.5% |
| Financial income | 75/76B | €200 | €204 | +€5 | +2.4% |
| Recurring financial income | 75 | €200 | €204 | +€5 | +2.4% |
| Financial charges | 65/66B | €1,074 | €716 | -€357 | -33.3% |
| Recurring financial charges | 65 | €1,074 | €716 | -€357 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €41,841 | €25,764 | -€16,077 | -38.4% |
| Income taxes | 67/77 | €12,861 | €8,393 | -€4,468 | -34.7% |
| Profit (loss) for the period | 9904 | €28,980 | €17,371 | -€11,609 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €28,980 | €17,371 | -€11,609 | -40.1% |
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 3 October 2026 via checked.be.