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VIGOR: what changed

What changed

VIGOR

BE 0550.932.284
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Financial years compared with
Net result for the year
€39,250
2025 · €90,032-€50,781
Equity
€759,241
2025 · €783,098-€23,858
Cash
€777,443
2025 · €383,923+€393,521
Balance sheet total
€790,707
2025 · €1.6m-€843,081

Largest movements

2025 to 2026
Assets
  • Financial fixed assets -€1.2m

    no longer reported in 2026 (was €1.2m)

  • Cash +€393,521

    up €393,521 (+102%), from €383,923 to €777,443

    mainly Investment in fixed assets (net) (+€1.2m) and Net result for the year (+€39,250)

  • Tangible fixed assets -€82,920

    down €82,920 (-97.8%), from €84,771 to €1,851

    of which Furniture and vehicles: -€83,557

Equity and liabilities
  • Other debts -€833,283

    no longer reported in 2026 (was €833,283)

  • Reserves -€23,858

    down €23,858 (-3.1%), from €770,698 to €746,841

    of which Distributable reserves: -€23,858

Income statement
  • Financial income -€49,265

    down €49,265 (-100.0%), from €49,274 to €9

  • Depreciation -€21,128

    down €21,128 (-95.9%), from €22,033 to €904

  • Gross operating margin -€6,112

    down €6,112 (-4.8%), from €126,215 to €120,103

Change in the result, 2025 to 2026

effect on the result

For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.

Result 2025 €90,032
Gross operating margin -€6,112
Depreciation +€21,128
Other operating charges +€520
Other operating items -€16,180
Financial income -€49,265
Financial charges -€235
Taxes -€637
Result 2026 €39,250
raises the resultlowers the resultnot broken down further in the accounts

Derived cash bridge

cash 2025 to 2026

The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.

From operations -€775,387
Investment +€1.2m
Financing -€63,108
Cash 2025 €383,923
Net result for the year +€39,250
Depreciation +€904
Smaller working-capital items +€3,681
Trade debts +€3,175
Tax, wage and social debts +€10,884
Other debts -€833,283
Investment in fixed assets (net) +€1.2m
Contributions, distributions and other -€63,108
Cash 2026 €777,443
brings cash intakes cash out
Every line side by side 40 lines
Line Code 2025 2026 Change %
Total assets 20/58 €1,633,787 €790,707 -€843,081 -51.6%
Fixed assets 21/28 €1,234,771 €1,851 -€1.2m -99.9%
Tangible fixed assets 22/27 €84,771 €1,851 -€82,920 -97.8%
Plant, machinery and equipment 23 €1,120 €1,758 +€637 +56.9%
Furniture and vehicles 24 €83,651 €93 -€83,557 -99.9%
Financial fixed assets 28 €1,150,000 - -€1.2m
Current assets 29/58 €399,016 €788,856 +€389,839 +97.7%
Amounts receivable within one year 40/41 €12,100 €10,483 -€1,617 -13.4%
Trade receivables 40 €12,100 - -€12,100
Other amounts receivable 41 - €10,483 +€10,483
Cash at bank and in hand 54/58 €383,923 €777,443 +€393,521 +102%
Deferred charges and accrued income 490/1 €2,994 €929 -€2,065 -69.0%
Total equity and liabilities 10/49 €1,633,787 €790,707 -€843,081 -51.6%
Equity 10/15 €783,098 €759,241 -€23,858 -3.0%
Contributions 10/11 €12,400 €12,400 = 0.0%
Reserves 13 €770,698 €746,841 -€23,858 -3.1%
Non-distributable reserves 130/1 €1,860 €1,860 = 0.0%
Reserves not available under the articles 1311 €1,860 €1,860 = 0.0%
Distributable reserves 133 €768,838 €744,981 -€23,858 -3.1%
Amounts payable 17/49 €850,689 €31,466 -€819,223 -96.3%
Amounts payable within one year 42/48 €850,689 €31,466 -€819,223 -96.3%
Trade debts 44 €171 €3,347 +€3,175 +1,853%
Suppliers 440/4 €171 €3,347 +€3,175 +1,853%
Taxes, remuneration and social security 45 €17,235 €28,119 +€10,884 +63.1%
Taxes 450/3 €17,235 €28,119 +€10,884 +63.1%
Other amounts payable 47/48 €833,283 - -€833,283
Non-recurring operating income 76A - €15,000 +€15,000
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €22,033 €904 -€21,128 -95.9%
Other operating charges 640/8 €1,638 €1,118 -€520 -31.7%
Non-recurring operating charges 66A €36,339 €52,519 +€16,180 +44.5%
Gross operating margin 9900 €126,215 €120,103 -€6,112 -4.8%
Operating profit (loss) 9901 €66,206 €65,561 -€645 -1.0%
Financial income 75/76B €49,274 €9 -€49,265 -100.0%
Recurring financial income 75 €49,274 €9 -€49,265 -100.0%
Financial charges 65/66B €178 €414 +€235 +132%
Recurring financial charges 65 €178 €414 +€235 +132%
Profit (loss) for the period before taxes 9903 €115,301 €65,157 -€50,145 -43.5%
Income taxes 67/77 €25,270 €25,906 +€637 +2.5%
Profit (loss) for the period 9904 €90,032 €39,250 -€50,781 -56.4%
Profit (loss) for the period to be appropriated 9905 €90,032 €39,250 -€50,781 -56.4%
Calculation and sources

Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.