VIGORENA: 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.
VIGORENA
Largest movements
- Receivables within one year +€72,666
up €72,666 (+31.4%), from €231,056 to €303,722
of which Trade receivables: +€80,524
- Tangible fixed assets -€63,314
down €63,314 (-6.8%), from €924,657 to €861,343
of which Plant, machinery and equipment: -€31,684
- Cash -€47,671
down €47,671 (-36.8%), from €129,498 to €81,827
mainly Net result for the year (-€84,073) and Receivables within one year (-€72,666)
- Deferred charges and accrued income -€15,885
no longer reported in 2025 (was €15,885)
- Profit (loss) carried forward -€77,189
down €77,189 (-177%), from -€43,717 to -€120,906
- Trade debts +€42,840
up €42,840 (+31.1%), from €137,618 to €180,458
- Gross operating margin -€829,192
down €829,192 (-99.3%), from €835,023 to €5,831
- Depreciation -€41,275
down €41,275 (-50.6%), from €81,536 to €40,260
- Financial charges +€20,988
up €20,988 (+181%), from €11,594 to €32,582
of which Non-recurring financial charges: +€29,367
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 | €1,320,648 | €1,268,225 | -€52,423 | -4.0% |
| Fixed assets | 21/28 | €929,020 | €864,077 | -€64,943 | -7.0% |
| Intangible fixed assets | 21 | €3,776 | €2,147 | -€1,629 | -43.1% |
| Tangible fixed assets | 22/27 | €924,657 | €861,343 | -€63,314 | -6.8% |
| Land and buildings | 22 | €841,904 | €820,771 | -€21,134 | -2.5% |
| Plant, machinery and equipment | 23 | €38,093 | €6,409 | -€31,684 | -83.2% |
| Furniture and vehicles | 24 | €44,659 | €34,163 | -€10,496 | -23.5% |
| Financial fixed assets | 28 | €588 | €588 | = | 0.0% |
| Current assets | 29/58 | €391,628 | €404,148 | +€12,520 | +3.2% |
| Stocks and contracts in progress | 3 | €15,188 | €18,598 | +€3,410 | +22.5% |
| Stocks | 30/36 | €15,188 | €18,598 | +€3,410 | +22.5% |
| Amounts receivable within one year | 40/41 | €231,056 | €303,722 | +€72,666 | +31.4% |
| Trade receivables | 40 | €120,032 | €200,556 | +€80,524 | +67.1% |
| Other amounts receivable | 41 | €111,024 | €103,166 | -€7,858 | -7.1% |
| Cash at bank and in hand | 54/58 | €129,498 | €81,827 | -€47,671 | -36.8% |
| Deferred charges and accrued income | 490/1 | €15,885 | - | -€15,885 | |
| Total equity and liabilities | 10/49 | €1,320,648 | €1,268,225 | -€52,423 | -4.0% |
| Equity | 10/15 | €953,129 | €869,056 | -€84,073 | -8.8% |
| Contributions | 10/11 | €142,000 | €142,000 | = | 0.0% |
| Capital | 10 | €142,000 | €142,000 | = | 0.0% |
| Issued capital | 100 | €142,000 | €142,000 | = | 0.0% |
| Reserves | 13 | €854,847 | €847,962 | -€6,884 | -0.8% |
| Non-distributable reserves | 130/1 | €14,200 | €14,200 | = | 0.0% |
| Legal reserve | 130 | €14,200 | €14,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €613,647 | €606,762 | -€6,884 | -1.1% |
| Distributable reserves | 133 | €227,000 | €227,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,717 | -€120,906 | -€77,189 | -177% |
| Provisions and deferred taxes | 16 | €186,881 | €184,586 | -€2,295 | -1.2% |
| Deferred taxes | 168 | €186,881 | €184,586 | -€2,295 | -1.2% |
| Amounts payable | 17/49 | €180,638 | €214,582 | +€33,945 | +18.8% |
| Amounts payable after more than one year | 17 | €32,541 | €23,864 | -€8,678 | -26.7% |
| Financial debts | 170/4 | €32,541 | €23,864 | -€8,678 | -26.7% |
| Amounts payable within one year | 42/48 | €147,233 | €189,855 | +€42,622 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €8,678 | €8,678 | = | 0.0% |
| Trade debts | 44 | €137,618 | €180,458 | +€42,840 | +31.1% |
| Suppliers | 440/4 | €137,618 | €180,458 | +€42,840 | +31.1% |
| Taxes, remuneration and social security | 45 | €930 | - | -€930 | |
| Taxes | 450/3 | €147 | - | -€147 | |
| Remuneration and social security | 454/9 | €783 | - | -€783 | |
| Other amounts payable | 47/48 | €7 | €720 | +€712 | +9,978% |
| Accrued charges and deferred income | 492/3 | €864 | €864 | = | 0.0% |
| Non-recurring operating income | 76A | €756,223 | - | -€756,223 | |
| Remuneration, social security and pensions | 62 | €11,483 | €12,667 | +€1,184 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,536 | €40,260 | -€41,275 | -50.6% |
| Other operating charges | 640/8 | €3,146 | €7,164 | +€4,018 | +128% |
| Non-recurring operating charges | 66A | - | €1,400 | +€1,400 | |
| Gross operating margin | 9900 | €835,023 | €5,831 | -€829,192 | -99.3% |
| Operating profit (loss) | 9901 | €738,858 | -€55,661 | -€794,519 | |
| Financial income | 75/76B | €10,134 | €1,874 | -€8,260 | -81.5% |
| Recurring financial income | 75 | €10,134 | €1,874 | -€8,260 | -81.5% |
| Financial charges | 65/66B | €11,594 | €32,582 | +€20,988 | +181% |
| Recurring financial charges | 65 | €11,594 | €3,214 | -€8,380 | -72.3% |
| Non-recurring financial charges | 66B | - | €29,367 | +€29,367 | |
| Profit (loss) for the period before taxes | 9903 | €737,399 | -€86,368 | -€823,767 | |
| Transfer from deferred taxes | 780 | €2,175 | €2,295 | +€120 | +5.5% |
| Transfer to deferred taxes | 680 | €189,056 | - | -€189,056 | |
| Profit (loss) for the period | 9904 | €550,518 | -€84,073 | -€634,591 | |
| Transfer from tax-exempt reserves | 789 | €6,524 | €6,884 | +€360 | +5.5% |
| Transfer to tax-exempt reserves | 689 | €567,167 | - | -€567,167 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,125 | -€77,189 | -€67,064 | -662% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.