VNX: 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.
VNX
Largest movements
- Tangible fixed assets -€9,073
down €9,073 (-27.8%), from €32,695 to €23,622
of which Furniture and vehicles: -€8,908
- Deferred charges and accrued income -€1,279
no longer reported in 2025 (was €1,279)
- Cash +€1,253
up €1,253 (+155.1%), from €808 to €2,061
mainly Net result for the year (+€16,389) and Depreciation (+€9,073)
- Receivables within one year -€643
down €643 (-11.1%), from €5,795 to €5,151
of which Other amounts receivable: -€440
- Short-term financial debts -€26,000
down €26,000 (-41.3%), from €63,000 to €37,000
- Profit (loss) carried forward +€16,389
up €16,389 (+5.3%), from -€306,579 to -€290,190
- Trade debts +€726
up €726 (+538.4%), from €135 to €861
- Other debts -€620
down €620 (-0.2%), from €253,519 to €252,899
- Financial charges -€2,769
down €2,769 (-45.3%), from €6,113 to €3,343
- Gross operating margin +€1,365
up €1,365 (+4.8%), from €28,388 to €29,753
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 | €40,877 | €31,134 | -€9,742 | -23.8% |
| Fixed assets | 21/28 | €32,995 | €23,922 | -€9,073 | -27.5% |
| Tangible fixed assets | 22/27 | €32,695 | €23,622 | -€9,073 | -27.8% |
| Plant, machinery and equipment | 23 | €259 | €95 | -€165 | -63.6% |
| Furniture and vehicles | 24 | €32,436 | €23,527 | -€8,908 | -27.5% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €7,882 | €7,212 | -€669 | -8.5% |
| Amounts receivable within one year | 40/41 | €5,795 | €5,151 | -€643 | -11.1% |
| Trade receivables | 40 | €5,355 | €5,151 | -€203 | -3.8% |
| Other amounts receivable | 41 | €440 | - | -€440 | |
| Cash at bank and in hand | 54/58 | €808 | €2,061 | +€1,253 | +155.1% |
| Deferred charges and accrued income | 490/1 | €1,279 | - | -€1,279 | |
| Total equity and liabilities | 10/49 | €40,877 | €31,134 | -€9,742 | -23.8% |
| Equity | 10/15 | -€284,579 | -€268,190 | +€16,389 | +5.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€306,579 | -€290,190 | +€16,389 | +5.3% |
| Amounts payable | 17/49 | €325,456 | €299,325 | -€26,131 | -8.0% |
| Amounts payable within one year | 42/48 | €319,756 | €293,625 | -€26,131 | -8.2% |
| Financial debts | 43 | €63,000 | €37,000 | -€26,000 | -41.3% |
| Credit institutions | 430/8 | €63,000 | €37,000 | -€26,000 | -41.3% |
| Trade debts | 44 | €135 | €861 | +€726 | +538.4% |
| Suppliers | 440/4 | €135 | €861 | +€726 | +538.4% |
| Taxes, remuneration and social security | 45 | €3,102 | €2,865 | -€237 | -7.7% |
| Taxes | 450/3 | €3,102 | €2,865 | -€237 | -7.7% |
| Other amounts payable | 47/48 | €253,519 | €252,899 | -€620 | -0.2% |
| Accrued charges and deferred income | 492/3 | €5,700 | €5,700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,073 | €9,073 | = | 0.0% |
| Other operating charges | 640/8 | €678 | €701 | +€22 | +3.3% |
| Non-recurring operating charges | 66A | €126 | €90 | -€36 | -28.6% |
| Gross operating margin | 9900 | €28,388 | €29,753 | +€1,365 | +4.8% |
| Operating profit (loss) | 9901 | €18,511 | €19,889 | +€1,378 | +7.4% |
| Financial charges | 65/66B | €6,113 | €3,343 | -€2,769 | -45.3% |
| Recurring financial charges | 65 | €6,113 | €3,343 | -€2,769 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €12,398 | €16,545 | +€4,147 | +33.5% |
| Income taxes | 67/77 | €181 | €157 | -€25 | -13.6% |
| Profit (loss) for the period | 9904 | €12,217 | €16,389 | +€4,172 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,217 | €16,389 | +€4,172 | +34.2% |
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 4 October 2026 via checked.be.