VX Management: 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.
VX Management
Largest movements
- Current investments +€140,000
up €140,000 (+233.3%), from €60,000 to €200,000
- Cash -€35,012
down €35,012 (-55.1%), from €63,547 to €28,535
mainly Contributions, distributions and other (-€159,149) and Current investments (-€140,000)
- Tangible fixed assets -€15,020
down €15,020 (-19.1%), from €78,556 to €63,536
of which Furniture and vehicles: -€13,410
- Receivables within one year -€14,274
down €14,274 (-60.1%), from €23,765 to €9,490
of which Trade receivables: -€20,777
- Intangible fixed assets -€7,325
down €7,325 (-39.3%), from €18,624 to €11,300
- Other debts +€109,751
up €109,751 (+4452.4%), from €2,465 to €112,216
- Reserves -€36,294
down €36,294 (-16.8%), from €215,774 to €179,480
- Tax, wage and social debts -€4,063
down €4,063 (-17.1%), from €23,783 to €19,720
of which Taxes: -€4,959
- Gross operating margin +€113,641
up €113,641 (+168.5%), from €67,435 to €181,076
- Taxes +€27,021
up €27,021 (+294.9%), from €9,163 to €36,184
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 | €246,699 | €314,726 | +€68,027 | +27.6% |
| Fixed assets | 21/28 | €97,180 | €74,835 | -€22,345 | -23.0% |
| Intangible fixed assets | 21 | €18,624 | €11,300 | -€7,325 | -39.3% |
| Tangible fixed assets | 22/27 | €78,556 | €63,536 | -€15,020 | -19.1% |
| Land and buildings | 22 | €24,611 | €23,351 | -€1,260 | -5.1% |
| Furniture and vehicles | 24 | €50,831 | €37,421 | -€13,410 | -26.4% |
| Other tangible fixed assets | 26 | €3,114 | €2,764 | -€350 | -11.2% |
| Current assets | 29/58 | €149,519 | €239,891 | +€90,372 | +60.4% |
| Amounts receivable within one year | 40/41 | €23,765 | €9,490 | -€14,274 | -60.1% |
| Trade receivables | 40 | €20,864 | €87 | -€20,777 | -99.6% |
| Other amounts receivable | 41 | €2,901 | €9,404 | +€6,503 | +224.2% |
| Current investments | 50/53 | €60,000 | €200,000 | +€140,000 | +233.3% |
| Cash at bank and in hand | 54/58 | €63,547 | €28,535 | -€35,012 | -55.1% |
| Deferred charges and accrued income | 490/1 | €2,207 | €1,865 | -€342 | -15.5% |
| Total equity and liabilities | 10/49 | €246,699 | €314,726 | +€68,027 | +27.6% |
| Equity | 10/15 | €218,774 | €182,480 | -€36,294 | -16.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €215,774 | €179,480 | -€36,294 | -16.8% |
| Distributable reserves | 133 | €215,774 | €179,480 | -€36,294 | -16.8% |
| Amounts payable | 17/49 | €27,925 | €132,246 | +€104,321 | +373.6% |
| Amounts payable within one year | 42/48 | €27,850 | €132,246 | +€104,396 | +374.8% |
| Trade debts | 44 | €1,602 | €310 | -€1,292 | -80.6% |
| Suppliers | 440/4 | €1,602 | €310 | -€1,292 | -80.6% |
| Taxes, remuneration and social security | 45 | €23,783 | €19,720 | -€4,063 | -17.1% |
| Taxes | 450/3 | €19,093 | €14,134 | -€4,959 | -26.0% |
| Remuneration and social security | 454/9 | €4,690 | €5,585 | +€896 | +19.1% |
| Other amounts payable | 47/48 | €2,465 | €112,216 | +€109,751 | +4452.4% |
| Accrued charges and deferred income | 492/3 | €75 | - | -€75 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,939 | €22,925 | -€14 | -0.1% |
| Other operating charges | 640/8 | €876 | €1,033 | +€157 | +17.9% |
| Non-recurring operating charges | 66A | €312 | - | -€312 | |
| Gross operating margin | 9900 | €67,435 | €181,076 | +€113,641 | +168.5% |
| Operating profit (loss) | 9901 | €43,309 | €157,118 | +€113,810 | +262.8% |
| Financial income | 75/76B | €2,267 | €2,294 | +€27 | +1.2% |
| Recurring financial income | 75 | €2,267 | €2,294 | +€27 | +1.2% |
| Financial charges | 65/66B | €119 | €373 | +€255 | +214.8% |
| Recurring financial charges | 65 | €119 | €373 | +€255 | +214.8% |
| Profit (loss) for the period before taxes | 9903 | €45,457 | €159,039 | +€113,582 | +249.9% |
| Income taxes | 67/77 | €9,163 | €36,184 | +€27,021 | +294.9% |
| Profit (loss) for the period | 9904 | €36,294 | €122,855 | +€86,561 | +238.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,294 | €122,855 | +€86,561 | +238.5% |
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 5 October 2026 via checked.be.