VGEX: 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.
VGEX
Largest movements
- Tangible fixed assets -€149,732
down €149,732 (-5.8%), from €2.6m to €2.4m
- Receivables within one year +€93,941
up €93,941 (+109%), from €85,852 to €179,792
of which Other amounts receivable: +€93,783
- Cash -€46,395
down €46,395 (-74.5%), from €62,292 to €15,897
mainly Other debts (-€455,088) and Contributions, distributions and other (-€185,726)
- Debts after one year +€467,566
new in 2026: €467,566
- Other debts -€455,088
down €455,088 (-69.0%), from €659,532 to €204,444
- Reserves -€185,726
down €185,726 (-23.0%), from €807,322 to €621,596
of which Distributable reserves: -€185,726
- Current portion of long-term debt +€123,121
new in 2026: €123,121
- Financial income -€124,964
down €124,964 (-100.0%), from €125,002 to €38
of which Non-recurring financial income: -€125,000
- Gross operating margin +€10,752
up €10,752 (+4.1%), from €259,578 to €270,330
- Taxes -€8,242
down €8,242 (-96.7%), from €8,525 to €283
- Depreciation -€6,692
down €6,692 (-3.7%), from €180,947 to €174,255
- Financial charges +€3,446
up €3,446 (+3.4%), from €102,206 to €105,652
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,734,886 | €2,633,165 | -€101,721 | -3.7% |
| Fixed assets | 21/28 | €2,575,295 | €2,425,563 | -€149,732 | -5.8% |
| Tangible fixed assets | 22/27 | €2,575,270 | €2,425,538 | -€149,732 | -5.8% |
| Land and buildings | 22 | €2,206,267 | €2,131,780 | -€74,487 | -3.4% |
| Plant, machinery and equipment | 23 | €883 | €593 | -€289 | -32.8% |
| Furniture and vehicles | 24 | €54,889 | €24,594 | -€30,295 | -55.2% |
| Other tangible fixed assets | 26 | €313,231 | €268,570 | -€44,661 | -14.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €159,591 | €207,602 | +€48,011 | +30.1% |
| Amounts receivable within one year | 40/41 | €85,852 | €179,792 | +€93,941 | +109% |
| Trade receivables | 40 | €18,927 | €19,084 | +€157 | +0.8% |
| Other amounts receivable | 41 | €66,925 | €160,708 | +€93,783 | +140% |
| Cash at bank and in hand | 54/58 | €62,292 | €15,897 | -€46,395 | -74.5% |
| Deferred charges and accrued income | 490/1 | €11,448 | €11,913 | +€466 | +4.1% |
| Total equity and liabilities | 10/49 | €2,734,886 | €2,633,165 | -€101,721 | -3.7% |
| Equity | 10/15 | €698,809 | €492,777 | -€206,033 | -29.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €807,322 | €621,596 | -€185,726 | -23.0% |
| 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 | €805,462 | €619,736 | -€185,726 | -23.1% |
| Profit (loss) carried forward | 14 | -€120,912 | -€141,219 | -€20,306 | -16.8% |
| Provisions and deferred taxes | 16 | €1,330,447 | €1,318,825 | -€11,622 | -0.9% |
| Provisions for liabilities and charges | 160/5 | €1,330,447 | €1,318,825 | -€11,622 | -0.9% |
| Environmental obligations | 163 | €1,330,447 | - | -€1.3m | |
| Other liabilities and charges | 164/5 | - | €1,318,825 | +€1.3m | |
| Amounts payable | 17/49 | €705,630 | €821,563 | +€115,934 | +16.4% |
| Amounts payable after more than one year | 17 | - | €467,566 | +€467,566 | |
| Financial debts | 170/4 | - | €467,566 | +€467,566 | |
| Amounts payable within one year | 42/48 | €703,480 | €349,016 | -€354,464 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | - | €123,121 | +€123,121 | |
| Trade debts | 44 | €2,886 | €4,944 | +€2,058 | +71.3% |
| Suppliers | 440/4 | €2,886 | €4,944 | +€2,058 | +71.3% |
| Advances received on contracts in progress | 46 | €19,498 | - | -€19,498 | |
| Taxes, remuneration and social security | 45 | €21,563 | €16,507 | -€5,056 | -23.4% |
| Taxes | 450/3 | €21,563 | €16,507 | -€5,056 | -23.4% |
| Other amounts payable | 47/48 | €659,532 | €204,444 | -€455,088 | -69.0% |
| Accrued charges and deferred income | 492/3 | €2,150 | €4,982 | +€2,832 | +132% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,947 | €174,255 | -€6,692 | -3.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€11,369 | -€11,622 | -€253 | -2.2% |
| Other operating charges | 640/8 | €21,998 | €20,854 | -€1,144 | -5.2% |
| Non-recurring operating charges | 66A | - | €1,253 | +€1,253 | |
| Gross operating margin | 9900 | €259,578 | €270,330 | +€10,752 | +4.1% |
| Operating profit (loss) | 9901 | €68,002 | €85,590 | +€17,588 | +25.9% |
| Financial income | 75/76B | €125,002 | €38 | -€124,964 | -100.0% |
| Recurring financial income | 75 | €2 | €38 | +€36 | +2,110% |
| Non-recurring financial income | 76B | €125,000 | - | -€125,000 | |
| Financial charges | 65/66B | €102,206 | €105,652 | +€3,446 | +3.4% |
| Recurring financial charges | 65 | €102,206 | €105,652 | +€3,446 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €90,798 | -€20,024 | -€110,822 | |
| Income taxes | 67/77 | €8,525 | €283 | -€8,242 | -96.7% |
| Profit (loss) for the period | 9904 | €82,273 | -€20,306 | -€102,579 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,273 | -€20,306 | -€102,579 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.