The VMX process and the VMM (virtual machine monitor) are responsible for these overheads. The details are in the vmare.log file. Search for 'Overheads'.
However, I believe the 119MB includes swappable overhead, which shouldn't require a physical reservation. Do you have enough space on the datastore for the VMX swap files? If you list the contents of a running VM's directory, do you see two files with the ".vswp" extension, including one that begins with the "vmx-" prefix?