LA VAM: 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.
LA VAM
Largest movements
- Cash +€207,226
up €207,226 (+58.2%), from €355,905 to €563,131
mainly Other debts (+€167,585) and Deferred charges and accrued income (+€141,272)
- Deferred charges and accrued income -€141,272
down €141,272 (-97.7%), from €144,582 to €3,310
- Receivables within one year -€60,778
down €60,778 (-19.8%), from €306,282 to €245,504
of which Trade receivables: -€58,758
- Tangible fixed assets -€16,485
down €16,485 (-13.0%), from €127,052 to €110,567
of which Plant, machinery and equipment: -€9,004
- Advances received -€270,000
down €270,000 (-100.0%), from €270,000 to €0
- Other debts +€167,585
new in 2025: €167,585
- Profit (loss) carried forward +€64,208
up €64,208 (+5.4%), from -€1.2m to -€1.1m
- Trade debts +€37,336
up €37,336 (+42.5%), from €87,847 to €125,182
- Current portion of long-term debt -€11,315
down €11,315 (-100.0%), from €11,315 to €0
- Gross operating margin -€33,361
down €33,361 (-7.8%), from €429,333 to €395,972
- Staff costs +€20,742
up €20,742 (+16.4%), from €126,157 to €146,900
- Other operating charges +€5,204
up €5,204 (+3.7%), from €140,692 to €145,896
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 | €1,008,933 | €997,624 | -€11,308 | -1.1% |
| Fixed assets | 21/28 | €202,164 | €185,679 | -€16,485 | -8.2% |
| Tangible fixed assets | 22/27 | €127,052 | €110,567 | -€16,485 | -13.0% |
| Plant, machinery and equipment | 23 | €106,230 | €97,226 | -€9,004 | -8.5% |
| Furniture and vehicles | 24 | €11,113 | €7,539 | -€3,574 | -32.2% |
| Other tangible fixed assets | 26 | €9,708 | €4,617 | -€5,091 | -52.4% |
| Assets under construction and advance payments | 27 | - | €1,184 | +€1,184 | |
| Financial fixed assets | 28 | €75,113 | €75,113 | = | 0.0% |
| Current assets | 29/58 | €806,768 | €811,945 | +€5,177 | +0.6% |
| Amounts receivable within one year | 40/41 | €306,282 | €245,504 | -€60,778 | -19.8% |
| Trade receivables | 40 | €300,953 | €242,195 | -€58,758 | -19.5% |
| Other amounts receivable | 41 | €5,330 | €3,310 | -€2,020 | -37.9% |
| Cash at bank and in hand | 54/58 | €355,905 | €563,131 | +€207,226 | +58.2% |
| Deferred charges and accrued income | 490/1 | €144,582 | €3,310 | -€141,272 | -97.7% |
| Total equity and liabilities | 10/49 | €1,008,933 | €997,624 | -€11,308 | -1.1% |
| Equity | 10/15 | €618,604 | €682,812 | +€64,208 | +10.4% |
| Contributions | 10/11 | €1,800,170 | €1,800,170 | = | 0.0% |
| Reserves | 13 | €1,851 | €1,851 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,851 | €1,851 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,851 | €1,851 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,183,416 | -€1,119,208 | +€64,208 | +5.4% |
| Amounts payable | 17/49 | €390,328 | €314,812 | -€75,516 | -19.3% |
| Amounts payable within one year | 42/48 | €389,841 | €314,812 | -€75,029 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €11,315 | €0 | -€11,315 | -100.0% |
| Trade debts | 44 | €87,847 | €125,182 | +€37,336 | +42.5% |
| Suppliers | 440/4 | €87,847 | €125,182 | +€37,336 | +42.5% |
| Advances received on contracts in progress | 46 | €270,000 | €0 | -€270,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €20,680 | €22,045 | +€1,365 | +6.6% |
| Taxes | 450/3 | €1,146 | €886 | -€261 | -22.8% |
| Remuneration and social security | 454/9 | €19,533 | €21,159 | +€1,626 | +8.3% |
| Other amounts payable | 47/48 | - | €167,585 | +€167,585 | |
| Accrued charges and deferred income | 492/3 | €487 | €0 | -€487 | -100.0% |
| Non-recurring operating income | 76A | €1,500 | €487 | -€1,013 | -67.5% |
| Remuneration, social security and pensions | 62 | €126,157 | €146,900 | +€20,742 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,160 | €35,335 | +€176 | +0.5% |
| Other operating charges | 640/8 | €140,692 | €145,896 | +€5,204 | +3.7% |
| Non-recurring operating charges | 66A | €40 | €0 | -€40 | -100.0% |
| Gross operating margin | 9900 | €429,333 | €395,972 | -€33,361 | -7.8% |
| Operating profit (loss) | 9901 | €127,284 | €67,841 | -€59,442 | -46.7% |
| Financial income | 75/76B | €2,003 | €700 | -€1,303 | -65.0% |
| Recurring financial income | 75 | €2,003 | €700 | -€1,303 | -65.0% |
| Financial charges | 65/66B | €4,347 | €4,333 | -€14 | -0.3% |
| Recurring financial charges | 65 | €4,347 | €4,333 | -€14 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | €124,939 | €64,208 | -€60,731 | -48.6% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €124,939 | €64,208 | -€60,731 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €124,939 | €64,208 | -€60,731 | -48.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.