V.A.M.O.: 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.
V.A.M.O.
Largest movements
- Receivables within one year -€73,534
down €73,534 (-59.9%), from €122,815 to €49,280
of which Other amounts receivable: -€69,236
- Tangible fixed assets -€60,843
down €60,843 (-31.3%), from €194,126 to €133,283
of which Furniture and vehicles: -€59,144
- Cash +€35,133
up €35,133 (+437%), from €8,042 to €43,175
mainly Receivables within one year (+€73,534) and Depreciation (+€60,843)
- Other debts -€56,735
down €56,735 (-43.7%), from €129,961 to €73,227
- Reserves -€52,382
down €52,382 (-29.5%), from €177,725 to €125,343
of which Distributable reserves: -€52,382
- Tax, wage and social debts +€15,349
up €15,349 (+2,042%), from €752 to €16,101
- Current portion of long-term debt -€5,897
down €5,897 (-100%), from €5,897 to €0
- Gross operating margin +€28,368
up €28,368 (+39.9%), from €71,093 to €99,461
- Taxes +€6,925
up €6,925 (+52.7%), from €13,140 to €20,065
- Depreciation +€1,598
up €1,598 (+2.7%), from €59,245 to €60,843
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.
Derived cash bridge
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 | €325,000 | €225,738 | -€99,262 | -30.5% |
| Fixed assets | 21/28 | €194,126 | €133,283 | -€60,843 | -31.3% |
| Tangible fixed assets | 22/27 | €194,126 | €133,283 | -€60,843 | -31.3% |
| Plant, machinery and equipment | 23 | €5,477 | €4,765 | -€712 | -13.0% |
| Furniture and vehicles | 24 | €146,261 | €87,117 | -€59,144 | -40.4% |
| Other tangible fixed assets | 26 | €42,387 | €41,401 | -€987 | -2.3% |
| Current assets | 29/58 | €130,874 | €92,455 | -€38,419 | -29.4% |
| Amounts receivable within one year | 40/41 | €122,815 | €49,280 | -€73,534 | -59.9% |
| Trade receivables | 40 | €7,512 | €3,214 | -€4,298 | -57.2% |
| Other amounts receivable | 41 | €115,303 | €46,067 | -€69,236 | -60.0% |
| Cash at bank and in hand | 54/58 | €8,042 | €43,175 | +€35,133 | +437% |
| Deferred charges and accrued income | 490/1 | €17 | €0 | -€17 | -100% |
| Total equity and liabilities | 10/49 | €325,000 | €225,738 | -€99,262 | -30.5% |
| Equity | 10/15 | €177,435 | €125,053 | -€52,382 | -29.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €177,725 | €125,343 | -€52,382 | -29.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €177,725 | €125,343 | -€52,382 | -29.5% |
| Profit (loss) carried forward | 14 | -€18,839 | -€18,839 | = | 0.0% |
| Amounts payable | 17/49 | €147,565 | €100,685 | -€46,880 | -31.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €145,815 | €98,935 | -€46,880 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €5,897 | €0 | -€5,897 | -100% |
| Trade debts | 44 | €9,205 | €9,607 | +€402 | +4.4% |
| Suppliers | 440/4 | €9,205 | €9,607 | +€402 | +4.4% |
| Taxes, remuneration and social security | 45 | €752 | €16,101 | +€15,349 | +2,042% |
| Taxes | 450/3 | €752 | €16,101 | +€15,349 | +2,042% |
| Other amounts payable | 47/48 | €129,961 | €73,227 | -€56,735 | -43.7% |
| Accrued charges and deferred income | 492/3 | €1,750 | €1,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,245 | €60,843 | +€1,598 | +2.7% |
| Other operating charges | 640/8 | €447 | €735 | +€289 | +64.6% |
| Gross operating margin | 9900 | €71,093 | €99,461 | +€28,368 | +39.9% |
| Operating profit (loss) | 9901 | €11,401 | €37,882 | +€26,481 | +232% |
| Financial income | 75/76B | €4,134 | €3,311 | -€823 | -19.9% |
| Recurring financial income | 75 | €4,134 | €3,311 | -€823 | -19.9% |
| Financial charges | 65/66B | €1,540 | €972 | -€568 | -36.9% |
| Recurring financial charges | 65 | €1,540 | €972 | -€568 | -36.9% |
| Profit (loss) for the period before taxes | 9903 | €13,995 | €40,221 | +€26,226 | +187% |
| Income taxes | 67/77 | €13,140 | €20,065 | +€6,925 | +52.7% |
| Profit (loss) for the period | 9904 | €855 | €20,156 | +€19,301 | +2,257% |
| Profit (loss) for the period to be appropriated | 9905 | €855 | €20,156 | +€19,301 | +2,257% |
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 25 October 2026 via checked.be.