V.E.M. INVEST: 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.E.M. INVEST
Largest movements
- Stocks and contracts -€734,919
down €734,919 (-43.1%), from €1.7m to €970,285
- Tangible fixed assets +€118,619
up €118,619 (+20.2%), from €585,982 to €704,601
- Short-term financial debts -€859,275
down €859,275 (-90.7%), from €947,500 to €88,225
- Debts after one year +€226,387
new in 2025: €226,387
- Other debts -€53,129
down €53,129 (-4.7%), from €1.1m to €1.1m
- Profit (loss) carried forward +€49,113
up €49,113 (+174%), from €28,168 to €77,280
- Current portion of long-term debt +€29,189
new in 2025: €29,189
- Gross operating margin -€95,064
down €95,064 (-33.7%), from €282,034 to €186,970
- Financial charges -€68,221
down €68,221 (-39.6%), from €172,404 to €104,182
- Taxes -€10,531
down €10,531 (-41.4%), from €25,423 to €14,892
- Depreciation +€5,136
up €5,136 (+49.4%), from €10,404 to €15,540
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 | €2,303,703 | €1,701,387 | -€602,315 | -26.1% |
| Fixed assets | 21/28 | €585,982 | €704,601 | +€118,619 | +20.2% |
| Tangible fixed assets | 22/27 | €585,982 | €704,601 | +€118,619 | +20.2% |
| Land and buildings | 22 | €585,982 | €704,601 | +€118,619 | +20.2% |
| Current assets | 29/58 | €1,717,721 | €996,786 | -€720,935 | -42.0% |
| Stocks and contracts in progress | 3 | €1,705,203 | €970,285 | -€734,919 | -43.1% |
| Stocks | 30/36 | €1,705,203 | €970,285 | -€734,919 | -43.1% |
| Amounts receivable within one year | 40/41 | €3,000 | - | -€3,000 | |
| Other amounts receivable | 41 | €3,000 | - | -€3,000 | |
| Cash at bank and in hand | 54/58 | €9,517 | €25,731 | +€16,214 | +170% |
| Deferred charges and accrued income | 490/1 | - | €770 | +€770 | |
| Total equity and liabilities | 10/49 | €2,303,703 | €1,701,387 | -€602,315 | -26.1% |
| Equity | 10/15 | €198,168 | €247,280 | +€49,113 | +24.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €70,000 | €70,000 | = | 0.0% |
| Distributable reserves | 133 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,168 | €77,280 | +€49,113 | +174% |
| Amounts payable | 17/49 | €2,105,535 | €1,454,107 | -€651,428 | -30.9% |
| Amounts payable after more than one year | 17 | - | €226,387 | +€226,387 | |
| Financial debts | 170/4 | - | €226,387 | +€226,387 | |
| Amounts payable within one year | 42/48 | €2,103,934 | €1,227,720 | -€876,214 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | - | €29,189 | +€29,189 | |
| Financial debts | 43 | €947,500 | €88,225 | -€859,275 | -90.7% |
| Credit institutions | 430/8 | €947,500 | €88,225 | -€859,275 | -90.7% |
| Trade debts | 44 | €1,404 | €8,512 | +€7,108 | +506% |
| Suppliers | 440/4 | €1,404 | €8,512 | +€7,108 | +506% |
| Taxes, remuneration and social security | 45 | €19,417 | €19,309 | -€108 | -0.6% |
| Taxes | 450/3 | €19,417 | €19,309 | -€108 | -0.6% |
| Other amounts payable | 47/48 | €1,135,614 | €1,082,485 | -€53,129 | -4.7% |
| Accrued charges and deferred income | 492/3 | €1,601 | - | -€1,601 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,404 | €15,540 | +€5,136 | +49.4% |
| Other operating charges | 640/8 | €1,990 | €3,242 | +€1,252 | +62.9% |
| Gross operating margin | 9900 | €282,034 | €186,970 | -€95,064 | -33.7% |
| Operating profit (loss) | 9901 | €269,640 | €168,187 | -€101,452 | -37.6% |
| Financial charges | 65/66B | €172,404 | €104,182 | -€68,221 | -39.6% |
| Recurring financial charges | 65 | €172,404 | €104,182 | -€68,221 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | €97,236 | €64,005 | -€33,231 | -34.2% |
| Income taxes | 67/77 | €25,423 | €14,892 | -€10,531 | -41.4% |
| Profit (loss) for the period | 9904 | €71,813 | €49,113 | -€22,701 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,813 | €49,113 | -€22,701 | -31.6% |
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 26 October 2026 via checked.be.