V.E.M.P.: 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.P.
Largest movements
- Financial fixed assets +€2.4m
up €2.4m (+49.7%), from €4.8m to €7.2m
- Current investments +€1.7m
up €1.7m (+1,186%), from €140,000 to €1.8m
- Tangible fixed assets -€237,600
down €237,600 (-4.3%), from €5.5m to €5.2m
- Short-term financial debts +€3.3m
up €3.3m (+73.3%), from €4.5m to €7.8m
- Profit (loss) carried forward +€420,158
up €420,158 (+14.9%), from -€2.8m to -€2.4m
- Accrued charges and deferred income +€159,956
up €159,956 (+14.1%), from €1.1m to €1.3m
- Financial income +€306,725
up €306,725 (+59.1%), from €518,670 to €825,395
- Financial charges +€61,424
up €61,424 (+21.5%), from €285,485 to €346,909
- Gross operating margin +€53,537
up €53,537 (+20.7%), from €258,555 to €312,092
- Other operating charges +€4,178
up €4,178 (+3.2%), from €128,642 to €132,820
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 | €10,664,108 | €14,547,350 | +€3.9m | +36.4% |
| Fixed assets | 21/28 | €10,255,109 | €12,396,705 | +€2.1m | +20.9% |
| Tangible fixed assets | 22/27 | €5,464,800 | €5,227,200 | -€237,600 | -4.3% |
| Land and buildings | 22 | €5,464,800 | €5,227,200 | -€237,600 | -4.3% |
| Financial fixed assets | 28 | €4,790,309 | €7,169,505 | +€2.4m | +49.7% |
| Current assets | 29/58 | €408,999 | €2,150,645 | +€1.7m | +426% |
| Amounts receivable within one year | 40/41 | €226,952 | €195,599 | -€31,353 | -13.8% |
| Trade receivables | 40 | €223,693 | €193,578 | -€30,115 | -13.5% |
| Other amounts receivable | 41 | €3,259 | €2,021 | -€1,238 | -38.0% |
| Current investments | 50/53 | €140,000 | €1,800,000 | +€1.7m | +1,186% |
| Cash at bank and in hand | 54/58 | €30,226 | €155,046 | +€124,820 | +413% |
| Deferred charges and accrued income | 490/1 | €11,821 | - | -€11,821 | |
| Total equity and liabilities | 10/49 | €10,664,108 | €14,547,350 | +€3.9m | +36.4% |
| Equity | 10/15 | €1,187,360 | €1,607,518 | +€420,158 | +35.4% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Reserves | 13 | €1,000,000 | €1,000,000 | = | 0.0% |
| Distributable reserves | 133 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,812,640 | -€2,392,482 | +€420,158 | +14.9% |
| Amounts payable | 17/49 | €9,476,748 | €12,939,832 | +€3.5m | +36.5% |
| Amounts payable after more than one year | 17 | €3,000,000 | €3,000,000 | = | 0.0% |
| Financial debts | 170/4 | €3,000,000 | €3,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,342,650 | €8,645,778 | +€3.3m | +61.8% |
| Financial debts | 43 | €4,500,000 | €7,800,000 | +€3.3m | +73.3% |
| Credit institutions | 430/8 | €4,500,000 | €7,800,000 | +€3.3m | +73.3% |
| Trade debts | 44 | €726 | €3,807 | +€3,081 | +424% |
| Suppliers | 440/4 | €726 | €3,807 | +€3,081 | +424% |
| Other amounts payable | 47/48 | €841,924 | €841,971 | +€47 | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,134,098 | €1,294,054 | +€159,956 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,600 | €237,600 | = | 0.0% |
| Other operating charges | 640/8 | €128,642 | €132,820 | +€4,178 | +3.2% |
| Gross operating margin | 9900 | €258,555 | €312,092 | +€53,537 | +20.7% |
| Operating profit (loss) | 9901 | -€107,687 | -€58,328 | +€49,359 | +45.8% |
| Financial income | 75/76B | €518,670 | €825,395 | +€306,725 | +59.1% |
| Recurring financial income | 75 | €518,670 | €825,395 | +€306,725 | +59.1% |
| Financial charges | 65/66B | €285,485 | €346,909 | +€61,424 | +21.5% |
| Recurring financial charges | 65 | €285,485 | €346,909 | +€61,424 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €125,498 | €420,158 | +€294,660 | +235% |
| Profit (loss) for the period | 9904 | €125,498 | €420,158 | +€294,660 | +235% |
| Profit (loss) for the period to be appropriated | 9905 | €125,498 | €420,158 | +€294,660 | +235% |
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 15 October 2026 via checked.be.