VACAM: what changed
Two fiscal 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.
VACAM
Largest movements
- Tangible fixed assets +€74,092
up €74,092 (+2.8%), from €2.7m to €2.7m
- Cash -€57,626
down €57,626 (-96.1%), from €59,944 to €2,319
mainly Investment in fixed assets (net) (-€95,103) and Net result for the year (-€6,504)
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€2,685
down €2,685 (-2.9%), from €93,253 to €90,568
- Financial charges +€1,419
up €1,419 (+2.4%), from €59,781 to €61,200
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 | €2,718,518 | €2,734,984 | +€16,466 | +0.6% |
| Fixed assets | 21/28 | €2,658,574 | €2,732,666 | +€74,092 | +2.8% |
| Tangible fixed assets | 22/27 | €2,658,574 | €2,732,666 | +€74,092 | +2.8% |
| Land and buildings | 22 | €2,658,574 | €2,732,666 | +€74,092 | +2.8% |
| Current assets | 29/58 | €59,944 | €2,319 | -€57,626 | -96.1% |
| Cash at bank and in hand | 54/58 | €59,944 | €2,319 | -€57,626 | -96.1% |
| Total equity and liabilities | 10/49 | €2,718,518 | €2,734,984 | +€16,466 | +0.6% |
| Equity | 10/15 | €1,170,074 | €1,163,570 | -€6,504 | -0.6% |
| Contributions | 10/11 | €839,157 | €839,157 | = | 0.0% |
| Capital | 10 | €839,157 | €839,157 | = | 0.0% |
| Issued capital | 100 | €839,157 | €839,157 | = | 0.0% |
| Reserves | 13 | €331,382 | €327,849 | -€3,533 | -1.1% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €321,466 | €317,933 | -€3,533 | -1.1% |
| Profit (loss) carried forward | 14 | -€465 | -€3,437 | -€2,971 | -638.5% |
| Provisions and deferred taxes | 16 | €107,155 | €105,978 | -€1,178 | -1.1% |
| Deferred taxes | 168 | €107,155 | €105,978 | -€1,178 | -1.1% |
| Amounts payable | 17/49 | €1,441,289 | €1,465,437 | +€24,148 | +1.7% |
| Amounts payable after more than one year | 17 | €1,395,512 | €1,414,009 | +€18,497 | +1.3% |
| Financial debts | 170/4 | €145,228 | €98,889 | -€46,339 | -31.9% |
| Other amounts payable | 178/9 | €1,250,284 | €1,315,120 | +€64,836 | +5.2% |
| Amounts payable within one year | 42/48 | €45,777 | €51,428 | +€5,650 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €5,772 | €5,772 | = | 0.0% |
| Financial debts | 43 | €40,005 | €40,570 | +€565 | +1.4% |
| Credit institutions | 430/8 | €40,005 | €40,570 | +€565 | +1.4% |
| Other amounts payable | 47/48 | - | €5,086 | +€5,086 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,011 | €21,011 | = | 0.0% |
| Other operating charges | 640/8 | €15,114 | €16,038 | +€924 | +6.1% |
| Gross operating margin | 9900 | €93,253 | €90,568 | -€2,685 | -2.9% |
| Operating profit (loss) | 9901 | €57,128 | €53,519 | -€3,609 | -6.3% |
| Financial charges | 65/66B | €59,781 | €61,200 | +€1,419 | +2.4% |
| Recurring financial charges | 65 | €59,781 | €61,200 | +€1,419 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,653 | -€7,681 | -€5,029 | -189.6% |
| Transfer from deferred taxes | 780 | €1,178 | €1,178 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€1,475 | -€6,504 | -€5,029 | -340.9% |
| Transfer from tax-exempt reserves | 789 | €3,533 | €3,533 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,057 | -€2,971 | -€5,029 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.