VACOMA: 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.
VACOMA
Largest movements
- Receivables within one year -€73,435
down €73,435 (-30.3%), from €242,130 to €168,695
of which Trade receivables: -€86,758
- Cash +€72,955
up €72,955 (+26.3%), from €277,454 to €350,410
mainly Net result for the year (+€135,669) and Depreciation (+€126,273)
- Tangible fixed assets -€62,291
down €62,291 (-5.1%), from €1.2m to €1.2m
of which Plant, machinery and equipment: -€49,127
- Other debts +€68,000
up €68,000 (+66.7%), from €102,000 to €170,000
- Debts after one year -€66,167
down €66,167 (-19.4%), from €340,989 to €274,823
- Reserves -€64,331
down €64,331 (-7.1%), from €904,634 to €840,303
of which Distributable reserves: -€64,331
- Turnover +€962,980
new in 2025: €962,980
- Purchases and services +€402,733
new in 2025: €402,733
- Gross operating margin -€141,110
down €141,110 (-19.9%), from €710,774 to €569,664
- Staff costs -€28,899
down €28,899 (-10.8%), from €266,966 to €238,066
- Taxes -€28,645
down €28,645 (-39.5%), from €72,531 to €43,886
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 | €1,812,601 | €1,738,102 | -€74,499 | -4.1% |
| Fixed assets | 21/28 | €1,212,369 | €1,150,077 | -€62,291 | -5.1% |
| Tangible fixed assets | 22/27 | €1,212,369 | €1,150,077 | -€62,291 | -5.1% |
| Land and buildings | 22 | €791,635 | €782,147 | -€9,488 | -1.2% |
| Plant, machinery and equipment | 23 | €410,109 | €360,982 | -€49,127 | -12.0% |
| Furniture and vehicles | 24 | €10,624 | €6,947 | -€3,677 | -34.6% |
| Current assets | 29/58 | €600,233 | €588,025 | -€12,208 | -2.0% |
| Stocks and contracts in progress | 3 | €70,853 | €63,380 | -€7,473 | -10.5% |
| Stocks | 30/36 | €64,881 | €58,387 | -€6,494 | -10.0% |
| Contracts in progress | 37 | €5,972 | €4,993 | -€979 | -16.4% |
| Amounts receivable within one year | 40/41 | €242,130 | €168,695 | -€73,435 | -30.3% |
| Trade receivables | 40 | €233,910 | €147,152 | -€86,758 | -37.1% |
| Other amounts receivable | 41 | €8,220 | €21,543 | +€13,323 | +162% |
| Cash at bank and in hand | 54/58 | €277,454 | €350,410 | +€72,955 | +26.3% |
| Deferred charges and accrued income | 490/1 | €9,795 | €5,540 | -€4,254 | -43.4% |
| Total equity and liabilities | 10/49 | €1,812,601 | €1,738,102 | -€74,499 | -4.1% |
| Equity | 10/15 | €1,194,634 | €1,130,303 | -€64,331 | -5.4% |
| Contributions | 10/11 | €290,000 | €290,000 | = | 0.0% |
| Capital | 10 | €290,000 | €290,000 | = | 0.0% |
| Issued capital | 100 | €290,000 | €290,000 | = | 0.0% |
| Reserves | 13 | €904,634 | €840,303 | -€64,331 | -7.1% |
| Non-distributable reserves | 130/1 | €29,000 | €29,000 | = | 0.0% |
| Legal reserve | 130 | €29,000 | €29,000 | = | 0.0% |
| Distributable reserves | 133 | €875,634 | €811,303 | -€64,331 | -7.3% |
| Amounts payable | 17/49 | €617,967 | €607,799 | -€10,168 | -1.6% |
| Amounts payable after more than one year | 17 | €340,989 | €274,823 | -€66,167 | -19.4% |
| Financial debts | 170/4 | €340,989 | €274,823 | -€66,167 | -19.4% |
| Amounts payable within one year | 42/48 | €275,863 | €332,828 | +€56,965 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €63,513 | €66,167 | +€2,654 | +4.2% |
| Trade debts | 44 | €16,021 | €10,665 | -€5,356 | -33.4% |
| Suppliers | 440/4 | €16,021 | €10,665 | -€5,356 | -33.4% |
| Taxes, remuneration and social security | 45 | €94,329 | €85,996 | -€8,333 | -8.8% |
| Taxes | 450/3 | €66,904 | €65,315 | -€1,589 | -2.4% |
| Remuneration and social security | 454/9 | €27,425 | €20,681 | -€6,744 | -24.6% |
| Other amounts payable | 47/48 | €102,000 | €170,000 | +€68,000 | +66.7% |
| Accrued charges and deferred income | 492/3 | €1,114 | €149 | -€966 | -86.7% |
| Turnover | 70 | - | €962,980 | +€962,980 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €402,733 | +€402,733 | |
| Remuneration, social security and pensions | 62 | €266,966 | €238,066 | -€28,899 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,874 | €126,273 | +€16,399 | +14.9% |
| Other operating charges | 640/8 | €11,188 | €8,603 | -€2,585 | -23.1% |
| Gross operating margin | 9900 | €710,774 | €569,664 | -€141,110 | -19.9% |
| Operating profit (loss) | 9901 | €322,747 | €196,722 | -€126,025 | -39.0% |
| Financial income | 75/76B | €1,202 | €937 | -€265 | -22.1% |
| Recurring financial income | 75 | €1,202 | €937 | -€265 | -22.1% |
| Financial charges | 65/66B | €21,826 | €18,104 | -€3,722 | -17.1% |
| Recurring financial charges | 65 | €21,826 | €18,104 | -€3,722 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €302,123 | €179,555 | -€122,568 | -40.6% |
| Income taxes | 67/77 | €72,531 | €43,886 | -€28,645 | -39.5% |
| Profit (loss) for the period | 9904 | €229,592 | €135,669 | -€93,923 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €229,592 | €135,669 | -€93,923 | -40.9% |
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 17 October 2026 via checked.be.