Vaeremans: 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.
Vaeremans
Largest movements
- Receivables within one year -€160,748
down €160,748 (-83.0%), from €193,705 to €32,957
- Cash +€25,332
up €25,332 (+88.7%), from €28,544 to €53,876
mainly Receivables within one year (+€160,748) and Depreciation (+€54,446)
- Stocks and contracts +€17,943
up €17,943 (+9.1%), from €197,222 to €215,165
- Trade debts -€174,135
down €174,135 (-80.6%), from €216,027 to €41,892
- Profit (loss) carried forward +€27,194
up €27,194 (+32.2%), from €84,345 to €111,539
- Reserves +€25,000
up €25,000 (+1,345%), from €1,859 to €26,859
- Current portion of long-term debt +€9,918
up €9,918 (+31.4%), from €31,614 to €41,532
- Gross operating margin +€35,938
up €35,938 (+23.5%), from €153,062 to €189,000
- Staff costs +€16,926
up €16,926 (+82.2%), from €20,584 to €37,509
- Depreciation +€9,424
up €9,424 (+20.9%), from €45,022 to €54,446
- Taxes +€4,297
up €4,297 (+24.5%), from €17,503 to €21,800
- Other operating charges +€3,041
up €3,041 (+88.9%), from €3,421 to €6,462
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 | €867,248 | €754,862 | -€112,386 | -13.0% |
| Fixed assets | 21/28 | €442,328 | €448,864 | +€6,536 | +1.5% |
| Tangible fixed assets | 22/27 | €442,328 | €448,864 | +€6,536 | +1.5% |
| Land and buildings | 22 | €294,207 | €280,872 | -€13,335 | -4.5% |
| Plant, machinery and equipment | 23 | €99,224 | €89,754 | -€9,470 | -9.5% |
| Furniture and vehicles | 24 | €683 | €420 | -€263 | -38.5% |
| Leasing and similar rights | 25 | €48,215 | €77,818 | +€29,604 | +61.4% |
| Current assets | 29/58 | €424,920 | €305,998 | -€118,923 | -28.0% |
| Stocks and contracts in progress | 3 | €197,222 | €215,165 | +€17,943 | +9.1% |
| Stocks | 30/36 | €197,222 | €215,165 | +€17,943 | +9.1% |
| Amounts receivable within one year | 40/41 | €193,705 | €32,957 | -€160,748 | -83.0% |
| Trade receivables | 40 | €193,705 | €32,957 | -€160,748 | -83.0% |
| Cash at bank and in hand | 54/58 | €28,544 | €53,876 | +€25,332 | +88.7% |
| Deferred charges and accrued income | 490/1 | €5,449 | €3,999 | -€1,449 | -26.6% |
| Total equity and liabilities | 10/49 | €867,248 | €754,862 | -€112,386 | -13.0% |
| Equity | 10/15 | €104,796 | €156,990 | +€52,194 | +49.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €26,859 | +€25,000 | +1,345% |
| Distributable reserves | 133 | €1,859 | €26,859 | +€25,000 | +1,345% |
| Profit (loss) carried forward | 14 | €84,345 | €111,539 | +€27,194 | +32.2% |
| Amounts payable | 17/49 | €762,452 | €597,871 | -€164,580 | -21.6% |
| Amounts payable after more than one year | 17 | €330,377 | €332,226 | +€1,849 | +0.6% |
| Financial debts | 170/4 | €330,377 | €332,226 | +€1,849 | +0.6% |
| Amounts payable within one year | 42/48 | €432,075 | €265,645 | -€166,430 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €31,614 | €41,532 | +€9,918 | +31.4% |
| Financial debts | 43 | €117,000 | €117,000 | = | 0.0% |
| Credit institutions | 430/8 | €117,000 | €117,000 | = | 0.0% |
| Trade debts | 44 | €216,027 | €41,892 | -€174,135 | -80.6% |
| Suppliers | 440/4 | €216,027 | €41,892 | -€174,135 | -80.6% |
| Taxes, remuneration and social security | 45 | €24,818 | €30,664 | +€5,846 | +23.6% |
| Taxes | 450/3 | €22,337 | €25,199 | +€2,862 | +12.8% |
| Remuneration and social security | 454/9 | €2,481 | €5,465 | +€2,984 | +120% |
| Other amounts payable | 47/48 | €42,616 | €34,557 | -€8,059 | -18.9% |
| Non-recurring operating income | 76A | €165 | - | -€165 | |
| Remuneration, social security and pensions | 62 | €20,584 | €37,509 | +€16,926 | +82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,022 | €54,446 | +€9,424 | +20.9% |
| Other operating charges | 640/8 | €3,421 | €6,462 | +€3,041 | +88.9% |
| Non-recurring operating charges | 66A | €630 | - | -€630 | |
| Gross operating margin | 9900 | €153,062 | €189,000 | +€35,938 | +23.5% |
| Operating profit (loss) | 9901 | €83,405 | €90,582 | +€7,177 | +8.6% |
| Financial income | 75/76B | €209 | €375 | +€166 | +79.3% |
| Recurring financial income | 75 | €209 | €375 | +€166 | +79.3% |
| Financial charges | 65/66B | €15,946 | €16,963 | +€1,018 | +6.4% |
| Recurring financial charges | 65 | €15,946 | €16,963 | +€1,018 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €67,669 | €73,994 | +€6,326 | +9.3% |
| Income taxes | 67/77 | €17,503 | €21,800 | +€4,297 | +24.5% |
| Profit (loss) for the period | 9904 | €50,165 | €52,194 | +€2,029 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,165 | €52,194 | +€2,029 | +4.0% |
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.