VAGMAR: 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.
VAGMAR
Largest movements
- Current investments -€55,000
down €55,000 (-34.0%), from €162,000 to €107,000
- Tangible fixed assets -€35,711
down €35,711 (-14.0%), from €255,668 to €219,957
of which Plant, machinery and equipment: -€40,765
- Cash +€26,505
up €26,505 (+23.2%), from €114,309 to €140,814
mainly Current investments (+€55,000) and Depreciation (+€54,099)
- Receivables within one year -€23,170
down €23,170 (-56.1%), from €41,276 to €18,105
of which Other amounts receivable: -€22,900
- Deferred charges and accrued income -€15,067
down €15,067 (-68.7%), from €21,936 to €6,868
- Reserves -€62,889
down €62,889 (-7.9%), from €795,863 to €732,974
of which Distributable reserves: -€62,889
- Debts after one year -€49,103
down €49,103 (-34.2%), from €143,629 to €94,526
- Gross operating margin -€12,966
down €12,966 (-13.7%), from €94,847 to €81,881
- Financial income +€6,407
up €6,407 (+31.3%), from €20,461 to €26,868
- Depreciation +€5,501
up €5,501 (+11.3%), from €48,598 to €54,099
- Taxes -€3,754
down €3,754 (-21.5%), from €17,437 to €13,683
- Financial charges -€1,794
down €1,794 (-33.2%), from €5,410 to €3,616
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 | €1,013,939 | €911,496 | -€102,444 | -10.1% |
| Fixed assets | 21/28 | €255,668 | €219,957 | -€35,711 | -14.0% |
| Tangible fixed assets | 22/27 | €255,668 | €219,957 | -€35,711 | -14.0% |
| Plant, machinery and equipment | 23 | €210,130 | €169,366 | -€40,765 | -19.4% |
| Furniture and vehicles | 24 | €45,538 | €50,592 | +€5,054 | +11.1% |
| Current assets | 29/58 | €758,271 | €691,538 | -€66,733 | -8.8% |
| Amounts receivable after more than one year | 29 | €418,750 | €418,750 | = | 0.0% |
| Other amounts receivable | 291 | €418,750 | €418,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,276 | €18,105 | -€23,170 | -56.1% |
| Trade receivables | 40 | €16,276 | €16,005 | -€271 | -1.7% |
| Other amounts receivable | 41 | €25,000 | €2,100 | -€22,900 | -91.6% |
| Current investments | 50/53 | €162,000 | €107,000 | -€55,000 | -34.0% |
| Cash at bank and in hand | 54/58 | €114,309 | €140,814 | +€26,505 | +23.2% |
| Deferred charges and accrued income | 490/1 | €21,936 | €6,868 | -€15,067 | -68.7% |
| Total equity and liabilities | 10/49 | €1,013,939 | €911,496 | -€102,444 | -10.1% |
| Equity | 10/15 | €815,863 | €752,974 | -€62,889 | -7.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €795,863 | €732,974 | -€62,889 | -7.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €795,863 | €732,974 | -€62,889 | -7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €198,077 | €158,522 | -€39,555 | -20.0% |
| Amounts payable after more than one year | 17 | €143,629 | €94,526 | -€49,103 | -34.2% |
| Financial debts | 170/4 | €143,629 | €94,526 | -€49,103 | -34.2% |
| Amounts payable within one year | 42/48 | €54,447 | €63,996 | +€9,549 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €37,525 | €38,103 | +€579 | +1.5% |
| Trade debts | 44 | €719 | €5,850 | +€5,131 | +714% |
| Suppliers | 440/4 | €719 | €5,850 | +€5,131 | +714% |
| Taxes, remuneration and social security | 45 | €7,801 | €14,390 | +€6,590 | +84.5% |
| Taxes | 450/3 | €4,260 | €9,940 | +€5,681 | +133% |
| Remuneration and social security | 454/9 | €3,541 | €4,450 | +€909 | +25.7% |
| Other amounts payable | 47/48 | €8,403 | €5,653 | -€2,750 | -32.7% |
| Non-recurring operating income | 76A | €3,787 | €2,427 | -€1,360 | -35.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,598 | €54,099 | +€5,501 | +11.3% |
| Other operating charges | 640/8 | €3,336 | €2,070 | -€1,266 | -38.0% |
| Gross operating margin | 9900 | €94,847 | €81,881 | -€12,966 | -13.7% |
| Operating profit (loss) | 9901 | €42,913 | €25,712 | -€17,201 | -40.1% |
| Financial income | 75/76B | €20,461 | €26,868 | +€6,407 | +31.3% |
| Recurring financial income | 75 | €20,461 | €26,868 | +€6,407 | +31.3% |
| Financial charges | 65/66B | €5,410 | €3,616 | -€1,794 | -33.2% |
| Recurring financial charges | 65 | €5,410 | €3,616 | -€1,794 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €57,964 | €48,964 | -€9,000 | -15.5% |
| Income taxes | 67/77 | €17,437 | €13,683 | -€3,754 | -21.5% |
| Profit (loss) for the period | 9904 | €40,527 | €35,281 | -€5,246 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €40,527 | €35,281 | -€5,246 | -12.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.