VAMA: 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.
What changed
VAMA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€966,717
2024 · €811,400+€155,317
Equity
€10.7m
2024 · €9.7m+€966,717
Cash
€512,826
2024 · €725,735-€212,910
Balance sheet total
€22.7m
2024 · €22.2m+€442,607
Largest movements
Assets
- Current investments +€955,000
up €955,000 (+24.8%), from €3.8m to €4.8m
- Tangible fixed assets -€599,100
down €599,100 (-3.5%), from €17.3m to €16.7m
of which Land and buildings: -€638,040
- Receivables within one year +€291,384
up €291,384 (+93.5%), from €311,788 to €603,172
of which Other amounts receivable: +€260,585
Equity and liabilities
- Reserves +€966,717
up €966,717 (+14.3%), from €6.8m to €7.7m
of which Distributable reserves: +€1.1m
- Debts after one year -€872,420
down €872,420 (-15.0%), from €5.8m to €4.9m
Income statement
- Gross operating margin +€278,283
up €278,283 (+11.9%), from €2.3m to €2.6m
- Taxes +€199,887
up €199,887 (+61.9%), from €322,915 to €522,802
- Write-downs -€69,152
new in 2025: -€69,152
- Staff costs +€62,261
up €62,261 (+199%), from €31,353 to €93,615
- Financial charges -€46,933
down €46,933 (-10.0%), from €470,613 to €423,680
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.
Result 2024
€811,400
Gross operating margin
+€278,283
Staff costs
-€62,261
Depreciation
-€6,379
Write-downs
+€69,152
Other operating charges
-€12,678
Financial income
+€42,153
Financial charges
+€46,933
Taxes
-€199,887
Result 2025
€966,717
raises the resultlowers the result
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.
From operations
+€1.7m
Investment
-€1.1m
Financing
-€871,277
Cash 2024
€725,735
From operations (derived)
+€1.7m
Net result for the year
+€966,717
Depreciation
+€700,683
Receivables within one year
-€291,384
Deferred charges and accrued income
-€8,233
Provisions
-€51,597
Trade debts
+€67,932
Tax, wage and social debts
+€120,738
Other debts
+€209,118
Accrued charges and deferred income
+€976
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€101,583
Current investments
-€955,000
Financing
-€871,277
Debts after one year
-€872,420
Current portion of long-term debt
+€1,144
Cash 2025
€512,826
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €22,228,102 | €22,670,709 | +€442,607 | +2.0% |
| Fixed assets | 21/28 | €17,328,035 | €16,728,935 | -€599,100 | -3.5% |
| Tangible fixed assets | 22/27 | €17,328,035 | €16,728,935 | -€599,100 | -3.5% |
| Land and buildings | 22 | €17,328,035 | €16,689,995 | -€638,040 | -3.7% |
| Furniture and vehicles | 24 | - | €38,940 | +€38,940 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,900,067 | €5,941,774 | +€1.0m | +21.3% |
| Amounts receivable within one year | 40/41 | €311,788 | €603,172 | +€291,384 | +93.5% |
| Trade receivables | 40 | €136,023 | €166,822 | +€30,798 | +22.6% |
| Other amounts receivable | 41 | €175,765 | €436,350 | +€260,585 | +148% |
| Current investments | 50/53 | €3,845,000 | €4,800,000 | +€955,000 | +24.8% |
| Cash at bank and in hand | 54/58 | €725,735 | €512,826 | -€212,910 | -29.3% |
| Deferred charges and accrued income | 490/1 | €17,543 | €25,776 | +€8,233 | +46.9% |
| Total equity and liabilities | 10/49 | €22,228,102 | €22,670,709 | +€442,607 | +2.0% |
| Equity | 10/15 | €9,738,910 | €10,705,627 | +€966,717 | +9.9% |
| Contributions | 10/11 | €2,020,725 | €2,020,725 | = | 0.0% |
| Reserves | 13 | €6,751,994 | €7,718,711 | +€966,717 | +14.3% |
| Tax-exempt reserves | 132 | €3,453,082 | €3,298,291 | -€154,791 | -4.5% |
| Distributable reserves | 133 | €3,298,912 | €4,420,420 | +€1.1m | +34.0% |
| Profit (loss) carried forward | 14 | €966,191 | €966,191 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,147,622 | €1,096,025 | -€51,597 | -4.5% |
| Deferred taxes | 168 | €1,147,622 | €1,096,025 | -€51,597 | -4.5% |
| Amounts payable | 17/49 | €11,341,570 | €10,869,058 | -€472,513 | -4.2% |
| Amounts payable after more than one year | 17 | €5,809,818 | €4,937,398 | -€872,420 | -15.0% |
| Financial debts | 170/4 | €5,809,818 | €4,937,398 | -€872,420 | -15.0% |
| Amounts payable within one year | 42/48 | €5,499,116 | €5,898,048 | +€398,932 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €871,277 | €872,420 | +€1,144 | +0.1% |
| Trade debts | 44 | €244,619 | €312,551 | +€67,932 | +27.8% |
| Suppliers | 440/4 | €244,619 | €312,551 | +€67,932 | +27.8% |
| Taxes, remuneration and social security | 45 | €163,727 | €284,465 | +€120,738 | +73.7% |
| Taxes | 450/3 | €156,038 | €272,932 | +€116,894 | +74.9% |
| Remuneration and social security | 454/9 | €7,689 | €11,533 | +€3,844 | +50.0% |
| Other amounts payable | 47/48 | €4,219,494 | €4,428,612 | +€209,118 | +5.0% |
| Accrued charges and deferred income | 492/3 | €32,636 | €33,612 | +€976 | +3.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €31,353 | €93,615 | +€62,261 | +199% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €694,305 | €700,683 | +€6,379 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€69,152 | -€69,152 | |
| Other operating charges | 640/8 | €122,977 | €135,654 | +€12,678 | +10.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,334,394 | €2,612,677 | +€278,283 | +11.9% |
| Operating profit (loss) | 9901 | €1,485,760 | €1,751,877 | +€266,117 | +17.9% |
| Financial income | 75/76B | €67,571 | €109,724 | +€42,153 | +62.4% |
| Recurring financial income | 75 | €67,571 | €109,724 | +€42,153 | +62.4% |
| Financial charges | 65/66B | €470,613 | €423,680 | -€46,933 | -10.0% |
| Recurring financial charges | 65 | €470,613 | €423,680 | -€46,933 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €1,082,718 | €1,437,921 | +€355,203 | +32.8% |
| Transfer from deferred taxes | 780 | €51,597 | €51,597 | -€0 | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €322,915 | €522,802 | +€199,887 | +61.9% |
| Profit (loss) for the period | 9904 | €811,400 | €966,717 | +€155,317 | +19.1% |
| Transfer from tax-exempt reserves | 789 | €154,791 | €154,791 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €966,191 | €1,121,508 | +€155,317 | +16.1% |
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 24 October 2026 via checked.be.