VAMA: 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.
VAMA
Largest movements
- Stocks and contracts +€965,920
up €965,920 (+107.9%), from €895,523 to €1.9m
- Cash -€292,173
down €292,173 (-72.9%), from €400,768 to €108,595
mainly Stocks and contracts (-€965,920) and Contributions, distributions and other (-€98,165)
- Short-term financial debts +€714,975
up €714,975 (+96.3%), from €742,540 to €1.5m
- Reserves -€96,973
down €96,973 (-20.6%), from €471,241 to €374,268
of which Distributable reserves: -€96,973
- Trade debts +€36,126
up €36,126 (+19082.9%), from €189 to €36,315
- Other debts +€24,367
up €24,367 (+9.5%), from €257,172 to €281,539
- Financial charges +€54,854
up €54,854 (+143.8%), from €38,158 to €93,012
- Taxes -€16,314
down €16,314 (-90.0%), from €18,133 to €1,819
- Gross operating margin -€5,061
down €5,061 (-4.6%), from €110,001 to €104,940
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,505,174 | €2,184,253 | +€679,079 | +45.1% |
| Fixed assets | 21/28 | €3,170 | €5,449 | +€2,278 | +71.9% |
| Tangible fixed assets | 22/27 | €3,170 | €5,449 | +€2,278 | +71.9% |
| Furniture and vehicles | 24 | €3,170 | €5,449 | +€2,278 | +71.9% |
| Current assets | 29/58 | €1,502,004 | €2,178,804 | +€676,801 | +45.1% |
| Stocks and contracts in progress | 3 | €895,523 | €1,861,443 | +€965,920 | +107.9% |
| Stocks | 30/36 | €895,523 | €1,861,443 | +€965,920 | +107.9% |
| Amounts receivable within one year | 40/41 | €199,757 | €208,766 | +€9,009 | +4.5% |
| Other amounts receivable | 41 | €199,757 | €208,766 | +€9,009 | +4.5% |
| Cash at bank and in hand | 54/58 | €400,768 | €108,595 | -€292,173 | -72.9% |
| Deferred charges and accrued income | 490/1 | €5,956 | - | -€5,956 | |
| Total equity and liabilities | 10/49 | €1,505,174 | €2,184,253 | +€679,079 | +45.1% |
| Equity | 10/15 | €489,841 | €392,868 | -€96,973 | -19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €471,241 | €374,268 | -€96,973 | -20.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €469,381 | €372,408 | -€96,973 | -20.7% |
| Amounts payable | 17/49 | €1,015,333 | €1,791,385 | +€776,052 | +76.4% |
| Amounts payable within one year | 42/48 | €1,015,333 | €1,791,385 | +€776,052 | +76.4% |
| Financial debts | 43 | €742,540 | €1,457,515 | +€714,975 | +96.3% |
| Credit institutions | 430/8 | €742,540 | €1,457,515 | +€714,975 | +96.3% |
| Trade debts | 44 | €189 | €36,315 | +€36,126 | +19082.9% |
| Suppliers | 440/4 | €189 | €36,315 | +€36,126 | +19082.9% |
| Taxes, remuneration and social security | 45 | €15,431 | €16,016 | +€585 | +3.8% |
| Taxes | 450/3 | €12,431 | €16,016 | +€3,585 | +28.8% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €257,172 | €281,539 | +€24,367 | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €654 | €1,278 | +€624 | +95.5% |
| Other operating charges | 640/8 | €8,529 | €7,639 | -€890 | -10.4% |
| Gross operating margin | 9900 | €110,001 | €104,940 | -€5,061 | -4.6% |
| Operating profit (loss) | 9901 | €100,818 | €96,023 | -€4,795 | -4.8% |
| Financial charges | 65/66B | €38,158 | €93,012 | +€54,854 | +143.8% |
| Recurring financial charges | 65 | €38,158 | €93,012 | +€54,854 | +143.8% |
| Profit (loss) for the period before taxes | 9903 | €62,660 | €3,011 | -€59,649 | -95.2% |
| Income taxes | 67/77 | €18,133 | €1,819 | -€16,314 | -90.0% |
| Profit (loss) for the period | 9904 | €44,527 | €1,191 | -€43,336 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,527 | €1,191 | -€43,336 | -97.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.