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
- Tangible fixed assets +€32,564
up €32,564 (+90.8%), from €35,864 to €68,428
of which Leasing and similar rights: +€37,074
- Cash +€10,214
up €10,214 (+97.6%), from €10,463 to €20,677
mainly Depreciation (+€15,818) and Debts after one year (+€13,802)
- Intangible fixed assets -€7,500
down €7,500 (-28.4%), from €26,425 to €18,925
- Stocks and contracts +€2,994
up €2,994 (+177.0%), from €1,691 to €4,686
- Receivables within one year +€1,388
up €1,388 (+174.6%), from €795 to €2,183
- Debts after one year +€13,802
up €13,802 (+39.3%), from €35,126 to €48,928
- Trade debts +€12,313
up €12,313 (+100.9%), from €12,203 to €24,516
- Current portion of long-term debt +€11,602
up €11,602 (+70.0%), from €16,586 to €28,188
- Tax, wage and social debts +€4,549
up €4,549 (+235.7%), from €1,930 to €6,479
of which Taxes: +€2,549
- Other debts -€3,525
down €3,525 (-85.8%), from €4,107 to €582
- Depreciation +€10,107
up €10,107 (+177.0%), from €5,711 to €15,818
- Gross operating margin +€9,874
up €9,874 (+61.0%), from €16,188 to €26,062
- Other operating charges +€2,029
up €2,029 (+69.0%), from €2,938 to €4,967
- Financial charges +€1,735
up €1,735 (+410.9%), from €422 to €2,157
- Taxes -€949
down €949 (-49.2%), from €1,930 to €981
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.
Cash bridge derived
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 | €75,238 | €116,118 | +€40,880 | +54.3% |
| Fixed assets | 21/28 | €62,289 | €87,853 | +€25,564 | +41.0% |
| Intangible fixed assets | 21 | €26,425 | €18,925 | -€7,500 | -28.4% |
| Tangible fixed assets | 22/27 | €35,864 | €68,428 | +€32,564 | +90.8% |
| Plant, machinery and equipment | 23 | €34,603 | €30,593 | -€4,010 | -11.6% |
| Furniture and vehicles | 24 | €1,262 | €762 | -€500 | -39.6% |
| Leasing and similar rights | 25 | - | €37,074 | +€37,074 | |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €12,949 | €28,265 | +€15,316 | +118.3% |
| Stocks and contracts in progress | 3 | €1,691 | €4,686 | +€2,994 | +177.0% |
| Stocks | 30/36 | €1,691 | €4,686 | +€2,994 | +177.0% |
| Amounts receivable within one year | 40/41 | €795 | €2,183 | +€1,388 | +174.6% |
| Other amounts receivable | 41 | €795 | €2,183 | +€1,388 | +174.6% |
| Cash at bank and in hand | 54/58 | €10,463 | €20,677 | +€10,214 | +97.6% |
| Deferred charges and accrued income | 490/1 | - | €719 | +€719 | |
| Total equity and liabilities | 10/49 | €75,238 | €116,118 | +€40,880 | +54.3% |
| Equity | 10/15 | €5,286 | €7,425 | +€2,139 | +40.5% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,186 | €7,325 | +€2,139 | +41.2% |
| Amounts payable | 17/49 | €69,952 | €108,693 | +€38,741 | +55.4% |
| Amounts payable after more than one year | 17 | €35,126 | €48,928 | +€13,802 | +39.3% |
| Financial debts | 170/4 | €35,126 | €48,928 | +€13,802 | +39.3% |
| Amounts payable within one year | 42/48 | €34,826 | €59,765 | +€24,939 | +71.6% |
| Current portion of amounts payable after more than one year | 42 | €16,586 | €28,188 | +€11,602 | +70.0% |
| Trade debts | 44 | €12,203 | €24,516 | +€12,313 | +100.9% |
| Suppliers | 440/4 | €12,203 | €24,516 | +€12,313 | +100.9% |
| Taxes, remuneration and social security | 45 | €1,930 | €6,479 | +€4,549 | +235.7% |
| Taxes | 450/3 | €1,930 | €4,479 | +€2,549 | +132.1% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €4,107 | €582 | -€3,525 | -85.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,711 | €15,818 | +€10,107 | +177.0% |
| Other operating charges | 640/8 | €2,938 | €4,967 | +€2,029 | +69.0% |
| Gross operating margin | 9900 | €16,188 | €26,062 | +€9,874 | +61.0% |
| Operating profit (loss) | 9901 | €7,538 | €5,277 | -€2,262 | -30.0% |
| Financial charges | 65/66B | €422 | €2,157 | +€1,735 | +410.9% |
| Recurring financial charges | 65 | €422 | €2,157 | +€1,735 | +410.9% |
| Profit (loss) for the period before taxes | 9903 | €7,116 | €3,120 | -€3,996 | -56.2% |
| Income taxes | 67/77 | €1,930 | €981 | -€949 | -49.2% |
| Profit (loss) for the period | 9904 | €5,186 | €2,139 | -€3,047 | -58.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,186 | €2,139 | -€3,047 | -58.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.