VAMAC: 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.
VAMAC
Largest movements
- Cash +€232,301
up €232,301 (+29.8%), from €779,605 to €1.0m
mainly Stocks and contracts (+€117,542) and Depreciation (+€97,207)
- Stocks and contracts -€117,542
down €117,542 (-55.2%), from €212,955 to €95,413
of which Contracts in progress: -€108,872
- Trade debts +€83,970
up €83,970 (+100.0%), from €83,954 to €167,924
- Other debts +€81,059
up €81,059 (+313.9%), from €25,820 to €106,879
- Debts after one year -€46,727
down €46,727 (-14.3%), from €326,946 to €280,219
- Tax, wage and social debts -€29,802
down €29,802 (-39.6%), from €75,290 to €45,489
of which Remuneration and social security: -€17,802
- Gross operating margin -€278,967
down €278,967 (-29.5%), from €946,995 to €668,028
- Staff costs -€73,791
down €73,791 (-13.9%), from €532,577 to €458,786
- Taxes -€51,002
down €51,002 (-63.5%), from €80,299 to €29,297
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 | €2,647,580 | €2,739,436 | +€91,856 | +3.5% |
| Fixed assets | 21/28 | €770,938 | €763,816 | -€7,121 | -0.9% |
| Intangible fixed assets | 21 | €36,974 | €19,456 | -€17,519 | -47.4% |
| Tangible fixed assets | 22/27 | €733,524 | €743,921 | +€10,397 | +1.4% |
| Land and buildings | 22 | €523,438 | €540,405 | +€16,967 | +3.2% |
| Plant, machinery and equipment | 23 | €194,448 | €190,047 | -€4,402 | -2.3% |
| Furniture and vehicles | 24 | €15,638 | €13,470 | -€2,168 | -13.9% |
| Financial fixed assets | 28 | €439 | €439 | = | 0.0% |
| Current assets | 29/58 | €1,876,642 | €1,975,620 | +€98,978 | +5.3% |
| Stocks and contracts in progress | 3 | €212,955 | €95,413 | -€117,542 | -55.2% |
| Stocks | 30/36 | €59,555 | €50,885 | -€8,670 | -14.6% |
| Contracts in progress | 37 | €153,400 | €44,528 | -€108,872 | -71.0% |
| Amounts receivable within one year | 40/41 | €492,581 | €480,028 | -€12,553 | -2.5% |
| Trade receivables | 40 | €492,523 | €443,574 | -€48,949 | -9.9% |
| Other amounts receivable | 41 | €59 | €36,454 | +€36,396 | +61960.7% |
| Current investments | 50/53 | €350,834 | €358,266 | +€7,431 | +2.1% |
| Cash at bank and in hand | 54/58 | €779,605 | €1,011,906 | +€232,301 | +29.8% |
| Deferred charges and accrued income | 490/1 | €40,667 | €30,007 | -€10,660 | -26.2% |
| Total equity and liabilities | 10/49 | €2,647,580 | €2,739,436 | +€91,856 | +3.5% |
| Equity | 10/15 | €2,088,172 | €2,089,454 | +€1,282 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,026,172 | €2,027,454 | +€1,282 | +0.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €2,019,972 | €2,021,254 | +€1,282 | +0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €559,408 | €649,982 | +€90,574 | +16.2% |
| Amounts payable after more than one year | 17 | €326,946 | €280,219 | -€46,727 | -14.3% |
| Financial debts | 170/4 | €326,946 | €280,219 | -€46,727 | -14.3% |
| Amounts payable within one year | 42/48 | €230,462 | €367,019 | +€136,557 | +59.3% |
| Current portion of amounts payable after more than one year | 42 | €45,398 | €46,727 | +€1,329 | +2.9% |
| Trade debts | 44 | €83,954 | €167,924 | +€83,970 | +100.0% |
| Suppliers | 440/4 | €83,954 | €167,924 | +€83,970 | +100.0% |
| Taxes, remuneration and social security | 45 | €75,290 | €45,489 | -€29,802 | -39.6% |
| Taxes | 450/3 | €26,281 | €14,282 | -€11,999 | -45.7% |
| Remuneration and social security | 454/9 | €49,009 | €31,207 | -€17,802 | -36.3% |
| Other amounts payable | 47/48 | €25,820 | €106,879 | +€81,059 | +313.9% |
| Accrued charges and deferred income | 492/3 | €2,000 | €2,744 | +€744 | +37.2% |
| Remuneration, social security and pensions | 62 | €532,577 | €458,786 | -€73,791 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,892 | €97,207 | +€1,315 | +1.4% |
| Other operating charges | 640/8 | €6,721 | €7,453 | +€732 | +10.9% |
| Gross operating margin | 9900 | €946,995 | €668,028 | -€278,967 | -29.5% |
| Operating profit (loss) | 9901 | €311,805 | €104,582 | -€207,223 | -66.5% |
| Financial income | 75/76B | €7,330 | €12,067 | +€4,737 | +64.6% |
| Recurring financial income | 75 | €7,330 | €12,067 | +€4,737 | +64.6% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,210 | €6,069 | +€1,859 | +44.2% |
| Recurring financial charges | 65 | €4,210 | €6,069 | +€1,859 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €314,925 | €110,579 | -€204,345 | -64.9% |
| Income taxes | 67/77 | €80,299 | €29,297 | -€51,002 | -63.5% |
| Profit (loss) for the period | 9904 | €234,626 | €81,282 | -€153,344 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €234,626 | €81,282 | -€153,344 | -65.4% |
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 10 October 2026 via checked.be.