VAMAPRO: 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.
VAMAPRO
Largest movements
- Stocks and contracts -€1.0m
down €1.0m (-74.7%), from €1.4m to €353,745
- Cash +€228,252
up €228,252 (+466%), from €49,023 to €277,275
mainly Stocks and contracts (+€1.0m) and Net result for the year (+€63,163)
- Short-term financial debts -€771,227
down €771,227 (-100%), from €771,227 to €0
- Trade debts -€71,897
down €71,897 (-98.9%), from €72,720 to €823
- Reserves +€63,163
up €63,163 (+70.1%), from €90,122 to €153,285
- Other debts -€54,720
down €54,720 (-9.3%), from €585,886 to €531,166
- Tax, wage and social debts +€23,291
up €23,291 (+99.3%), from €23,447 to €46,738
- Gross operating margin -€86,126
down €86,126 (-34.4%), from €250,257 to €164,131
- Depreciation -€83,201
down €83,201 (-80.9%), from €102,899 to €19,697
- Financial charges +€21,285
up €21,285 (+65.7%), from €32,374 to €53,659
- Other operating charges +€2,905
up €2,905 (+205%), from €1,416 to €4,321
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 | €2,079,212 | €1,247,717 | -€831,495 | -40.0% |
| Fixed assets | 21/28 | €634,487 | €614,790 | -€19,697 | -3.1% |
| Tangible fixed assets | 22/27 | €634,487 | €614,790 | -€19,697 | -3.1% |
| Land and buildings | 22 | €634,487 | €614,790 | -€19,697 | -3.1% |
| Current assets | 29/58 | €1,444,725 | €632,928 | -€811,797 | -56.2% |
| Stocks and contracts in progress | 3 | €1,395,702 | €353,745 | -€1.0m | -74.7% |
| Stocks | 30/36 | €1,395,702 | €353,745 | -€1.0m | -74.7% |
| Amounts receivable within one year | 40/41 | - | €1,333 | +€1,333 | |
| Trade receivables | 40 | - | €1,333 | +€1,333 | |
| Cash at bank and in hand | 54/58 | €49,023 | €277,275 | +€228,252 | +466% |
| Deferred charges and accrued income | 490/1 | - | €575 | +€575 | |
| Total equity and liabilities | 10/49 | €2,079,212 | €1,247,717 | -€831,495 | -40.0% |
| Equity | 10/15 | €170,122 | €233,285 | +€63,163 | +37.1% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €90,122 | €153,285 | +€63,163 | +70.1% |
| Distributable reserves | 133 | €90,122 | €153,285 | +€63,163 | +70.1% |
| Amounts payable | 17/49 | €1,909,090 | €1,014,433 | -€894,658 | -46.9% |
| Amounts payable after more than one year | 17 | €435,706 | €414,694 | -€21,012 | -4.8% |
| Financial debts | 170/4 | €435,706 | €414,694 | -€21,012 | -4.8% |
| Amounts payable within one year | 42/48 | €1,473,384 | €599,738 | -€873,646 | -59.3% |
| Current portion of amounts payable after more than one year | 42 | €20,105 | €21,012 | +€907 | +4.5% |
| Financial debts | 43 | €771,227 | €0 | -€771,227 | -100% |
| Credit institutions | 430/8 | €771,227 | €0 | -€771,227 | -100% |
| Trade debts | 44 | €72,720 | €823 | -€71,897 | -98.9% |
| Suppliers | 440/4 | €72,720 | €823 | -€71,897 | -98.9% |
| Taxes, remuneration and social security | 45 | €23,447 | €46,738 | +€23,291 | +99.3% |
| Taxes | 450/3 | €23,447 | €46,738 | +€23,291 | +99.3% |
| Other amounts payable | 47/48 | €585,886 | €531,166 | -€54,720 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,899 | €19,697 | -€83,201 | -80.9% |
| Other operating charges | 640/8 | €1,416 | €4,321 | +€2,905 | +205% |
| Gross operating margin | 9900 | €250,257 | €164,131 | -€86,126 | -34.4% |
| Operating profit (loss) | 9901 | €145,943 | €140,113 | -€5,830 | -4.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100% |
| Financial charges | 65/66B | €32,374 | €53,659 | +€21,285 | +65.7% |
| Recurring financial charges | 65 | €32,374 | €53,659 | +€21,285 | +65.7% |
| Profit (loss) for the period before taxes | 9903 | €113,569 | €86,454 | -€27,115 | -23.9% |
| Income taxes | 67/77 | €23,447 | €23,291 | -€156 | -0.7% |
| Profit (loss) for the period | 9904 | €90,122 | €63,163 | -€26,959 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,122 | €63,163 | -€26,959 | -29.9% |
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 16 October 2026 via checked.be.