VAMASTINE: 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.
VAMASTINE
Largest movements
- Tangible fixed assets +€447,280
up €447,280 (+12.9%), from €3.5m to €3.9m
of which Land and buildings: +€374,701
- Cash +€111,194
up €111,194 (+80.0%), from €139,077 to €250,271
mainly Depreciation (+€272,080) and Net result for the year (+€267,808)
- Receivables within one year -€61,302
down €61,302 (-37.8%), from €162,361 to €101,059
of which Trade receivables: -€34,997
- Reserves +€267,808
up €267,808 (+14.0%), from €1.9m to €2.2m
of which Distributable reserves: +€262,124
- Debts after one year +€223,079
up €223,079 (+22.9%), from €973,861 to €1.2m
of which Financial debts: +€223,029
- Tax, wage and social debts -€116,550
down €116,550 (-74.3%), from €156,915 to €40,366
of which Taxes: -€114,889
- Trade debts +€113,220
up €113,220 (+2549.8%), from €4,440 to €117,660
- Gross operating margin +€207,604
up €207,604 (+38.2%), from €543,994 to €751,598
- Depreciation +€108,709
up €108,709 (+66.5%), from €163,370 to €272,080
- Provisions +€20,937
up €20,937, from -€20,937 to €0
- Other operating charges +€17,474
up €17,474 (+106.1%), from €16,474 to €33,949
- Taxes +€10,093
up €10,093 (+7.4%), from €135,755 to €145,848
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 | €3,776,577 | €4,273,750 | +€497,172 | +13.2% |
| Fixed assets | 21/28 | €3,472,725 | €3,920,005 | +€447,280 | +12.9% |
| Tangible fixed assets | 22/27 | €3,472,725 | €3,920,005 | +€447,280 | +12.9% |
| Land and buildings | 22 | €3,179,114 | €3,553,815 | +€374,701 | +11.8% |
| Plant, machinery and equipment | 23 | €10,466 | €4,811 | -€5,655 | -54.0% |
| Furniture and vehicles | 24 | €86,842 | €212,586 | +€125,745 | +144.8% |
| Leasing and similar rights | 25 | €169,840 | €116,330 | -€53,510 | -31.5% |
| Other tangible fixed assets | 26 | €26,463 | €32,463 | +€6,000 | +22.7% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €303,852 | €353,744 | +€49,892 | +16.4% |
| Amounts receivable within one year | 40/41 | €162,361 | €101,059 | -€61,302 | -37.8% |
| Trade receivables | 40 | €136,056 | €101,059 | -€34,997 | -25.7% |
| Other amounts receivable | 41 | €26,305 | €0 | -€26,305 | -100.0% |
| Cash at bank and in hand | 54/58 | €139,077 | €250,271 | +€111,194 | +80.0% |
| Deferred charges and accrued income | 490/1 | €2,414 | €2,414 | = | 0.0% |
| Total equity and liabilities | 10/49 | €3,776,577 | €4,273,750 | +€497,172 | +13.2% |
| Equity | 10/15 | €2,414,118 | €2,681,926 | +€267,808 | +11.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,914,118 | €2,181,926 | +€267,808 | +14.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €283,476 | €289,160 | +€5,685 | +2.0% |
| Distributable reserves | 133 | €1,630,642 | €1,892,765 | +€262,124 | +16.1% |
| Provisions and deferred taxes | 16 | €94,492 | €96,387 | +€1,895 | +2.0% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €94,492 | €96,387 | +€1,895 | +2.0% |
| Amounts payable | 17/49 | €1,267,968 | €1,495,437 | +€227,469 | +17.9% |
| Amounts payable after more than one year | 17 | €973,861 | €1,196,941 | +€223,079 | +22.9% |
| Financial debts | 170/4 | €972,466 | €1,195,496 | +€223,029 | +22.9% |
| Other amounts payable | 178/9 | €1,395 | €1,445 | +€50 | +3.6% |
| Amounts payable within one year | 42/48 | €292,361 | €295,286 | +€2,925 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €128,855 | €130,526 | +€1,671 | +1.3% |
| Trade debts | 44 | €4,440 | €117,660 | +€113,220 | +2549.8% |
| Suppliers | 440/4 | €4,440 | €117,660 | +€113,220 | +2549.8% |
| Taxes, remuneration and social security | 45 | €156,915 | €40,366 | -€116,550 | -74.3% |
| Taxes | 450/3 | €155,255 | €40,366 | -€114,889 | -74.0% |
| Remuneration and social security | 454/9 | €1,661 | €0 | -€1,661 | -100.0% |
| Other amounts payable | 47/48 | €2,150 | €6,734 | +€4,584 | +213.2% |
| Accrued charges and deferred income | 492/3 | €1,746 | €3,211 | +€1,465 | +83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,370 | €272,080 | +€108,709 | +66.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€20,937 | €0 | +€20,937 | |
| Other operating charges | 640/8 | €16,474 | €33,949 | +€17,474 | +106.1% |
| Non-recurring operating charges | 66A | €5,161 | €1,165 | -€3,996 | -77.4% |
| Gross operating margin | 9900 | €543,994 | €751,598 | +€207,604 | +38.2% |
| Operating profit (loss) | 9901 | €379,925 | €444,404 | +€64,479 | +17.0% |
| Financial income | 75/76B | €4,927 | €3,063 | -€1,864 | -37.8% |
| Recurring financial income | 75 | €4,927 | €3,063 | -€1,864 | -37.8% |
| Financial charges | 65/66B | €23,528 | €31,916 | +€8,388 | +35.7% |
| Recurring financial charges | 65 | €23,528 | €31,916 | +€8,388 | +35.7% |
| Profit (loss) for the period before taxes | 9903 | €361,324 | €415,551 | +€54,226 | +15.0% |
| Transfer from deferred taxes | 780 | €5,939 | €5,605 | -€333 | -5.6% |
| Transfer to deferred taxes | 680 | - | €7,500 | +€7,500 | |
| Income taxes | 67/77 | €135,755 | €145,848 | +€10,093 | +7.4% |
| Profit (loss) for the period | 9904 | €231,508 | €267,808 | +€36,301 | +15.7% |
| Transfer from tax-exempt reserves | 789 | €17,815 | €16,815 | -€1,000 | -5.6% |
| Transfer to tax-exempt reserves | 689 | - | €22,500 | +€22,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €249,323 | €262,124 | +€12,801 | +5.1% |
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 8 October 2026 via checked.be.