VAMAT: 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.
VAMAT
Largest movements
- Current investments -€100,000
down €100,000 (-33.3%), from €300,000 to €200,000
- Cash -€99,288
down €99,288 (-36.1%), from €275,212 to €175,924
mainly Contributions, distributions and other (-€220,134) and Other debts (-€96,567)
- Tangible fixed assets -€43,067
down €43,067 (-2.0%), from €2.2m to €2.1m
of which Land and buildings: -€61,664
- Contributions -€201,013
down €201,013 (-27.8%), from €722,221 to €521,208
- Other debts -€96,567
down €96,567 (-37.9%), from €254,841 to €158,273
- Reserves +€94,301
up €94,301 (+7.6%), from €1.2m to €1.3m
of which Distributable reserves: +€126,957
- Debts after one year -€50,000
down €50,000 (-13.3%), from €375,800 to €325,800
- Gross operating margin +€66,101
up €66,101 (+30.2%), from €218,560 to €284,661
- Taxes +€17,044
up €17,044 (+66.3%), from €25,692 to €42,736
- Financial charges -€5,564
down €5,564 (-12.0%), from €46,538 to €40,975
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 | €2,751,396 | €2,505,801 | -€245,595 | -8.9% |
| Fixed assets | 21/28 | €2,158,943 | €2,115,876 | -€43,067 | -2.0% |
| Tangible fixed assets | 22/27 | €2,158,943 | €2,115,876 | -€43,067 | -2.0% |
| Land and buildings | 22 | €2,147,699 | €2,086,035 | -€61,664 | -2.9% |
| Plant, machinery and equipment | 23 | €10,024 | €20,011 | +€9,986 | +99.6% |
| Furniture and vehicles | 24 | €1,220 | €9,830 | +€8,611 | +705.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €592,453 | €389,925 | -€202,528 | -34.2% |
| Amounts receivable within one year | 40/41 | €13,978 | €10,327 | -€3,651 | -26.1% |
| Trade receivables | 40 | €10,978 | €7,563 | -€3,416 | -31.1% |
| Other amounts receivable | 41 | €2,999 | €2,764 | -€235 | -7.8% |
| Current investments | 50/53 | €300,000 | €200,000 | -€100,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €275,212 | €175,924 | -€99,288 | -36.1% |
| Deferred charges and accrued income | 490/1 | €3,263 | €3,675 | +€412 | +12.6% |
| Total equity and liabilities | 10/49 | €2,751,396 | €2,505,801 | -€245,595 | -8.9% |
| Equity | 10/15 | €1,990,126 | €1,883,414 | -€106,712 | -5.4% |
| Contributions | 10/11 | €722,221 | €521,208 | -€201,013 | -27.8% |
| Revaluation surpluses | 12 | €24,695 | €24,695 | = | 0.0% |
| Reserves | 13 | €1,243,210 | €1,337,511 | +€94,301 | +7.6% |
| Tax-exempt reserves | 132 | €305,937 | €273,280 | -€32,656 | -10.7% |
| Distributable reserves | 133 | €937,273 | €1,064,231 | +€126,957 | +13.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €76,484 | €91,093 | +€14,609 | +19.1% |
| Deferred taxes | 168 | €76,484 | €91,093 | +€14,609 | +19.1% |
| Amounts payable | 17/49 | €684,786 | €531,294 | -€153,492 | -22.4% |
| Amounts payable after more than one year | 17 | €375,800 | €325,800 | -€50,000 | -13.3% |
| Other amounts payable | 178/9 | €375,800 | €325,800 | -€50,000 | -13.3% |
| Amounts payable within one year | 42/48 | €261,980 | €164,422 | -€97,558 | -37.2% |
| Trade debts | 44 | €6,021 | €3,039 | -€2,982 | -49.5% |
| Suppliers | 440/4 | €6,021 | €3,039 | -€2,982 | -49.5% |
| Taxes, remuneration and social security | 45 | €1,119 | €3,110 | +€1,991 | +177.9% |
| Taxes | 450/3 | €1,119 | €3,110 | +€1,991 | +177.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €254,841 | €158,273 | -€96,567 | -37.9% |
| Accrued charges and deferred income | 492/3 | €47,006 | €41,072 | -€5,934 | -12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,377 | €65,133 | +€1,756 | +2.8% |
| Other operating charges | 640/8 | €29,035 | €30,007 | +€972 | +3.3% |
| Gross operating margin | 9900 | €218,560 | €284,661 | +€66,101 | +30.2% |
| Operating profit (loss) | 9901 | €126,148 | €189,521 | +€63,373 | +50.2% |
| Financial income | 75/76B | €4,203 | €3,100 | -€1,103 | -26.2% |
| Recurring financial income | 75 | €4,203 | €3,100 | -€1,103 | -26.2% |
| Financial charges | 65/66B | €46,538 | €40,975 | -€5,564 | -12.0% |
| Recurring financial charges | 65 | €46,538 | €40,975 | -€5,564 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €83,812 | €151,646 | +€67,834 | +80.9% |
| Transfer from deferred taxes | 780 | €3,609 | €4,512 | +€902 | +25.0% |
| Income taxes | 67/77 | €25,692 | €42,736 | +€17,044 | +66.3% |
| Profit (loss) for the period | 9904 | €61,730 | €113,422 | +€51,692 | +83.7% |
| Transfer from tax-exempt reserves | 789 | €14,438 | €13,535 | -€902 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €76,167 | €126,957 | +€50,790 | +66.7% |
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 9 October 2026 via checked.be.