VAMAX: 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.
VAMAX
Largest movements
- Receivables within one year +€75,300
up €75,300 (+56.0%), from €134,427 to €209,727
- Other debts -€51,634
down €51,634 (-5.2%), from €1.0m to €948,640
- Reserves +€50,000
up €50,000 (+41.7%), from €120,000 to €170,000
of which Distributable reserves: +€50,000
- Debts after one year +€36,317
new in 2025: €36,317
- Tax, wage and social debts +€26,532
up €26,532 (+140.4%), from €18,899 to €45,431
of which Taxes: +€25,798
- Current portion of long-term debt +€24,660
new in 2025: €24,660
- Gross operating margin +€75,661
up €75,661 (+87.4%), from €86,575 to €162,236
- Financial income -€60,044
down €60,044 (-91.1%), from €65,889 to €5,845
- Financial charges +€29,135
up €29,135 (+11396.2%), from €256 to €29,391
- Taxes +€11,553
up €11,553 (+151.9%), from €7,604 to €19,157
- Staff costs +€7,605
up €7,605 (+13.0%), from €58,546 to €66,150
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 | €1,637,952 | €1,724,255 | +€86,303 | +5.3% |
| Fixed assets | 21/28 | €1,499,625 | €1,507,630 | +€8,005 | +0.5% |
| Tangible fixed assets | 22/27 | €1,725 | €9,730 | +€8,005 | +464.2% |
| Plant, machinery and equipment | 23 | €1,725 | €6,752 | +€5,028 | +291.5% |
| Furniture and vehicles | 24 | - | €2,977 | +€2,977 | |
| Financial fixed assets | 28 | €1,497,900 | €1,497,900 | = | 0.0% |
| Current assets | 29/58 | €138,328 | €216,626 | +€78,298 | +56.6% |
| Amounts receivable within one year | 40/41 | €134,427 | €209,727 | +€75,300 | +56.0% |
| Other amounts receivable | 41 | €134,427 | €209,727 | +€75,300 | +56.0% |
| Cash at bank and in hand | 54/58 | €2,726 | €5,738 | +€3,012 | +110.5% |
| Deferred charges and accrued income | 490/1 | €1,175 | €1,160 | -€15 | -1.2% |
| Total equity and liabilities | 10/49 | €1,637,952 | €1,724,255 | +€86,303 | +5.3% |
| Equity | 10/15 | €618,037 | €668,906 | +€50,869 | +8.2% |
| Contributions | 10/11 | €497,550 | €497,550 | = | 0.0% |
| Reserves | 13 | €120,000 | €170,000 | +€50,000 | +41.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €120,000 | €170,000 | +€50,000 | +41.7% |
| Profit (loss) carried forward | 14 | €487 | €1,356 | +€869 | +178.3% |
| Amounts payable | 17/49 | €1,019,915 | €1,055,349 | +€35,434 | +3.5% |
| Amounts payable after more than one year | 17 | - | €36,317 | +€36,317 | |
| Financial debts | 170/4 | - | €36,317 | +€36,317 | |
| Amounts payable within one year | 42/48 | €1,019,915 | €1,019,032 | -€883 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | - | €24,660 | +€24,660 | |
| Trade debts | 44 | €742 | €302 | -€440 | -59.3% |
| Suppliers | 440/4 | €742 | €302 | -€440 | -59.3% |
| Taxes, remuneration and social security | 45 | €18,899 | €45,431 | +€26,532 | +140.4% |
| Taxes | 450/3 | €8,489 | €34,287 | +€25,798 | +303.9% |
| Remuneration and social security | 454/9 | €10,410 | €11,143 | +€733 | +7.0% |
| Other amounts payable | 47/48 | €1,000,274 | €948,640 | -€51,634 | -5.2% |
| Remuneration, social security and pensions | 62 | €58,546 | €66,150 | +€7,605 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €491 | €1,420 | +€929 | +189.2% |
| Other operating charges | 640/8 | €1,075 | €1,094 | +€18 | +1.7% |
| Gross operating margin | 9900 | €86,575 | €162,236 | +€75,661 | +87.4% |
| Operating profit (loss) | 9901 | €26,462 | €93,572 | +€67,109 | +253.6% |
| Financial income | 75/76B | €65,889 | €5,845 | -€60,044 | -91.1% |
| Recurring financial income | 75 | €65,889 | €5,845 | -€60,044 | -91.1% |
| Financial charges | 65/66B | €256 | €29,391 | +€29,135 | +11396.2% |
| Recurring financial charges | 65 | €256 | €29,391 | +€29,135 | +11396.2% |
| Profit (loss) for the period before taxes | 9903 | €92,096 | €70,026 | -€22,071 | -24.0% |
| Income taxes | 67/77 | €7,604 | €19,157 | +€11,553 | +151.9% |
| Profit (loss) for the period | 9904 | €84,492 | €50,869 | -€33,624 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €84,492 | €50,869 | -€33,624 | -39.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.