VAMIX: 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.
What changed
VAMIX
NACE 10.890, Manufacture of food products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€13.2m
2024 · €98.2m-€111.4m
Equity
€250.9m
2024 · €264.1m-€13.2m
Cash
€20.9m
2024 · €51.9m-€31.0m
Balance sheet total
€1.53bn
2024 · €1.12bn+€407.3m
Largest movements
Assets
- Financial fixed assets +€459.2m
up €459.2m (+53.4%), from €860.1m to €1.32bn
- Cash -€31.0m
down €31.0m (-59.7%), from €51.9m to €20.9m
mainly Investment in fixed assets (net) (-€459.1m) and Net result for the year (-€13.2m)
- Receivables within one year -€22.2m
down €22.2m (-14.2%), from €156.5m to €134.4m
of which Trade receivables: -€19.6m
Equity and liabilities
- Current portion of long-term debt +€340.7m
up €340.7m (+11,756%), from €2.9m to €343.6m
- Debts after one year +€43.1m
up €43.1m (+6.3%), from €683.3m to €726.4m
- Short-term financial debts +€21.8m
up €21.8m (+143%), from €15.3m to €37.2m
of which Other loans: +€21.8m
Income statement
- Financial income -€56.0m
down €56.0m (-66.6%), from €84.1m to €28.1m
- Goods and materials +€38.1m
up €38.1m (+6.1%), from €623.4m to €661.5m
of which Purchases: +€34.1m
- Financial charges +€17.9m
up €17.9m (+47.7%), from €37.6m to €55.5m
of which Financial charges: +€18.0m
- Turnover +€16.5m
up €16.5m (+1.8%), from €939.5m to €956.0m
- Services and other goods +€13.7m
up €13.7m (+5.5%), from €248.3m to €262.0m
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.
Result 2024
€98.2m
Turnover
+€16.5m
Other operating income
-€1.6m
Goods and materials
-€38.1m
Services and other goods
-€13.7m
Staff costs
-€1.4m
Depreciation
-€97,487
Provisions
-€3.3m
Other operating charges
+€185,003
Other operating items
+€99,953
Financial income
-€56.0m
Financial charges
-€17.9m
Taxes
+€4.0m
Result 2025
-€13.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€22.5m
Investment
-€459.1m
Financing
+€405.6m
Cash 2024
€51.9m
From operations (derived)
+€22.5m
Net result for the year
-€13.2m
Depreciation
+€3.2m
Smaller working-capital items
-€374,844
Receivables within one year
+€22.2m
Deferred charges and accrued income
-€4.0m
Provisions
+€3.3m
Trade debts
+€11.3m
Investment (derived)
-€459.1m
Investment in fixed assets (net)
-€459.1m
Financing
+€405.6m
Debts after one year
+€43.1m
Current portion of long-term debt
+€340.7m
Short-term financial debts
+€21.8m
Cash 2025
€20.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,121,870,926 | €1,529,145,439 | +€407.3m | +36.3% |
| Fixed assets | 21/28 | €888,056,043 | €1,343,947,746 | +€455.9m | +51.3% |
| Intangible fixed assets | 21 | €1,696,912 | €1,571,004 | -€125,908 | -7.4% |
| Tangible fixed assets | 22/27 | €26,285,424 | €23,056,787 | -€3.2m | -12.3% |
| Land and buildings | 22 | €3,039,548 | €3,236,246 | +€196,698 | +6.5% |
| Plant, machinery and equipment | 23 | €10,759,961 | €8,680,030 | -€2.1m | -19.3% |
| Furniture and vehicles | 24 | €137,838 | €175,885 | +€38,048 | +27.6% |
| Leasing and similar rights | 25 | €11,344,966 | €10,703,378 | -€641,588 | -5.7% |
| Assets under construction and advance payments | 27 | €1,003,110 | €261,247 | -€741,863 | -74.0% |
| Financial fixed assets | 28 | €860,073,707 | €1,319,319,955 | +€459.2m | +53.4% |
| Affiliated companies | 280/1 | €860,073,707 | €1,319,319,955 | +€459.2m | +53.4% |
| Participating interests | 280 | €783,073,707 | €1,230,419,955 | +€447.3m | +57.1% |
| Amounts receivable | 281 | €77,000,000 | €88,900,000 | +€11.9m | +15.5% |
| Current assets | 29/58 | €233,814,883 | €185,197,693 | -€48.6m | -20.8% |
| Stocks and contracts in progress | 3 | €23,073,596 | €23,683,447 | +€609,851 | +2.6% |
| Stocks | 30/36 | €23,073,596 | €23,683,447 | +€609,851 | +2.6% |
| Raw materials and consumables | 30/31 | €22,854,335 | €23,409,058 | +€554,723 | +2.4% |
| Work in progress | 32 | €30,110 | €20,535 | -€9,575 | -31.8% |
| Finished goods | 33 | €186,304 | €250,846 | +€64,542 | +34.6% |
| Goods purchased for resale | 34 | €2,847 | €3,008 | +€161 | +5.6% |
| Amounts receivable within one year | 40/41 | €156,534,540 | €134,354,626 | -€22.2m | -14.2% |
| Trade receivables | 40 | €140,367,535 | €120,723,092 | -€19.6m | -14.0% |
| Other amounts receivable | 41 | €16,167,006 | €13,631,534 | -€2.5m | -15.7% |
| Cash at bank and in hand | 54/58 | €51,940,044 | €20,942,247 | -€31.0m | -59.7% |
| Deferred charges and accrued income | 490/1 | €2,266,703 | €6,217,373 | +€4.0m | +174% |
| Total equity and liabilities | 10/49 | €1,121,870,926 | €1,529,145,439 | +€407.3m | +36.3% |
| Equity | 10/15 | €264,077,112 | €250,920,111 | -€13.2m | -5.0% |
| Contributions | 10/11 | €97,349,700 | €97,349,700 | = | 0.0% |
| Capital | 10 | €97,349,700 | €97,349,700 | = | 0.0% |
| Issued capital | 100 | €97,349,700 | €97,349,700 | = | 0.0% |
| Reserves | 13 | €32,600,931 | €32,600,931 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,601,810 | €7,601,810 | = | 0.0% |
| Legal reserve | 130 | €7,601,810 | €7,601,810 | = | 0.0% |
| Tax-exempt reserves | 132 | €95,868 | €95,868 | = | 0.0% |
| Distributable reserves | 133 | €24,903,253 | €24,903,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,126,482 | €120,969,480 | -€13.2m | -9.8% |
| Provisions and deferred taxes | 16 | €650,000 | €3,970,745 | +€3.3m | +511% |
| Provisions for liabilities and charges | 160/5 | €650,000 | €3,970,745 | +€3.3m | +511% |
| Other liabilities and charges | 164/5 | €650,000 | €3,970,745 | +€3.3m | +511% |
| Amounts payable | 17/49 | €857,143,813 | €1,274,254,584 | +€417.1m | +48.7% |
| Amounts payable after more than one year | 17 | €683,272,570 | €726,371,813 | +€43.1m | +6.3% |
| Financial debts | 170/4 | €683,272,570 | €726,371,813 | +€43.1m | +6.3% |
| Leasing and similar obligations | 172 | €8,612,570 | €7,646,813 | -€965,757 | -11.2% |
| Other loans | 174 | €674,660,000 | €718,725,000 | +€44.1m | +6.5% |
| Amounts payable within one year | 42/48 | €167,134,503 | €540,777,910 | +€373.6m | +224% |
| Current portion of amounts payable after more than one year | 42 | €2,897,683 | €343,552,201 | +€340.7m | +11,756% |
| Financial debts | 43 | €15,318,292 | €37,151,644 | +€21.8m | +143% |
| Credit institutions | 430/8 | €34 | €29 | -€5 | -13.7% |
| Other loans | 439 | €15,318,258 | €37,151,615 | +€21.8m | +143% |
| Trade debts | 44 | €140,351,341 | €151,639,992 | +€11.3m | +8.0% |
| Suppliers | 440/4 | €140,351,341 | €151,639,992 | +€11.3m | +8.0% |
| Taxes, remuneration and social security | 45 | €8,567,187 | €8,434,073 | -€133,114 | -1.6% |
| Taxes | 450/3 | €6,047,204 | €6,172,509 | +€125,305 | +2.1% |
| Remuneration and social security | 454/9 | €2,519,983 | €2,261,564 | -€258,419 | -10.3% |
| Accrued charges and deferred income | 492/3 | €6,736,740 | €7,104,861 | +€368,120 | +5.5% |
| Operating income | 70/76A | €945,207,568 | €960,177,302 | +€15.0m | +1.6% |
| Turnover | 70 | €939,488,501 | €955,992,218 | +€16.5m | +1.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€44,986 | €54,967 | +€99,953 | |
| Other operating income | 74 | €5,764,053 | €4,130,117 | -€1.6m | -28.3% |
| Operating charges | 60/66A | €890,935,777 | €947,368,961 | +€56.4m | +6.3% |
| Goods for resale, raw materials and consumables | 60 | €623,391,653 | €661,456,067 | +€38.1m | +6.1% |
| Purchases | 600/8 | €627,880,778 | €662,010,950 | +€34.1m | +5.4% |
| Change in stocks: decrease (increase) | 609 | -€4,489,125 | -€554,883 | +€3.9m | +87.6% |
| Services and other goods | 61 | €248,284,368 | €262,031,966 | +€13.7m | +5.5% |
| Remuneration, social security and pensions | 62 | €15,271,528 | €16,659,473 | +€1.4m | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,102,414 | €3,199,901 | +€97,487 | +3.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €3,320,745 | +€3.3m | |
| Other operating charges | 640/8 | €885,813 | €700,810 | -€185,003 | -20.9% |
| Operating profit (loss) | 9901 | €54,271,792 | €12,808,341 | -€41.5m | -76.4% |
| Financial income | 75/76B | €84,098,283 | €28,129,955 | -€56.0m | -66.6% |
| Recurring financial income | 75 | €84,098,283 | €28,129,955 | -€56.0m | -66.6% |
| Income from financial fixed assets | 750 | €63,305,435 | €355,941 | -€62.9m | -99.4% |
| Income from current assets | 751 | €3,464,417 | €4,846,352 | +€1.4m | +39.9% |
| Other financial income | 752/9 | €17,328,430 | €22,927,663 | +€5.6m | +32.3% |
| Financial charges | 65/66B | €37,606,430 | €55,531,239 | +€17.9m | +47.7% |
| Recurring financial charges | 65 | €37,562,679 | €55,531,239 | +€18.0m | +47.8% |
| Debt charges | 650 | €20,706,984 | €31,217,723 | +€10.5m | +50.8% |
| Other financial charges | 652/9 | €16,855,696 | €24,313,516 | +€7.5m | +44.2% |
| Non-recurring financial charges | 66B | €43,751 | - | -€43,751 | |
| Profit (loss) for the period before taxes | 9903 | €100,763,644 | -€14,592,942 | -€115.4m | |
| Income taxes | 67/77 | €2,542,350 | -€1,435,941 | -€4.0m | |
| Taxes | 670/3 | €2,542,350 | - | -€2.5m | |
| Tax adjustments and reversals of tax provisions | 77 | - | €1,435,941 | +€1.4m | |
| Profit (loss) for the period | 9904 | €98,221,295 | -€13,157,002 | -€111.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €98,221,295 | -€13,157,002 | -€111.4m |
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 13 October 2026 via checked.be.