VAMO: 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.
VAMO
Largest movements
- Receivables within one year -€418,091
down €418,091 (-47.9%), from €872,254 to €454,164
of which Other amounts receivable: -€415,751
- Cash +€260,750
up €260,750 (+102%), from €256,269 to €517,018
mainly Receivables within one year (+€418,091) and Net result for the year (+€267,938)
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Tangible fixed assets +€87,967
up €87,967 (+15.5%), from €566,514 to €654,481
of which Plant, machinery and equipment: +€178,276
- Stocks and contracts -€25,223
down €25,223 (-9.8%), from €256,167 to €230,944
- Other debts -€320,418
down €320,418 (-44.7%), from €717,069 to €396,651
- Reserves +€267,938
up €267,938 (+26.4%), from €1.0m to €1.3m
of which Distributable reserves: +€270,982
- Trade debts -€109,230
down €109,230 (-58.6%), from €186,393 to €77,164
- Current portion of long-term debt -€50,000
down €50,000 (-68.2%), from €73,333 to €23,333
- Tax, wage and social debts -€31,880
down €31,880 (-63.1%), from €50,504 to €18,624
- Depreciation +€14,201
up €14,201 (+14.7%), from €96,667 to €110,868
- Financial income +€11,264
up €11,264 (+43.8%), from €25,723 to €36,988
- Gross operating margin +€8,302
up €8,302 (+1.7%), from €501,814 to €510,116
- Other operating charges +€5,201
up €5,201 (+37.2%), from €13,988 to €19,189
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 | €2,337,802 | €2,062,619 | -€275,183 | -11.8% |
| Fixed assets | 21/28 | €571,302 | €657,216 | +€85,914 | +15.0% |
| Intangible fixed assets | 21 | €4,788 | €2,735 | -€2,053 | -42.9% |
| Tangible fixed assets | 22/27 | €566,514 | €654,481 | +€87,967 | +15.5% |
| Land and buildings | 22 | €435,597 | €380,820 | -€54,777 | -12.6% |
| Plant, machinery and equipment | 23 | €19,975 | €198,251 | +€178,276 | +892% |
| Furniture and vehicles | 24 | €110,943 | €75,410 | -€35,533 | -32.0% |
| Current assets | 29/58 | €1,766,500 | €1,405,403 | -€361,097 | -20.4% |
| Amounts receivable after more than one year | 29 | €170,300 | €179,000 | +€8,700 | +5.1% |
| Other amounts receivable | 291 | €170,300 | €179,000 | +€8,700 | +5.1% |
| Stocks and contracts in progress | 3 | €256,167 | €230,944 | -€25,223 | -9.8% |
| Stocks | 30/36 | €256,167 | €230,944 | -€25,223 | -9.8% |
| Amounts receivable within one year | 40/41 | €872,254 | €454,164 | -€418,091 | -47.9% |
| Trade receivables | 40 | €19,779 | €17,440 | -€2,340 | -11.8% |
| Other amounts receivable | 41 | €852,475 | €436,724 | -€415,751 | -48.8% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €256,269 | €517,018 | +€260,750 | +102% |
| Deferred charges and accrued income | 490/1 | €11,510 | €24,277 | +€12,767 | +111% |
| Total equity and liabilities | 10/49 | €2,337,802 | €2,062,619 | -€275,183 | -11.8% |
| Equity | 10/15 | €1,218,796 | €1,483,655 | +€264,859 | +21.7% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €1,014,625 | €1,282,563 | +€267,938 | +26.4% |
| Tax-exempt reserves | 132 | €3,198 | €155 | -€3,044 | -95.2% |
| Distributable reserves | 133 | €1,011,426 | €1,282,408 | +€270,982 | +26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €14,172 | €11,092 | -€3,080 | -21.7% |
| Provisions and deferred taxes | 16 | €23,650 | €18,470 | -€5,181 | -21.9% |
| Provisions for liabilities and charges | 160/5 | €22,851 | €18,431 | -€4,420 | -19.3% |
| Other liabilities and charges | 164/5 | €22,851 | €18,431 | -€4,420 | -19.3% |
| Deferred taxes | 168 | €800 | €39 | -€761 | -95.2% |
| Amounts payable | 17/49 | €1,095,356 | €560,495 | -€534,861 | -48.8% |
| Amounts payable after more than one year | 17 | €68,056 | €44,723 | -€23,333 | -34.3% |
| Financial debts | 170/4 | €68,056 | €44,723 | -€23,333 | -34.3% |
| Amounts payable within one year | 42/48 | €1,027,299 | €515,772 | -€511,528 | -49.8% |
| Current portion of amounts payable after more than one year | 42 | €73,333 | €23,333 | -€50,000 | -68.2% |
| Trade debts | 44 | €186,393 | €77,164 | -€109,230 | -58.6% |
| Suppliers | 440/4 | €186,393 | €77,164 | -€109,230 | -58.6% |
| Taxes, remuneration and social security | 45 | €50,504 | €18,624 | -€31,880 | -63.1% |
| Taxes | 450/3 | €50,504 | €18,624 | -€31,880 | -63.1% |
| Other amounts payable | 47/48 | €717,069 | €396,651 | -€320,418 | -44.7% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,667 | €110,868 | +€14,201 | +14.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€495 | -€4,420 | -€3,925 | -793% |
| Other operating charges | 640/8 | €13,988 | €19,189 | +€5,201 | +37.2% |
| Gross operating margin | 9900 | €501,814 | €510,116 | +€8,302 | +1.7% |
| Operating profit (loss) | 9901 | €391,654 | €384,478 | -€7,176 | -1.8% |
| Financial income | 75/76B | €25,723 | €36,988 | +€11,264 | +43.8% |
| Recurring financial income | 75 | €25,723 | €36,988 | +€11,264 | +43.8% |
| Financial charges | 65/66B | €36,303 | €34,814 | -€1,489 | -4.1% |
| Recurring financial charges | 65 | €36,303 | €34,814 | -€1,489 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €381,074 | €386,652 | +€5,578 | +1.5% |
| Transfer from deferred taxes | 780 | €1,000 | €761 | -€239 | -23.9% |
| Income taxes | 67/77 | €121,164 | €119,475 | -€1,689 | -1.4% |
| Profit (loss) for the period | 9904 | €260,910 | €267,938 | +€7,028 | +2.7% |
| Transfer from tax-exempt reserves | 789 | €4,000 | €3,044 | -€956 | -23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €264,910 | €270,982 | +€6,071 | +2.3% |
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 18 October 2026 via checked.be.