VAMO: 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.
VAMO
Largest movements
- Tangible fixed assets -€45,353
down €45,353 (-12.8%), from €355,110 to €309,757
of which Land and buildings: -€38,600
- Debts after one year -€37,519
down €37,519 (-58.4%), from €64,251 to €26,732
- Profit (loss) carried forward -€15,160
down €15,160 (-28.7%), from -€52,883 to -€68,043
- Other debts +€9,483
up €9,483 (+4.9%), from €195,054 to €204,537
- Gross operating margin +€6,293
up €6,293 (+17.6%), from €35,662 to €41,955
- Financial charges -€1,925
down €1,925 (-28.5%), from €6,743 to €4,818
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 | €355,204 | €310,174 | -€45,030 | -12.7% |
| Fixed assets | 21/28 | €355,204 | €309,851 | -€45,353 | -12.8% |
| Tangible fixed assets | 22/27 | €355,110 | €309,757 | -€45,353 | -12.8% |
| Land and buildings | 22 | €329,349 | €290,749 | -€38,600 | -11.7% |
| Plant, machinery and equipment | 23 | €25,761 | €19,008 | -€6,753 | -26.2% |
| Financial fixed assets | 28 | €94 | €94 | = | 0.0% |
| Current assets | 29/58 | - | €323 | +€323 | |
| Cash at bank and in hand | 54/58 | - | €323 | +€323 | |
| Total equity and liabilities | 10/49 | €355,204 | €310,174 | -€45,030 | -12.7% |
| Equity | 10/15 | €43,835 | €26,774 | -€17,061 | -38.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €34,718 | €32,817 | -€1,901 | -5.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,518 | €26,617 | -€1,901 | -6.7% |
| Profit (loss) carried forward | 14 | -€52,883 | -€68,043 | -€15,160 | -28.7% |
| Provisions and deferred taxes | 16 | €14,685 | €13,706 | -€979 | -6.7% |
| Deferred taxes | 168 | €14,685 | €13,706 | -€979 | -6.7% |
| Amounts payable | 17/49 | €296,684 | €269,694 | -€26,990 | -9.1% |
| Amounts payable after more than one year | 17 | €64,251 | €26,732 | -€37,519 | -58.4% |
| Financial debts | 170/4 | €64,251 | €26,732 | -€37,519 | -58.4% |
| Amounts payable within one year | 42/48 | €232,433 | €242,962 | +€10,529 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €35,955 | €37,518 | +€1,563 | +4.3% |
| Financial debts | 43 | €517 | - | -€517 | |
| Credit institutions | 430/8 | €517 | - | -€517 | |
| Taxes, remuneration and social security | 45 | €907 | €907 | = | 0.0% |
| Taxes | 450/3 | €907 | €907 | = | 0.0% |
| Other amounts payable | 47/48 | €195,054 | €204,537 | +€9,483 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,132 | €45,353 | +€221 | +0.5% |
| Other operating charges | 640/8 | €9,695 | €9,824 | +€129 | +1.3% |
| Gross operating margin | 9900 | €35,662 | €41,955 | +€6,293 | +17.6% |
| Operating profit (loss) | 9901 | -€19,165 | -€13,222 | +€5,943 | +31.0% |
| Financial charges | 65/66B | €6,743 | €4,818 | -€1,925 | -28.5% |
| Recurring financial charges | 65 | €6,743 | €4,818 | -€1,925 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,908 | -€18,040 | +€7,868 | +30.4% |
| Transfer from deferred taxes | 780 | €979 | €979 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€24,929 | -€17,061 | +€7,868 | +31.6% |
| Transfer from tax-exempt reserves | 789 | €1,901 | €1,901 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,028 | -€15,160 | +€7,868 | +34.2% |
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 3 October 2026 via checked.be.