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 +€930,776
up €930,776 (+112.6%), from €826,738 to €1.8m
of which Land and buildings: +€944,076
- Revaluation surpluses +€981,521
new in 2025: €981,521
- Profit (loss) carried forward -€110,619
down €110,619 (-8.9%), from -€1.2m to -€1.3m
- Other debts +€110,478
up €110,478 (+14.5%), from €761,095 to €871,574
- Debts after one year -€87,480
down €87,480 (-44.1%), from €198,311 to €110,831
- Reserves +€39,715
new in 2025: €39,715
- Depreciation +€40,079
up €40,079 (+68.3%), from €58,700 to €98,780
- Gross operating margin -€22,307
down €22,307 (-49.7%), from €44,840 to €22,534
- Other operating charges +€6,548
up €6,548 (+107.9%), from €6,069 to €12,617
- Financial charges -€3,728
down €3,728 (-26.4%), from €14,120 to €10,393
- Financial income -€1,528
down €1,528 (-21.9%), from €6,979 to €5,451
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 | €1,012,764 | €1,951,258 | +€938,494 | +92.7% |
| Fixed assets | 21/28 | €883,238 | €1,814,014 | +€930,776 | +105.4% |
| Tangible fixed assets | 22/27 | €826,738 | €1,757,514 | +€930,776 | +112.6% |
| Land and buildings | 22 | €800,794 | €1,744,870 | +€944,076 | +117.9% |
| Furniture and vehicles | 24 | €25,944 | €12,644 | -€13,300 | -51.3% |
| Financial fixed assets | 28 | €56,500 | €56,500 | = | 0.0% |
| Current assets | 29/58 | €129,526 | €137,243 | +€7,717 | +6.0% |
| Amounts receivable within one year | 40/41 | €122,273 | €127,781 | +€5,507 | +4.5% |
| Trade receivables | 40 | €6,038 | €9,152 | +€3,115 | +51.6% |
| Other amounts receivable | 41 | €116,236 | €118,629 | +€2,393 | +2.1% |
| Cash at bank and in hand | 54/58 | €6,461 | €8,632 | +€2,172 | +33.6% |
| Deferred charges and accrued income | 490/1 | €792 | €831 | +€38 | +4.8% |
| Total equity and liabilities | 10/49 | €1,012,764 | €1,951,258 | +€938,494 | +92.7% |
| Equity | 10/15 | -€145,421 | €765,195 | +€910,616 | |
| Contributions | 10/11 | €1,092,500 | €1,092,500 | = | 0.0% |
| Revaluation surpluses | 12 | - | €981,521 | +€981,521 | |
| Reserves | 13 | - | €39,715 | +€39,715 | |
| Non-distributable reserves | 130/1 | - | €39,715 | +€39,715 | |
| Reserves not available under the articles | 1311 | - | €39,715 | +€39,715 | |
| Profit (loss) carried forward | 14 | -€1,237,921 | -€1,348,541 | -€110,619 | -8.9% |
| Provisions and deferred taxes | 16 | €109,447 | €101,998 | -€7,449 | -6.8% |
| Provisions for liabilities and charges | 160/5 | €109,447 | €101,998 | -€7,449 | -6.8% |
| Other liabilities and charges | 164/5 | €109,447 | €101,998 | -€7,449 | -6.8% |
| Amounts payable | 17/49 | €1,048,738 | €1,084,065 | +€35,327 | +3.4% |
| Amounts payable after more than one year | 17 | €198,311 | €110,831 | -€87,480 | -44.1% |
| Financial debts | 170/4 | €198,311 | €110,831 | -€87,480 | -44.1% |
| Amounts payable within one year | 42/48 | €849,628 | €972,634 | +€123,006 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €84,067 | €87,480 | +€3,412 | +4.1% |
| Trade debts | 44 | €4,226 | €13,254 | +€9,027 | +213.6% |
| Suppliers | 440/4 | €4,226 | €13,254 | +€9,027 | +213.6% |
| Taxes, remuneration and social security | 45 | €239 | €327 | +€88 | +36.9% |
| Taxes | 450/3 | €239 | €327 | +€88 | +36.9% |
| Other amounts payable | 47/48 | €761,095 | €871,574 | +€110,478 | +14.5% |
| Accrued charges and deferred income | 492/3 | €800 | €600 | -€200 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,700 | €98,780 | +€40,079 | +68.3% |
| Other operating charges | 640/8 | €6,069 | €12,617 | +€6,548 | +107.9% |
| Non-recurring operating charges | 66A | €20,467 | €16,727 | -€3,740 | -18.3% |
| Gross operating margin | 9900 | €44,840 | €22,534 | -€22,307 | -49.7% |
| Operating profit (loss) | 9901 | -€40,395 | -€105,589 | -€65,194 | -161.4% |
| Financial income | 75/76B | €6,979 | €5,451 | -€1,528 | -21.9% |
| Recurring financial income | 75 | €6,979 | €5,451 | -€1,528 | -21.9% |
| Financial charges | 65/66B | €14,120 | €10,393 | -€3,728 | -26.4% |
| Recurring financial charges | 65 | €14,120 | €10,393 | -€3,728 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | -€47,537 | -€110,531 | -€62,994 | -132.5% |
| Income taxes | 67/77 | €88 | €88 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€47,625 | -€110,619 | -€62,994 | -132.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,625 | -€110,619 | -€62,994 | -132.3% |
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 6 October 2026 via checked.be.