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
- Cash +€9,330
up €9,330 (+14.2%), from €65,635 to €74,965
mainly Net result for the year (+€32,103) and Depreciation (+€4,805)
- Tangible fixed assets -€4,805
down €4,805 (-3.3%), from €145,142 to €140,337
of which Land and buildings: -€3,367
- Receivables within one year +€3,143
up €3,143 (+243.4%), from €1,291 to €4,434
of which Other amounts receivable: +€3,482
- Reserves +€32,103
up €32,103 (+36.0%), from €89,134 to €121,237
of which Distributable reserves: +€32,103
- Tax, wage and social debts -€12,590
down €12,590 (-72.4%), from €17,388 to €4,798
- Debts after one year -€11,498
down €11,498 (-13.3%), from €86,539 to €75,041
- Gross operating margin +€25,175
up €25,175 (+63.1%), from €39,901 to €65,076
- Financial income -€5,314
down €5,314 (-90.7%), from €5,857 to €543
- Taxes +€4,910
up €4,910 (+41.3%), from €11,888 to €16,798
- Financial charges +€4,624
up €4,624 (+190.4%), from €2,428 to €7,052
- Other operating charges +€3,138
up €3,138 (+182.0%), from €1,723 to €4,861
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 | €221,368 | €229,036 | +€7,669 | +3.5% |
| Fixed assets | 21/28 | €154,442 | €149,637 | -€4,805 | -3.1% |
| Tangible fixed assets | 22/27 | €145,142 | €140,337 | -€4,805 | -3.3% |
| Land and buildings | 22 | €138,892 | €135,525 | -€3,367 | -2.4% |
| Plant, machinery and equipment | 23 | €6,250 | €4,812 | -€1,438 | -23.0% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €66,926 | €79,399 | +€12,473 | +18.6% |
| Amounts receivable within one year | 40/41 | €1,291 | €4,434 | +€3,143 | +243.4% |
| Trade receivables | 40 | €1,041 | €703 | -€339 | -32.5% |
| Other amounts receivable | 41 | €250 | €3,732 | +€3,482 | +1392.7% |
| Cash at bank and in hand | 54/58 | €65,635 | €74,965 | +€9,330 | +14.2% |
| Total equity and liabilities | 10/49 | €221,368 | €229,036 | +€7,669 | +3.5% |
| Equity | 10/15 | €101,534 | €133,637 | +€32,103 | +31.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €89,134 | €121,237 | +€32,103 | +36.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €79,134 | €111,237 | +€32,103 | +40.6% |
| Amounts payable | 17/49 | €119,833 | €95,399 | -€24,434 | -20.4% |
| Amounts payable after more than one year | 17 | €86,539 | €75,041 | -€11,498 | -13.3% |
| Financial debts | 170/4 | €86,539 | €75,041 | -€11,498 | -13.3% |
| Amounts payable within one year | 42/48 | €33,294 | €20,358 | -€12,936 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €10,262 | €11,498 | +€1,236 | +12.0% |
| Trade debts | 44 | €1,582 | - | -€1,582 | |
| Suppliers | 440/4 | €1,582 | - | -€1,582 | |
| Taxes, remuneration and social security | 45 | €17,388 | €4,798 | -€12,590 | -72.4% |
| Taxes | 450/3 | €17,388 | €4,798 | -€12,590 | -72.4% |
| Other amounts payable | 47/48 | €4,062 | €4,062 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,633 | €4,805 | +€172 | +3.7% |
| Other operating charges | 640/8 | €1,723 | €4,861 | +€3,138 | +182.0% |
| Gross operating margin | 9900 | €39,901 | €65,076 | +€25,175 | +63.1% |
| Operating profit (loss) | 9901 | €33,545 | €55,411 | +€21,866 | +65.2% |
| Financial income | 75/76B | €5,857 | €543 | -€5,314 | -90.7% |
| Recurring financial income | 75 | €5,857 | €543 | -€5,314 | -90.7% |
| Financial charges | 65/66B | €2,428 | €7,052 | +€4,624 | +190.4% |
| Recurring financial charges | 65 | €2,428 | €7,052 | +€4,624 | +190.4% |
| Profit (loss) for the period before taxes | 9903 | €36,973 | €48,901 | +€11,927 | +32.3% |
| Income taxes | 67/77 | €11,888 | €16,798 | +€4,910 | +41.3% |
| Profit (loss) for the period | 9904 | €25,085 | €32,103 | +€7,018 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,085 | €32,103 | +€7,018 | +28.0% |
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 10 October 2026 via checked.be.