VEDEMU: 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.
VEDEMU
Largest movements
- Cash +€740,264
up €740,264 (+324.9%), from €227,856 to €968,119
mainly Net result for the year (+€3.0m) and Tax, wage and social debts (+€281,549)
- Current investments +€612,816
up €612,816 (+6.4%), from €9.5m to €10.2m
- Tangible fixed assets +€547,785
up €547,785 (+10.1%), from €5.4m to €6.0m
of which Land and buildings: +€593,907
- Reserves +€1.6m
up €1.6m (+11.0%), from €14.2m to €15.7m
of which Distributable reserves: +€1.3m
- Tax, wage and social debts +€281,549
up €281,549 (+112.9%), from €249,336 to €530,885
- Other debts +€174,453
up €174,453 (+25.2%), from €693,189 to €867,642
- Gross operating margin +€978,832
up €978,832 (+27.5%), from €3.6m to €4.5m
- Taxes +€232,040
up €232,040 (+21.0%), from €1.1m to €1.3m
- Financial charges +€107,355
up €107,355 (+180.2%), from €59,566 to €166,921
- Financial income -€75,079
down €75,079 (-16.2%), from €463,773 to €388,694
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 | €15,196,209 | €17,181,386 | +€2.0m | +13.1% |
| Fixed assets | 21/28 | €5,411,901 | €5,959,686 | +€547,785 | +10.1% |
| Tangible fixed assets | 22/27 | €5,411,901 | €5,959,686 | +€547,785 | +10.1% |
| Land and buildings | 22 | €5,183,987 | €5,777,894 | +€593,907 | +11.5% |
| Plant, machinery and equipment | 23 | €23,315 | €15,421 | -€7,894 | -33.9% |
| Furniture and vehicles | 24 | €73,880 | €49,809 | -€24,071 | -32.6% |
| Other tangible fixed assets | 26 | €130,719 | €116,562 | -€14,157 | -10.8% |
| Current assets | 29/58 | €9,784,308 | €11,221,700 | +€1.4m | +14.7% |
| Amounts receivable after more than one year | 29 | - | €8,000 | +€8,000 | |
| Other amounts receivable | 291 | - | €8,000 | +€8,000 | |
| Amounts receivable within one year | 40/41 | €383 | €56,154 | +€55,771 | +14580.0% |
| Trade receivables | 40 | €383 | - | -€383 | |
| Other amounts receivable | 41 | - | €56,154 | +€56,154 | |
| Current investments | 50/53 | €9,546,850 | €10,159,666 | +€612,816 | +6.4% |
| Cash at bank and in hand | 54/58 | €227,856 | €968,119 | +€740,264 | +324.9% |
| Deferred charges and accrued income | 490/1 | €9,219 | €29,761 | +€20,541 | +222.8% |
| Total equity and liabilities | 10/49 | €15,196,209 | €17,181,386 | +€2.0m | +13.1% |
| Equity | 10/15 | €14,165,643 | €15,720,208 | +€1.6m | +11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,150,429 | €15,704,995 | +€1.6m | +11.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,431,400 | €1,641,900 | +€210,500 | +14.7% |
| Distributable reserves | 133 | €12,717,169 | €14,061,235 | +€1.3m | +10.6% |
| Profit (loss) carried forward | 14 | €9,013 | €9,013 | = | 0.0% |
| Amounts payable | 17/49 | €1,030,566 | €1,461,178 | +€430,611 | +41.8% |
| Amounts payable within one year | 42/48 | €989,608 | €1,411,280 | +€421,672 | +42.6% |
| Trade debts | 44 | €47,083 | €12,753 | -€34,330 | -72.9% |
| Suppliers | 440/4 | €47,083 | €12,753 | -€34,330 | -72.9% |
| Taxes, remuneration and social security | 45 | €249,336 | €530,885 | +€281,549 | +112.9% |
| Taxes | 450/3 | €249,336 | €530,885 | +€281,549 | +112.9% |
| Other amounts payable | 47/48 | €693,189 | €867,642 | +€174,453 | +25.2% |
| Accrued charges and deferred income | 492/3 | €40,958 | €49,898 | +€8,939 | +21.8% |
| Remuneration, social security and pensions | 62 | €86,535 | €91,732 | +€5,197 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251,872 | €271,766 | +€19,894 | +7.9% |
| Other operating charges | 640/8 | €14,471 | €17,268 | +€2,797 | +19.3% |
| Gross operating margin | 9900 | €3,558,860 | €4,537,692 | +€978,832 | +27.5% |
| Operating profit (loss) | 9901 | €3,205,982 | €4,156,926 | +€950,944 | +29.7% |
| Financial income | 75/76B | €463,773 | €388,694 | -€75,079 | -16.2% |
| Recurring financial income | 75 | €463,773 | €388,694 | -€75,079 | -16.2% |
| Financial charges | 65/66B | €59,566 | €166,921 | +€107,355 | +180.2% |
| Recurring financial charges | 65 | €59,566 | €166,921 | +€107,355 | +180.2% |
| Profit (loss) for the period before taxes | 9903 | €3,610,189 | €4,378,699 | +€768,510 | +21.3% |
| Income taxes | 67/77 | €1,106,534 | €1,338,574 | +€232,040 | +21.0% |
| Profit (loss) for the period | 9904 | €2,503,655 | €3,040,125 | +€536,470 | +21.4% |
| Transfer from tax-exempt reserves | 789 | €547,300 | €421,000 | -€126,300 | -23.1% |
| Transfer to tax-exempt reserves | 689 | €757,800 | €631,500 | -€126,300 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,293,155 | €2,829,625 | +€536,470 | +23.4% |
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 11 October 2026 via checked.be.