VEEMMA: 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.
VEEMMA
Largest movements
- Cash +€148,137
up €148,137 (+64.4%), from €230,038 to €378,175
mainly Net result for the year (+€91,060) and Tax, wage and social debts (+€42,064)
- Tangible fixed assets -€54,014
down €54,014 (-8.9%), from €608,484 to €554,470
of which Furniture and vehicles: -€66,199
- Stocks and contracts -€37,957
down €37,957 (-26.8%), from €141,706 to €103,749
- Reserves +€56,933
up €56,933 (+10.5%), from €544,615 to €601,548
- Debts after one year -€52,795
down €52,795 (-15.9%), from €332,233 to €279,438
- Tax, wage and social debts +€42,064
up €42,064 (+95.6%), from €44,009 to €86,073
of which Taxes: +€51,375
- Trade debts +€40,281
up €40,281 (+244%), from €16,519 to €56,800
- Other debts -€33,885
down €33,885 (-47.8%), from €70,900 to €37,015
- Other operating charges -€14,695
down €14,695 (-85.8%), from €17,129 to €2,434
- Depreciation -€10,032
down €10,032 (-20.6%), from €48,756 to €38,724
- Staff costs -€7,204
down €7,204 (-8.0%), from €89,696 to €82,492
- Gross operating margin -€6,398
down €6,398 (-2.4%), from €269,317 to €262,919
- Taxes +€3,959
up €3,959 (+11.6%), from €34,173 to €38,132
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 | €1,083,682 | €1,135,647 | +€51,965 | +4.8% |
| Fixed assets | 21/28 | €608,484 | €554,470 | -€54,014 | -8.9% |
| Tangible fixed assets | 22/27 | €608,484 | €554,470 | -€54,014 | -8.9% |
| Land and buildings | 22 | €430,798 | €458,657 | +€27,859 | +6.5% |
| Plant, machinery and equipment | 23 | €16,802 | €10,094 | -€6,708 | -39.9% |
| Furniture and vehicles | 24 | €99,165 | €32,966 | -€66,199 | -66.8% |
| Other tangible fixed assets | 26 | €61,718 | €52,753 | -€8,965 | -14.5% |
| Current assets | 29/58 | €475,198 | €581,177 | +€105,978 | +22.3% |
| Stocks and contracts in progress | 3 | €141,706 | €103,749 | -€37,957 | -26.8% |
| Stocks | 30/36 | €141,706 | €103,749 | -€37,957 | -26.8% |
| Amounts receivable within one year | 40/41 | €99,988 | €97,000 | -€2,987 | -3.0% |
| Trade receivables | 40 | €48,292 | €88,432 | +€40,140 | +83.1% |
| Other amounts receivable | 41 | €51,695 | €8,568 | -€43,127 | -83.4% |
| Cash at bank and in hand | 54/58 | €230,038 | €378,175 | +€148,137 | +64.4% |
| Deferred charges and accrued income | 490/1 | €3,467 | €2,252 | -€1,215 | -35.0% |
| Total equity and liabilities | 10/49 | €1,083,682 | €1,135,647 | +€51,965 | +4.8% |
| Equity | 10/15 | €563,215 | €620,148 | +€56,933 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €544,615 | €601,548 | +€56,933 | +10.5% |
| Distributable reserves | 133 | €544,615 | €601,548 | +€56,933 | +10.5% |
| Amounts payable | 17/49 | €520,467 | €515,499 | -€4,968 | -1.0% |
| Amounts payable after more than one year | 17 | €332,233 | €279,438 | -€52,795 | -15.9% |
| Financial debts | 170/4 | €332,233 | €279,438 | -€52,795 | -15.9% |
| Amounts payable within one year | 42/48 | €187,384 | €236,060 | +€48,677 | +26.0% |
| Current portion of amounts payable after more than one year | 42 | €51,663 | €52,795 | +€1,132 | +2.2% |
| Trade debts | 44 | €16,519 | €56,800 | +€40,281 | +244% |
| Suppliers | 440/4 | €16,519 | €56,800 | +€40,281 | +244% |
| Advances received on contracts in progress | 46 | €4,293 | €3,377 | -€916 | -21.3% |
| Taxes, remuneration and social security | 45 | €44,009 | €86,073 | +€42,064 | +95.6% |
| Taxes | 450/3 | €28,839 | €80,215 | +€51,375 | +178% |
| Remuneration and social security | 454/9 | €15,170 | €5,858 | -€9,312 | -61.4% |
| Other amounts payable | 47/48 | €70,900 | €37,015 | -€33,885 | -47.8% |
| Accrued charges and deferred income | 492/3 | €850 | - | -€850 | |
| Non-recurring operating income | 76A | - | €7,101 | +€7,101 | |
| Remuneration, social security and pensions | 62 | €89,696 | €82,492 | -€7,204 | -8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,756 | €38,724 | -€10,032 | -20.6% |
| Other operating charges | 640/8 | €17,129 | €2,434 | -€14,695 | -85.8% |
| Non-recurring operating charges | 66A | - | €3,111 | +€3,111 | |
| Gross operating margin | 9900 | €269,317 | €262,919 | -€6,398 | -2.4% |
| Operating profit (loss) | 9901 | €113,736 | €136,159 | +€22,423 | +19.7% |
| Financial income | 75/76B | €2,235 | €187 | -€2,048 | -91.6% |
| Recurring financial income | 75 | €2,235 | €187 | -€2,048 | -91.6% |
| Financial charges | 65/66B | €7,919 | €7,154 | -€765 | -9.7% |
| Recurring financial charges | 65 | €7,919 | €7,154 | -€765 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €108,053 | €129,192 | +€21,139 | +19.6% |
| Income taxes | 67/77 | €34,173 | €38,132 | +€3,959 | +11.6% |
| Profit (loss) for the period | 9904 | €73,880 | €91,060 | +€17,180 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €73,880 | €91,060 | +€17,180 | +23.3% |
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 16 October 2026 via checked.be.