VEKAM: 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.
VEKAM
Largest movements
- Cash -€24,013
down €24,013 (-15.8%), from €152,203 to €128,190
mainly Investment in fixed assets (net) (-€49,719) and Debts after one year (-€19,299)
- Tangible fixed assets +€15,671
up €15,671 (+2.3%), from €667,364 to €683,035
- Profit (loss) carried forward +€19,352
up €19,352 (+426.7%), from €4,535 to €23,888
- Debts after one year -€19,299
down €19,299 (-8.9%), from €216,324 to €197,025
- Gross operating margin -€3,197
down €3,197 (-3.8%), from €83,622 to €80,425
- Taxes -€1,501
down €1,501 (-18.2%), from €8,239 to €6,738
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 | €819,567 | €815,555 | -€4,012 | -0.5% |
| Fixed assets | 21/28 | €667,364 | €683,035 | +€15,671 | +2.3% |
| Tangible fixed assets | 22/27 | €667,364 | €683,035 | +€15,671 | +2.3% |
| Land and buildings | 22 | €667,364 | €683,035 | +€15,671 | +2.3% |
| Current assets | 29/58 | €152,203 | €132,520 | -€19,683 | -12.9% |
| Amounts receivable within one year | 40/41 | - | €4,331 | +€4,331 | |
| Trade receivables | 40 | - | €4,331 | +€4,331 | |
| Cash at bank and in hand | 54/58 | €152,203 | €128,190 | -€24,013 | -15.8% |
| Total equity and liabilities | 10/49 | €819,567 | €815,555 | -€4,012 | -0.5% |
| Equity | 10/15 | €568,145 | €587,497 | +€19,352 | +3.4% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €414,874 | €414,874 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,535 | €23,888 | +€19,352 | +426.7% |
| Amounts payable | 17/49 | €251,422 | €228,057 | -€23,364 | -9.3% |
| Amounts payable after more than one year | 17 | €216,324 | €197,025 | -€19,299 | -8.9% |
| Financial debts | 170/4 | €216,324 | €197,025 | -€19,299 | -8.9% |
| Amounts payable within one year | 42/48 | €29,405 | €25,155 | -€4,250 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €19,039 | €19,299 | +€260 | +1.4% |
| Trade debts | 44 | €1,351 | €1,873 | +€523 | +38.7% |
| Suppliers | 440/4 | €1,351 | €1,873 | +€523 | +38.7% |
| Taxes, remuneration and social security | 45 | €9,016 | €3,982 | -€5,033 | -55.8% |
| Taxes | 450/3 | €9,016 | €3,982 | -€5,033 | -55.8% |
| Accrued charges and deferred income | 492/3 | €5,693 | €5,878 | +€185 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,433 | €34,048 | +€615 | +1.8% |
| Other operating charges | 640/8 | €16,620 | €17,207 | +€587 | +3.5% |
| Gross operating margin | 9900 | €83,622 | €80,425 | -€3,197 | -3.8% |
| Operating profit (loss) | 9901 | €33,569 | €29,170 | -€4,400 | -13.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €3,336 | €3,079 | -€257 | -7.7% |
| Recurring financial charges | 65 | €3,336 | €3,079 | -€257 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €30,233 | €26,090 | -€4,143 | -13.7% |
| Income taxes | 67/77 | €8,239 | €6,738 | -€1,501 | -18.2% |
| Profit (loss) for the period | 9904 | €21,995 | €19,352 | -€2,642 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,995 | €19,352 | -€2,642 | -12.0% |
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 8 October 2026 via checked.be.