VEM-CO: 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.
VEM-CO
Largest movements
- Tangible fixed assets -€44,523
down €44,523 (-3.7%), from €1.2m to €1.2m
of which Land and buildings: -€36,714
- Debts after one year -€92,538
down €92,538 (-12.1%), from €763,596 to €671,059
- Profit (loss) carried forward +€48,582
new in 2025: €48,582
- Current portion of long-term debt +€30,764
up €30,764 (+45.5%), from €67,639 to €98,404
- Short-term financial debts -€28,573
no longer reported in 2025 (was €28,573)
- Tax, wage and social debts -€15,994
down €15,994 (-48.9%), from €32,679 to €16,685
of which Taxes: -€15,794
- Gross operating margin -€14,684
down €14,684 (-9.6%), from €152,896 to €138,212
- Taxes -€7,839
down €7,839 (-33.3%), from €23,513 to €15,674
- Financial charges -€5,453
down €5,453 (-21.8%), from €24,961 to €19,508
- Other operating charges +€1,688
up €1,688 (+28.0%), from €6,019 to €7,707
- Depreciation +€1,646
up €1,646 (+3.6%), from €45,103 to €46,749
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 | €1,257,528 | €1,207,266 | -€50,262 | -4.0% |
| Fixed assets | 21/28 | €1,207,368 | €1,162,845 | -€44,523 | -3.7% |
| Tangible fixed assets | 22/27 | €1,207,368 | €1,162,845 | -€44,523 | -3.7% |
| Land and buildings | 22 | €1,178,903 | €1,142,189 | -€36,714 | -3.1% |
| Plant, machinery and equipment | 23 | €6,737 | €4,025 | -€2,712 | -40.3% |
| Furniture and vehicles | 24 | €9,812 | €6,751 | -€3,061 | -31.2% |
| Other tangible fixed assets | 26 | €11,916 | €9,880 | -€2,036 | -17.1% |
| Current assets | 29/58 | €50,160 | €44,421 | -€5,739 | -11.4% |
| Amounts receivable within one year | 40/41 | €28,230 | €31,675 | +€3,444 | +12.2% |
| Trade receivables | 40 | €28,230 | €31,675 | +€3,444 | +12.2% |
| Cash at bank and in hand | 54/58 | €21,450 | €11,059 | -€10,390 | -48.4% |
| Deferred charges and accrued income | 490/1 | €480 | €1,687 | +€1,207 | +251% |
| Total equity and liabilities | 10/49 | €1,257,528 | €1,207,266 | -€50,262 | -4.0% |
| Equity | 10/15 | €245,355 | €293,938 | +€48,582 | +19.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €226,763 | €226,763 | = | 0.0% |
| Distributable reserves | 133 | €226,763 | €226,763 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €48,582 | +€48,582 | |
| Amounts payable | 17/49 | €1,012,172 | €913,329 | -€98,844 | -9.8% |
| Amounts payable after more than one year | 17 | €763,596 | €671,059 | -€92,538 | -12.1% |
| Financial debts | 170/4 | €763,596 | €671,059 | -€92,538 | -12.1% |
| Amounts payable within one year | 42/48 | €248,366 | €241,965 | -€6,401 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €67,639 | €98,404 | +€30,764 | +45.5% |
| Financial debts | 43 | €28,573 | - | -€28,573 | |
| Credit institutions | 430/8 | €28,573 | - | -€28,573 | |
| Trade debts | 44 | €38,498 | €35,853 | -€2,645 | -6.9% |
| Suppliers | 440/4 | €38,498 | €35,853 | -€2,645 | -6.9% |
| Advances received on contracts in progress | 46 | €1,248 | €7,714 | +€6,466 | +518% |
| Taxes, remuneration and social security | 45 | €32,679 | €16,685 | -€15,994 | -48.9% |
| Taxes | 450/3 | €30,679 | €14,885 | -€15,794 | -51.5% |
| Remuneration and social security | 454/9 | €2,000 | €1,800 | -€200 | -10.0% |
| Other amounts payable | 47/48 | €79,728 | €83,308 | +€3,580 | +4.5% |
| Accrued charges and deferred income | 492/3 | €210 | €305 | +€95 | +45.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,103 | €46,749 | +€1,646 | +3.6% |
| Other operating charges | 640/8 | €6,019 | €7,707 | +€1,688 | +28.0% |
| Non-recurring operating charges | 66A | €20 | - | -€20 | |
| Gross operating margin | 9900 | €152,896 | €138,212 | -€14,684 | -9.6% |
| Operating profit (loss) | 9901 | €101,754 | €83,756 | -€17,997 | -17.7% |
| Financial income | 75/76B | €279 | €8 | -€271 | -97.0% |
| Recurring financial income | 75 | €279 | €8 | -€271 | -97.0% |
| Financial charges | 65/66B | €24,961 | €19,508 | -€5,453 | -21.8% |
| Recurring financial charges | 65 | €24,961 | €19,508 | -€5,453 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | €77,072 | €64,256 | -€12,815 | -16.6% |
| Income taxes | 67/77 | €23,513 | €15,674 | -€7,839 | -33.3% |
| Profit (loss) for the period | 9904 | €53,558 | €48,582 | -€4,976 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,558 | €48,582 | -€4,976 | -9.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.