VEM Construct: 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 Construct
Largest movements
- Cash -€21,585
down €21,585 (-40.3%), from €53,585 to €32,000
mainly Investment in fixed assets (net) (-€19,120) and Net result for the year (-€18,494)
- Tangible fixed assets +€4,741
up €4,741 (+5.3%), from €88,906 to €93,647
of which Plant, machinery and equipment: +€11,560
- Reserves -€18,494
down €18,494 (-6.0%), from €306,239 to €287,745
of which Distributable reserves: -€18,494
- Gross operating margin -€129,864
down €129,864, from €128,298 to -€1,567
- Financial charges -€1,471
down €1,471 (-96.7%), from €1,521 to €50
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 | €343,118 | €327,191 | -€15,927 | -4.6% |
| Fixed assets | 21/28 | €88,906 | €93,647 | +€4,741 | +5.3% |
| Tangible fixed assets | 22/27 | €88,906 | €93,647 | +€4,741 | +5.3% |
| Land and buildings | 22 | €87,953 | €81,134 | -€6,819 | -7.8% |
| Plant, machinery and equipment | 23 | €953 | €12,512 | +€11,560 | +1213.3% |
| Current assets | 29/58 | €254,212 | €233,544 | -€20,668 | -8.1% |
| Amounts receivable within one year | 40/41 | €61 | €954 | +€894 | +1475.7% |
| Trade receivables | 40 | - | €312 | +€312 | |
| Other amounts receivable | 41 | €61 | €642 | +€581 | +959.7% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,585 | €32,000 | -€21,585 | -40.3% |
| Deferred charges and accrued income | 490/1 | €566 | €590 | +€23 | +4.1% |
| Total equity and liabilities | 10/49 | €343,118 | €327,191 | -€15,927 | -4.6% |
| Equity | 10/15 | €342,666 | €324,172 | -€18,494 | -5.4% |
| Contributions | 10/11 | €36,427 | €36,427 | = | 0.0% |
| Reserves | 13 | €306,239 | €287,745 | -€18,494 | -6.0% |
| Tax-exempt reserves | 132 | €13,825 | €13,825 | = | 0.0% |
| Distributable reserves | 133 | €292,414 | €273,920 | -€18,494 | -6.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €452 | €3,019 | +€2,567 | +567.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €452 | €3,019 | +€2,567 | +567.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €172 | €0 | -€172 | -100.0% |
| Suppliers | 440/4 | €172 | €0 | -€172 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | €3,019 | +€3,019 | |
| Taxes | 450/3 | €0 | €3,019 | +€3,019 | |
| Other amounts payable | 47/48 | €280 | €0 | -€280 | -100.0% |
| Non-recurring operating income | 76A | €136,500 | €606 | -€135,894 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,352 | €14,379 | +€28 | +0.2% |
| Other operating charges | 640/8 | €3,507 | €2,498 | -€1,009 | -28.8% |
| Gross operating margin | 9900 | €128,298 | -€1,567 | -€129,864 | |
| Operating profit (loss) | 9901 | €110,439 | -€18,444 | -€128,883 | |
| Financial charges | 65/66B | €1,521 | €50 | -€1,471 | -96.7% |
| Recurring financial charges | 65 | €1,521 | €50 | -€1,471 | -96.7% |
| Profit (loss) for the period before taxes | 9903 | €108,918 | -€18,494 | -€127,412 | |
| Profit (loss) for the period | 9904 | €108,918 | -€18,494 | -€127,412 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,918 | -€18,494 | -€127,412 |
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 9 October 2026 via checked.be.