VEMA: 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.
VEMA
Largest movements
- Tangible fixed assets -€5,349
down €5,349 (-26.8%), from €19,940 to €14,591
of which Other tangible fixed assets: -€3,416
- Receivables within one year -€1,428
down €1,428 (-39.9%), from €3,581 to €2,153
of which Other amounts receivable: -€2,511
- Reserves -€14,519
no longer reported in 2025 (was €14,519)
- Trade debts +€11,711
up €11,711 (+192.2%), from €6,092 to €17,804
- Profit (loss) carried forward -€4,464
new in 2025: -€4,464
- Debts after one year -€1,766
down €1,766 (-91.7%), from €1,925 to €160
- Accrued charges and deferred income +€922
new in 2025: €922
- Staff costs +€12,083
up €12,083 (+14.8%), from €81,413 to €93,496
- Gross operating margin -€11,969
down €11,969 (-12.0%), from €99,905 to €87,936
- Taxes -€2,489
no longer reported in 2025 (was €2,489)
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 | €55,326 | €48,178 | -€7,148 | -12.9% |
| Fixed assets | 21/28 | €24,440 | €19,091 | -€5,349 | -21.9% |
| Tangible fixed assets | 22/27 | €19,940 | €14,591 | -€5,349 | -26.8% |
| Plant, machinery and equipment | 23 | €5,453 | €6,256 | +€803 | +14.7% |
| Furniture and vehicles | 24 | €2,882 | €1,697 | -€1,186 | -41.1% |
| Leasing and similar rights | 25 | €3,324 | €1,774 | -€1,550 | -46.6% |
| Other tangible fixed assets | 26 | €8,280 | €4,864 | -€3,416 | -41.3% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €30,886 | €29,086 | -€1,799 | -5.8% |
| Stocks and contracts in progress | 3 | €8,109 | €7,734 | -€375 | -4.6% |
| Stocks | 30/36 | €8,109 | €7,734 | -€375 | -4.6% |
| Amounts receivable within one year | 40/41 | €3,581 | €2,153 | -€1,428 | -39.9% |
| Trade receivables | 40 | €1,070 | €2,153 | +€1,083 | +101.3% |
| Other amounts receivable | 41 | €2,511 | - | -€2,511 | |
| Cash at bank and in hand | 54/58 | €19,197 | €19,199 | +€3 | 0.0% |
| Total equity and liabilities | 10/49 | €55,326 | €48,178 | -€7,148 | -12.9% |
| Equity | 10/15 | €33,119 | €14,136 | -€18,983 | -57.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,519 | - | -€14,519 | |
| Distributable reserves | 133 | €14,519 | - | -€14,519 | |
| Profit (loss) carried forward | 14 | - | -€4,464 | -€4,464 | |
| Amounts payable | 17/49 | €22,207 | €34,042 | +€11,834 | +53.3% |
| Amounts payable after more than one year | 17 | €1,925 | €160 | -€1,766 | -91.7% |
| Financial debts | 170/4 | €1,925 | €160 | -€1,766 | -91.7% |
| Amounts payable within one year | 42/48 | €20,282 | €32,960 | +€12,678 | +62.5% |
| Current portion of amounts payable after more than one year | 42 | €1,518 | €1,766 | +€247 | +16.3% |
| Trade debts | 44 | €6,092 | €17,804 | +€11,711 | +192.2% |
| Suppliers | 440/4 | €6,092 | €17,804 | +€11,711 | +192.2% |
| Taxes, remuneration and social security | 45 | €12,671 | €13,091 | +€419 | +3.3% |
| Taxes | 450/3 | €2,119 | €1,132 | -€987 | -46.6% |
| Remuneration and social security | 454/9 | €10,552 | €11,959 | +€1,407 | +13.3% |
| Other amounts payable | 47/48 | - | €300 | +€300 | |
| Accrued charges and deferred income | 492/3 | - | €922 | +€922 | |
| Remuneration, social security and pensions | 62 | €81,413 | €93,496 | +€12,083 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,657 | €8,236 | +€579 | +7.6% |
| Other operating charges | 640/8 | €1,609 | €2,451 | +€841 | +52.3% |
| Gross operating margin | 9900 | €99,905 | €87,936 | -€11,969 | -12.0% |
| Operating profit (loss) | 9901 | €9,225 | -€16,247 | -€25,472 | |
| Financial income | 75/76B | €457 | €137 | -€321 | -70.1% |
| Recurring financial income | 75 | €457 | €137 | -€321 | -70.1% |
| Financial charges | 65/66B | €1,999 | €2,872 | +€873 | +43.7% |
| Recurring financial charges | 65 | €1,999 | €2,872 | +€873 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €7,684 | -€18,983 | -€26,666 | |
| Income taxes | 67/77 | €2,489 | - | -€2,489 | |
| Profit (loss) for the period | 9904 | €5,195 | -€18,983 | -€24,177 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,195 | -€18,983 | -€24,177 |
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 7 October 2026 via checked.be.