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
- Cash -€166,526
down €166,526 (-59.1%), from €281,618 to €115,092
mainly Contributions, distributions and other (-€150,903) and Current investments (-€141,473)
- Current investments +€141,473
up €141,473 (+33088.5%), from €428 to €141,901
- Receivables within one year +€22,754
up €22,754 (+59.1%), from €38,495 to €61,250
of which Trade receivables: +€17,500
- Receivables after one year -€12,500
no longer reported in 2025 (was €12,500)
- Deferred charges and accrued income -€10,368
down €10,368 (-89.0%), from €11,656 to €1,288
- Reserves -€59,577
down €59,577 (-13.9%), from €429,211 to €369,635
of which Distributable reserves: -€59,577
- Other debts +€48,358
new in 2025: €48,358
- Tax, wage and social debts -€19,245
down €19,245 (-88.3%), from €21,790 to €2,545
- Gross operating margin +€78,096
up €78,096 (+129.2%), from €60,444 to €138,540
- Financial income -€17,372
down €17,372 (-92.8%), from €18,713 to €1,341
- Taxes +€16,057
up €16,057 (+71.2%), from €22,538 to €38,595
- Write-downs +€2,106
new in 2025: €2,106
- Depreciation +€2,059
up €2,059 (+99.2%), from €2,075 to €4,133
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 | €475,773 | €446,800 | -€28,973 | -6.1% |
| Fixed assets | 21/28 | €131,076 | €127,269 | -€3,807 | -2.9% |
| Tangible fixed assets | 22/27 | €131,076 | €127,269 | -€3,807 | -2.9% |
| Land and buildings | 22 | €81,509 | €76,480 | -€5,029 | -6.2% |
| Plant, machinery and equipment | 23 | - | €799 | +€799 | |
| Furniture and vehicles | 24 | €46,068 | €49,991 | +€3,923 | +8.5% |
| Other tangible fixed assets | 26 | €3,500 | - | -€3,500 | |
| Current assets | 29/58 | €344,697 | €319,531 | -€25,166 | -7.3% |
| Amounts receivable after more than one year | 29 | €12,500 | - | -€12,500 | |
| Other amounts receivable | 291 | €12,500 | - | -€12,500 | |
| Amounts receivable within one year | 40/41 | €38,495 | €61,250 | +€22,754 | +59.1% |
| Trade receivables | 40 | - | €17,500 | +€17,500 | |
| Other amounts receivable | 41 | €38,495 | €43,750 | +€5,254 | +13.6% |
| Current investments | 50/53 | €428 | €141,901 | +€141,473 | +33088.5% |
| Cash at bank and in hand | 54/58 | €281,618 | €115,092 | -€166,526 | -59.1% |
| Deferred charges and accrued income | 490/1 | €11,656 | €1,288 | -€10,368 | -89.0% |
| Total equity and liabilities | 10/49 | €475,773 | €446,800 | -€28,973 | -6.1% |
| Equity | 10/15 | €447,803 | €388,227 | -€59,577 | -13.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €429,211 | €369,635 | -€59,577 | -13.9% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €426,113 | €366,536 | -€59,577 | -14.0% |
| Amounts payable | 17/49 | €27,970 | €58,573 | +€30,603 | +109.4% |
| Amounts payable within one year | 42/48 | €27,970 | €58,573 | +€30,603 | +109.4% |
| Trade debts | 44 | €6,180 | €7,670 | +€1,490 | +24.1% |
| Suppliers | 440/4 | €6,180 | €7,670 | +€1,490 | +24.1% |
| Taxes, remuneration and social security | 45 | €21,790 | €2,545 | -€19,245 | -88.3% |
| Taxes | 450/3 | €21,790 | €2,545 | -€19,245 | -88.3% |
| Other amounts payable | 47/48 | - | €48,358 | +€48,358 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,075 | €4,133 | +€2,059 | +99.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,106 | +€2,106 | |
| Other operating charges | 640/8 | €2,515 | €1,324 | -€1,191 | -47.4% |
| Non-recurring operating charges | 66A | - | €1,410 | +€1,410 | |
| Gross operating margin | 9900 | €60,444 | €138,540 | +€78,096 | +129.2% |
| Operating profit (loss) | 9901 | €55,854 | €129,567 | +€73,713 | +132.0% |
| Financial income | 75/76B | €18,713 | €1,341 | -€17,372 | -92.8% |
| Recurring financial income | 75 | €18,713 | €1,341 | -€17,372 | -92.8% |
| Financial charges | 65/66B | €525 | €987 | +€461 | +87.9% |
| Recurring financial charges | 65 | €525 | €987 | +€461 | +87.9% |
| Profit (loss) for the period before taxes | 9903 | €74,042 | €129,921 | +€55,879 | +75.5% |
| Income taxes | 67/77 | €22,538 | €38,595 | +€16,057 | +71.2% |
| Profit (loss) for the period | 9904 | €51,505 | €91,327 | +€39,822 | +77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,505 | €91,327 | +€39,822 | +77.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.