VEMACO: 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.
What changed
VEMACO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€71,352
2024 · -€91,933+€20,581
Equity
€2.3m
2024 · €2.3m-€71,352
Cash
€500,000
2024 · €477,718+€22,283
Balance sheet total
€2.5m
2024 · €2.5m-€67,320
Largest movements
Assets
- Tangible fixed assets -€125,455
down €125,455 (-7.3%), from €1.7m to €1.6m
- Deferred charges and accrued income +€32,451
up €32,451 (+19.0%), from €171,177 to €203,628
Equity and liabilities
- Reserves -€46,819
down €46,819 (-2.1%), from €2.3m to €2.2m
of which Tax-exempt reserves: -€46,819
Income statement
- Turnover -€117,988
no longer reported in 2025 (was €117,988)
- Services and other goods -€101,486
no longer reported in 2025 (was €101,486)
- Gross operating margin +€62,082
new in 2025: €62,082
- Other operating income -€23,137
no longer reported in 2025 (was €23,137)
- Other operating charges +€8,241
up €8,241 (+55.8%), from €14,774 to €23,015
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.
Result 2024
-€91,933
Turnover
-€117,988
Other operating income
-€23,137
Services and other goods
+€101,486
Depreciation
+€3,066
Other operating charges
-€8,241
Other operating items
+€62,082
Financial income
+€3,279
Financial charges
+€34
Result 2025
-€71,352
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.
From operations
+€25,919
Investment
-€3,636
Financing
€0
Cash 2024
€477,718
From operations (derived)
+€25,919
Net result for the year
-€71,352
Depreciation
+€129,091
Receivables within one year
-€3,402
Deferred charges and accrued income
-€32,451
Provisions
-€15,606
Trade debts
+€20,252
Accrued charges and deferred income
-€614
Investment (derived)
-€3,636
Investment in fixed assets (net)
-€3,636
Cash 2025
€500,000
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,537,886 | €2,470,567 | -€67,320 | -2.7% |
| Fixed assets | 21/28 | €1,718,880 | €1,593,425 | -€125,455 | -7.3% |
| Tangible fixed assets | 22/27 | €1,718,880 | €1,593,425 | -€125,455 | -7.3% |
| Land and buildings | 22 | €1,718,880 | €1,593,425 | -€125,455 | -7.3% |
| Current assets | 29/58 | €819,007 | €877,142 | +€58,136 | +7.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €170,111 | €173,514 | +€3,402 | +2.0% |
| Other amounts receivable | 41 | €170,111 | €173,514 | +€3,402 | +2.0% |
| Cash at bank and in hand | 54/58 | €477,718 | €500,000 | +€22,283 | +4.7% |
| Deferred charges and accrued income | 490/1 | €171,177 | €203,628 | +€32,451 | +19.0% |
| Total equity and liabilities | 10/49 | €2,537,886 | €2,470,567 | -€67,320 | -2.7% |
| Equity | 10/15 | €2,325,497 | €2,254,145 | -€71,352 | -3.1% |
| Contributions | 10/11 | €163,000 | €163,000 | = | 0.0% |
| Capital | 10 | €163,000 | €163,000 | = | 0.0% |
| Issued capital | 100 | €163,000 | €163,000 | = | 0.0% |
| Reserves | 13 | €2,283,522 | €2,236,703 | -€46,819 | -2.1% |
| Non-distributable reserves | 130/1 | €22,893 | €22,893 | = | 0.0% |
| Legal reserve | 130 | €22,893 | €22,893 | = | 0.0% |
| Tax-exempt reserves | 132 | €610,629 | €563,810 | -€46,819 | -7.7% |
| Distributable reserves | 133 | €1,650,000 | €1,650,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,025 | -€145,558 | -€24,533 | -20.3% |
| Provisions and deferred taxes | 16 | €203,543 | €187,937 | -€15,606 | -7.7% |
| Deferred taxes | 168 | €203,543 | €187,937 | -€15,606 | -7.7% |
| Amounts payable | 17/49 | €8,846 | €28,485 | +€19,639 | +222.0% |
| Amounts payable within one year | 42/48 | €7,860 | €28,113 | +€20,252 | +257.6% |
| Trade debts | 44 | €7,860 | €28,113 | +€20,252 | +257.6% |
| Suppliers | 440/4 | €7,860 | €28,113 | +€20,252 | +257.6% |
| Accrued charges and deferred income | 492/3 | €986 | €372 | -€614 | -62.2% |
| Operating income | 70/76A | €141,125 | - | -€141,125 | |
| Turnover | 70 | €117,988 | - | -€117,988 | |
| Other operating income | 74 | €23,137 | - | -€23,137 | |
| Operating charges | 60/66A | €248,417 | - | -€248,417 | |
| Services and other goods | 61 | €101,486 | - | -€101,486 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,157 | €129,091 | -€3,066 | -2.3% |
| Other operating charges | 640/8 | €14,774 | €23,015 | +€8,241 | +55.8% |
| Gross operating margin | 9900 | - | €62,082 | +€62,082 | |
| Operating profit (loss) | 9901 | -€107,292 | -€90,024 | +€17,268 | +16.1% |
| Financial income | 75/76B | €123 | €3,402 | +€3,279 | +2668.3% |
| Recurring financial income | 75 | €123 | €3,402 | +€3,279 | +2668.3% |
| Income from current assets | 751 | €111 | - | -€111 | |
| Other financial income | 752/9 | €11 | - | -€11 | |
| Financial charges | 65/66B | €370 | €337 | -€34 | -9.1% |
| Recurring financial charges | 65 | €370 | €337 | -€34 | -9.1% |
| Other financial charges | 652/9 | €370 | - | -€370 | |
| Profit (loss) for the period before taxes | 9903 | -€107,539 | -€86,958 | +€20,581 | +19.1% |
| Transfer from deferred taxes | 780 | €15,606 | €15,606 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€91,933 | -€71,352 | +€20,581 | +22.4% |
| Transfer from tax-exempt reserves | 789 | €46,819 | €46,819 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,114 | -€24,533 | +€20,581 | +45.6% |
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.