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.
VEMACO
Largest movements
- Cash -€19,932
down €19,932 (-19.2%), from €103,598 to €83,666
mainly Trade debts (-€25,115) and Other debts (-€20,772)
- Receivables within one year +€8,189
up €8,189 (+10.3%), from €79,298 to €87,487
of which Trade receivables: +€15,958
- Stocks and contracts -€6,007
down €6,007 (-3.9%), from €154,441 to €148,435
- Trade debts -€25,115
down €25,115 (-30.5%), from €82,399 to €57,284
- Other debts -€20,772
down €20,772 (-15.3%), from €135,520 to €114,748
- Profit (loss) carried forward +€16,316
up €16,316 (+13.5%), from €120,801 to €137,118
- Accrued charges and deferred income +€13,036
up €13,036 (+328.9%), from €3,964 to €17,000
- Gross operating margin +€8,511
up €8,511 (+20.1%), from €42,290 to €50,800
- Staff costs +€1,668
up €1,668 (+8.7%), from €19,202 to €20,870
- Depreciation +€849
up €849 (+33.4%), from €2,544 to €3,392
- Taxes +€784
up €784 (+14.9%), from €5,279 to €6,063
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 | €366,448 | €350,379 | -€16,069 | -4.4% |
| Fixed assets | 21/28 | €25,167 | €26,685 | +€1,518 | +6.0% |
| Tangible fixed assets | 22/27 | €24,522 | €26,041 | +€1,518 | +6.2% |
| Land and buildings | 22 | €22,802 | €21,602 | -€1,199 | -5.3% |
| Plant, machinery and equipment | 23 | €1,435 | €285 | -€1,149 | -80.1% |
| Furniture and vehicles | 24 | €286 | €4,153 | +€3,867 | +1352.4% |
| Financial fixed assets | 28 | €645 | €645 | = | 0.0% |
| Current assets | 29/58 | €341,281 | €323,694 | -€17,587 | -5.2% |
| Stocks and contracts in progress | 3 | €154,441 | €148,435 | -€6,007 | -3.9% |
| Stocks | 30/36 | €154,441 | €148,435 | -€6,007 | -3.9% |
| Amounts receivable within one year | 40/41 | €79,298 | €87,487 | +€8,189 | +10.3% |
| Trade receivables | 40 | €70,747 | €86,705 | +€15,958 | +22.6% |
| Other amounts receivable | 41 | €8,551 | €782 | -€7,769 | -90.9% |
| Cash at bank and in hand | 54/58 | €103,598 | €83,666 | -€19,932 | -19.2% |
| Deferred charges and accrued income | 490/1 | €3,944 | €4,106 | +€162 | +4.1% |
| Total equity and liabilities | 10/49 | €366,448 | €350,379 | -€16,069 | -4.4% |
| Equity | 10/15 | €139,198 | €155,514 | +€16,316 | +11.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €18,296 | €18,296 | = | 0.0% |
| Distributable reserves | 133 | €18,296 | €18,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €120,801 | €137,118 | +€16,316 | +13.5% |
| Amounts payable | 17/49 | €227,251 | €194,865 | -€32,385 | -14.3% |
| Amounts payable within one year | 42/48 | €223,287 | €177,865 | -€45,422 | -20.3% |
| Trade debts | 44 | €82,399 | €57,284 | -€25,115 | -30.5% |
| Suppliers | 440/4 | €82,399 | €57,284 | -€25,115 | -30.5% |
| Taxes, remuneration and social security | 45 | €5,369 | €5,834 | +€465 | +8.7% |
| Taxes | 450/3 | €1,279 | €1,100 | -€179 | -14.0% |
| Remuneration and social security | 454/9 | €4,090 | €4,733 | +€644 | +15.7% |
| Other amounts payable | 47/48 | €135,520 | €114,748 | -€20,772 | -15.3% |
| Accrued charges and deferred income | 492/3 | €3,964 | €17,000 | +€13,036 | +328.9% |
| Non-recurring operating income | 76A | - | €9,955 | +€9,955 | |
| Remuneration, social security and pensions | 62 | €19,202 | €20,870 | +€1,668 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,544 | €3,392 | +€849 | +33.4% |
| Other operating charges | 640/8 | €4,817 | €4,770 | -€47 | -1.0% |
| Gross operating margin | 9900 | €42,290 | €50,800 | +€8,511 | +20.1% |
| Operating profit (loss) | 9901 | €15,727 | €21,768 | +€6,041 | +38.4% |
| Financial income | 75/76B | €871 | €718 | -€153 | -17.6% |
| Recurring financial income | 75 | €871 | €718 | -€153 | -17.6% |
| Financial charges | 65/66B | €218 | €107 | -€111 | -51.0% |
| Recurring financial charges | 65 | €218 | €107 | -€111 | -51.0% |
| Profit (loss) for the period before taxes | 9903 | €16,380 | €22,380 | +€5,999 | +36.6% |
| Income taxes | 67/77 | €5,279 | €6,063 | +€784 | +14.9% |
| Profit (loss) for the period | 9904 | €11,101 | €16,316 | +€5,215 | +47.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,101 | €16,316 | +€5,215 | +47.0% |
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.