VEMACO: 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.
What changed
VEMACO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4,318
2024 · €38,916-€34,599
Equity
€284,468
2024 · €280,151+€4,318
Cash
€1,377
2024 · €3,494-€2,117
Balance sheet total
€1.5m
2024 · €1.5m-€7,711
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year +€1.3m
new in 2025: €1.3m
- Short-term financial debts -€1.3m
no longer reported in 2025 (was €1.3m)
Income statement
- Financial income -€65,586
down €65,586 (-73.4%), from €89,303 to €23,716
- Financial charges -€16,802
down €16,802 (-24.7%), from €68,050 to €51,248
- Taxes -€12,368
down €12,368 (-85.8%), from €14,411 to €2,044
- Gross operating margin +€1,908
up €1,908 (+4.0%), from €47,674 to €49,583
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
€38,916
Gross operating margin
+€1,908
Depreciation
+€470
Other operating charges
-€94
Financial income
-€65,586
Financial charges
+€16,802
Taxes
+€12,368
Deferred taxes and other
-€466
Result 2025
€4,318
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
-€391
Investment
-€1,727
Financing
€0
Cash 2024
€3,494
From operations (derived)
-€391
Net result for the year
+€4,318
Depreciation
+€11,025
Receivables after one year
-€3,716
Smaller working-capital items
-€694
Tax, wage and social debts
-€11,323
Investment (derived)
-€1,727
Investment in fixed assets (net)
-€1,727
Financing
€0
Debts after one year
+€1.3m
Short-term financial debts
-€1.3m
Cash 2025
€1,377
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,546,687 | €1,538,976 | -€7,711 | -0.5% |
| Fixed assets | 21/28 | €265,720 | €256,422 | -€9,298 | -3.5% |
| Tangible fixed assets | 22/27 | €265,720 | €256,422 | -€9,298 | -3.5% |
| Land and buildings | 22 | €263,091 | €253,494 | -€9,596 | -3.6% |
| Plant, machinery and equipment | 23 | €2,629 | €2,928 | +€299 | +11.4% |
| Current assets | 29/58 | €1,280,966 | €1,282,554 | +€1,587 | +0.1% |
| Amounts receivable after more than one year | 29 | €1,255,068 | €1,258,784 | +€3,716 | +0.3% |
| Other amounts receivable | 291 | €1,255,068 | €1,258,784 | +€3,716 | +0.3% |
| Amounts receivable within one year | 40/41 | €20,000 | €20,015 | +€15 | +0.1% |
| Trade receivables | 40 | €20,000 | €20,000 | = | 0.0% |
| Other amounts receivable | 41 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €3,494 | €1,377 | -€2,117 | -60.6% |
| Deferred charges and accrued income | 490/1 | €2,404 | €2,378 | -€26 | -1.1% |
| Total equity and liabilities | 10/49 | €1,546,687 | €1,538,976 | -€7,711 | -0.5% |
| Equity | 10/15 | €280,151 | €284,468 | +€4,318 | +1.5% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €248,151 | €252,468 | +€4,318 | +1.7% |
| Tax-exempt reserves | 132 | €7,898 | €6,760 | -€1,138 | -14.4% |
| Distributable reserves | 133 | €240,253 | €245,709 | +€5,456 | +2.3% |
| Provisions and deferred taxes | 16 | €1,805 | €1,218 | -€586 | -32.5% |
| Deferred taxes | 168 | €1,805 | €1,218 | -€586 | -32.5% |
| Amounts payable | 17/49 | €1,264,731 | €1,253,289 | -€11,442 | -0.9% |
| Amounts payable after more than one year | 17 | - | €1,250,000 | +€1.3m | |
| Financial debts | 170/4 | - | €1,250,000 | +€1.3m | |
| Amounts payable within one year | 42/48 | €1,263,943 | €2,462 | -€1.3m | -99.8% |
| Financial debts | 43 | €1,250,000 | - | -€1.3m | |
| Credit institutions | 430/8 | €1,250,000 | - | -€1.3m | |
| Trade debts | 44 | €577 | €419 | -€158 | -27.4% |
| Suppliers | 440/4 | €577 | €419 | -€158 | -27.4% |
| Taxes, remuneration and social security | 45 | €13,366 | €2,044 | -€11,323 | -84.7% |
| Taxes | 450/3 | €13,366 | €2,044 | -€11,323 | -84.7% |
| Accrued charges and deferred income | 492/3 | €788 | €826 | +€39 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,494 | €11,025 | -€470 | -4.1% |
| Other operating charges | 640/8 | €5,157 | €5,251 | +€94 | +1.8% |
| Gross operating margin | 9900 | €47,674 | €49,583 | +€1,908 | +4.0% |
| Operating profit (loss) | 9901 | €31,023 | €33,306 | +€2,283 | +7.4% |
| Financial income | 75/76B | €89,303 | €23,716 | -€65,586 | -73.4% |
| Recurring financial income | 75 | €89,303 | €23,716 | -€65,586 | -73.4% |
| Financial charges | 65/66B | €68,050 | €51,248 | -€16,802 | -24.7% |
| Recurring financial charges | 65 | €68,050 | €51,248 | -€16,802 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €52,276 | €5,775 | -€46,501 | -89.0% |
| Transfer from deferred taxes | 780 | €1,052 | €586 | -€466 | -44.3% |
| Income taxes | 67/77 | €14,411 | €2,044 | -€12,368 | -85.8% |
| Profit (loss) for the period | 9904 | €38,916 | €4,318 | -€34,599 | -88.9% |
| Transfer from tax-exempt reserves | 789 | €673 | €1,138 | +€466 | +69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,589 | €5,456 | -€34,133 | -86.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.