VEMACO HOLDING: 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.
VEMACO HOLDING
Largest movements
- Financial fixed assets +€527,027
up €527,027 (+132%), from €400,000 to €927,027
- Tangible fixed assets -€25,418
down €25,418 (-14.6%), from €174,560 to €149,142
of which Land and buildings: -€25,042
- Receivables within one year -€12,404
down €12,404 (-42.2%), from €29,404 to €17,000
- Current investments +€12,000
up €12,000 (+80.0%), from €15,000 to €27,000
- Other debts +€504,392
up €504,392 (+357%), from €141,411 to €645,803
- Reserves +€34,199
up €34,199 (+10.1%), from €339,153 to €373,352
- Debts after one year -€26,344
down €26,344 (-100%), from €26,344 to €0
- Current portion of long-term debt -€14,925
down €14,925 (-36.2%), from €41,269 to €26,344
- Gross operating margin +€27,081
up €27,081 (+16.3%), from €165,811 to €192,891
- Taxes +€9,454
up €9,454 (+23.7%), from €39,839 to €49,293
- Financial charges -€3,587
down €3,587 (-98.1%), from €3,656 to €69
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €702,875 | €1,193,890 | +€491,015 | +69.9% |
| Fixed assets | 21/28 | €574,560 | €1,076,169 | +€501,609 | +87.3% |
| Tangible fixed assets | 22/27 | €174,560 | €149,142 | -€25,418 | -14.6% |
| Land and buildings | 22 | €173,910 | €148,868 | -€25,042 | -14.4% |
| Furniture and vehicles | 24 | €650 | €274 | -€376 | -57.8% |
| Financial fixed assets | 28 | €400,000 | €927,027 | +€527,027 | +132% |
| Current assets | 29/58 | €128,315 | €117,720 | -€10,594 | -8.3% |
| Amounts receivable within one year | 40/41 | €29,404 | €17,000 | -€12,404 | -42.2% |
| Trade receivables | 40 | €29,404 | €17,000 | -€12,404 | -42.2% |
| Current investments | 50/53 | €15,000 | €27,000 | +€12,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €79,743 | €72,370 | -€7,372 | -9.2% |
| Deferred charges and accrued income | 490/1 | €4,168 | €1,350 | -€2,818 | -67.6% |
| Total equity and liabilities | 10/49 | €702,875 | €1,193,890 | +€491,015 | +69.9% |
| Equity | 10/15 | €468,897 | €503,096 | +€34,199 | +7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €339,153 | €373,352 | +€34,199 | +10.1% |
| Distributable reserves | 133 | €339,153 | €373,352 | +€34,199 | +10.1% |
| Profit (loss) carried forward | 14 | €123,544 | €123,544 | = | 0.0% |
| Amounts payable | 17/49 | €233,978 | €690,794 | +€456,816 | +195% |
| Amounts payable after more than one year | 17 | €26,344 | €0 | -€26,344 | -100% |
| Financial debts | 170/4 | €26,344 | €0 | -€26,344 | -100% |
| Amounts payable within one year | 42/48 | €206,888 | €690,794 | +€483,906 | +234% |
| Current portion of amounts payable after more than one year | 42 | €41,269 | €26,344 | -€14,925 | -36.2% |
| Trade debts | 44 | €3,214 | €1,437 | -€1,777 | -55.3% |
| Suppliers | 440/4 | €3,214 | €1,437 | -€1,777 | -55.3% |
| Taxes, remuneration and social security | 45 | €20,994 | €17,209 | -€3,784 | -18.0% |
| Taxes | 450/3 | €20,994 | €17,209 | -€3,784 | -18.0% |
| Other amounts payable | 47/48 | €141,411 | €645,803 | +€504,392 | +357% |
| Accrued charges and deferred income | 492/3 | €746 | €0 | -€746 | -100% |
| Non-recurring operating income | 76A | - | €3,620 | +€3,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,642 | €36,371 | +€728 | +2.0% |
| Other operating charges | 640/8 | €2,491 | €2,474 | -€17 | -0.7% |
| Gross operating margin | 9900 | €165,811 | €192,891 | +€27,081 | +16.3% |
| Operating profit (loss) | 9901 | €127,677 | €154,046 | +€26,369 | +20.7% |
| Financial income | 75/76B | €195 | €417 | +€223 | +114% |
| Recurring financial income | 75 | €195 | €417 | +€223 | +114% |
| Financial charges | 65/66B | €3,656 | €69 | -€3,587 | -98.1% |
| Recurring financial charges | 65 | €3,656 | €69 | -€3,587 | -98.1% |
| Profit (loss) for the period before taxes | 9903 | €124,216 | €154,395 | +€30,179 | +24.3% |
| Income taxes | 67/77 | €39,839 | €49,293 | +€9,454 | +23.7% |
| Profit (loss) for the period | 9904 | €84,377 | €105,102 | +€20,725 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €84,377 | €105,102 | +€20,725 | +24.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.