VEMACRO: 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.
VEMACRO
Largest movements
- Current investments -€93,555
down €93,555 (-44.3%), from €211,011 to €117,456
- Receivables within one year +€90,939
up €90,939 (+19.4%), from €468,884 to €559,823
of which Other amounts receivable: +€82,368
- Cash +€24,999
up €24,999 (+24.2%), from €103,149 to €128,148
mainly Net result for the year (+€248,479) and Current investments (+€93,555)
- Tangible fixed assets -€18,534
down €18,534 (-14.6%), from €127,053 to €108,519
of which Furniture and vehicles: -€26,615
- Tax, wage and social debts +€32,609
up €32,609 (+240.6%), from €13,551 to €46,160
of which Taxes: +€33,371
- Reserves -€27,955
down €27,955 (-4.1%), from €674,402 to €646,447
- Debts after one year -€27,786
down €27,786 (-40.7%), from €68,340 to €40,554
- Short-term financial debts +€18,173
new in 2025: €18,173
- Trade debts +€13,512
up €13,512 (+11.9%), from €113,245 to €126,757
- Gross operating margin +€80,987
up €80,987 (+22.8%), from €355,386 to €436,373
- Taxes +€32,074
up €32,074 (+44.7%), from €71,821 to €103,895
- Financial income +€25,896
up €25,896 (+166.2%), from €15,581 to €41,477
- Financial charges -€18,139
down €18,139, from €16,876 to -€1,262
- Staff costs +€13,501
up €13,501 (+21.9%), from €61,594 to €75,095
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 | €923,838 | €924,477 | +€639 | +0.1% |
| Fixed assets | 21/28 | €129,046 | €110,513 | -€18,534 | -14.4% |
| Tangible fixed assets | 22/27 | €127,053 | €108,519 | -€18,534 | -14.6% |
| Land and buildings | 22 | €11,063 | €7,898 | -€3,164 | -28.6% |
| Plant, machinery and equipment | 23 | €2,629 | €13,874 | +€11,245 | +427.8% |
| Furniture and vehicles | 24 | €113,362 | €86,747 | -€26,615 | -23.5% |
| Financial fixed assets | 28 | €1,993 | €1,993 | = | 0.0% |
| Current assets | 29/58 | €794,791 | €813,964 | +€19,173 | +2.4% |
| Stocks and contracts in progress | 3 | €7,513 | €7,500 | -€13 | -0.2% |
| Stocks | 30/36 | €7,513 | €7,500 | -€13 | -0.2% |
| Amounts receivable within one year | 40/41 | €468,884 | €559,823 | +€90,939 | +19.4% |
| Trade receivables | 40 | €155,679 | €164,249 | +€8,571 | +5.5% |
| Other amounts receivable | 41 | €313,206 | €395,573 | +€82,368 | +26.3% |
| Current investments | 50/53 | €211,011 | €117,456 | -€93,555 | -44.3% |
| Cash at bank and in hand | 54/58 | €103,149 | €128,148 | +€24,999 | +24.2% |
| Deferred charges and accrued income | 490/1 | €4,233 | €1,037 | -€3,196 | -75.5% |
| Total equity and liabilities | 10/49 | €923,838 | €924,477 | +€639 | +0.1% |
| Equity | 10/15 | €693,002 | €665,047 | -€27,955 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €674,402 | €646,447 | -€27,955 | -4.1% |
| Distributable reserves | 133 | €674,402 | €646,447 | -€27,955 | -4.1% |
| Amounts payable | 17/49 | €230,836 | €259,430 | +€28,595 | +12.4% |
| Amounts payable after more than one year | 17 | €68,340 | €40,554 | -€27,786 | -40.7% |
| Financial debts | 170/4 | €68,340 | €40,554 | -€27,786 | -40.7% |
| Amounts payable within one year | 42/48 | €162,496 | €218,876 | +€56,381 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €35,699 | €27,786 | -€7,913 | -22.2% |
| Financial debts | 43 | - | €18,173 | +€18,173 | |
| Credit institutions | 430/8 | - | €18,173 | +€18,173 | |
| Trade debts | 44 | €113,245 | €126,757 | +€13,512 | +11.9% |
| Suppliers | 440/4 | €113,245 | €126,757 | +€13,512 | +11.9% |
| Taxes, remuneration and social security | 45 | €13,551 | €46,160 | +€32,609 | +240.6% |
| Taxes | 450/3 | €2,435 | €35,806 | +€33,371 | +1370.5% |
| Remuneration and social security | 454/9 | €11,117 | €10,354 | -€762 | -6.9% |
| Remuneration, social security and pensions | 62 | €61,594 | €75,095 | +€13,501 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,821 | €42,960 | -€4,861 | -10.2% |
| Other operating charges | 640/8 | €12,417 | €8,684 | -€3,734 | -30.1% |
| Gross operating margin | 9900 | €355,386 | €436,373 | +€80,987 | +22.8% |
| Operating profit (loss) | 9901 | €233,554 | €309,635 | +€76,081 | +32.6% |
| Financial income | 75/76B | €15,581 | €41,477 | +€25,896 | +166.2% |
| Recurring financial income | 75 | €15,581 | €41,477 | +€25,896 | +166.2% |
| Financial charges | 65/66B | €16,876 | -€1,262 | -€18,139 | |
| Recurring financial charges | 65 | €16,876 | -€1,262 | -€18,139 | |
| Profit (loss) for the period before taxes | 9903 | €232,259 | €352,374 | +€120,115 | +51.7% |
| Income taxes | 67/77 | €71,821 | €103,895 | +€32,074 | +44.7% |
| Profit (loss) for the period | 9904 | €160,438 | €248,479 | +€88,041 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €160,438 | €248,479 | +€88,041 | +54.9% |
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 5 October 2026 via checked.be.