VEMADERO: 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.
VEMADERO
Largest movements
- Tangible fixed assets +€365,890
up €365,890 (+30.8%), from €1.2m to €1.6m
of which Land and buildings: +€358,664
- Cash +€86,651
up €86,651 (+208%), from €41,568 to €128,219
mainly Net result for the year (+€196,973) and Debts after one year (+€194,060)
- Reserves +€196,973
up €196,973 (+82.9%), from €237,698 to €434,670
- Debts after one year +€194,060
up €194,060 (+21.1%), from €918,373 to €1.1m
of which Financial debts: +€200,151
- Current portion of long-term debt +€64,056
up €64,056 (+231%), from €27,750 to €91,806
- Trade debts -€29,744
down €29,744 (-92.5%), from €32,147 to €2,403
- Gross operating margin +€249,099
up €249,099 (+140%), from €177,931 to €427,030
- Taxes +€51,499
up €51,499 (+154%), from €33,376 to €84,875
- Other operating charges +€45,329
up €45,329 (+710%), from €6,384 to €51,714
- Depreciation +€21,178
up €21,178 (+60.0%), from €35,282 to €56,461
- Financial charges +€8,383
up €8,383 (+28.6%), from €29,316 to €37,699
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 | €1,244,650 | €1,684,317 | +€439,666 | +35.3% |
| Fixed assets | 21/28 | €1,187,244 | €1,553,134 | +€365,890 | +30.8% |
| Tangible fixed assets | 22/27 | €1,186,907 | €1,552,797 | +€365,890 | +30.8% |
| Land and buildings | 22 | €986,123 | €1,344,787 | +€358,664 | +36.4% |
| Plant, machinery and equipment | 23 | €155,449 | €167,607 | +€12,158 | +7.8% |
| Furniture and vehicles | 24 | €45,335 | €40,403 | -€4,932 | -10.9% |
| Financial fixed assets | 28 | €337 | €337 | = | 0.0% |
| Current assets | 29/58 | €57,406 | €131,183 | +€73,777 | +129% |
| Amounts receivable within one year | 40/41 | €13,888 | €934 | -€12,954 | -93.3% |
| Trade receivables | 40 | €3,450 | €934 | -€2,516 | -72.9% |
| Other amounts receivable | 41 | €10,438 | - | -€10,438 | |
| Cash at bank and in hand | 54/58 | €41,568 | €128,219 | +€86,651 | +208% |
| Deferred charges and accrued income | 490/1 | €1,950 | €2,030 | +€80 | +4.1% |
| Total equity and liabilities | 10/49 | €1,244,650 | €1,684,317 | +€439,666 | +35.3% |
| Equity | 10/15 | €252,698 | €449,670 | +€196,973 | +77.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €237,698 | €434,670 | +€196,973 | +82.9% |
| Distributable reserves | 133 | €237,698 | €434,670 | +€196,973 | +82.9% |
| Amounts payable | 17/49 | €991,953 | €1,234,647 | +€242,694 | +24.5% |
| Amounts payable after more than one year | 17 | €918,373 | €1,112,432 | +€194,060 | +21.1% |
| Financial debts | 170/4 | €891,782 | €1,091,933 | +€200,151 | +22.4% |
| Other amounts payable | 178/9 | €26,591 | €20,499 | -€6,091 | -22.9% |
| Amounts payable within one year | 42/48 | €73,580 | €122,214 | +€48,634 | +66.1% |
| Current portion of amounts payable after more than one year | 42 | €27,750 | €91,806 | +€64,056 | +231% |
| Trade debts | 44 | €32,147 | €2,403 | -€29,744 | -92.5% |
| Suppliers | 440/4 | €32,147 | €2,403 | -€29,744 | -92.5% |
| Taxes, remuneration and social security | 45 | €13,683 | €28,005 | +€14,322 | +105% |
| Taxes | 450/3 | €7,405 | €24,667 | +€17,263 | +233% |
| Remuneration and social security | 454/9 | €6,278 | €3,337 | -€2,941 | -46.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,282 | €56,461 | +€21,178 | +60.0% |
| Other operating charges | 640/8 | €6,384 | €51,714 | +€45,329 | +710% |
| Gross operating margin | 9900 | €177,931 | €427,030 | +€249,099 | +140% |
| Operating profit (loss) | 9901 | €136,265 | €318,856 | +€182,591 | +134% |
| Financial income | 75/76B | €475 | €690 | +€215 | +45.3% |
| Recurring financial income | 75 | €475 | €690 | +€215 | +45.3% |
| Financial charges | 65/66B | €29,316 | €37,699 | +€8,383 | +28.6% |
| Recurring financial charges | 65 | €29,316 | €37,699 | +€8,383 | +28.6% |
| Profit (loss) for the period before taxes | 9903 | €107,425 | €281,847 | +€174,423 | +162% |
| Income taxes | 67/77 | €33,376 | €84,875 | +€51,499 | +154% |
| Profit (loss) for the period | 9904 | €74,049 | €196,973 | +€122,924 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €74,049 | €196,973 | +€122,924 | +166% |
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 27 October 2026 via checked.be.