VEMADO: 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.
VEMADO
Largest movements
- Cash +€249,918
up €249,918 (+44.2%), from €565,579 to €815,497
mainly Net result for the year (+€245,480) and Depreciation (+€81,718)
- Tangible fixed assets -€41,969
down €41,969 (-7.3%), from €578,435 to €536,466
of which Land and buildings: -€42,649
- Receivables within one year -€25,745
down €25,745 (-30.7%), from €83,906 to €58,161
of which Other amounts receivable: -€12,935
- Profit (loss) carried forward +€245,480
up €245,480 (+73.9%), from €332,062 to €577,541
- Debts after one year -€54,796
down €54,796 (-14.7%), from €373,841 to €319,045
of which Financial debts: -€54,796
- Tax, wage and social debts +€24,623
up €24,623 (+78.1%), from €31,536 to €56,159
of which Remuneration and social security: +€18,273
- Other debts -€24,230
down €24,230 (-23.0%), from €105,289 to €81,059
- Gross operating margin +€152,765
up €152,765 (+25.2%), from €605,912 to €758,677
- Taxes +€45,863
up €45,863 (+113.3%), from €40,486 to €86,350
- Staff costs -€31,413
down €31,413 (-8.4%), from €373,161 to €341,748
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 | €1,367,155 | €1,550,606 | +€183,451 | +13.4% |
| Fixed assets | 21/28 | €583,235 | €538,866 | -€44,369 | -7.6% |
| Tangible fixed assets | 22/27 | €578,435 | €536,466 | -€41,969 | -7.3% |
| Land and buildings | 22 | €493,042 | €450,392 | -€42,649 | -8.7% |
| Plant, machinery and equipment | 23 | €69,490 | €47,169 | -€22,321 | -32.1% |
| Furniture and vehicles | 24 | €1,162 | €29,772 | +€28,611 | +2462.9% |
| Leasing and similar rights | 25 | €14,741 | €4,570 | -€10,171 | -69.0% |
| Other tangible fixed assets | 26 | - | €4,562 | +€4,562 | |
| Financial fixed assets | 28 | €4,800 | €2,400 | -€2,400 | -50.0% |
| Current assets | 29/58 | €783,920 | €1,011,740 | +€227,820 | +29.1% |
| Stocks and contracts in progress | 3 | €125,202 | €127,978 | +€2,777 | +2.2% |
| Stocks | 30/36 | €125,202 | €127,978 | +€2,777 | +2.2% |
| Amounts receivable within one year | 40/41 | €83,906 | €58,161 | -€25,745 | -30.7% |
| Trade receivables | 40 | €52,770 | €39,960 | -€12,811 | -24.3% |
| Other amounts receivable | 41 | €31,136 | €18,201 | -€12,935 | -41.5% |
| Cash at bank and in hand | 54/58 | €565,579 | €815,497 | +€249,918 | +44.2% |
| Deferred charges and accrued income | 490/1 | €9,233 | €10,104 | +€871 | +9.4% |
| Total equity and liabilities | 10/49 | €1,367,155 | €1,550,606 | +€183,451 | +13.4% |
| Equity | 10/15 | €592,950 | €838,429 | +€245,480 | +41.4% |
| Contributions | 10/11 | €36,197 | €36,197 | = | 0.0% |
| Reserves | 13 | €224,691 | €224,691 | = | 0.0% |
| Distributable reserves | 133 | €224,691 | €224,691 | = | 0.0% |
| Profit (loss) carried forward | 14 | €332,062 | €577,541 | +€245,480 | +73.9% |
| Amounts payable | 17/49 | €774,205 | €712,177 | -€62,028 | -8.0% |
| Amounts payable after more than one year | 17 | €373,841 | €319,045 | -€54,796 | -14.7% |
| Financial debts | 170/4 | €308,841 | €254,045 | -€54,796 | -17.7% |
| Other amounts payable | 178/9 | €65,000 | €65,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €248,898 | €246,917 | -€1,981 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €66,985 | €53,935 | -€13,050 | -19.5% |
| Trade debts | 44 | €45,088 | €55,764 | +€10,676 | +23.7% |
| Suppliers | 440/4 | €45,088 | €55,764 | +€10,676 | +23.7% |
| Taxes, remuneration and social security | 45 | €31,536 | €56,159 | +€24,623 | +78.1% |
| Taxes | 450/3 | - | €6,350 | +€6,350 | |
| Remuneration and social security | 454/9 | €31,536 | €49,809 | +€18,273 | +57.9% |
| Other amounts payable | 47/48 | €105,289 | €81,059 | -€24,230 | -23.0% |
| Accrued charges and deferred income | 492/3 | €151,466 | €146,215 | -€5,251 | -3.5% |
| Non-recurring operating income | 76A | - | €6,750 | +€6,750 | |
| Remuneration, social security and pensions | 62 | €373,161 | €341,748 | -€31,413 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,155 | €81,718 | +€6,563 | +8.7% |
| Other operating charges | 640/8 | €6,116 | €5,187 | -€929 | -15.2% |
| Gross operating margin | 9900 | €605,912 | €758,677 | +€152,765 | +25.2% |
| Operating profit (loss) | 9901 | €151,480 | €330,024 | +€178,545 | +117.9% |
| Financial income | 75/76B | €16,345 | €12,463 | -€3,881 | -23.7% |
| Recurring financial income | 75 | €16,345 | €12,463 | -€3,881 | -23.7% |
| Financial charges | 65/66B | €18,071 | €10,658 | -€7,413 | -41.0% |
| Recurring financial charges | 65 | €18,071 | €10,658 | -€7,413 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | €149,753 | €331,829 | +€182,076 | +121.6% |
| Income taxes | 67/77 | €40,486 | €86,350 | +€45,863 | +113.3% |
| Profit (loss) for the period | 9904 | €109,267 | €245,480 | +€136,213 | +124.7% |
| Profit (loss) for the period to be appropriated | 9905 | €109,267 | €245,480 | +€136,213 | +124.7% |
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 8 October 2026 via checked.be.