VEMAFIN: 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
VEMAFIN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€30,631
2024 · -€15,979-€14,652
Equity
€556,213
2024 · €586,843-€30,631
Cash
€2,566
2024 · €2,309+€257
Balance sheet total
€1.2m
2024 · €1.2m-€22,375
Largest movements
Assets
- Receivables after one year -€23,500
down €23,500 (-24.2%), from €97,250 to €73,750
Equity and liabilities
- Profit (loss) carried forward -€30,631
down €30,631 (-1,127%), from -€2,718 to -€33,349
- Accrued charges and deferred income +€13,667
up €13,667 (+53.0%), from €25,780 to €39,447
Income statement
- Gross operating margin -€12,778
down €12,778, from €9,105 to -€3,673
- Financial charges -€611
down €611 (-3.4%), from €17,995 to €17,384
- Taxes +€218
up €218 (+29.5%), from €740 to €958
- Financial income -€187
down €187 (-14.4%), from €1,300 to €1,112
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
-€15,979
Gross operating margin
-€12,778
Other operating charges
-€74
Other operating items
-€2,005
Financial income
-€187
Financial charges
+€611
Taxes
-€218
Result 2025
-€30,631
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
+€711
Investment
€0
Financing
-€454
Cash 2024
€2,309
From operations (derived)
+€711
Net result for the year
-€30,631
Receivables after one year
+€23,500
Receivables within one year
+€235
Deferred charges and accrued income
-€1,102
Provisions
-€8,174
Trade debts
-€271
Tax, wage and social debts
-€240
Other debts
+€3,727
Accrued charges and deferred income
+€13,667
Financing
-€454
Current portion of long-term debt
-€454
Cash 2025
€2,566
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,232,546 | €1,210,170 | -€22,375 | -1.8% |
| Fixed assets | 21/28 | €1,082,832 | €1,082,832 | = | 0.0% |
| Financial fixed assets | 28 | €1,082,832 | €1,082,832 | = | 0.0% |
| Current assets | 29/58 | €149,713 | €127,338 | -€22,375 | -14.9% |
| Amounts receivable after more than one year | 29 | €97,250 | €73,750 | -€23,500 | -24.2% |
| Other amounts receivable | 291 | €97,250 | €73,750 | -€23,500 | -24.2% |
| Amounts receivable within one year | 40/41 | €37,977 | €37,743 | -€235 | -0.6% |
| Other amounts receivable | 41 | €37,977 | €37,743 | -€235 | -0.6% |
| Cash at bank and in hand | 54/58 | €2,309 | €2,566 | +€257 | +11.1% |
| Deferred charges and accrued income | 490/1 | €12,178 | €13,280 | +€1,102 | +9.1% |
| Total equity and liabilities | 10/49 | €1,232,546 | €1,210,170 | -€22,375 | -1.8% |
| Equity | 10/15 | €586,843 | €556,213 | -€30,631 | -5.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €527,562 | €527,562 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €521,362 | €521,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,718 | -€33,349 | -€30,631 | -1,127% |
| Provisions and deferred taxes | 16 | €320,413 | €312,239 | -€8,174 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €320,413 | €312,239 | -€8,174 | -2.6% |
| Environmental obligations | 163 | €320,413 | €312,239 | -€8,174 | -2.6% |
| Amounts payable | 17/49 | €325,289 | €341,718 | +€16,429 | +5.1% |
| Amounts payable after more than one year | 17 | €115,700 | €115,700 | = | 0.0% |
| Financial debts | 170/4 | €115,700 | €115,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €183,808 | €186,571 | +€2,763 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €10,415 | €9,961 | -€454 | -4.4% |
| Trade debts | 44 | €7,519 | €7,248 | -€271 | -3.6% |
| Suppliers | 440/4 | €7,519 | €7,248 | -€271 | -3.6% |
| Taxes, remuneration and social security | 45 | €240 | - | -€240 | |
| Taxes | 450/3 | €240 | - | -€240 | |
| Other amounts payable | 47/48 | €165,634 | €169,361 | +€3,727 | +2.3% |
| Accrued charges and deferred income | 492/3 | €25,780 | €39,447 | +€13,667 | +53.0% |
| Other operating charges | 640/8 | €2,692 | €2,766 | +€74 | +2.8% |
| Non-recurring operating charges | 66A | €4,958 | €6,963 | +€2,005 | +40.4% |
| Gross operating margin | 9900 | €9,105 | -€3,673 | -€12,778 | |
| Operating profit (loss) | 9901 | €1,456 | -€13,402 | -€14,858 | |
| Financial income | 75/76B | €1,300 | €1,112 | -€187 | -14.4% |
| Recurring financial income | 75 | €1,300 | €1,112 | -€187 | -14.4% |
| Financial charges | 65/66B | €17,995 | €17,384 | -€611 | -3.4% |
| Recurring financial charges | 65 | €17,995 | €17,384 | -€611 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,239 | -€29,673 | -€14,434 | -94.7% |
| Income taxes | 67/77 | €740 | €958 | +€218 | +29.5% |
| Profit (loss) for the period | 9904 | -€15,979 | -€30,631 | -€14,652 | -91.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,979 | -€30,631 | -€14,652 | -91.7% |
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 14 October 2026 via checked.be.