VEMAFISC: 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.
VEMAFISC
Largest movements
- Intangible fixed assets +€28,552
new in 2025: €28,552
- Tangible fixed assets -€18,686
down €18,686 (-6.1%), from €304,918 to €286,232
of which Leasing and similar rights: -€11,974
- Cash +€11,059
up €11,059 (+10.0%), from €110,383 to €121,442
mainly Depreciation (+€23,631) and Net result for the year (+€14,637)
- Receivables within one year -€4,780
down €4,780 (-16.3%), from €29,356 to €24,576
of which Trade receivables: -€6,005
- Reserves +€14,500
up €14,500 (+5.1%), from €282,781 to €297,281
- Short-term financial debts +€9,308
up €9,308 (+56.9%), from €16,348 to €25,656
- Trade debts -€8,324
down €8,324 (-59.8%), from €13,915 to €5,591
- Gross operating margin +€21,479
up €21,479 (+56.6%), from €37,966 to €59,444
- Taxes +€4,583
up €4,583 (+187.9%), from €2,439 to €7,022
- Financial charges -€1,160
down €1,160 (-12.8%), from €9,070 to €7,910
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 | €454,074 | €470,954 | +€16,880 | +3.7% |
| Fixed assets | 21/28 | €306,418 | €316,284 | +€9,866 | +3.2% |
| Intangible fixed assets | 21 | - | €28,552 | +€28,552 | |
| Tangible fixed assets | 22/27 | €304,918 | €286,232 | -€18,686 | -6.1% |
| Plant, machinery and equipment | 23 | €6,414 | €5,054 | -€1,360 | -21.2% |
| Furniture and vehicles | 24 | €6,043 | €6,443 | +€400 | +6.6% |
| Leasing and similar rights | 25 | €70,989 | €59,015 | -€11,974 | -16.9% |
| Other tangible fixed assets | 26 | €221,472 | €215,720 | -€5,753 | -2.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €147,656 | €154,670 | +€7,014 | +4.8% |
| Amounts receivable within one year | 40/41 | €29,356 | €24,576 | -€4,780 | -16.3% |
| Trade receivables | 40 | €6,519 | €514 | -€6,005 | -92.1% |
| Other amounts receivable | 41 | €22,837 | €24,062 | +€1,225 | +5.4% |
| Cash at bank and in hand | 54/58 | €110,383 | €121,442 | +€11,059 | +10.0% |
| Deferred charges and accrued income | 490/1 | €7,918 | €8,652 | +€735 | +9.3% |
| Total equity and liabilities | 10/49 | €454,074 | €470,954 | +€16,880 | +3.7% |
| Equity | 10/15 | €295,053 | €309,690 | +€14,637 | +5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €282,781 | €297,281 | +€14,500 | +5.1% |
| Distributable reserves | 133 | €282,781 | €297,281 | +€14,500 | +5.1% |
| Profit (loss) carried forward | 14 | €6,072 | €6,208 | +€137 | +2.3% |
| Amounts payable | 17/49 | €159,021 | €161,264 | +€2,243 | +1.4% |
| Amounts payable after more than one year | 17 | €116,534 | €120,831 | +€4,296 | +3.7% |
| Financial debts | 170/4 | €116,534 | €120,831 | +€4,296 | +3.7% |
| Amounts payable within one year | 42/48 | €42,237 | €40,224 | -€2,013 | -4.8% |
| Current portion of amounts payable after more than one year | 42 | €8,030 | €8,431 | +€401 | +5.0% |
| Financial debts | 43 | €16,348 | €25,656 | +€9,308 | +56.9% |
| Credit institutions | 430/8 | €16,348 | €25,656 | +€9,308 | +56.9% |
| Trade debts | 44 | €13,915 | €5,591 | -€8,324 | -59.8% |
| Suppliers | 440/4 | €13,915 | €5,591 | -€8,324 | -59.8% |
| Taxes, remuneration and social security | 45 | €3,944 | €546 | -€3,398 | -86.1% |
| Taxes | 450/3 | €1,994 | €546 | -€1,448 | -72.6% |
| Remuneration and social security | 454/9 | €1,950 | - | -€1,950 | |
| Accrued charges and deferred income | 492/3 | €250 | €209 | -€41 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,173 | €23,631 | +€458 | +2.0% |
| Other operating charges | 640/8 | €3,283 | €3,379 | +€96 | +2.9% |
| Non-recurring operating charges | 66A | €82 | €4,819 | +€4,737 | +5798.6% |
| Gross operating margin | 9900 | €37,966 | €59,444 | +€21,479 | +56.6% |
| Operating profit (loss) | 9901 | €11,428 | €27,615 | +€16,187 | +141.6% |
| Financial income | 75/76B | €1,927 | €1,953 | +€27 | +1.4% |
| Recurring financial income | 75 | €1,927 | €1,953 | +€27 | +1.4% |
| Financial charges | 65/66B | €9,070 | €7,910 | -€1,160 | -12.8% |
| Recurring financial charges | 65 | €9,070 | €7,910 | -€1,160 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €4,284 | €21,658 | +€17,374 | +405.6% |
| Income taxes | 67/77 | €2,439 | €7,022 | +€4,583 | +187.9% |
| Profit (loss) for the period | 9904 | €1,845 | €14,637 | +€12,792 | +693.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,845 | €14,637 | +€12,792 | +693.2% |
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 3 October 2026 via checked.be.