VEMAGO: 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.
VEMAGO
Largest movements
- Cash -€147,542
down €147,542 (-75.1%), from €196,478 to €48,936
mainly Receivables within one year (-€85,490) and Net result for the year (-€39,819)
- Receivables within one year +€85,490
up €85,490 (+82.2%), from €103,946 to €189,436
of which Other amounts receivable: +€86,365
- Tangible fixed assets -€48,484
down €48,484 (-12.3%), from €394,773 to €346,289
of which Furniture and vehicles: -€24,470
- Profit (loss) carried forward -€39,819
down €39,819 (-56.7%), from -€70,172 to -€109,991
- Current portion of long-term debt -€34,942
down €34,942 (-76.7%), from €45,544 to €10,602
- Other debts -€27,884
down €27,884 (-23.2%), from €120,369 to €92,485
- Debts after one year -€10,602
down €10,602 (-100%), from €10,602 to €0
- Depreciation -€14,309
down €14,309 (-23.9%), from €59,986 to €45,677
- Gross operating margin -€7,622
down €7,622 (-20.1%), from €37,887 to €30,264
- Other operating charges -€1,837
down €1,837 (-37.6%), from €4,890 to €3,053
- Financial charges +€516
up €516 (+11.7%), from €4,425 to €4,941
- Financial income -€398
down €398 (-14.5%), from €2,754 to €2,356
of which Financial income: -€398
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 | €697,270 | €585,532 | -€111,738 | -16.0% |
| Fixed assets | 21/28 | €394,773 | €346,289 | -€48,484 | -12.3% |
| Tangible fixed assets | 22/27 | €394,773 | €346,289 | -€48,484 | -12.3% |
| Land and buildings | 22 | €345,196 | €323,057 | -€22,139 | -6.4% |
| Plant, machinery and equipment | 23 | €12,458 | €10,583 | -€1,875 | -15.0% |
| Furniture and vehicles | 24 | €37,119 | €12,649 | -€24,470 | -65.9% |
| Current assets | 29/58 | €302,498 | €239,243 | -€63,254 | -20.9% |
| Amounts receivable within one year | 40/41 | €103,946 | €189,436 | +€85,490 | +82.2% |
| Trade receivables | 40 | €1,188 | €314 | -€874 | -73.6% |
| Other amounts receivable | 41 | €102,758 | €189,122 | +€86,365 | +84.0% |
| Cash at bank and in hand | 54/58 | €196,478 | €48,936 | -€147,542 | -75.1% |
| Deferred charges and accrued income | 490/1 | €2,074 | €871 | -€1,202 | -58.0% |
| Total equity and liabilities | 10/49 | €697,270 | €585,532 | -€111,738 | -16.0% |
| Equity | 10/15 | €519,412 | €479,592 | -€39,819 | -7.7% |
| Contributions | 10/11 | €68,595 | €68,595 | = | 0.0% |
| Reserves | 13 | €520,989 | €520,989 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,116 | €1,116 | = | 0.0% |
| Distributable reserves | 133 | €519,873 | €519,873 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,172 | -€109,991 | -€39,819 | -56.7% |
| Amounts payable | 17/49 | €177,859 | €105,940 | -€71,919 | -40.4% |
| Amounts payable after more than one year | 17 | €10,602 | €0 | -€10,602 | -100% |
| Financial debts | 170/4 | €10,602 | €0 | -€10,602 | -100% |
| Amounts payable within one year | 42/48 | €167,257 | €104,528 | -€62,728 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €45,544 | €10,602 | -€34,942 | -76.7% |
| Trade debts | 44 | €993 | €1,104 | +€111 | +11.2% |
| Suppliers | 440/4 | €993 | €1,104 | +€111 | +11.2% |
| Taxes, remuneration and social security | 45 | €350 | €337 | -€13 | -3.8% |
| Taxes | 450/3 | €350 | €337 | -€13 | -3.8% |
| Other amounts payable | 47/48 | €120,369 | €92,485 | -€27,884 | -23.2% |
| Accrued charges and deferred income | 492/3 | €0 | €1,411 | +€1,411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,986 | €45,677 | -€14,309 | -23.9% |
| Other operating charges | 640/8 | €4,890 | €3,053 | -€1,837 | -37.6% |
| Non-recurring operating charges | 66A | €0 | €18,768 | +€18,768 | |
| Gross operating margin | 9900 | €37,887 | €30,264 | -€7,622 | -20.1% |
| Operating profit (loss) | 9901 | -€26,989 | -€37,234 | -€10,245 | -38.0% |
| Financial income | 75/76B | €2,754 | €2,356 | -€398 | -14.5% |
| Recurring financial income | 75 | €2,754 | €2,356 | -€398 | -14.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,425 | €4,941 | +€516 | +11.7% |
| Recurring financial charges | 65 | €4,425 | €4,941 | +€516 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,661 | -€39,819 | -€11,159 | -38.9% |
| Income taxes | 67/77 | €186 | €0 | -€186 | -100% |
| Profit (loss) for the period | 9904 | -€28,846 | -€39,819 | -€10,973 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,846 | -€39,819 | -€10,973 | -38.0% |
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 13 October 2026 via checked.be.