VEMAHO: what changed
VEMAHO
Largest movements
- Current investments +€1.7m
new in 2025: €1.7m
- Cash -€1.3m
down €1.3m (-49.4%), from €2.6m to €1.3m
mainly Current investments (-€1.7m) and Receivables within one year (-€382,925)
- Receivables within one year +€382,925
up €382,925 (+45.7%), from €837,065 to €1.2m
of which Trade receivables: +€375,100
- Reserves +€837,000
up €837,000 (+10.6%), from €7.9m to €8.8m
of which Distributable reserves: +€837,000
- Tax, wage and social debts +€103,894
up €103,894 (+139%), from €74,950 to €178,844
- Debts after one year -€100,000
down €100,000 (-25.0%), from €400,000 to €300,000
- Financial income -€181,341
down €181,341 (-27.5%), from €658,517 to €477,176
- Gross operating margin +€121,869
up €121,869 (+23.9%), from €509,637 to €631,506
- Taxes +€100,145
up €100,145 (+73.8%), from €135,713 to €235,858
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,582,845 | €9,403,254 | +€820,409 | +9.6% |
| Fixed assets | 21/28 | €5,161,135 | €5,190,785 | +€29,650 | +0.6% |
| Financial fixed assets | 28 | €5,161,135 | €5,190,785 | +€29,650 | +0.6% |
| Current assets | 29/58 | €3,421,710 | €4,212,469 | +€790,759 | +23.1% |
| Amounts receivable within one year | 40/41 | €837,065 | €1,219,990 | +€382,925 | +45.7% |
| Trade receivables | 40 | €72,600 | €447,700 | +€375,100 | +517% |
| Other amounts receivable | 41 | €764,465 | €772,290 | +€7,825 | +1.0% |
| Current investments | 50/53 | - | €1,682,738 | +€1.7m | |
| Cash at bank and in hand | 54/58 | €2,584,645 | €1,308,398 | -€1.3m | -49.4% |
| Deferred charges and accrued income | 490/1 | - | €1,343 | +€1,343 | |
| Total equity and liabilities | 10/49 | €8,582,845 | €9,403,254 | +€820,409 | +9.6% |
| Equity | 10/15 | €7,995,254 | €8,833,570 | +€838,316 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,926,860 | €8,763,860 | +€837,000 | +10.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €7,925,000 | €8,762,000 | +€837,000 | +10.6% |
| Profit (loss) carried forward | 14 | €49,794 | €51,110 | +€1,316 | +2.6% |
| Amounts payable | 17/49 | €587,591 | €569,684 | -€17,908 | -3.0% |
| Amounts payable after more than one year | 17 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Financial debts | 170/4 | €400,000 | €300,000 | -€100,000 | -25.0% |
| Amounts payable within one year | 42/48 | €151,712 | €244,100 | +€92,387 | +60.9% |
| Trade debts | 44 | €2,794 | €2,776 | -€17 | -0.6% |
| Suppliers | 440/4 | €2,794 | €2,776 | -€17 | -0.6% |
| Taxes, remuneration and social security | 45 | €74,950 | €178,844 | +€103,894 | +139% |
| Taxes | 450/3 | €74,950 | €178,844 | +€103,894 | +139% |
| Other amounts payable | 47/48 | €73,969 | €62,480 | -€11,490 | -15.5% |
| Accrued charges and deferred income | 492/3 | €35,879 | €25,584 | -€10,295 | -28.7% |
| Other operating charges | 640/8 | €1,094 | €1,126 | +€33 | +3.0% |
| Gross operating margin | 9900 | €509,637 | €631,506 | +€121,869 | +23.9% |
| Operating profit (loss) | 9901 | €508,544 | €630,380 | +€121,836 | +24.0% |
| Financial income | 75/76B | €658,517 | €477,176 | -€181,341 | -27.5% |
| Recurring financial income | 75 | €658,517 | €477,176 | -€181,341 | -27.5% |
| Financial charges | 65/66B | €38,915 | €33,382 | -€5,533 | -14.2% |
| Recurring financial charges | 65 | €38,915 | €33,382 | -€5,533 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €1,128,146 | €1,074,174 | -€53,972 | -4.8% |
| Income taxes | 67/77 | €135,713 | €235,858 | +€100,145 | +73.8% |
| Profit (loss) for the period | 9904 | €992,433 | €838,316 | -€154,116 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €992,433 | €838,316 | -€154,116 | -15.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.