VEMAPHAR: 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.
VEMAPHAR
Largest movements
- Receivables within one year +€450,670
up €450,670 (+168%), from €268,496 to €719,166
of which Other amounts receivable: +€545,883
- Current investments -€200,000
down €200,000 (-33.3%), from €600,000 to €400,000
- Reserves +€260,400
up €260,400 (+21.5%), from €1.2m to €1.5m
- Debts after one year -€78,908
down €78,908 (-18.6%), from €424,277 to €345,369
- Tax, wage and social debts +€35,559
up €35,559 (+134%), from €26,455 to €62,015
of which Taxes: +€38,309
- Gross operating margin +€86,147
up €86,147 (+28.1%), from €307,099 to €393,246
- Taxes +€30,719
up €30,719 (+32.6%), from €94,214 to €124,933
- Financial income +€8,865
up €8,865 (+52.5%), from €16,871 to €25,736
of which Financial income: +€8,865
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 | €2,456,531 | €2,661,789 | +€205,258 | +8.4% |
| Fixed assets | 21/28 | €1,471,045 | €1,447,889 | -€23,156 | -1.6% |
| Tangible fixed assets | 22/27 | €63,316 | €40,161 | -€23,156 | -36.6% |
| Plant, machinery and equipment | 23 | €1,078 | €708 | -€370 | -34.3% |
| Furniture and vehicles | 24 | €33,231 | €25,742 | -€7,489 | -22.5% |
| Leasing and similar rights | 25 | €29,007 | €13,711 | -€15,297 | -52.7% |
| Financial fixed assets | 28 | €1,407,729 | €1,407,729 | = | 0.0% |
| Current assets | 29/58 | €985,486 | €1,213,900 | +€228,414 | +23.2% |
| Amounts receivable within one year | 40/41 | €268,496 | €719,166 | +€450,670 | +168% |
| Trade receivables | 40 | €107,625 | €12,412 | -€95,213 | -88.5% |
| Other amounts receivable | 41 | €160,871 | €706,754 | +€545,883 | +339% |
| Current investments | 50/53 | €600,000 | €400,000 | -€200,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €108,589 | €87,363 | -€21,226 | -19.5% |
| Deferred charges and accrued income | 490/1 | €8,401 | €7,371 | -€1,030 | -12.3% |
| Total equity and liabilities | 10/49 | €2,456,531 | €2,661,789 | +€205,258 | +8.4% |
| Equity | 10/15 | €1,758,531 | €2,018,931 | +€260,400 | +14.8% |
| Contributions | 10/11 | €18,585 | €18,585 | = | 0.0% |
| Reserves | 13 | €1,209,101 | €1,469,501 | +€260,400 | +21.5% |
| Distributable reserves | 133 | €1,209,101 | €1,469,501 | +€260,400 | +21.5% |
| Profit (loss) carried forward | 14 | €530,845 | €530,845 | = | 0.0% |
| Amounts payable | 17/49 | €697,999 | €642,858 | -€55,142 | -7.9% |
| Amounts payable after more than one year | 17 | €424,277 | €345,369 | -€78,908 | -18.6% |
| Financial debts | 170/4 | €424,277 | €345,369 | -€78,908 | -18.6% |
| Amounts payable within one year | 42/48 | €273,020 | €297,264 | +€24,243 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €78,097 | €78,908 | +€811 | +1.0% |
| Trade debts | 44 | €7,567 | €4,883 | -€2,684 | -35.5% |
| Suppliers | 440/4 | €7,567 | €4,883 | -€2,684 | -35.5% |
| Taxes, remuneration and social security | 45 | €26,455 | €62,015 | +€35,559 | +134% |
| Taxes | 450/3 | €22,383 | €60,693 | +€38,309 | +171% |
| Remuneration and social security | 454/9 | €4,072 | €1,322 | -€2,750 | -67.5% |
| Other amounts payable | 47/48 | €160,901 | €151,458 | -€9,443 | -5.9% |
| Accrued charges and deferred income | 492/3 | €702 | €225 | -€477 | -67.9% |
| Non-recurring operating income | 76A | €5,472 | €0 | -€5,472 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,546 | €24,944 | +€398 | +1.6% |
| Other operating charges | 640/8 | €3,542 | €3,923 | +€381 | +10.8% |
| Gross operating margin | 9900 | €307,099 | €393,246 | +€86,147 | +28.1% |
| Operating profit (loss) | 9901 | €279,011 | €364,379 | +€85,368 | +30.6% |
| Financial income | 75/76B | €16,871 | €25,736 | +€8,865 | +52.5% |
| Recurring financial income | 75 | €16,871 | €25,736 | +€8,865 | +52.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,833 | €4,782 | -€1,051 | -18.0% |
| Recurring financial charges | 65 | €5,833 | €4,782 | -€1,051 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €290,049 | €385,333 | +€95,284 | +32.9% |
| Income taxes | 67/77 | €94,214 | €124,933 | +€30,719 | +32.6% |
| Profit (loss) for the period | 9904 | €195,836 | €260,400 | +€64,564 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €195,836 | €260,400 | +€64,564 | +33.0% |
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 26 October 2026 via checked.be.