VEMARO: 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.
VEMARO
Largest movements
- Receivables within one year +€508,254
up €508,254 (+33.6%), from €1.5m to €2.0m
of which Trade receivables: +€504,583
- Stocks and contracts +€173,359
up €173,359 (+110.9%), from €156,310 to €329,669
of which Contracts in progress: +€130,402
- Tangible fixed assets -€89,467
down €89,467 (-26.3%), from €339,838 to €250,371
of which Plant, machinery and equipment: -€70,356
- Cash -€75,108
down €75,108 (-85.8%), from €87,575 to €12,467
mainly Receivables within one year (-€508,254) and Stocks and contracts (-€173,359)
- Other debts +€389,595
up €389,595 (+40.0%), from €974,155 to €1.4m
- Trade debts +€376,151
up €376,151 (+116.7%), from €322,322 to €698,473
- Debts after one year -€93,556
down €93,556 (-15.5%), from €604,917 to €511,361
of which Financial debts: -€93,556
- Profit (loss) carried forward -€85,173
down €85,173 (-71.8%), from -€118,700 to -€203,873
- Gross operating margin -€240,527
down €240,527 (-30.4%), from €790,112 to €549,586
- Staff costs -€110,846
down €110,846 (-22.3%), from €497,798 to €386,951
- Financial charges +€55,556
up €55,556 (+122.1%), from €45,514 to €101,070
- Depreciation -€44,670
down €44,670 (-30.0%), from €149,064 to €104,394
- Write-downs -€41,455
down €41,455 (-100.0%), from €41,455 to €0
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 | €3,563,316 | €4,101,195 | +€537,879 | +15.1% |
| Fixed assets | 21/28 | €339,925 | €250,458 | -€89,467 | -26.3% |
| Tangible fixed assets | 22/27 | €339,838 | €250,371 | -€89,467 | -26.3% |
| Land and buildings | 22 | €19,012 | €15,437 | -€3,574 | -18.8% |
| Plant, machinery and equipment | 23 | €223,023 | €152,667 | -€70,356 | -31.5% |
| Furniture and vehicles | 24 | €15,872 | €8,869 | -€7,003 | -44.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €81,931 | €73,398 | -€8,533 | -10.4% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €3,223,392 | €3,850,737 | +€627,346 | +19.5% |
| Amounts receivable after more than one year | 29 | €1,200,000 | €1,200,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,200,000 | €1,200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €156,310 | €329,669 | +€173,359 | +110.9% |
| Stocks | 30/36 | €0 | €42,957 | +€42,957 | |
| Contracts in progress | 37 | €156,310 | €286,712 | +€130,402 | +83.4% |
| Amounts receivable within one year | 40/41 | €1,512,861 | €2,021,114 | +€508,254 | +33.6% |
| Trade receivables | 40 | €1,409,457 | €1,914,040 | +€504,583 | +35.8% |
| Other amounts receivable | 41 | €103,403 | €107,074 | +€3,671 | +3.5% |
| Cash at bank and in hand | 54/58 | €87,575 | €12,467 | -€75,108 | -85.8% |
| Deferred charges and accrued income | 490/1 | €266,646 | €287,487 | +€20,841 | +7.8% |
| Total equity and liabilities | 10/49 | €3,563,316 | €4,101,195 | +€537,879 | +15.1% |
| Equity | 10/15 | €948,600 | €852,319 | -€96,281 | -10.1% |
| Contributions | 10/11 | €938,955 | €938,955 | = | 0.0% |
| Reserves | 13 | €101,938 | €101,938 | = | 0.0% |
| Non-distributable reserves | 130/1 | €78,900 | €78,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €78,900 | €78,900 | = | 0.0% |
| Distributable reserves | 133 | €23,038 | €23,038 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€118,700 | -€203,873 | -€85,173 | -71.8% |
| Investment grants | 15 | €26,406 | €15,298 | -€11,108 | -42.1% |
| Amounts payable | 17/49 | €2,614,717 | €3,248,877 | +€634,160 | +24.3% |
| Amounts payable after more than one year | 17 | €604,917 | €511,361 | -€93,556 | -15.5% |
| Financial debts | 170/4 | €478,417 | €384,861 | -€93,556 | -19.6% |
| Other amounts payable | 178/9 | €126,500 | €126,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,007,624 | €2,726,899 | +€719,275 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €106,583 | €94,722 | -€11,861 | -11.1% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €322,322 | €698,473 | +€376,151 | +116.7% |
| Suppliers | 440/4 | €322,322 | €698,473 | +€376,151 | +116.7% |
| Taxes, remuneration and social security | 45 | €104,564 | €69,954 | -€34,610 | -33.1% |
| Taxes | 450/3 | €29,293 | €22,149 | -€7,143 | -24.4% |
| Remuneration and social security | 454/9 | €75,272 | €47,805 | -€27,467 | -36.5% |
| Other amounts payable | 47/48 | €974,155 | €1,363,750 | +€389,595 | +40.0% |
| Accrued charges and deferred income | 492/3 | €2,176 | €10,617 | +€8,441 | +388.0% |
| Non-recurring operating income | 76A | €131,147 | €0 | -€131,147 | -100.0% |
| Remuneration, social security and pensions | 62 | €497,798 | €386,951 | -€110,846 | -22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,064 | €104,394 | -€44,670 | -30.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €41,455 | €0 | -€41,455 | -100.0% |
| Other operating charges | 640/8 | €33,556 | €38,517 | +€4,962 | +14.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €790,112 | €549,586 | -€240,527 | -30.4% |
| Operating profit (loss) | 9901 | €68,240 | €19,724 | -€48,517 | -71.1% |
| Financial income | 75/76B | €38,462 | €33,777 | -€4,685 | -12.2% |
| Recurring financial income | 75 | €38,462 | €33,777 | -€4,685 | -12.2% |
| Financial charges | 65/66B | €45,514 | €101,070 | +€55,556 | +122.1% |
| Recurring financial charges | 65 | €45,514 | €101,070 | +€55,556 | +122.1% |
| Profit (loss) for the period before taxes | 9903 | €61,188 | -€47,569 | -€108,758 | |
| Income taxes | 67/77 | - | €37,604 | +€37,604 | |
| Profit (loss) for the period | 9904 | €61,188 | -€85,173 | -€146,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,188 | -€85,173 | -€146,361 |
Source: filed annual accounts (NBB), fiscal years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.