VEMAS: 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.
VEMAS
Largest movements
- Tangible fixed assets -€20,510
down €20,510 (-3.4%), from €596,031 to €575,521
- Receivables within one year -€6,404
down €6,404 (-55.4%), from €11,560 to €5,156
of which Other amounts receivable: -€6,720
- Debts after one year -€13,697
down €13,697 (-2.2%), from €611,161 to €597,464
of which Financial debts: -€54,559
- Profit (loss) carried forward -€6,319
down €6,319 (-4.1%), from -€152,699 to -€159,018
- Gross operating margin +€31,890
up €31,890 (+336.5%), from €9,476 to €41,366
- Turnover +€13,364
up €13,364 (+37.1%), from €36,000 to €49,364
- Purchases and services -€8,355
down €8,355 (-31.5%), from €26,524 to €18,168
- Financial charges -€5,879
down €5,879 (-22.1%), from €26,652 to €20,773
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 | €621,862 | €597,859 | -€24,004 | -3.9% |
| Fixed assets | 21/28 | €596,031 | €575,521 | -€20,510 | -3.4% |
| Tangible fixed assets | 22/27 | €596,031 | €575,521 | -€20,510 | -3.4% |
| Land and buildings | 22 | €596,031 | €575,521 | -€20,510 | -3.4% |
| Current assets | 29/58 | €25,831 | €22,338 | -€3,494 | -13.5% |
| Amounts receivable within one year | 40/41 | €11,560 | €5,156 | -€6,404 | -55.4% |
| Trade receivables | 40 | €4,840 | €5,156 | +€316 | +6.5% |
| Other amounts receivable | 41 | €6,720 | €0 | -€6,720 | -100.0% |
| Cash at bank and in hand | 54/58 | €13,471 | €16,354 | +€2,883 | +21.4% |
| Deferred charges and accrued income | 490/1 | €800 | €828 | +€28 | +3.5% |
| Total equity and liabilities | 10/49 | €621,862 | €597,859 | -€24,004 | -3.9% |
| Equity | 10/15 | -€52,699 | -€59,018 | -€6,319 | -12.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,699 | -€159,018 | -€6,319 | -4.1% |
| Amounts payable | 17/49 | €674,561 | €656,877 | -€17,684 | -2.6% |
| Amounts payable after more than one year | 17 | €611,161 | €597,464 | -€13,697 | -2.2% |
| Financial debts | 170/4 | €229,221 | €174,662 | -€54,559 | -23.8% |
| Other amounts payable | 178/9 | €381,940 | €422,803 | +€40,862 | +10.7% |
| Amounts payable within one year | 42/48 | €63,400 | €59,412 | -€3,987 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €53,568 | €54,559 | +€991 | +1.9% |
| Trade debts | 44 | €7,740 | €3,328 | -€4,412 | -57.0% |
| Suppliers | 440/4 | €7,740 | €3,328 | -€4,412 | -57.0% |
| Taxes, remuneration and social security | 45 | €2,092 | €1,525 | -€567 | -27.1% |
| Taxes | 450/3 | €2,092 | €1,525 | -€567 | -27.1% |
| Turnover | 70 | €36,000 | €49,364 | +€13,364 | +37.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €26,524 | €18,168 | -€8,355 | -31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,510 | €20,510 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,372 | €6,403 | +€31 | +0.5% |
| Gross operating margin | 9900 | €9,476 | €41,366 | +€31,890 | +336.5% |
| Operating profit (loss) | 9901 | -€17,406 | €14,453 | +€31,859 | |
| Financial charges | 65/66B | €26,652 | €20,773 | -€5,879 | -22.1% |
| Recurring financial charges | 65 | €26,652 | €20,773 | -€5,879 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | -€44,057 | -€6,319 | +€37,738 | +85.7% |
| Profit (loss) for the period | 9904 | -€44,057 | -€6,319 | +€37,738 | +85.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,057 | -€6,319 | +€37,738 | +85.7% |
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 8 October 2026 via checked.be.