VeMassur: 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.
VeMassur
Largest movements
- Cash +€68,500
up €68,500 (+50.6%), from €135,435 to €203,935
mainly Net result for the year (+€77,863) and Depreciation (+€15,538)
- Tangible fixed assets -€9,571
down €9,571 (-19.3%), from €49,534 to €39,964
of which Furniture and vehicles: -€11,421
- Reserves +€77,863
up €77,863 (+71.5%), from €108,899 to €186,761
- Debts after one year -€13,973
down €13,973 (-41.6%), from €33,604 to €19,631
- Tax, wage and social debts -€4,486
down €4,486 (-17.1%), from €26,235 to €21,749
- Gross operating margin +€10,414
up €10,414 (+9.7%), from €107,127 to €117,542
- Taxes -€4,486
down €4,486 (-17.1%), from €26,235 to €21,749
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 | €188,660 | €248,258 | +€59,598 | +31.6% |
| Fixed assets | 21/28 | €49,534 | €39,964 | -€9,571 | -19.3% |
| Tangible fixed assets | 22/27 | €49,534 | €39,964 | -€9,571 | -19.3% |
| Plant, machinery and equipment | 23 | €2,011 | €4,636 | +€2,625 | +131% |
| Furniture and vehicles | 24 | €44,761 | €33,339 | -€11,421 | -25.5% |
| Other tangible fixed assets | 26 | €2,763 | €1,988 | -€775 | -28.0% |
| Current assets | 29/58 | €139,125 | €208,294 | +€69,169 | +49.7% |
| Amounts receivable within one year | 40/41 | - | €569 | +€569 | |
| Trade receivables | 40 | - | €569 | +€569 | |
| Cash at bank and in hand | 54/58 | €135,435 | €203,935 | +€68,500 | +50.6% |
| Deferred charges and accrued income | 490/1 | €3,691 | €3,791 | +€100 | +2.7% |
| Total equity and liabilities | 10/49 | €188,660 | €248,258 | +€59,598 | +31.6% |
| Equity | 10/15 | €113,899 | €191,761 | +€77,863 | +68.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €108,899 | €186,761 | +€77,863 | +71.5% |
| Distributable reserves | 133 | €108,899 | €186,761 | +€77,863 | +71.5% |
| Amounts payable | 17/49 | €74,761 | €56,497 | -€18,265 | -24.4% |
| Amounts payable after more than one year | 17 | €33,604 | €19,631 | -€13,973 | -41.6% |
| Financial debts | 170/4 | €33,604 | €19,631 | -€13,973 | -41.6% |
| Amounts payable within one year | 42/48 | €41,157 | €36,839 | -€4,318 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €13,362 | €13,973 | +€611 | +4.6% |
| Trade debts | 44 | €1,539 | €1,056 | -€483 | -31.4% |
| Suppliers | 440/4 | €1,539 | €1,056 | -€483 | -31.4% |
| Taxes, remuneration and social security | 45 | €26,235 | €21,749 | -€4,486 | -17.1% |
| Taxes | 450/3 | €26,235 | €21,749 | -€4,486 | -17.1% |
| Other amounts payable | 47/48 | €21 | €61 | +€41 | +195% |
| Accrued charges and deferred income | 492/3 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,929 | €15,538 | +€609 | +4.1% |
| Other operating charges | 640/8 | €410 | €410 | -€0 | -0.1% |
| Gross operating margin | 9900 | €107,127 | €117,542 | +€10,414 | +9.7% |
| Operating profit (loss) | 9901 | €91,788 | €101,594 | +€9,805 | +10.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €2,559 | €1,983 | -€577 | -22.5% |
| Recurring financial charges | 65 | €2,559 | €1,983 | -€577 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €89,230 | €99,611 | +€10,382 | +11.6% |
| Income taxes | 67/77 | €26,235 | €21,749 | -€4,486 | -17.1% |
| Profit (loss) for the period | 9904 | €62,995 | €77,863 | +€14,868 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,995 | €77,863 | +€14,868 | +23.6% |
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 19 October 2026 via checked.be.