VEMATH: 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.
VEMATH
Largest movements
- Cash +€16,300
up €16,300 (+39.1%), from €41,680 to €57,980
mainly Net result for the year (+€97,010) and Depreciation (+€1,140)
- Reserves +€97,010
up €97,010 (+14.7%), from €660,845 to €757,855
- Debts after one year -€79,216
down €79,216 (-16.3%), from €484,643 to €405,428
of which Financial debts: -€70,000
- Gross operating margin +€17,647
up €17,647 (+15.3%), from €115,588 to €133,235
- Taxes +€4,434
up €4,434 (+19.5%), from €22,790 to €27,224
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,282,202 | €1,297,896 | +€15,693 | +1.2% |
| Fixed assets | 21/28 | €1,239,983 | €1,238,843 | -€1,140 | -0.1% |
| Tangible fixed assets | 22/27 | €4,665 | €3,525 | -€1,140 | -24.4% |
| Furniture and vehicles | 24 | €4,665 | €3,525 | -€1,140 | -24.4% |
| Financial fixed assets | 28 | €1,235,318 | €1,235,318 | = | 0.0% |
| Current assets | 29/58 | €42,219 | €59,052 | +€16,833 | +39.9% |
| Amounts receivable within one year | 40/41 | - | €14 | +€14 | |
| Other amounts receivable | 41 | - | €14 | +€14 | |
| Cash at bank and in hand | 54/58 | €41,680 | €57,980 | +€16,300 | +39.1% |
| Deferred charges and accrued income | 490/1 | €539 | €1,058 | +€519 | +96.2% |
| Total equity and liabilities | 10/49 | €1,282,202 | €1,297,896 | +€15,693 | +1.2% |
| Equity | 10/15 | €711,845 | €808,855 | +€97,010 | +13.6% |
| Contributions | 10/11 | €51,000 | €51,000 | = | 0.0% |
| Reserves | 13 | €660,845 | €757,855 | +€97,010 | +14.7% |
| Distributable reserves | 133 | €660,845 | €757,855 | +€97,010 | +14.7% |
| Amounts payable | 17/49 | €570,358 | €489,041 | -€81,317 | -14.3% |
| Amounts payable after more than one year | 17 | €484,643 | €405,428 | -€79,216 | -16.3% |
| Financial debts | 170/4 | €262,500 | €192,500 | -€70,000 | -26.7% |
| Other amounts payable | 178/9 | €222,143 | €212,927 | -€9,216 | -4.1% |
| Amounts payable within one year | 42/48 | €78,847 | €77,286 | -€1,561 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €1,030 | €1,036 | +€6 | +0.6% |
| Suppliers | 440/4 | €1,030 | €1,036 | +€6 | +0.6% |
| Taxes, remuneration and social security | 45 | €7,816 | €6,250 | -€1,566 | -20.0% |
| Taxes | 450/3 | €5,704 | €4,138 | -€1,566 | -27.5% |
| Remuneration and social security | 454/9 | €2,113 | €2,113 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,868 | €6,327 | -€541 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,034 | €1,140 | +€106 | +10.3% |
| Other operating charges | 640/8 | €678 | €1,474 | +€796 | +117.3% |
| Gross operating margin | 9900 | €115,588 | €133,235 | +€17,647 | +15.3% |
| Operating profit (loss) | 9901 | €113,876 | €130,621 | +€16,745 | +14.7% |
| Financial charges | 65/66B | €7,561 | €6,387 | -€1,174 | -15.5% |
| Recurring financial charges | 65 | €7,561 | €6,387 | -€1,174 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €106,315 | €124,234 | +€17,919 | +16.9% |
| Income taxes | 67/77 | €22,790 | €27,224 | +€4,434 | +19.5% |
| Profit (loss) for the period | 9904 | €83,525 | €97,010 | +€13,485 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €83,525 | €97,010 | +€13,485 | +16.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.