VEMAX: 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.
VEMAX
Largest movements
- Cash +€10,919
up €10,919 (+119.5%), from €9,141 to €20,060
mainly Net result for the year (+€7,805) and Depreciation (+€5,655)
- Tangible fixed assets -€5,655
down €5,655 (-22.4%), from €25,252 to €19,597
of which Furniture and vehicles: -€4,665
- Receivables within one year +€1,791
up €1,791 (+170.2%), from €1,053 to €2,844
of which Other amounts receivable: +€2,822
- Reserves +€7,805
up €7,805 (+109.5%), from €7,127 to €14,932
- Tax, wage and social debts +€4,727
up €4,727 (+361.8%), from €1,307 to €6,034
- Debts after one year -€4,060
down €4,060 (-33.9%), from €11,986 to €7,926
- Current portion of long-term debt -€1,557
down €1,557 (-27.7%), from €5,616 to €4,060
- Trade debts +€1,134
up €1,134 (+27.6%), from €4,110 to €5,244
- Gross operating margin +€8,204
up €8,204 (+64.4%), from €12,738 to €20,942
- Taxes +€4,983
up €4,983 (+2209.1%), from €226 to €5,208
- Depreciation +€2,609
up €2,609 (+85.6%), from €3,047 to €5,655
- Other operating charges -€785
down €785 (-50.7%), from €1,550 to €764
- Financial charges +€356
up €356 (+29.0%), from €1,226 to €1,581
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 | €37,524 | €44,651 | +€7,127 | +19.0% |
| Fixed assets | 21/28 | €25,252 | €19,597 | -€5,655 | -22.4% |
| Tangible fixed assets | 22/27 | €25,252 | €19,597 | -€5,655 | -22.4% |
| Plant, machinery and equipment | 23 | €2,845 | €1,855 | -€990 | -34.8% |
| Furniture and vehicles | 24 | €22,407 | €17,741 | -€4,665 | -20.8% |
| Current assets | 29/58 | €12,272 | €25,055 | +€12,783 | +104.2% |
| Amounts receivable within one year | 40/41 | €1,053 | €2,844 | +€1,791 | +170.2% |
| Trade receivables | 40 | €1,030 | - | -€1,030 | |
| Other amounts receivable | 41 | €22 | €2,844 | +€2,822 | +12568.1% |
| Cash at bank and in hand | 54/58 | €9,141 | €20,060 | +€10,919 | +119.5% |
| Deferred charges and accrued income | 490/1 | €2,079 | €2,151 | +€72 | +3.5% |
| Total equity and liabilities | 10/49 | €37,524 | €44,651 | +€7,127 | +19.0% |
| Equity | 10/15 | €13,327 | €21,132 | +€7,805 | +58.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €7,127 | €14,932 | +€7,805 | +109.5% |
| Distributable reserves | 133 | €7,127 | €14,932 | +€7,805 | +109.5% |
| Amounts payable | 17/49 | €24,197 | €23,519 | -€678 | -2.8% |
| Amounts payable after more than one year | 17 | €11,986 | €7,926 | -€4,060 | -33.9% |
| Financial debts | 170/4 | €11,986 | €7,926 | -€4,060 | -33.9% |
| Amounts payable within one year | 42/48 | €11,481 | €15,337 | +€3,856 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €5,616 | €4,060 | -€1,557 | -27.7% |
| Trade debts | 44 | €4,110 | €5,244 | +€1,134 | +27.6% |
| Suppliers | 440/4 | €4,110 | €5,244 | +€1,134 | +27.6% |
| Taxes, remuneration and social security | 45 | €1,307 | €6,034 | +€4,727 | +361.8% |
| Taxes | 450/3 | €1,307 | €6,034 | +€4,727 | +361.8% |
| Other amounts payable | 47/48 | €449 | - | -€449 | |
| Accrued charges and deferred income | 492/3 | €730 | €256 | -€474 | -65.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,047 | €5,655 | +€2,609 | +85.6% |
| Other operating charges | 640/8 | €1,550 | €764 | -€785 | -50.7% |
| Gross operating margin | 9900 | €12,738 | €20,942 | +€8,204 | +64.4% |
| Operating profit (loss) | 9901 | €8,142 | €14,522 | +€6,380 | +78.4% |
| Financial income | 75/76B | - | €73 | +€73 | |
| Recurring financial income | 75 | - | €73 | +€73 | |
| Financial charges | 65/66B | €1,226 | €1,581 | +€356 | +29.0% |
| Recurring financial charges | 65 | €1,226 | €1,581 | +€356 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €6,916 | €13,014 | +€6,097 | +88.2% |
| Income taxes | 67/77 | €226 | €5,208 | +€4,983 | +2209.1% |
| Profit (loss) for the period | 9904 | €6,691 | €7,805 | +€1,115 | +16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,691 | €7,805 | +€1,115 | +16.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.