VEMU: 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.
VEMU
Largest movements
- Tangible fixed assets -€53,205
down €53,205 (-3.8%), from €1.4m to €1.3m
of which Land and buildings: -€61,678
- Cash -€34,917
down €34,917 (-22.6%), from €154,341 to €119,424
mainly Investment in fixed assets (net) (-€39,247) and Net result for the year (-€38,808)
- Debts after one year -€35,981
down €35,981 (-17.9%), from €201,468 to €165,486
- Profit (loss) carried forward -€24,030
down €24,030 (-147.1%), from -€16,334 to -€40,363
- Financial income -€14,413
down €14,413 (-82.8%), from €17,413 to €3,000
- Depreciation +€10,976
up €10,976 (+13.5%), from €81,476 to €92,452
- Gross operating margin -€5,622
down €5,622 (-7.5%), from €75,401 to €69,779
- Financial charges -€1,655
down €1,655 (-15.4%), from €10,734 to €9,079
- Other operating charges +€845
up €845 (+6.0%), from €14,136 to €14,982
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 | €1,764,957 | €1,677,236 | -€87,721 | -5.0% |
| Fixed assets | 21/28 | €1,397,652 | €1,344,447 | -€53,205 | -3.8% |
| Tangible fixed assets | 22/27 | €1,397,652 | €1,344,447 | -€53,205 | -3.8% |
| Land and buildings | 22 | €1,387,386 | €1,325,707 | -€61,678 | -4.4% |
| Plant, machinery and equipment | 23 | €10,266 | €18,740 | +€8,474 | +82.5% |
| Current assets | 29/58 | €367,305 | €332,789 | -€34,516 | -9.4% |
| Amounts receivable within one year | 40/41 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 41 | €200,000 | €200,000 | = | 0.0% |
| Current investments | 50/53 | €10,012 | €10,012 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €154,341 | €119,424 | -€34,917 | -22.6% |
| Deferred charges and accrued income | 490/1 | €2,951 | €3,353 | +€401 | +13.6% |
| Total equity and liabilities | 10/49 | €1,764,957 | €1,677,236 | -€87,721 | -5.0% |
| Equity | 10/15 | €1,189,538 | €1,150,730 | -€38,808 | -3.3% |
| Contributions | 10/11 | €206,849 | €206,849 | = | 0.0% |
| Capital | 10 | €206,849 | €206,849 | = | 0.0% |
| Issued capital | 100 | €206,849 | €206,849 | = | 0.0% |
| Reserves | 13 | €999,023 | €984,245 | -€14,778 | -1.5% |
| Non-distributable reserves | 130/1 | €20,685 | €20,685 | = | 0.0% |
| Legal reserve | 130 | €20,685 | €20,685 | = | 0.0% |
| Tax-exempt reserves | 132 | €978,338 | €963,560 | -€14,778 | -1.5% |
| Profit (loss) carried forward | 14 | -€16,334 | -€40,363 | -€24,030 | -147.1% |
| Provisions and deferred taxes | 16 | €326,113 | €321,187 | -€4,926 | -1.5% |
| Deferred taxes | 168 | €326,113 | €321,187 | -€4,926 | -1.5% |
| Amounts payable | 17/49 | €249,306 | €205,319 | -€43,987 | -17.6% |
| Amounts payable after more than one year | 17 | €201,468 | €165,486 | -€35,981 | -17.9% |
| Financial debts | 170/4 | €201,468 | €165,486 | -€35,981 | -17.9% |
| Amounts payable within one year | 42/48 | €47,839 | €39,833 | -€8,006 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | €42,367 | €35,981 | -€6,386 | -15.1% |
| Trade debts | 44 | €1,620 | €0 | -€1,620 | -100.0% |
| Suppliers | 440/4 | €1,620 | €0 | -€1,620 | -100.0% |
| Other amounts payable | 47/48 | €3,852 | €3,852 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,476 | €92,452 | +€10,976 | +13.5% |
| Other operating charges | 640/8 | €14,136 | €14,982 | +€845 | +6.0% |
| Gross operating margin | 9900 | €75,401 | €69,779 | -€5,622 | -7.5% |
| Operating profit (loss) | 9901 | -€20,211 | -€37,654 | -€17,443 | -86.3% |
| Financial income | 75/76B | €17,413 | €3,000 | -€14,413 | -82.8% |
| Recurring financial income | 75 | €17,413 | €3,000 | -€14,413 | -82.8% |
| Financial charges | 65/66B | €10,734 | €9,079 | -€1,655 | -15.4% |
| Recurring financial charges | 65 | €10,734 | €9,079 | -€1,655 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,532 | -€43,734 | -€30,202 | -223.2% |
| Transfer from deferred taxes | 780 | €4,926 | €4,926 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€8,606 | -€38,808 | -€30,202 | -351.0% |
| Transfer from tax-exempt reserves | 789 | €14,778 | €14,778 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,172 | -€24,030 | -€30,202 |
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 30 September 2026 via checked.be.