VLAEMINCK: 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.
VLAEMINCK
Largest movements
- Tangible fixed assets +€112,670
up €112,670 (+50.5%), from €223,077 to €335,747
of which Plant, machinery and equipment: +€123,000
- Cash -€18,442
down €18,442 (-56.6%), from €32,589 to €14,148
mainly Investment in fixed assets (net) (-€208,874) and Net result for the year (-€31,064)
- Deferred charges and accrued income -€16,023
down €16,023 (-56.2%), from €28,530 to €12,507
- Debts after one year +€49,759
up €49,759 (+333%), from €14,958 to €64,718
- Trade debts +€39,231
up €39,231 (+261%), from €15,030 to €54,261
- Reserves -€31,064
down €31,064 (-12.5%), from €249,150 to €218,086
of which Distributable reserves: -€31,064
- Current portion of long-term debt +€23,355
up €23,355 (+334%), from €6,986 to €30,340
- Gross operating margin -€29,128
down €29,128 (-22.0%), from €132,503 to €103,375
- Depreciation +€14,505
up €14,505 (+17.7%), from €82,070 to €96,575
- Financial charges +€6,125
up €6,125 (+161%), from €3,795 to €9,920
- Other operating charges -€2,928
down €2,928 (-9.5%), from €30,968 to €28,040
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 | €334,259 | €415,512 | +€81,253 | +24.3% |
| Fixed assets | 21/28 | €236,731 | €349,031 | +€112,300 | +47.4% |
| Intangible fixed assets | 21 | €374 | - | -€374 | |
| Tangible fixed assets | 22/27 | €223,077 | €335,747 | +€112,670 | +50.5% |
| Plant, machinery and equipment | 23 | €183,708 | €306,708 | +€123,000 | +67.0% |
| Furniture and vehicles | 24 | €39,184 | €29,039 | -€10,145 | -25.9% |
| Other tangible fixed assets | 26 | €185 | - | -€185 | |
| Financial fixed assets | 28 | €13,279 | €13,283 | +€4 | 0.0% |
| Current assets | 29/58 | €97,528 | €66,481 | -€31,047 | -31.8% |
| Stocks and contracts in progress | 3 | €40 | €40 | = | 0.0% |
| Stocks | 30/36 | €40 | €40 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,669 | €13,607 | +€2,939 | +27.5% |
| Trade receivables | 40 | €10,403 | €13,300 | +€2,897 | +27.8% |
| Other amounts receivable | 41 | €265 | €307 | +€42 | +15.7% |
| Current investments | 50/53 | €25,700 | €26,180 | +€479 | +1.9% |
| Cash at bank and in hand | 54/58 | €32,589 | €14,148 | -€18,442 | -56.6% |
| Deferred charges and accrued income | 490/1 | €28,530 | €12,507 | -€16,023 | -56.2% |
| Total equity and liabilities | 10/49 | €334,259 | €415,512 | +€81,253 | +24.3% |
| Equity | 10/15 | €269,601 | €238,537 | -€31,064 | -11.5% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €249,150 | €218,086 | -€31,064 | -12.5% |
| Tax-exempt reserves | 132 | €61,116 | €61,116 | = | 0.0% |
| Distributable reserves | 133 | €188,035 | €156,971 | -€31,064 | -16.5% |
| Amounts payable | 17/49 | €64,658 | €176,975 | +€112,317 | +174% |
| Amounts payable after more than one year | 17 | €14,958 | €64,718 | +€49,759 | +333% |
| Financial debts | 170/4 | €14,958 | €64,718 | +€49,759 | +333% |
| Amounts payable within one year | 42/48 | €48,282 | €108,946 | +€60,665 | +126% |
| Current portion of amounts payable after more than one year | 42 | €6,986 | €30,340 | +€23,355 | +334% |
| Trade debts | 44 | €15,030 | €54,261 | +€39,231 | +261% |
| Suppliers | 440/4 | €15,030 | €54,261 | +€39,231 | +261% |
| Taxes, remuneration and social security | 45 | €16,355 | €13,447 | -€2,909 | -17.8% |
| Taxes | 450/3 | €16,355 | €13,447 | -€2,909 | -17.8% |
| Other amounts payable | 47/48 | €9,911 | €10,899 | +€988 | +10.0% |
| Accrued charges and deferred income | 492/3 | €1,418 | €3,311 | +€1,892 | +133% |
| Non-recurring operating income | 76A | €2,479 | - | -€2,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,070 | €96,575 | +€14,505 | +17.7% |
| Other operating charges | 640/8 | €30,968 | €28,040 | -€2,928 | -9.5% |
| Gross operating margin | 9900 | €132,503 | €103,375 | -€29,128 | -22.0% |
| Operating profit (loss) | 9901 | €19,466 | -€21,239 | -€40,705 | |
| Financial income | 75/76B | €2,166 | €867 | -€1,299 | -60.0% |
| Recurring financial income | 75 | €2,166 | €867 | -€1,299 | -60.0% |
| Financial charges | 65/66B | €3,795 | €9,920 | +€6,125 | +161% |
| Recurring financial charges | 65 | €3,795 | €9,920 | +€6,125 | +161% |
| Profit (loss) for the period before taxes | 9903 | €17,837 | -€30,292 | -€48,129 | |
| Income taxes | 67/77 | €15 | €772 | +€757 | +5,151% |
| Profit (loss) for the period | 9904 | €17,823 | -€31,064 | -€48,887 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,823 | -€31,064 | -€48,887 |
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.