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
- Receivables within one year +€70,617
up €70,617 (+197%), from €35,927 to €106,544
of which Other amounts receivable: +€50,709
- Tangible fixed assets -€49,534
down €49,534 (-5.2%), from €956,994 to €907,460
of which Land and buildings: -€38,722
- Stocks and contracts +€45,236
up €45,236 (+101%), from €44,940 to €90,176
- Cash -€20,527
down €20,527 (-72.4%), from €28,333 to €7,806
mainly Receivables within one year (-€70,617) and Stocks and contracts (-€45,236)
- Debts after one year -€38,439
down €38,439 (-19.9%), from €192,941 to €154,502
- Other debts +€33,563
up €33,563 (+58.0%), from €57,836 to €91,399
- Trade debts +€26,226
up €26,226 (+101%), from €25,878 to €52,104
- Reserves +€24,907
up €24,907 (+12.8%), from €194,924 to €219,830
of which Distributable reserves: +€24,907
- Gross operating margin +€21,798
up €21,798 (+20.6%), from €105,826 to €127,624
- Other operating charges +€9,780
up €9,780 (+53.3%), from €18,354 to €28,134
- Taxes +€2,610
up €2,610 (+31.2%), from €8,358 to €10,968
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 | €1,067,154 | €1,112,946 | +€45,792 | +4.3% |
| Fixed assets | 21/28 | €957,954 | €908,420 | -€49,534 | -5.2% |
| Tangible fixed assets | 22/27 | €956,994 | €907,460 | -€49,534 | -5.2% |
| Land and buildings | 22 | €902,493 | €863,771 | -€38,722 | -4.3% |
| Plant, machinery and equipment | 23 | €22,374 | €20,168 | -€2,206 | -9.9% |
| Furniture and vehicles | 24 | €32,127 | €23,522 | -€8,605 | -26.8% |
| Financial fixed assets | 28 | €960 | €960 | = | 0.0% |
| Current assets | 29/58 | €109,200 | €204,526 | +€95,326 | +87.3% |
| Stocks and contracts in progress | 3 | €44,940 | €90,176 | +€45,236 | +101% |
| Stocks | 30/36 | €44,940 | €90,176 | +€45,236 | +101% |
| Amounts receivable within one year | 40/41 | €35,927 | €106,544 | +€70,617 | +197% |
| Trade receivables | 40 | €28,873 | €48,781 | +€19,908 | +69.0% |
| Other amounts receivable | 41 | €7,054 | €57,763 | +€50,709 | +719% |
| Cash at bank and in hand | 54/58 | €28,333 | €7,806 | -€20,527 | -72.4% |
| Total equity and liabilities | 10/49 | €1,067,154 | €1,112,946 | +€45,792 | +4.3% |
| Equity | 10/15 | €685,396 | €710,303 | +€24,907 | +3.6% |
| Contributions | 10/11 | €495,787 | €495,787 | = | 0.0% |
| Capital | 10 | €495,787 | €495,787 | = | 0.0% |
| Issued capital | 100 | €495,787 | €495,787 | = | 0.0% |
| Reserves | 13 | €194,924 | €219,830 | +€24,907 | +12.8% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €194,304 | €219,211 | +€24,907 | +12.8% |
| Profit (loss) carried forward | 14 | -€5,315 | -€5,315 | = | 0.0% |
| Amounts payable | 17/49 | €381,758 | €402,643 | +€20,885 | +5.5% |
| Amounts payable after more than one year | 17 | €192,941 | €154,502 | -€38,439 | -19.9% |
| Financial debts | 170/4 | €192,941 | €154,502 | -€38,439 | -19.9% |
| Amounts payable within one year | 42/48 | €188,817 | €248,141 | +€59,324 | +31.4% |
| Current portion of amounts payable after more than one year | 42 | €91,298 | €88,439 | -€2,859 | -3.1% |
| Financial debts | 43 | €4,778 | €5,162 | +€385 | +8.1% |
| Credit institutions | 430/8 | €4,778 | €5,162 | +€385 | +8.1% |
| Trade debts | 44 | €25,878 | €52,104 | +€26,226 | +101% |
| Suppliers | 440/4 | €25,878 | €52,104 | +€26,226 | +101% |
| Taxes, remuneration and social security | 45 | €9,028 | €11,037 | +€2,009 | +22.3% |
| Taxes | 450/3 | €9,028 | €11,037 | +€2,009 | +22.3% |
| Other amounts payable | 47/48 | €57,836 | €91,399 | +€33,563 | +58.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,066 | €51,268 | +€1,202 | +2.4% |
| Other operating charges | 640/8 | €18,354 | €28,134 | +€9,780 | +53.3% |
| Gross operating margin | 9900 | €105,826 | €127,624 | +€21,798 | +20.6% |
| Operating profit (loss) | 9901 | €37,406 | €48,221 | +€10,816 | +28.9% |
| Financial income | 75/76B | €16 | €20 | +€5 | +30.3% |
| Recurring financial income | 75 | €16 | €20 | +€5 | +30.3% |
| Financial charges | 65/66B | €13,177 | €12,366 | -€811 | -6.2% |
| Recurring financial charges | 65 | €13,177 | €12,366 | -€811 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €24,244 | €35,875 | +€11,631 | +48.0% |
| Income taxes | 67/77 | €8,358 | €10,968 | +€2,610 | +31.2% |
| Profit (loss) for the period | 9904 | €15,886 | €24,907 | +€9,021 | +56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,886 | €24,907 | +€9,021 | +56.8% |
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 24 October 2026 via checked.be.