VLAM CO: 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.
VLAM CO
Largest movements
- Receivables after one year +€194,500
up €194,500 (+203.1%), from €95,750 to €290,250
- Tangible fixed assets -€48,917
down €48,917 (-26.0%), from €188,150 to €139,233
of which Assets under construction and advance payments: -€26,519
- Receivables within one year +€30,982
up €30,982 (+31.2%), from €99,236 to €130,219
of which Trade receivables: +€27,549
- Debts after one year +€183,977
up €183,977 (+58.1%), from €316,517 to €500,494
of which Financial debts: +€183,977
- Trade debts -€45,203
down €45,203 (-24.1%), from €187,210 to €142,007
- Other debts +€21,080
new in 2025: €21,080
- Depreciation +€17,434
up €17,434 (+43.3%), from €40,252 to €57,686
- Gross operating margin -€15,998
down €15,998 (-17.1%), from €93,376 to €77,378
- Financial charges -€6,077
down €6,077 (-35.1%), from €17,331 to €11,254
- Taxes -€5,622
down €5,622 (-61.7%), from €9,110 to €3,488
- Financial income +€1,055
up €1,055 (+20.2%), from €5,215 to €6,270
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 | €849,909 | €1,025,388 | +€175,479 | +20.6% |
| Fixed assets | 21/28 | €629,266 | €580,349 | -€48,917 | -7.8% |
| Tangible fixed assets | 22/27 | €188,150 | €139,233 | -€48,917 | -26.0% |
| Land and buildings | 22 | €18,209 | €1,703 | -€16,506 | -90.6% |
| Plant, machinery and equipment | 23 | €791 | €3,380 | +€2,589 | +327.4% |
| Furniture and vehicles | 24 | €0 | €6,115 | +€6,115 | |
| Other tangible fixed assets | 26 | €108,104 | €93,508 | -€14,596 | -13.5% |
| Assets under construction and advance payments | 27 | €61,047 | €34,528 | -€26,519 | -43.4% |
| Financial fixed assets | 28 | €441,116 | €441,116 | = | 0.0% |
| Current assets | 29/58 | €220,642 | €445,039 | +€224,396 | +101.7% |
| Amounts receivable after more than one year | 29 | €95,750 | €290,250 | +€194,500 | +203.1% |
| Other amounts receivable | 291 | €95,750 | €290,250 | +€194,500 | +203.1% |
| Amounts receivable within one year | 40/41 | €99,236 | €130,219 | +€30,982 | +31.2% |
| Trade receivables | 40 | €97,054 | €124,603 | +€27,549 | +28.4% |
| Other amounts receivable | 41 | €2,182 | €5,616 | +€3,434 | +157.3% |
| Cash at bank and in hand | 54/58 | €18,336 | €10,926 | -€7,411 | -40.4% |
| Deferred charges and accrued income | 490/1 | €7,320 | €13,644 | +€6,325 | +86.4% |
| Total equity and liabilities | 10/49 | €849,909 | €1,025,388 | +€175,479 | +20.6% |
| Equity | 10/15 | €214,124 | €220,316 | +€6,192 | +2.9% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €89,124 | €95,316 | +€6,192 | +6.9% |
| Non-distributable reserves | 130/1 | €1,250 | €1,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,250 | €1,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,300 | €8,300 | = | 0.0% |
| Distributable reserves | 133 | €79,574 | €85,766 | +€6,192 | +7.8% |
| Amounts payable | 17/49 | €635,784 | €805,072 | +€169,288 | +26.6% |
| Amounts payable after more than one year | 17 | €316,517 | €500,494 | +€183,977 | +58.1% |
| Financial debts | 170/4 | €249,142 | €433,119 | +€183,977 | +73.8% |
| Other amounts payable | 178/9 | €67,375 | €67,375 | = | 0.0% |
| Amounts payable within one year | 42/48 | €287,695 | €263,475 | -€24,220 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €94,301 | €91,149 | -€3,152 | -3.3% |
| Trade debts | 44 | €187,210 | €142,007 | -€45,203 | -24.1% |
| Suppliers | 440/4 | €187,210 | €142,007 | -€45,203 | -24.1% |
| Taxes, remuneration and social security | 45 | €6,184 | €9,239 | +€3,055 | +49.4% |
| Taxes | 450/3 | €2,408 | €7,579 | +€5,171 | +214.8% |
| Remuneration and social security | 454/9 | €3,776 | €1,660 | -€2,117 | -56.0% |
| Other amounts payable | 47/48 | - | €21,080 | +€21,080 | |
| Accrued charges and deferred income | 492/3 | €31,572 | €41,103 | +€9,531 | +30.2% |
| Non-recurring operating income | 76A | - | €6,834 | +€6,834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,252 | €57,686 | +€17,434 | +43.3% |
| Other operating charges | 640/8 | €4,841 | €5,029 | +€188 | +3.9% |
| Non-recurring operating charges | 66A | €4,602 | - | -€4,602 | |
| Gross operating margin | 9900 | €93,376 | €77,378 | -€15,998 | -17.1% |
| Operating profit (loss) | 9901 | €43,682 | €14,663 | -€29,018 | -66.4% |
| Financial income | 75/76B | €5,215 | €6,270 | +€1,055 | +20.2% |
| Recurring financial income | 75 | €5,215 | €6,270 | +€1,055 | +20.2% |
| Financial charges | 65/66B | €17,331 | €11,254 | -€6,077 | -35.1% |
| Recurring financial charges | 65 | €17,331 | €11,254 | -€6,077 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €31,566 | €9,680 | -€21,886 | -69.3% |
| Income taxes | 67/77 | €9,110 | €3,488 | -€5,622 | -61.7% |
| Profit (loss) for the period | 9904 | €22,455 | €6,192 | -€16,264 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,455 | €6,192 | -€16,264 | -72.4% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.