Vlamigin: 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.
What changed
Vlamigin
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€160,719
2024 · €63,009+€97,710
Equity
€817,350
2024 · €656,631+€160,719
Cash
€8,513
2024 · €592+€7,921
Balance sheet total
€2.1m
2024 · €2.2m-€101,695
Largest movements
Assets
- Tangible fixed assets -€134,523
down €134,523 (-6.0%), from €2.2m to €2.1m
of which Land and buildings: -€130,705
Equity and liabilities
- Debts after one year -€265,632
down €265,632 (-20.0%), from €1.3m to €1.1m
of which Financial debts: -€186,503
- Reserves +€160,719
up €160,719 (+29.9%), from €538,031 to €698,750
of which Distributable reserves: +€150,240
Income statement
- Gross operating margin +€81,087
up €81,087 (+22.9%), from €354,825 to €435,912
- Depreciation -€36,981
down €36,981 (-20.7%), from €178,238 to €141,257
- Taxes +€18,408
up €18,408 (+69.0%), from €26,666 to €45,074
- Financial income -€7,400
down €7,400 (-100%), from €7,400 to €0
- Financial charges -€5,952
down €5,952 (-8.9%), from €66,518 to €60,566
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.
Result 2024
€63,009
Gross operating margin
+€81,087
Depreciation
+€36,981
Other operating charges
+€2,991
Financial income
-€7,400
Financial charges
+€5,952
Taxes
-€18,408
Deferred taxes and other
-€3,493
Result 2025
€160,719
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€296,489
Investment
-€27,918
Financing
-€260,650
Cash 2024
€592
From operations (derived)
+€296,489
Net result for the year
+€160,719
Depreciation
+€141,257
Smaller working-capital items
+€261
Deferred charges and accrued income
-€3,584
Provisions
+€3,493
Trade debts
+€11,936
Tax, wage and social debts
-€17,593
Investment (derived)
-€27,918
Investment in fixed assets (net)
-€27,918
Financing
-€260,650
Debts after one year
-€265,632
Current portion of long-term debt
+€4,181
Short-term financial debts
+€800
Cash 2025
€8,513
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,238,153 | €2,136,458 | -€101,695 | -4.5% |
| Fixed assets | 21/28 | €2,227,054 | €2,113,715 | -€113,339 | -5.1% |
| Intangible fixed assets | 21 | - | €21,183 | +€21,183 | |
| Tangible fixed assets | 22/27 | €2,227,054 | €2,092,531 | -€134,523 | -6.0% |
| Land and buildings | 22 | €2,188,326 | €2,057,621 | -€130,705 | -6.0% |
| Plant, machinery and equipment | 23 | €26,063 | €31,941 | +€5,878 | +22.6% |
| Furniture and vehicles | 24 | €12,665 | €2,970 | -€9,696 | -76.6% |
| Current assets | 29/58 | €11,100 | €22,743 | +€11,644 | +105% |
| Amounts receivable within one year | 40/41 | €7,304 | €7,443 | +€139 | +1.9% |
| Trade receivables | 40 | €7,304 | €7,443 | +€139 | +1.9% |
| Cash at bank and in hand | 54/58 | €592 | €8,513 | +€7,921 | +1,339% |
| Deferred charges and accrued income | 490/1 | €3,204 | €6,788 | +€3,584 | +112% |
| Total equity and liabilities | 10/49 | €2,238,153 | €2,136,458 | -€101,695 | -4.5% |
| Equity | 10/15 | €656,631 | €817,350 | +€160,719 | +24.5% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €538,031 | €698,750 | +€160,719 | +29.9% |
| Tax-exempt reserves | 132 | - | €10,479 | +€10,479 | |
| Distributable reserves | 133 | €538,031 | €688,272 | +€150,240 | +27.9% |
| Provisions and deferred taxes | 16 | - | €3,493 | +€3,493 | |
| Deferred taxes | 168 | - | €3,493 | +€3,493 | |
| Amounts payable | 17/49 | €1,581,522 | €1,315,615 | -€265,907 | -16.8% |
| Amounts payable after more than one year | 17 | €1,328,699 | €1,063,067 | -€265,632 | -20.0% |
| Financial debts | 170/4 | €878,766 | €692,263 | -€186,503 | -21.2% |
| Other amounts payable | 178/9 | €449,933 | €370,804 | -€79,129 | -17.6% |
| Amounts payable within one year | 42/48 | €241,609 | €240,934 | -€676 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €182,105 | €186,286 | +€4,181 | +2.3% |
| Financial debts | 43 | €8,452 | €9,252 | +€800 | +9.5% |
| Credit institutions | 430/8 | €8,452 | €9,252 | +€800 | +9.5% |
| Trade debts | 44 | €1,732 | €13,668 | +€11,936 | +689% |
| Suppliers | 440/4 | €1,732 | €13,668 | +€11,936 | +689% |
| Taxes, remuneration and social security | 45 | €49,320 | €31,728 | -€17,593 | -35.7% |
| Taxes | 450/3 | €49,320 | €31,728 | -€17,593 | -35.7% |
| Accrued charges and deferred income | 492/3 | €11,214 | €11,614 | +€400 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,238 | €141,257 | -€36,981 | -20.7% |
| Other operating charges | 640/8 | €27,794 | €24,803 | -€2,991 | -10.8% |
| Gross operating margin | 9900 | €354,825 | €435,912 | +€81,087 | +22.9% |
| Operating profit (loss) | 9901 | €148,793 | €269,852 | +€121,058 | +81.4% |
| Financial income | 75/76B | €7,400 | €0 | -€7,400 | -100% |
| Recurring financial income | 75 | €7,400 | €0 | -€7,400 | -100% |
| Financial charges | 65/66B | €66,518 | €60,566 | -€5,952 | -8.9% |
| Recurring financial charges | 65 | €66,518 | €60,566 | -€5,952 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | €89,675 | €209,286 | +€119,610 | +133% |
| Transfer from deferred taxes | 780 | - | €466 | +€466 | |
| Transfer to deferred taxes | 680 | - | €3,959 | +€3,959 | |
| Income taxes | 67/77 | €26,666 | €45,074 | +€18,408 | +69.0% |
| Profit (loss) for the period | 9904 | €63,009 | €160,719 | +€97,710 | +155% |
| Transfer from tax-exempt reserves | 789 | - | €1,399 | +€1,399 | |
| Transfer to tax-exempt reserves | 689 | - | €11,878 | +€11,878 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,009 | €150,240 | +€87,231 | +138% |
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 21 October 2026 via checked.be.