Vlamro: 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.
Vlamro
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+83.1%), from €1.4m to €2.6m
of which Assets under construction and advance payments: +€1.2m
- Current investments -€326,978
down €326,978 (-23.8%), from €1.4m to €1.0m
- Reserves +€1.2m
up €1.2m (+16.9%), from €6.9m to €8.1m
- Debts after one year -€229,439
down €229,439 (-25.6%), from €896,837 to €667,398
of which Financial debts: -€292,820
- Financial income -€682,622
down €682,622 (-33.4%), from €2.0m to €1.4m
- Depreciation +€117,529
up €117,529 (+104%), from €113,512 to €231,041
- Gross operating margin +€74,875
up €74,875 (+43.7%), from €171,511 to €246,386
- Financial charges -€16,115
down €16,115 (-23.3%), from €69,225 to €53,110
- Taxes +€3,717
up €3,717 (+7.4%), from €50,466 to €54,184
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 | €9,249,686 | €10,199,457 | +€949,771 | +10.3% |
| Fixed assets | 21/28 | €7,209,600 | €8,390,171 | +€1.2m | +16.4% |
| Tangible fixed assets | 22/27 | €1,421,427 | €2,601,999 | +€1.2m | +83.1% |
| Land and buildings | 22 | €690,000 | €690,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €33,689 | €22,699 | -€10,990 | -32.6% |
| Furniture and vehicles | 24 | €63,661 | €59,330 | -€4,331 | -6.8% |
| Leasing and similar rights | 25 | €37,601 | €23,904 | -€13,697 | -36.4% |
| Assets under construction and advance payments | 27 | €596,475 | €1,806,065 | +€1.2m | +203% |
| Financial fixed assets | 28 | €5,788,173 | €5,788,173 | = | 0.0% |
| Current assets | 29/58 | €2,040,086 | €1,809,286 | -€230,801 | -11.3% |
| Amounts receivable within one year | 40/41 | €0 | €43,821 | +€43,821 | |
| Trade receivables | 40 | €0 | €43,821 | +€43,821 | |
| Current investments | 50/53 | €1,373,518 | €1,046,540 | -€326,978 | -23.8% |
| Cash at bank and in hand | 54/58 | €650,979 | €709,073 | +€58,094 | +8.9% |
| Deferred charges and accrued income | 490/1 | €15,589 | €9,852 | -€5,737 | -36.8% |
| Total equity and liabilities | 10/49 | €9,249,686 | €10,199,457 | +€949,771 | +10.3% |
| Equity | 10/15 | €7,872,054 | €9,040,781 | +€1.2m | +14.8% |
| Contributions | 10/11 | €954,000 | €954,000 | = | 0.0% |
| Reserves | 13 | €6,918,054 | €8,086,781 | +€1.2m | +16.9% |
| Distributable reserves | 133 | €6,918,054 | €8,086,781 | +€1.2m | +16.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,377,632 | €1,158,676 | -€218,956 | -15.9% |
| Amounts payable after more than one year | 17 | €896,837 | €667,398 | -€229,439 | -25.6% |
| Financial debts | 170/4 | €892,957 | €600,138 | -€292,820 | -32.8% |
| Other amounts payable | 178/9 | €3,880 | €67,260 | +€63,380 | +1,634% |
| Amounts payable within one year | 42/48 | €480,794 | €491,247 | +€10,452 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €292,443 | €292,820 | +€376 | +0.1% |
| Trade debts | 44 | €536 | €1,824 | +€1,288 | +240% |
| Suppliers | 440/4 | €536 | €1,824 | +€1,288 | +240% |
| Taxes, remuneration and social security | 45 | €87,815 | €96,603 | +€8,788 | +10.0% |
| Taxes | 450/3 | €87,815 | €96,603 | +€8,788 | +10.0% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €31 | +€31 | |
| Non-recurring operating income | 76A | €12,000 | €0 | -€12,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,512 | €231,041 | +€117,529 | +104% |
| Other operating charges | 640/8 | €3,981 | €3,123 | -€859 | -21.6% |
| Non-recurring operating charges | 66A | €449,147 | €0 | -€449,147 | -100% |
| Gross operating margin | 9900 | €171,511 | €246,386 | +€74,875 | +43.7% |
| Operating profit (loss) | 9901 | -€395,130 | €12,222 | +€407,352 | |
| Financial income | 75/76B | €2,046,421 | €1,363,799 | -€682,622 | -33.4% |
| Recurring financial income | 75 | €2,046,421 | €1,363,799 | -€682,622 | -33.4% |
| Financial charges | 65/66B | €69,225 | €53,110 | -€16,115 | -23.3% |
| Recurring financial charges | 65 | €69,225 | €53,110 | -€16,115 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €1,582,067 | €1,322,911 | -€259,156 | -16.4% |
| Income taxes | 67/77 | €50,466 | €54,184 | +€3,717 | +7.4% |
| Profit (loss) for the period | 9904 | €1,531,600 | €1,268,727 | -€262,873 | -17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,531,600 | €1,268,727 | -€262,873 | -17.2% |
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 29 October 2026 via checked.be.