VLEMCO: 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.
VLEMCO
Largest movements
- Stocks and contracts +€49,029
up €49,029 (+1453.8%), from €3,372 to €52,401
- Cash +€36,686
up €36,686 (+23.7%), from €154,968 to €191,654
mainly Net result for the year (+€102,511) and Depreciation (+€33,899)
- Receivables within one year -€16,309
down €16,309 (-16.6%), from €98,282 to €81,973
of which Trade receivables: -€15,150
- Reserves +€102,511
up €102,511 (+39.5%), from €259,764 to €362,275
- Debts after one year -€32,041
down €32,041 (-26.3%), from €121,961 to €89,920
- Short-term financial debts -€25,563
down €25,563 (-100.0%), from €25,563 to €0
- Tax, wage and social debts +€12,710
up €12,710 (+152.7%), from €8,322 to €21,032
of which Taxes: +€13,356
- Gross operating margin +€19,479
up €19,479 (+10.9%), from €179,150 to €198,629
- Taxes +€17,746
up €17,746 (+54.2%), from €32,759 to €50,505
- Staff costs -€5,439
down €5,439 (-97.1%), from €5,601 to €163
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 | €594,209 | €660,451 | +€66,243 | +11.1% |
| Fixed assets | 21/28 | €284,350 | €280,193 | -€4,158 | -1.5% |
| Tangible fixed assets | 22/27 | €283,987 | €279,830 | -€4,158 | -1.5% |
| Land and buildings | 22 | €208,737 | €216,796 | +€8,059 | +3.9% |
| Plant, machinery and equipment | 23 | €11,968 | €9,225 | -€2,743 | -22.9% |
| Furniture and vehicles | 24 | €14,015 | €11,032 | -€2,984 | -21.3% |
| Leasing and similar rights | 25 | €49,267 | €37,427 | -€11,840 | -24.0% |
| Other tangible fixed assets | 26 | - | €5,350 | +€5,350 | |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €309,858 | €380,259 | +€70,400 | +22.7% |
| Stocks and contracts in progress | 3 | €3,372 | €52,401 | +€49,029 | +1453.8% |
| Stocks | 30/36 | €3,372 | €52,401 | +€49,029 | +1453.8% |
| Amounts receivable within one year | 40/41 | €98,282 | €81,973 | -€16,309 | -16.6% |
| Trade receivables | 40 | €97,023 | €81,873 | -€15,150 | -15.6% |
| Other amounts receivable | 41 | €1,260 | €100 | -€1,160 | -92.1% |
| Current investments | 50/53 | €50,000 | €50,930 | +€930 | +1.9% |
| Cash at bank and in hand | 54/58 | €154,968 | €191,654 | +€36,686 | +23.7% |
| Deferred charges and accrued income | 490/1 | €3,236 | €3,300 | +€64 | +2.0% |
| Total equity and liabilities | 10/49 | €594,209 | €660,451 | +€66,243 | +11.1% |
| Equity | 10/15 | €278,356 | €380,867 | +€102,511 | +36.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €259,764 | €362,275 | +€102,511 | +39.5% |
| Distributable reserves | 133 | €259,764 | €362,275 | +€102,511 | +39.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €315,853 | €279,585 | -€36,268 | -11.5% |
| Amounts payable after more than one year | 17 | €121,961 | €89,920 | -€32,041 | -26.3% |
| Financial debts | 170/4 | €121,961 | €89,920 | -€32,041 | -26.3% |
| Amounts payable within one year | 42/48 | €193,892 | €189,665 | -€4,228 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €31,321 | €32,041 | +€720 | +2.3% |
| Financial debts | 43 | €25,563 | €0 | -€25,563 | -100.0% |
| Credit institutions | 430/8 | €25,563 | €0 | -€25,563 | -100.0% |
| Trade debts | 44 | €82,637 | €83,083 | +€447 | +0.5% |
| Suppliers | 440/4 | €82,637 | €83,083 | +€447 | +0.5% |
| Advances received on contracts in progress | 46 | - | €4,668 | +€4,668 | |
| Taxes, remuneration and social security | 45 | €8,322 | €21,032 | +€12,710 | +152.7% |
| Taxes | 450/3 | €7,676 | €21,032 | +€13,356 | +174.0% |
| Remuneration and social security | 454/9 | €646 | €0 | -€646 | -100.0% |
| Other amounts payable | 47/48 | €46,051 | €48,842 | +€2,791 | +6.1% |
| Remuneration, social security and pensions | 62 | €5,601 | €163 | -€5,439 | -97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,595 | €33,899 | +€304 | +0.9% |
| Other operating charges | 640/8 | €8,665 | €8,070 | -€595 | -6.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €179,150 | €198,629 | +€19,479 | +10.9% |
| Operating profit (loss) | 9901 | €131,289 | €156,498 | +€25,208 | +19.2% |
| Financial income | 75/76B | €579 | €1,447 | +€868 | +150.0% |
| Recurring financial income | 75 | €579 | €1,447 | +€868 | +150.0% |
| Financial charges | 65/66B | €5,039 | €4,929 | -€109 | -2.2% |
| Recurring financial charges | 65 | €5,039 | €4,929 | -€109 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €126,830 | €153,016 | +€26,186 | +20.6% |
| Income taxes | 67/77 | €32,759 | €50,505 | +€17,746 | +54.2% |
| Profit (loss) for the period | 9904 | €94,071 | €102,511 | +€8,440 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €94,071 | €102,511 | +€8,440 | +9.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.