VLEMO: 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.
VLEMO
Largest movements
- Receivables within one year +€40,933
up €40,933 (+54.8%), from €74,639 to €115,572
- Stocks and contracts +€27,101
up €27,101 (+8.2%), from €330,584 to €357,685
- Tangible fixed assets -€13,038
down €13,038 (-33.6%), from €38,792 to €25,754
of which Furniture and vehicles: -€11,850
- Reserves +€111,201
up €111,201 (+40.8%), from €272,483 to €383,684
- Other debts -€20,000
down €20,000 (-30.8%), from €65,000 to €45,000
- Trade debts -€14,684
down €14,684 (-34.5%), from €42,558 to €27,874
- Current portion of long-term debt -€12,959
no longer reported in 2025 (was €12,959)
- Gross operating margin +€17,456
up €17,456 (+10.1%), from €172,360 to €189,816
- Taxes +€9,302
up €9,302 (+19.5%), from €47,748 to €57,050
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 | €539,154 | €598,996 | +€59,842 | +11.1% |
| Fixed assets | 21/28 | €38,792 | €25,754 | -€13,038 | -33.6% |
| Tangible fixed assets | 22/27 | €38,792 | €25,754 | -€13,038 | -33.6% |
| Plant, machinery and equipment | 23 | €4,229 | €3,042 | -€1,188 | -28.1% |
| Furniture and vehicles | 24 | €34,563 | €22,713 | -€11,850 | -34.3% |
| Current assets | 29/58 | €500,362 | €573,241 | +€72,879 | +14.6% |
| Stocks and contracts in progress | 3 | €330,584 | €357,685 | +€27,101 | +8.2% |
| Stocks | 30/36 | €330,584 | €357,685 | +€27,101 | +8.2% |
| Amounts receivable within one year | 40/41 | €74,639 | €115,572 | +€40,933 | +54.8% |
| Trade receivables | 40 | €74,639 | €115,572 | +€40,933 | +54.8% |
| Cash at bank and in hand | 54/58 | €95,139 | €99,984 | +€4,844 | +5.1% |
| Total equity and liabilities | 10/49 | €539,154 | €598,996 | +€59,842 | +11.1% |
| Equity | 10/15 | €277,483 | €388,684 | +€111,201 | +40.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €272,483 | €383,684 | +€111,201 | +40.8% |
| Distributable reserves | 133 | €272,483 | €383,684 | +€111,201 | +40.8% |
| Amounts payable | 17/49 | €261,671 | €210,311 | -€51,360 | -19.6% |
| Amounts payable within one year | 42/48 | €261,671 | €210,311 | -€51,360 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €12,959 | - | -€12,959 | |
| Trade debts | 44 | €42,558 | €27,874 | -€14,684 | -34.5% |
| Suppliers | 440/4 | €42,558 | €27,874 | -€14,684 | -34.5% |
| Taxes, remuneration and social security | 45 | €141,154 | €137,437 | -€3,717 | -2.6% |
| Taxes | 450/3 | €141,154 | €137,437 | -€3,717 | -2.6% |
| Other amounts payable | 47/48 | €65,000 | €45,000 | -€20,000 | -30.8% |
| Remuneration, social security and pensions | 62 | €1,878 | - | -€1,878 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,371 | €13,038 | +€667 | +5.4% |
| Other operating charges | 640/8 | €5,766 | €6,361 | +€595 | +10.3% |
| Gross operating margin | 9900 | €172,360 | €189,816 | +€17,456 | +10.1% |
| Operating profit (loss) | 9901 | €152,346 | €170,417 | +€18,071 | +11.9% |
| Financial charges | 65/66B | €2,785 | €2,166 | -€619 | -22.2% |
| Recurring financial charges | 65 | €2,785 | €2,166 | -€619 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €149,561 | €168,251 | +€18,690 | +12.5% |
| Income taxes | 67/77 | €47,748 | €57,050 | +€9,302 | +19.5% |
| Profit (loss) for the period | 9904 | €101,813 | €111,201 | +€9,388 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €101,813 | €111,201 | +€9,388 | +9.2% |
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 12 October 2026 via checked.be.