VMARO: what changed
Two fiscal 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.
VMARO
Largest movements
- Stocks and contracts +€98,086
up €98,086 (+87.8%), from €111,735 to €209,821
- Tangible fixed assets +€21,149
up €21,149 (+40.0%), from €52,812 to €73,961
of which Plant, machinery and equipment: +€28,532
- Receivables within one year +€15,519
up €15,519 (+3187.0%), from €487 to €16,006
of which Trade receivables: +€15,624
- Cash +€8,825
up €8,825 (+369.5%), from €2,388 to €11,214
mainly Short-term financial debts (+€59,431) and Other debts (+€56,925)
- Short-term financial debts +€59,431
new in 2025: €59,431
- Other debts +€56,925
up €56,925 (+95.5%), from €59,577 to €116,502
- Debts after one year +€31,571
up €31,571 (+1704.3%), from €1,852 to €33,423
- Trade debts -€19,801
down €19,801 (-40.9%), from €48,465 to €28,664
- Profit (loss) carried forward +€13,017
up €13,017 (+39.4%), from €32,995 to €46,012
- Depreciation +€5,577
up €5,577 (+762.4%), from €732 to €6,309
- Taxes -€3,615
down €3,615 (-37.6%), from €9,615 to €6,000
- Financial charges +€1,633
up €1,633 (+147.6%), from €1,106 to €2,739
- Gross operating margin +€1,602
up €1,602 (+5.9%), from €27,373 to €28,975
- Other operating charges +€718
up €718 (+142.2%), from €505 to €1,224
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 | €171,564 | €318,957 | +€147,392 | +85.9% |
| Fixed assets | 21/28 | €52,812 | €76,685 | +€23,873 | +45.2% |
| Intangible fixed assets | 21 | - | €2,724 | +€2,724 | |
| Tangible fixed assets | 22/27 | €52,812 | €73,961 | +€21,149 | +40.0% |
| Land and buildings | 22 | €29,651 | €29,522 | -€129 | -0.4% |
| Plant, machinery and equipment | 23 | - | €28,532 | +€28,532 | |
| Furniture and vehicles | 24 | €841 | €10,634 | +€9,793 | +1163.9% |
| Other tangible fixed assets | 26 | - | €5,273 | +€5,273 | |
| Assets under construction and advance payments | 27 | €22,320 | - | -€22,320 | |
| Current assets | 29/58 | €118,752 | €242,272 | +€123,520 | +104.0% |
| Stocks and contracts in progress | 3 | €111,735 | €209,821 | +€98,086 | +87.8% |
| Stocks | 30/36 | €111,735 | €209,821 | +€98,086 | +87.8% |
| Amounts receivable within one year | 40/41 | €487 | €16,006 | +€15,519 | +3187.0% |
| Trade receivables | 40 | €382 | €16,006 | +€15,624 | +4089.3% |
| Other amounts receivable | 41 | €105 | - | -€105 | |
| Current investments | 50/53 | €3,815 | €4,010 | +€195 | +5.1% |
| Cash at bank and in hand | 54/58 | €2,388 | €11,214 | +€8,825 | +369.5% |
| Deferred charges and accrued income | 490/1 | €327 | €1,221 | +€894 | +273.3% |
| Total equity and liabilities | 10/49 | €171,564 | €318,957 | +€147,392 | +85.9% |
| Equity | 10/15 | €42,640 | €55,656 | +€13,017 | +30.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,644 | €7,644 | = | 0.0% |
| Distributable reserves | 133 | €7,644 | €7,644 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,995 | €46,012 | +€13,017 | +39.4% |
| Amounts payable | 17/49 | €128,925 | €263,300 | +€134,376 | +104.2% |
| Amounts payable after more than one year | 17 | €1,852 | €33,423 | +€31,571 | +1704.3% |
| Financial debts | 170/4 | €1,852 | €33,423 | +€31,571 | +1704.3% |
| Amounts payable within one year | 42/48 | €126,336 | €229,877 | +€103,541 | +82.0% |
| Current portion of amounts payable after more than one year | 42 | €3,914 | €7,014 | +€3,100 | +79.2% |
| Financial debts | 43 | - | €59,431 | +€59,431 | |
| Credit institutions | 430/8 | - | €59,431 | +€59,431 | |
| Trade debts | 44 | €48,465 | €28,664 | -€19,801 | -40.9% |
| Suppliers | 440/4 | €48,465 | €28,664 | -€19,801 | -40.9% |
| Taxes, remuneration and social security | 45 | €14,381 | €18,266 | +€3,885 | +27.0% |
| Taxes | 450/3 | €14,255 | €18,035 | +€3,780 | +26.5% |
| Remuneration and social security | 454/9 | €125 | €231 | +€106 | +84.5% |
| Other amounts payable | 47/48 | €59,577 | €116,502 | +€56,925 | +95.5% |
| Accrued charges and deferred income | 492/3 | €736 | - | -€736 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €732 | €6,309 | +€5,577 | +762.4% |
| Other operating charges | 640/8 | €505 | €1,224 | +€718 | +142.2% |
| Gross operating margin | 9900 | €27,373 | €28,975 | +€1,602 | +5.9% |
| Operating profit (loss) | 9901 | €26,136 | €21,443 | -€4,693 | -18.0% |
| Financial income | 75/76B | €126 | €313 | +€187 | +147.9% |
| Recurring financial income | 75 | €126 | €313 | +€187 | +147.9% |
| Financial charges | 65/66B | €1,106 | €2,739 | +€1,633 | +147.6% |
| Recurring financial charges | 65 | €1,106 | €2,739 | +€1,633 | +147.6% |
| Profit (loss) for the period before taxes | 9903 | €25,156 | €19,017 | -€6,140 | -24.4% |
| Income taxes | 67/77 | €9,615 | €6,000 | -€3,615 | -37.6% |
| Profit (loss) for the period | 9904 | €15,542 | €13,017 | -€2,525 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,542 | €13,017 | -€2,525 | -16.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.