VRAMDOR: 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.
VRAMDOR
Largest movements
- Cash -€66,958
down €66,958 (-87.4%), from €76,571 to €9,613
mainly Other debts (-€62,373) and Debts after one year (-€59,203)
- Tangible fixed assets -€39,096
down €39,096 (-8.2%), from €474,551 to €435,455
- Other debts -€62,373
down €62,373 (-48.7%), from €128,049 to €65,676
- Debts after one year -€59,203
down €59,203 (-24.8%), from €238,372 to €179,168
of which Financial debts: -€59,203
- Reserves +€25,402
up €25,402 (+29.8%), from €85,259 to €110,661
of which Distributable reserves: +€25,402
- Current portion of long-term debt -€10,443
down €10,443 (-15.0%), from €69,647 to €59,203
- Financial charges -€2,118
down €2,118 (-16.5%), from €12,829 to €10,711
- Gross operating margin -€1,721
down €1,721 (-1.9%), from €91,128 to €89,407
- Depreciation -€1,011
down €1,011 (-2.5%), from €40,107 to €39,096
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 | €551,857 | €445,812 | -€106,045 | -19.2% |
| Fixed assets | 21/28 | €474,801 | €435,705 | -€39,096 | -8.2% |
| Tangible fixed assets | 22/27 | €474,551 | €435,455 | -€39,096 | -8.2% |
| Land and buildings | 22 | €474,551 | €435,455 | -€39,096 | -8.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €77,056 | €10,106 | -€66,950 | -86.9% |
| Cash at bank and in hand | 54/58 | €76,571 | €9,613 | -€66,958 | -87.4% |
| Deferred charges and accrued income | 490/1 | €485 | €493 | +€8 | +1.7% |
| Total equity and liabilities | 10/49 | €551,857 | €445,812 | -€106,045 | -19.2% |
| Equity | 10/15 | €107,084 | €132,487 | +€25,402 | +23.7% |
| Contributions | 10/11 | €21,825 | €21,825 | = | 0.0% |
| Reserves | 13 | €85,259 | €110,661 | +€25,402 | +29.8% |
| Non-distributable reserves | 130/1 | €900 | €900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €900 | €900 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,470 | €3,470 | = | 0.0% |
| Distributable reserves | 133 | €80,889 | €106,291 | +€25,402 | +31.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €444,773 | €313,325 | -€131,448 | -29.6% |
| Amounts payable after more than one year | 17 | €238,372 | €179,168 | -€59,203 | -24.8% |
| Financial debts | 170/4 | €238,372 | €179,168 | -€59,203 | -24.8% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €206,401 | €134,157 | -€72,244 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €69,647 | €59,203 | -€10,443 | -15.0% |
| Trade debts | 44 | €103 | €283 | +€180 | +175% |
| Suppliers | 440/4 | €103 | €283 | +€180 | +175% |
| Taxes, remuneration and social security | 45 | €8,602 | €8,994 | +€392 | +4.6% |
| Taxes | 450/3 | €8,602 | €8,994 | +€392 | +4.6% |
| Other amounts payable | 47/48 | €128,049 | €65,676 | -€62,373 | -48.7% |
| Non-recurring operating income | 76A | €1,800 | €0 | -€1,800 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,107 | €39,096 | -€1,011 | -2.5% |
| Other operating charges | 640/8 | €5,804 | €5,204 | -€601 | -10.3% |
| Gross operating margin | 9900 | €91,128 | €89,407 | -€1,721 | -1.9% |
| Operating profit (loss) | 9901 | €45,216 | €45,107 | -€109 | -0.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €12,829 | €10,711 | -€2,118 | -16.5% |
| Recurring financial charges | 65 | €12,829 | €10,711 | -€2,118 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €32,387 | €34,396 | +€2,009 | +6.2% |
| Income taxes | 67/77 | €8,602 | €8,994 | +€392 | +4.6% |
| Profit (loss) for the period | 9904 | €23,785 | €25,402 | +€1,617 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,785 | €25,402 | +€1,617 | +6.8% |
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 30 October 2026 via checked.be.