VAMACO: 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.
VAMACO
Largest movements
- Receivables after one year -€171,000
no longer reported in 2026 (was €171,000)
- Tangible fixed assets -€14,422
down €14,422 (-4.1%), from €353,684 to €339,262
- Reserves -€171,976
down €171,976 (-24.9%), from €691,007 to €519,032
of which Distributable reserves: -€168,780
- Other debts -€10,397
down €10,397 (-3.9%), from €266,672 to €256,276
- Gross operating margin +€3,732
up €3,732 (+27.4%), from €13,609 to €17,341
- Financial charges -€3,051
down €3,051 (-98.4%), from €3,102 to €51
of which Financial charges: -€3,051
- Other operating charges -€1,176
down €1,176 (-17.6%), from €6,665 to €5,489
- Depreciation -€599
down €599 (-4.0%), from €15,021 to €14,422
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,033,503 | €848,120 | -€185,382 | -17.9% |
| Fixed assets | 21/28 | €858,684 | €844,262 | -€14,422 | -1.7% |
| Tangible fixed assets | 22/27 | €353,684 | €339,262 | -€14,422 | -4.1% |
| Land and buildings | 22 | €353,684 | €339,262 | -€14,422 | -4.1% |
| Financial fixed assets | 28 | €505,000 | €505,000 | = | 0.0% |
| Current assets | 29/58 | €174,819 | €3,859 | -€170,960 | -97.8% |
| Amounts receivable after more than one year | 29 | €171,000 | - | -€171,000 | |
| Other amounts receivable | 291 | €171,000 | - | -€171,000 | |
| Amounts receivable within one year | 40/41 | €3,547 | €3,547 | = | 0.0% |
| Other amounts receivable | 41 | €3,547 | €3,547 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €272 | €312 | +€40 | +14.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,033,503 | €848,120 | -€185,382 | -17.9% |
| Equity | 10/15 | €753,007 | €581,032 | -€171,976 | -22.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €691,007 | €519,032 | -€171,976 | -24.9% |
| Non-distributable reserves | 130/1 | €50,818 | €50,818 | = | 0.0% |
| Legal reserve | 130 | €50,818 | €50,818 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,195 | €20,999 | -€3,196 | -13.2% |
| Distributable reserves | 133 | €615,994 | €447,214 | -€168,780 | -27.4% |
| Provisions and deferred taxes | 16 | €12,459 | €10,813 | -€1,645 | -13.2% |
| Deferred taxes | 168 | €12,459 | €10,813 | -€1,645 | -13.2% |
| Amounts payable | 17/49 | €268,037 | €256,276 | -€11,761 | -4.4% |
| Amounts payable within one year | 42/48 | €266,672 | €256,276 | -€10,397 | -3.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €266,672 | €256,276 | -€10,397 | -3.9% |
| Accrued charges and deferred income | 492/3 | €1,365 | - | -€1,365 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,021 | €14,422 | -€599 | -4.0% |
| Other operating charges | 640/8 | €6,665 | €5,489 | -€1,176 | -17.6% |
| Non-recurring operating charges | 66A | €547,651 | €171,000 | -€376,651 | -68.8% |
| Gross operating margin | 9900 | €13,609 | €17,341 | +€3,732 | +27.4% |
| Operating profit (loss) | 9901 | -€555,728 | -€173,570 | +€382,158 | +68.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,102 | €51 | -€3,051 | -98.4% |
| Recurring financial charges | 65 | €3,102 | €51 | -€3,051 | -98.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€558,830 | -€173,621 | +€385,209 | +68.9% |
| Transfer from deferred taxes | 780 | €1,645 | €1,645 | = | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€557,184 | -€171,976 | +€385,209 | +69.1% |
| Transfer from tax-exempt reserves | 789 | €3,196 | €3,196 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€553,989 | -€168,780 | +€385,209 | +69.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.