VRAMACO: 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.
VRAMACO
Largest movements
- Current investments +€75,000
up €75,000 (+107%), from €70,000 to €145,000
- Receivables within one year +€23,823
up €23,823 (+13.1%), from €182,110 to €205,934
of which Trade receivables: +€12,537
- Tangible fixed assets -€21,234
down €21,234 (-15.2%), from €139,775 to €118,541
of which Furniture and vehicles: -€21,386
- Deferred charges and accrued income +€19,930
up €19,930 (+526%), from €3,791 to €23,721
- Other debts +€67,336
up €67,336 (+68.9%), from €97,688 to €165,024
- Tax, wage and social debts +€38,158
up €38,158 (+48.8%), from €78,254 to €116,412
- Trade debts -€27,489
down €27,489 (-99.5%), from €27,614 to €125
- Reserves +€18,103
up €18,103 (+22.8%), from €79,436 to €97,538
of which Distributable reserves: +€18,103
- Gross operating margin +€71,742
up €71,742 (+48.4%), from €148,108 to €219,849
- Financial charges +€48,786
up €48,786 (+46.8%), from €104,291 to €153,077
- Depreciation +€23,324
up €23,324 (+268%), from €8,708 to €32,032
- Taxes -€15,141
down €15,141 (-46.4%), from €32,635 to €17,494
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 | €401,591 | €497,727 | +€96,135 | +23.9% |
| Fixed assets | 21/28 | €139,806 | €118,541 | -€21,265 | -15.2% |
| Tangible fixed assets | 22/27 | €139,775 | €118,541 | -€21,234 | -15.2% |
| Plant, machinery and equipment | 23 | €15,985 | €17,292 | +€1,307 | +8.2% |
| Furniture and vehicles | 24 | €122,635 | €101,250 | -€21,386 | -17.4% |
| Leasing and similar rights | 25 | €1,154 | - | -€1,154 | |
| Financial fixed assets | 28 | €31 | - | -€31 | |
| Current assets | 29/58 | €261,785 | €379,185 | +€117,400 | +44.8% |
| Amounts receivable within one year | 40/41 | €182,110 | €205,934 | +€23,823 | +13.1% |
| Trade receivables | 40 | €108,878 | €121,415 | +€12,537 | +11.5% |
| Other amounts receivable | 41 | €73,232 | €84,518 | +€11,287 | +15.4% |
| Current investments | 50/53 | €70,000 | €145,000 | +€75,000 | +107% |
| Cash at bank and in hand | 54/58 | €5,885 | €4,531 | -€1,353 | -23.0% |
| Deferred charges and accrued income | 490/1 | €3,791 | €23,721 | +€19,930 | +526% |
| Total equity and liabilities | 10/49 | €401,591 | €497,727 | +€96,135 | +23.9% |
| Equity | 10/15 | €98,036 | €116,138 | +€18,103 | +18.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,436 | €97,538 | +€18,103 | +22.8% |
| Tax-exempt reserves | 132 | €9,538 | €9,538 | = | 0.0% |
| Distributable reserves | 133 | €69,897 | €88,000 | +€18,103 | +25.9% |
| Amounts payable | 17/49 | €303,556 | €381,589 | +€78,033 | +25.7% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €203,556 | €281,589 | +€78,033 | +38.3% |
| Financial debts | 43 | - | €28 | +€28 | |
| Credit institutions | 430/8 | - | €28 | +€28 | |
| Trade debts | 44 | €27,614 | €125 | -€27,489 | -99.5% |
| Suppliers | 440/4 | €27,614 | €125 | -€27,489 | -99.5% |
| Taxes, remuneration and social security | 45 | €78,254 | €116,412 | +€38,158 | +48.8% |
| Taxes | 450/3 | €78,254 | €116,412 | +€38,158 | +48.8% |
| Other amounts payable | 47/48 | €97,688 | €165,024 | +€67,336 | +68.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,708 | €32,032 | +€23,324 | +268% |
| Other operating charges | 640/8 | €1,169 | €907 | -€262 | -22.4% |
| Gross operating margin | 9900 | €148,108 | €219,849 | +€71,742 | +48.4% |
| Operating profit (loss) | 9901 | €138,230 | €186,910 | +€48,680 | +35.2% |
| Financial income | 75/76B | €397 | €1,763 | +€1,366 | +344% |
| Recurring financial income | 75 | €397 | €1,763 | +€1,366 | +344% |
| Financial charges | 65/66B | €104,291 | €153,077 | +€48,786 | +46.8% |
| Recurring financial charges | 65 | €104,291 | €153,077 | +€48,786 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €34,336 | €35,596 | +€1,260 | +3.7% |
| Income taxes | 67/77 | €32,635 | €17,494 | -€15,141 | -46.4% |
| Profit (loss) for the period | 9904 | €1,702 | €18,103 | +€16,401 | +964% |
| Profit (loss) for the period to be appropriated | 9905 | €1,702 | €18,103 | +€16,401 | +964% |
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 17 October 2026 via checked.be.