VEMOD: 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.
What changed
VEMOD
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.9m
2024 · €2.6m+€271,469
Equity
€11.8m
2024 · €9.3m+€2.5m
Cash
€248,448
2024 · €1.7m-€1.5m
Balance sheet total
€15.7m
2024 · €12.3m+€3.3m
Largest movements
Assets
- Receivables within one year +€4.9m
up €4.9m (+68.0%), from €7.2m to €12.0m
of which Other amounts receivable: +€5.8m
- Cash -€1.5m
down €1.5m (-85.6%), from €1.7m to €248,448
mainly Receivables within one year (-€4.9m) and Short-term financial debts (-€417,726)
Equity and liabilities
- Reserves +€2.5m
up €2.5m (+27.1%), from €9.3m to €11.8m
- Debts after one year +€1.4m
up €1.4m (+142%), from €1.0m to €2.4m
of which Other amounts payable: +€1.5m
- Short-term financial debts -€417,726
down €417,726 (-100%), from €417,726 to €0
Income statement
- Turnover +€460,898
up €460,898 (+8.9%), from €5.2m to €5.6m
- Services and other goods +€244,044
up €244,044 (+27.9%), from €873,785 to €1.1m
- Taxes -€66,030
down €66,030 (-7.2%), from €911,164 to €845,134
- Financial income +€57,202
up €57,202 (+41.8%), from €136,898 to €194,100
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.
Result 2024
€2.6m
Turnover
+€460,898
Other operating income
-€11,343
Services and other goods
-€244,044
Staff costs
-€15,250
Depreciation
-€29,842
Other operating charges
-€4,866
Financial income
+€57,202
Financial charges
-€7,316
Taxes
+€66,030
Result 2025
€2.9m
raises the resultlowers the result
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.
From operations
-€1.9m
Investment
-€54,577
Financing
+€454,441
Cash 2024
€1.7m
From operations (derived)
-€1.9m
Net result for the year
+€2.9m
Depreciation
+€107,845
Receivables within one year
-€4.9m
Smaller working-capital items
-€869
Trade debts
-€17,556
Tax, wage and social debts
+€13,910
Other debts
-€29,924
Investment (derived)
-€54,577
Investment in fixed assets (net)
-€54,577
Financing
+€454,441
Debts after one year
+€1.4m
Current portion of long-term debt
-€152,970
Short-term financial debts
-€417,726
Contributions, distributions and other
-€400,000
Cash 2025
€248,448
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,316,834 | €15,650,969 | +€3.3m | +27.1% |
| Fixed assets | 21/28 | €3,435,813 | €3,382,545 | -€53,268 | -1.6% |
| Tangible fixed assets | 22/27 | €960,629 | €907,361 | -€53,268 | -5.5% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €253,935 | €239,659 | -€14,277 | -5.6% |
| Other tangible fixed assets | 26 | €706,694 | €667,703 | -€38,991 | -5.5% |
| Financial fixed assets | 28 | €2,475,184 | €2,475,184 | = | 0.0% |
| Affiliated companies | 280/1 | €2,473,184 | €2,473,184 | = | 0.0% |
| Participating interests | 280 | €2,473,184 | €2,473,184 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,000 | €2,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €8,881,021 | €12,268,424 | +€3.4m | +38.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €7,152,087 | €12,015,454 | +€4.9m | +68.0% |
| Trade receivables | 40 | €2,906,669 | €1,963,921 | -€942,748 | -32.4% |
| Other amounts receivable | 41 | €4,245,419 | €10,051,533 | +€5.8m | +137% |
| Cash at bank and in hand | 54/58 | €1,724,605 | €248,448 | -€1.5m | -85.6% |
| Deferred charges and accrued income | 490/1 | €4,328 | €4,522 | +€194 | +4.5% |
| Total equity and liabilities | 10/49 | €12,316,834 | €15,650,969 | +€3.3m | +27.1% |
| Equity | 10/15 | €9,319,950 | €11,833,887 | +€2.5m | +27.0% |
| Contributions | 10/11 | €45,527 | €45,527 | = | 0.0% |
| Reserves | 13 | €9,274,423 | €11,788,360 | +€2.5m | +27.1% |
| Distributable reserves | 133 | €9,274,423 | €11,788,360 | +€2.5m | +27.1% |
| Amounts payable | 17/49 | €2,996,884 | €3,817,081 | +€820,197 | +27.4% |
| Amounts payable after more than one year | 17 | €1,003,476 | €2,428,613 | +€1.4m | +142% |
| Financial debts | 170/4 | €391,846 | €288,981 | -€102,865 | -26.3% |
| Leasing and similar obligations | 172 | €190,817 | €169,814 | -€21,003 | -11.0% |
| Credit institutions | 173 | €201,029 | €119,166 | -€81,863 | -40.7% |
| Other amounts payable | 178/9 | €611,630 | €2,139,632 | +€1.5m | +250% |
| Amounts payable within one year | 42/48 | €1,979,559 | €1,375,294 | -€604,265 | -30.5% |
| Current portion of amounts payable after more than one year | 42 | €307,033 | €154,063 | -€152,970 | -49.8% |
| Financial debts | 43 | €417,726 | €0 | -€417,726 | -100% |
| Credit institutions | 430/8 | €417,726 | €0 | -€417,726 | -100% |
| Trade debts | 44 | €120,565 | €103,010 | -€17,556 | -14.6% |
| Suppliers | 440/4 | €120,565 | €103,010 | -€17,556 | -14.6% |
| Taxes, remuneration and social security | 45 | €144,381 | €158,291 | +€13,910 | +9.6% |
| Taxes | 450/3 | €22,237 | €33,830 | +€11,593 | +52.1% |
| Remuneration and social security | 454/9 | €122,144 | €124,461 | +€2,317 | +1.9% |
| Other amounts payable | 47/48 | €989,855 | €959,930 | -€29,924 | -3.0% |
| Accrued charges and deferred income | 492/3 | €13,850 | €13,175 | -€675 | -4.9% |
| Operating income | 70/76A | €5,258,152 | €5,707,706 | +€449,555 | +8.5% |
| Turnover | 70 | €5,153,665 | €5,614,563 | +€460,898 | +8.9% |
| Other operating income | 74 | €104,487 | €93,143 | -€11,343 | -10.9% |
| Operating charges | 60/66A | €1,666,168 | €1,960,169 | +€294,001 | +17.6% |
| Services and other goods | 61 | €873,785 | €1,117,829 | +€244,044 | +27.9% |
| Remuneration, social security and pensions | 62 | €701,423 | €716,673 | +€15,250 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,003 | €107,845 | +€29,842 | +38.3% |
| Other operating charges | 640/8 | €12,957 | €17,822 | +€4,866 | +37.6% |
| Operating profit (loss) | 9901 | €3,591,984 | €3,747,537 | +€155,553 | +4.3% |
| Financial income | 75/76B | €136,898 | €194,100 | +€57,202 | +41.8% |
| Recurring financial income | 75 | €136,898 | €194,100 | +€57,202 | +41.8% |
| Income from current assets | 751 | €136,898 | €194,034 | +€57,136 | +41.7% |
| Other financial income | 752/9 | €0 | €65 | +€65 | |
| Financial charges | 65/66B | €175,249 | €182,565 | +€7,316 | +4.2% |
| Recurring financial charges | 65 | €175,249 | €182,565 | +€7,316 | +4.2% |
| Debt charges | 650 | €113,247 | €181,635 | +€68,388 | +60.4% |
| Other financial charges | 652/9 | €62,002 | €930 | -€61,072 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €3,553,633 | €3,759,072 | +€205,439 | +5.8% |
| Income taxes | 67/77 | €911,164 | €845,134 | -€66,030 | -7.2% |
| Taxes | 670/3 | €911,164 | €845,134 | -€66,030 | -7.2% |
| Profit (loss) for the period | 9904 | €2,642,468 | €2,913,938 | +€271,469 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,642,468 | €2,913,938 | +€271,469 | +10.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.