VEM: 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
VEM
NACE 77.320, Rental and leasing activities
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€12,263
2024 · €21,568-€9,304
Equity
€1.5m
2024 · €1.5m+€12,263
Cash
€8,598
2024 · €12,913-€4,315
Balance sheet total
€5.4m
2024 · €5.7m-€274,731
Largest movements
Assets
- Tangible fixed assets -€304,461
down €304,461 (-9.5%), from €3.2m to €2.9m
Equity and liabilities
- Other debts -€282,399
down €282,399 (-6.9%), from €4.1m to €3.8m
Income statement
- Gross operating margin -€10,105
down €10,105 (-2.9%), from €348,615 to €338,510
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
€21,568
Gross operating margin
-€10,105
Other operating charges
-€36
Financial income
+€1,246
Financial charges
-€406
Taxes
-€3
Result 2025
€12,263
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.
From operations
-€4,315
Investment
€0
Financing
€0
Cash 2024
€12,913
From operations (derived)
-€4,315
Net result for the year
+€12,263
Depreciation
+€304,461
Receivables within one year
-€53,724
Deferred charges and accrued income
+€19,679
Trade debts
+€44,753
Tax, wage and social debts
-€8,125
Other debts
-€282,399
Accrued charges and deferred income
-€41,224
Cash 2025
€8,598
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,717,287 | €5,442,556 | -€274,731 | -4.8% |
| Fixed assets | 21/28 | €3,338,756 | €3,034,295 | -€304,461 | -9.1% |
| Tangible fixed assets | 22/27 | €3,196,998 | €2,892,537 | -€304,461 | -9.5% |
| Plant, machinery and equipment | 23 | €3,196,998 | €2,892,537 | -€304,461 | -9.5% |
| Financial fixed assets | 28 | €141,758 | €141,758 | = | 0.0% |
| Current assets | 29/58 | €2,378,531 | €2,408,261 | +€29,730 | +1.2% |
| Amounts receivable within one year | 40/41 | €2,345,938 | €2,399,663 | +€53,724 | +2.3% |
| Trade receivables | 40 | €303,258 | €217,800 | -€85,458 | -28.2% |
| Other amounts receivable | 41 | €2,042,681 | €2,181,863 | +€139,182 | +6.8% |
| Cash at bank and in hand | 54/58 | €12,913 | €8,598 | -€4,315 | -33.4% |
| Deferred charges and accrued income | 490/1 | €19,679 | €0 | -€19,679 | -100.0% |
| Total equity and liabilities | 10/49 | €5,717,287 | €5,442,556 | -€274,731 | -4.8% |
| Equity | 10/15 | €1,522,948 | €1,535,211 | +€12,263 | +0.8% |
| Contributions | 10/11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €321,088 | €333,351 | +€12,263 | +3.8% |
| Amounts payable | 17/49 | €4,194,339 | €3,907,344 | -€286,995 | -6.8% |
| Amounts payable within one year | 42/48 | €4,153,115 | €3,907,344 | -€245,771 | -5.9% |
| Trade debts | 44 | €85 | €44,838 | +€44,753 | +52837.3% |
| Suppliers | 440/4 | €85 | €44,838 | +€44,753 | +52837.3% |
| Taxes, remuneration and social security | 45 | €30,637 | €22,512 | -€8,125 | -26.5% |
| Taxes | 450/3 | €30,637 | €22,512 | -€8,125 | -26.5% |
| Other amounts payable | 47/48 | €4,122,393 | €3,839,994 | -€282,399 | -6.9% |
| Accrued charges and deferred income | 492/3 | €41,224 | €0 | -€41,224 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €304,461 | €304,461 | = | 0.0% |
| Other operating charges | 640/8 | €861 | €896 | +€36 | +4.2% |
| Gross operating margin | 9900 | €348,615 | €338,510 | -€10,105 | -2.9% |
| Operating profit (loss) | 9901 | €43,293 | €33,152 | -€10,141 | -23.4% |
| Financial income | 75/76B | €19,679 | €20,925 | +€1,246 | +6.3% |
| Recurring financial income | 75 | €19,679 | €20,925 | +€1,246 | +6.3% |
| Financial charges | 65/66B | €41,263 | €41,669 | +€406 | +1.0% |
| Recurring financial charges | 65 | €41,263 | €41,669 | +€406 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €21,709 | €12,408 | -€9,302 | -42.8% |
| Income taxes | 67/77 | €142 | €145 | +€3 | +2.0% |
| Profit (loss) for the period | 9904 | €21,568 | €12,263 | -€9,304 | -43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €21,568 | €12,263 | -€9,304 | -43.1% |
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 10 October 2026 via checked.be.