Groep VM: 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.
Groep VM
Largest movements
- Stocks and contracts -€166,075
down €166,075 (-18.7%), from €887,646 to €721,570
- Cash +€19,985
up €19,985 (+66.9%), from €29,890 to €49,875
mainly Stocks and contracts (+€166,075) and Net result for the year (+€37,004)
- Short-term financial debts -€166,672
down €166,672 (-30.3%), from €550,000 to €383,328
- Reserves +€37,004
up €37,004 (+25.3%), from €146,510 to €183,514
- Tax, wage and social debts -€10,025
down €10,025 (-28.0%), from €35,800 to €25,775
- Financial charges -€12,399
down €12,399 (-37.5%), from €33,049 to €20,651
- Gross operating margin +€9,847
up €9,847 (+13.9%), from €70,842 to €80,689
- Taxes +€3,221
up €3,221 (+29.4%), from €10,955 to €14,175
- Depreciation -€1,247
down €1,247 (-15.8%), from €7,916 to €6,669
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €934,379 | €789,310 | -€145,069 | -15.5% |
| Fixed assets | 21/28 | €7,306 | €3,596 | -€3,710 | -50.8% |
| Tangible fixed assets | 22/27 | €7,306 | €3,596 | -€3,710 | -50.8% |
| Furniture and vehicles | 24 | €7,216 | €3,596 | -€3,620 | -50.2% |
| Other tangible fixed assets | 26 | €90 | - | -€90 | |
| Current assets | 29/58 | €927,073 | €785,715 | -€141,358 | -15.2% |
| Stocks and contracts in progress | 3 | €887,646 | €721,570 | -€166,075 | -18.7% |
| Stocks | 30/36 | €887,646 | €721,570 | -€166,075 | -18.7% |
| Amounts receivable within one year | 40/41 | €9,405 | €14,130 | +€4,725 | +50.2% |
| Trade receivables | 40 | €9,405 | €9,555 | +€150 | +1.6% |
| Other amounts receivable | 41 | - | €4,575 | +€4,575 | |
| Cash at bank and in hand | 54/58 | €29,890 | €49,875 | +€19,985 | +66.9% |
| Deferred charges and accrued income | 490/1 | €133 | €140 | +€7 | +5.5% |
| Total equity and liabilities | 10/49 | €934,379 | €789,310 | -€145,069 | -15.5% |
| Equity | 10/15 | €146,610 | €183,614 | +€37,004 | +25.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €146,510 | €183,514 | +€37,004 | +25.3% |
| Distributable reserves | 133 | €146,510 | €183,514 | +€37,004 | +25.3% |
| Amounts payable | 17/49 | €787,769 | €605,697 | -€182,072 | -23.1% |
| Amounts payable after more than one year | 17 | €97,229 | €88,458 | -€8,771 | -9.0% |
| Financial debts | 170/4 | €97,229 | €88,458 | -€8,771 | -9.0% |
| Amounts payable within one year | 42/48 | €690,539 | €516,202 | -€174,338 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €8,658 | €8,771 | +€114 | +1.3% |
| Financial debts | 43 | €550,000 | €383,328 | -€166,672 | -30.3% |
| Credit institutions | 430/8 | €550,000 | €383,328 | -€166,672 | -30.3% |
| Trade debts | 44 | €10,636 | €15,602 | +€4,966 | +46.7% |
| Suppliers | 440/4 | €10,636 | €15,602 | +€4,966 | +46.7% |
| Taxes, remuneration and social security | 45 | €35,800 | €25,775 | -€10,025 | -28.0% |
| Taxes | 450/3 | €35,800 | €25,775 | -€10,025 | -28.0% |
| Other amounts payable | 47/48 | €85,446 | €82,725 | -€2,721 | -3.2% |
| Accrued charges and deferred income | 492/3 | - | €1,037 | +€1,037 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,916 | €6,669 | -€1,247 | -15.8% |
| Other operating charges | 640/8 | €1,553 | €2,193 | +€640 | +41.2% |
| Gross operating margin | 9900 | €70,842 | €80,689 | +€9,847 | +13.9% |
| Operating profit (loss) | 9901 | €61,373 | €71,827 | +€10,454 | +17.0% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €33,049 | €20,651 | -€12,399 | -37.5% |
| Recurring financial charges | 65 | €33,049 | €20,651 | -€12,399 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €28,324 | €51,179 | +€22,855 | +80.7% |
| Income taxes | 67/77 | €10,955 | €14,175 | +€3,221 | +29.4% |
| Profit (loss) for the period | 9904 | €17,369 | €37,004 | +€19,635 | +113.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,369 | €37,004 | +€19,635 | +113.0% |
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 12 October 2026 via checked.be.