GROUP VMB: what changed
Two fiscal 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.
GROUP VMB
Largest movements
- Stocks and contracts +€130,332
up €130,332 (+1949.8%), from €6,684 to €137,016
- Cash +€112,721
up €112,721 (+1684.4%), from €6,692 to €119,413
mainly Other debts (+€183,437) and Short-term financial debts (+€135,000)
- Receivables within one year +€59,600
up €59,600 (+213.9%), from €27,870 to €87,469
of which Trade receivables: +€48,134
- Tangible fixed assets -€31,146
down €31,146 (-8.4%), from €372,642 to €341,496
of which Land and buildings: -€27,183
- Deferred charges and accrued income -€24,082
down €24,082 (-97.0%), from €24,836 to €754
- Other debts +€183,437
up €183,437 (+310.5%), from €59,075 to €242,512
- Short-term financial debts +€135,000
new in 2025: €135,000
- Profit (loss) carried forward -€33,673
down €33,673 (-871.2%), from -€3,865 to -€37,538
- Debts after one year -€32,300
down €32,300 (-12.1%), from €267,324 to €235,024
- Advances received +€6,863
up €6,863 (+162.4%), from €4,226 to €11,089
- Gross operating margin -€69,875
down €69,875 (-55.5%), from €125,805 to €55,930
- Staff costs -€34,617
down €34,617 (-46.2%), from €75,009 to €40,392
- Depreciation -€4,822
down €4,822 (-10.9%), from €44,233 to €39,411
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 | €438,724 | €686,148 | +€247,423 | +56.4% |
| Fixed assets | 21/28 | €372,642 | €341,496 | -€31,146 | -8.4% |
| Tangible fixed assets | 22/27 | €372,642 | €341,496 | -€31,146 | -8.4% |
| Land and buildings | 22 | €357,981 | €330,798 | -€27,183 | -7.6% |
| Plant, machinery and equipment | 23 | €3,986 | €1,703 | -€2,283 | -57.3% |
| Furniture and vehicles | 24 | €10,676 | €8,995 | -€1,681 | -15.7% |
| Current assets | 29/58 | €66,082 | €344,652 | +€278,570 | +421.6% |
| Stocks and contracts in progress | 3 | €6,684 | €137,016 | +€130,332 | +1949.8% |
| Stocks | 30/36 | €6,684 | €137,016 | +€130,332 | +1949.8% |
| Amounts receivable within one year | 40/41 | €27,870 | €87,469 | +€59,600 | +213.9% |
| Trade receivables | 40 | €20,741 | €68,875 | +€48,134 | +232.1% |
| Other amounts receivable | 41 | €7,129 | €18,594 | +€11,465 | +160.8% |
| Cash at bank and in hand | 54/58 | €6,692 | €119,413 | +€112,721 | +1684.4% |
| Deferred charges and accrued income | 490/1 | €24,836 | €754 | -€24,082 | -97.0% |
| Total equity and liabilities | 10/49 | €438,724 | €686,148 | +€247,423 | +56.4% |
| Equity | 10/15 | €59,155 | €25,482 | -€33,673 | -56.9% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €28,020 | €28,020 | = | 0.0% |
| Distributable reserves | 133 | €28,020 | €28,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,865 | -€37,538 | -€33,673 | -871.2% |
| Amounts payable | 17/49 | €379,569 | €660,666 | +€281,097 | +74.1% |
| Amounts payable after more than one year | 17 | €267,324 | €235,024 | -€32,300 | -12.1% |
| Financial debts | 170/4 | €267,324 | €235,024 | -€32,300 | -12.1% |
| Amounts payable within one year | 42/48 | €112,246 | €425,642 | +€313,396 | +279.2% |
| Current portion of amounts payable after more than one year | 42 | €31,734 | €32,300 | +€565 | +1.8% |
| Financial debts | 43 | - | €135,000 | +€135,000 | |
| Credit institutions | 430/8 | - | €135,000 | +€135,000 | |
| Trade debts | 44 | €8,141 | €2,284 | -€5,857 | -71.9% |
| Suppliers | 440/4 | €8,141 | €2,284 | -€5,857 | -71.9% |
| Advances received on contracts in progress | 46 | €4,226 | €11,089 | +€6,863 | +162.4% |
| Taxes, remuneration and social security | 45 | €9,069 | €2,457 | -€6,612 | -72.9% |
| Taxes | 450/3 | €1,644 | - | -€1,644 | |
| Remuneration and social security | 454/9 | €7,425 | €2,457 | -€4,968 | -66.9% |
| Other amounts payable | 47/48 | €59,075 | €242,512 | +€183,437 | +310.5% |
| Non-recurring operating income | 76A | €4,300 | - | -€4,300 | |
| Remuneration, social security and pensions | 62 | €75,009 | €40,392 | -€34,617 | -46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,233 | €39,411 | -€4,822 | -10.9% |
| Other operating charges | 640/8 | €2,655 | €2,819 | +€164 | +6.2% |
| Gross operating margin | 9900 | €125,805 | €55,930 | -€69,875 | -55.5% |
| Operating profit (loss) | 9901 | €3,908 | -€26,691 | -€30,600 | |
| Financial income | 75/76B | €63 | €4 | -€58 | -92.8% |
| Recurring financial income | 75 | €63 | €4 | -€58 | -92.8% |
| Financial charges | 65/66B | €7,719 | €6,986 | -€733 | -9.5% |
| Recurring financial charges | 65 | €7,719 | €6,986 | -€733 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,748 | -€33,673 | -€29,925 | -798.3% |
| Income taxes | 67/77 | €206 | - | -€206 | |
| Profit (loss) for the period | 9904 | -€3,955 | -€33,673 | -€29,718 | -751.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,955 | -€33,673 | -€29,718 | -751.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.