HOLDING VSMT: 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.
HOLDING VSMT
Largest movements
- Tangible fixed assets +€72,451
up €72,451 (+24.6%), from €294,911 to €367,362
of which Plant, machinery and equipment: +€84,482
- Cash +€23,136
up €23,136 (+16.1%), from €143,933 to €167,069
mainly Net result for the year (+€83,011) and Debts after one year (+€42,988)
- Debts after one year +€42,988
up €42,988 (+21.2%), from €202,836 to €245,824
- Profit (loss) carried forward +€23,011
up €23,011 (+13.0%), from €177,169 to €200,180
- Other debts +€20,000
up €20,000 (+50.0%), from €40,000 to €60,000
- Gross operating margin +€33,013
up €33,013 (+31.7%), from €104,252 to €137,265
- Depreciation +€7,612
up €7,612 (+51.3%), from €14,838 to €22,450
- Taxes -€3,589
down €3,589 (-17.9%), from €20,049 to €16,460
- Other operating charges +€2,799
up €2,799 (+109%), from €2,566 to €5,366
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 | €459,930 | €554,245 | +€94,316 | +20.5% |
| Fixed assets | 21/28 | €294,911 | €367,362 | +€72,451 | +24.6% |
| Tangible fixed assets | 22/27 | €294,911 | €367,362 | +€72,451 | +24.6% |
| Land and buildings | 22 | €238,781 | €231,281 | -€7,500 | -3.1% |
| Plant, machinery and equipment | 23 | €44,656 | €129,139 | +€84,482 | +189% |
| Furniture and vehicles | 24 | €1,204 | €800 | -€403 | -33.5% |
| Leasing and similar rights | 25 | €10,270 | €6,142 | -€4,128 | -40.2% |
| Current assets | 29/58 | €165,019 | €186,884 | +€21,865 | +13.2% |
| Amounts receivable within one year | 40/41 | €21,086 | €19,814 | -€1,272 | -6.0% |
| Trade receivables | 40 | €19,747 | €18,059 | -€1,687 | -8.5% |
| Other amounts receivable | 41 | €1,339 | €1,755 | +€416 | +31.0% |
| Cash at bank and in hand | 54/58 | €143,933 | €167,069 | +€23,136 | +16.1% |
| Total equity and liabilities | 10/49 | €459,930 | €554,245 | +€94,316 | +20.5% |
| Equity | 10/15 | €187,169 | €210,180 | +€23,011 | +12.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €177,169 | €200,180 | +€23,011 | +13.0% |
| Amounts payable | 17/49 | €272,761 | €344,065 | +€71,304 | +26.1% |
| Amounts payable after more than one year | 17 | €202,836 | €245,824 | +€42,988 | +21.2% |
| Financial debts | 170/4 | €202,836 | €245,824 | +€42,988 | +21.2% |
| Amounts payable within one year | 42/48 | €69,925 | €98,241 | +€28,316 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | €15,024 | €18,990 | +€3,966 | +26.4% |
| Trade debts | 44 | €1,976 | €6,655 | +€4,679 | +237% |
| Suppliers | 440/4 | €1,976 | €6,655 | +€4,679 | +237% |
| Taxes, remuneration and social security | 45 | €12,925 | €12,595 | -€329 | -2.5% |
| Taxes | 450/3 | €10,070 | €9,740 | -€329 | -3.3% |
| Remuneration and social security | 454/9 | €2,855 | €2,855 | = | 0.0% |
| Other amounts payable | 47/48 | €40,000 | €60,000 | +€20,000 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,838 | €22,450 | +€7,612 | +51.3% |
| Other operating charges | 640/8 | €2,566 | €5,366 | +€2,799 | +109% |
| Gross operating margin | 9900 | €104,252 | €137,265 | +€33,013 | +31.7% |
| Operating profit (loss) | 9901 | €86,848 | €109,450 | +€22,602 | +26.0% |
| Financial income | 75/76B | - | €705 | +€705 | |
| Recurring financial income | 75 | - | €705 | +€705 | |
| Financial charges | 65/66B | €9,628 | €10,684 | +€1,056 | +11.0% |
| Recurring financial charges | 65 | €9,628 | €10,684 | +€1,056 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €77,220 | €99,471 | +€22,251 | +28.8% |
| Income taxes | 67/77 | €20,049 | €16,460 | -€3,589 | -17.9% |
| Profit (loss) for the period | 9904 | €57,171 | €83,011 | +€25,840 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €57,171 | €83,011 | +€25,840 | +45.2% |
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 29 October 2026 via checked.be.