V.B.M.: 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.
V.B.M.
Largest movements
- Deferred charges and accrued income -€14,959
down €14,959 (-95.6%), from €15,644 to €685
- Stocks and contracts -€9,500
down €9,500 (-69.8%), from €13,616 to €4,116
of which Contracts in progress: -€9,500
- Receivables within one year +€5,591
up €5,591 (+25.4%), from €22,048 to €27,639
of which Trade receivables: +€26,218
- Cash -€4,918
down €4,918 (-60.5%), from €8,132 to €3,215
mainly Net result for the year (-€22,682) and Other debts (-€15,819)
- Tangible fixed assets -€1,064
down €1,064 (-21.0%), from €5,065 to €4,001
of which Plant, machinery and equipment: -€655
- Profit (loss) carried forward -€22,682
new in 2025: -€22,682
- Debts after one year +€19,500
new in 2025: €19,500
- Other debts -€15,819
down €15,819 (-56.9%), from €27,784 to €11,966
- Tax, wage and social debts -€4,236
down €4,236 (-60.1%), from €7,050 to €2,814
- Trade debts -€1,613
down €1,613 (-41.5%), from €3,883 to €2,270
- Gross operating margin -€29,952
down €29,952, from €18,522 to -€11,430
- Taxes -€2,152
down €2,152 (-20.6%), from €10,431 to €8,279
- Depreciation +€403
up €403 (+19.6%), from €2,061 to €2,464
- Other operating charges +€398
up €398 (+130.1%), from €306 to €703
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 | €64,504 | €39,655 | -€24,850 | -38.5% |
| Fixed assets | 21/28 | €5,065 | €4,001 | -€1,064 | -21.0% |
| Tangible fixed assets | 22/27 | €5,065 | €4,001 | -€1,064 | -21.0% |
| Plant, machinery and equipment | 23 | €4,637 | €3,982 | -€655 | -14.1% |
| Furniture and vehicles | 24 | €217 | €19 | -€198 | -91.2% |
| Other tangible fixed assets | 26 | €211 | - | -€211 | |
| Current assets | 29/58 | €59,440 | €35,654 | -€23,786 | -40.0% |
| Stocks and contracts in progress | 3 | €13,616 | €4,116 | -€9,500 | -69.8% |
| Stocks | 30/36 | €4,116 | €4,116 | = | 0.0% |
| Contracts in progress | 37 | €9,500 | - | -€9,500 | |
| Amounts receivable within one year | 40/41 | €22,048 | €27,639 | +€5,591 | +25.4% |
| Trade receivables | 40 | - | €26,218 | +€26,218 | |
| Other amounts receivable | 41 | €22,048 | €1,420 | -€20,628 | -93.6% |
| Cash at bank and in hand | 54/58 | €8,132 | €3,215 | -€4,918 | -60.5% |
| Deferred charges and accrued income | 490/1 | €15,644 | €685 | -€14,959 | -95.6% |
| Total equity and liabilities | 10/49 | €64,504 | €39,655 | -€24,850 | -38.5% |
| Equity | 10/15 | €25,787 | €3,105 | -€22,682 | -88.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €5,787 | €5,787 | = | 0.0% |
| Distributable reserves | 133 | €5,787 | €5,787 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€22,682 | -€22,682 | |
| Amounts payable | 17/49 | €38,717 | €36,550 | -€2,167 | -5.6% |
| Amounts payable after more than one year | 17 | - | €19,500 | +€19,500 | |
| Financial debts | 170/4 | - | €19,500 | +€19,500 | |
| Amounts payable within one year | 42/48 | €38,717 | €17,050 | -€21,667 | -56.0% |
| Trade debts | 44 | €3,883 | €2,270 | -€1,613 | -41.5% |
| Suppliers | 440/4 | €3,883 | €2,270 | -€1,613 | -41.5% |
| Taxes, remuneration and social security | 45 | €7,050 | €2,814 | -€4,236 | -60.1% |
| Taxes | 450/3 | €7,050 | €2,814 | -€4,236 | -60.1% |
| Other amounts payable | 47/48 | €27,784 | €11,966 | -€15,819 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,061 | €2,464 | +€403 | +19.6% |
| Other operating charges | 640/8 | €306 | €703 | +€398 | +130.1% |
| Gross operating margin | 9900 | €18,522 | -€11,430 | -€29,952 | |
| Operating profit (loss) | 9901 | €16,156 | -€14,597 | -€30,753 | |
| Financial income | 75/76B | €203 | €288 | +€85 | +42.0% |
| Recurring financial income | 75 | €203 | €288 | +€85 | +42.0% |
| Financial charges | 65/66B | €239 | €94 | -€145 | -60.5% |
| Recurring financial charges | 65 | €239 | €94 | -€145 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €16,120 | -€14,403 | -€30,523 | |
| Income taxes | 67/77 | €10,431 | €8,279 | -€2,152 | -20.6% |
| Profit (loss) for the period | 9904 | €5,689 | -€22,682 | -€28,371 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,689 | -€22,682 | -€28,371 |
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.