V.C.M.D.: 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.
V.C.M.D.
Largest movements
- Cash +€10,699
up €10,699 (+6.6%), from €163,239 to €173,938
mainly Net result for the year (+€54,579) and Trade debts (+€1,906)
- Profit (loss) carried forward +€54,579
up €54,579 (+45.0%), from €121,379 to €175,958
- Other debts -€30,024
down €30,024 (-98.9%), from €30,360 to €336
- Tax, wage and social debts -€12,669
down €12,669 (-62.1%), from €20,406 to €7,737
of which Taxes: -€13,008
- Gross operating margin +€14,624
up €14,624 (+26.2%), from €55,758 to €70,382
- Taxes -€2,366
down €2,366 (-14.1%), from €16,809 to €14,443
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 | €183,132 | €196,924 | +€13,792 | +7.5% |
| Fixed assets | 21/28 | €815 | €2,143 | +€1,328 | +162.9% |
| Tangible fixed assets | 22/27 | €765 | €2,093 | +€1,328 | +173.6% |
| Plant, machinery and equipment | 23 | €765 | €2,093 | +€1,328 | +173.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €182,317 | €194,781 | +€12,464 | +6.8% |
| Amounts receivable within one year | 40/41 | €18,841 | €19,056 | +€215 | +1.1% |
| Trade receivables | 40 | €17,169 | €18,930 | +€1,761 | +10.3% |
| Other amounts receivable | 41 | €1,672 | €126 | -€1,546 | -92.5% |
| Cash at bank and in hand | 54/58 | €163,239 | €173,938 | +€10,699 | +6.6% |
| Deferred charges and accrued income | 490/1 | €237 | €1,787 | +€1,550 | +654.0% |
| Total equity and liabilities | 10/49 | €183,132 | €196,924 | +€13,792 | +7.5% |
| Equity | 10/15 | €130,839 | €185,418 | +€54,579 | +41.7% |
| Contributions | 10/11 | €7,600 | €7,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,379 | €175,958 | +€54,579 | +45.0% |
| Amounts payable | 17/49 | €52,293 | €11,506 | -€40,787 | -78.0% |
| Amounts payable within one year | 42/48 | €52,293 | €11,506 | -€40,787 | -78.0% |
| Trade debts | 44 | €1,527 | €3,433 | +€1,906 | +124.8% |
| Suppliers | 440/4 | €1,527 | €3,433 | +€1,906 | +124.8% |
| Taxes, remuneration and social security | 45 | €20,406 | €7,737 | -€12,669 | -62.1% |
| Taxes | 450/3 | €17,584 | €4,576 | -€13,008 | -74.0% |
| Remuneration and social security | 454/9 | €2,822 | €3,161 | +€339 | +12.0% |
| Other amounts payable | 47/48 | €30,360 | €336 | -€30,024 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382 | €408 | +€26 | +6.8% |
| Other operating charges | 640/8 | €836 | €735 | -€101 | -12.1% |
| Gross operating margin | 9900 | €55,758 | €70,382 | +€14,624 | +26.2% |
| Operating profit (loss) | 9901 | €54,540 | €69,239 | +€14,699 | +27.0% |
| Financial charges | 65/66B | €117 | €217 | +€100 | +85.5% |
| Recurring financial charges | 65 | €117 | €217 | +€100 | +85.5% |
| Profit (loss) for the period before taxes | 9903 | €54,423 | €69,022 | +€14,599 | +26.8% |
| Income taxes | 67/77 | €16,809 | €14,443 | -€2,366 | -14.1% |
| Profit (loss) for the period | 9904 | €37,614 | €54,579 | +€16,965 | +45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,614 | €54,579 | +€16,965 | +45.1% |
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 6 October 2026 via checked.be.