V.C.M. PACKAGING: 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.C.M. PACKAGING
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+173%), from €711,790 to €1.9m
of which Land and buildings: +€1.4m
- Receivables within one year -€81,299
down €81,299 (-56.1%), from €145,022 to €63,723
of which Trade receivables: -€42,255
- Financial fixed assets -€27,461
down €27,461 (-100%), from €27,461 to €0
- Debts after one year +€1.2m
up €1.2m (+506%), from €239,742 to €1.5m
- Profit (loss) carried forward -€88,950
down €88,950 (-491%), from -€18,121 to -€107,070
- Current portion of long-term debt +€47,811
up €47,811 (+128%), from €37,436 to €85,247
- Trade debts -€41,332
down €41,332 (-51.0%), from €81,047 to €39,715
- Gross operating margin +€81,954
up €81,954 (+91.3%), from €89,749 to €171,703
- Depreciation -€23,712
down €23,712 (-22.3%), from €106,096 to €82,384
- Staff costs +€20,671
up €20,671 (+20.9%), from €99,112 to €119,783
- Financial charges +€14,414
up €14,414 (+49.9%), from €28,903 to €43,316
- Other operating charges -€9,669
down €9,669 (-54.5%), from €17,736 to €8,067
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 | €943,739 | €2,082,166 | +€1.1m | +121% |
| Fixed assets | 21/28 | €743,789 | €1,947,449 | +€1.2m | +162% |
| Intangible fixed assets | 21 | €4,538 | €3,655 | -€884 | -19.5% |
| Tangible fixed assets | 22/27 | €711,790 | €1,943,794 | +€1.2m | +173% |
| Land and buildings | 22 | €389,500 | €1,774,727 | +€1.4m | +356% |
| Plant, machinery and equipment | 23 | €71,222 | €89,300 | +€18,078 | +25.4% |
| Furniture and vehicles | 24 | €106,608 | €79,767 | -€26,841 | -25.2% |
| Other tangible fixed assets | 26 | €5,343 | €0 | -€5,343 | -100% |
| Assets under construction and advance payments | 27 | €139,117 | €0 | -€139,117 | -100% |
| Financial fixed assets | 28 | €27,461 | €0 | -€27,461 | -100% |
| Current assets | 29/58 | €199,949 | €134,717 | -€65,232 | -32.6% |
| Stocks and contracts in progress | 3 | €11,899 | €11,272 | -€627 | -5.3% |
| Stocks | 30/36 | €11,899 | €11,272 | -€627 | -5.3% |
| Amounts receivable within one year | 40/41 | €145,022 | €63,723 | -€81,299 | -56.1% |
| Trade receivables | 40 | €98,129 | €55,874 | -€42,255 | -43.1% |
| Other amounts receivable | 41 | €46,893 | €7,848 | -€39,044 | -83.3% |
| Cash at bank and in hand | 54/58 | €39,483 | €51,968 | +€12,485 | +31.6% |
| Deferred charges and accrued income | 490/1 | €3,546 | €7,755 | +€4,209 | +119% |
| Total equity and liabilities | 10/49 | €943,739 | €2,082,166 | +€1.1m | +121% |
| Equity | 10/15 | €4,139 | -€84,810 | -€88,950 | |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €14,200 | €14,200 | = | 0.0% |
| Distributable reserves | 133 | €14,200 | €14,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,121 | -€107,070 | -€88,950 | -491% |
| Amounts payable | 17/49 | €939,599 | €2,166,976 | +€1.2m | +131% |
| Amounts payable after more than one year | 17 | €239,742 | €1,453,451 | +€1.2m | +506% |
| Financial debts | 170/4 | €239,742 | €1,453,451 | +€1.2m | +506% |
| Amounts payable within one year | 42/48 | €680,393 | €711,126 | +€30,733 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €37,436 | €85,247 | +€47,811 | +128% |
| Trade debts | 44 | €81,047 | €39,715 | -€41,332 | -51.0% |
| Suppliers | 440/4 | €81,047 | €39,715 | -€41,332 | -51.0% |
| Taxes, remuneration and social security | 45 | €14,387 | €19,516 | +€5,129 | +35.7% |
| Taxes | 450/3 | €3,112 | €2,983 | -€129 | -4.2% |
| Remuneration and social security | 454/9 | €11,275 | €16,533 | +€5,259 | +46.6% |
| Other amounts payable | 47/48 | €547,523 | €566,648 | +€19,125 | +3.5% |
| Accrued charges and deferred income | 492/3 | €19,464 | €2,399 | -€17,065 | -87.7% |
| Remuneration, social security and pensions | 62 | €99,112 | €119,783 | +€20,671 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,096 | €82,384 | -€23,712 | -22.3% |
| Other operating charges | 640/8 | €17,736 | €8,067 | -€9,669 | -54.5% |
| Non-recurring operating charges | 66A | - | €9,435 | +€9,435 | |
| Gross operating margin | 9900 | €89,749 | €171,703 | +€81,954 | +91.3% |
| Operating profit (loss) | 9901 | -€133,196 | -€47,966 | +€85,230 | +64.0% |
| Financial income | 75/76B | €3,448 | €2,676 | -€772 | -22.4% |
| Recurring financial income | 75 | €3,448 | €2,676 | -€772 | -22.4% |
| Financial charges | 65/66B | €28,903 | €43,316 | +€14,414 | +49.9% |
| Recurring financial charges | 65 | €28,903 | €43,316 | +€14,414 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | -€158,650 | -€88,606 | +€70,044 | +44.1% |
| Income taxes | 67/77 | €337 | €343 | +€7 | +2.0% |
| Profit (loss) for the period | 9904 | -€158,987 | -€88,950 | +€70,037 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€158,987 | -€88,950 | +€70,037 | +44.1% |
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 15 October 2026 via checked.be.