V.C. Ma: 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. Ma
Largest movements
- Tangible fixed assets -€2,096
down €2,096 (-3.4%), from €62,287 to €60,191
- Trade debts -€2,608
no longer reported in 2025 (was €2,608)
- Other debts +€1,564
up €1,564 (+1.8%), from €85,141 to €86,705
- Profit (loss) carried forward -€794
down €794 (-0.4%), from -€192,632 to -€193,425
- Gross operating margin +€3,736
up €3,736 (+349%), from €1,069 to €4,805
- Other operating charges +€545
up €545 (+19.3%), from €2,826 to €3,371
- Depreciation -€531
down €531 (-20.2%), from €2,627 to €2,096
- Financial charges +€133
new in 2025: €133
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 | €63,247 | €61,410 | -€1,837 | -2.9% |
| Fixed assets | 21/28 | €62,302 | €60,206 | -€2,096 | -3.4% |
| Tangible fixed assets | 22/27 | €62,287 | €60,191 | -€2,096 | -3.4% |
| Land and buildings | 22 | €62,287 | €60,191 | -€2,096 | -3.4% |
| Financial fixed assets | 28 | €15 | €15 | = | 0.0% |
| Current assets | 29/58 | €945 | €1,204 | +€259 | +27.4% |
| Amounts receivable within one year | 40/41 | - | €15 | +€15 | |
| Trade receivables | 40 | - | €15 | +€15 | |
| Cash at bank and in hand | 54/58 | €205 | €436 | +€231 | +113% |
| Deferred charges and accrued income | 490/1 | €740 | €753 | +€13 | +1.8% |
| Total equity and liabilities | 10/49 | €63,247 | €61,410 | -€1,837 | -2.9% |
| Equity | 10/15 | -€24,501 | -€25,295 | -€794 | -3.2% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €106,157 | €106,157 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,636 | €20,636 | = | 0.0% |
| Distributable reserves | 133 | €85,522 | €85,522 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€192,632 | -€193,425 | -€794 | -0.4% |
| Amounts payable | 17/49 | €87,748 | €86,705 | -€1,043 | -1.2% |
| Amounts payable within one year | 42/48 | €87,748 | €86,705 | -€1,043 | -1.2% |
| Trade debts | 44 | €2,608 | - | -€2,608 | |
| Suppliers | 440/4 | €2,608 | - | -€2,608 | |
| Other amounts payable | 47/48 | €85,141 | €86,705 | +€1,564 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,627 | €2,096 | -€531 | -20.2% |
| Other operating charges | 640/8 | €2,826 | €3,371 | +€545 | +19.3% |
| Gross operating margin | 9900 | €1,069 | €4,805 | +€3,736 | +349% |
| Operating profit (loss) | 9901 | -€4,383 | -€662 | +€3,722 | +84.9% |
| Financial income | 75/76B | €1 | €1 | +€0 | +16.9% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +16.9% |
| Financial charges | 65/66B | - | €133 | +€133 | |
| Recurring financial charges | 65 | - | €133 | +€133 | |
| Profit (loss) for the period before taxes | 9903 | -€4,383 | -€793 | +€3,589 | +81.9% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€4,383 | -€794 | +€3,589 | +81.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,383 | -€794 | +€3,589 | +81.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.