V & M: 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 & M
Largest movements
- Receivables within one year +€27,533
up €27,533 (+52.5%), from €52,416 to €79,950
of which Other amounts receivable: +€27,008
- Cash +€2,954
up €2,954 (+67.3%), from €4,391 to €7,344
mainly Net result for the year (+€29,392) and Tax, wage and social debts (+€6,761)
- Reserves +€29,392
up €29,392 (+51.4%), from €57,209 to €86,601
of which Distributable reserves: +€29,392
- Tax, wage and social debts +€6,761
up €6,761 (+69.8%), from €9,687 to €16,448
- Trade debts -€4,081
down €4,081 (-13.4%), from €30,419 to €26,338
- Other debts -€1,500
no longer reported in 2025 (was €1,500)
- Gross operating margin +€12,790
up €12,790 (+40.9%), from €31,258 to €44,048
- Taxes +€6,761
up €6,761 (+69.8%), from €9,687 to €16,448
- Depreciation -€562
down €562 (-81.0%), from €694 to €131
- Financial income +€504
up €504 (+12.8%), from €3,928 to €4,432
- Other operating charges -€497
down €497 (-53.3%), from €932 to €435
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 | €117,415 | €147,987 | +€30,572 | +26.0% |
| Fixed assets | 21/28 | €608 | €477 | -€131 | -21.6% |
| Tangible fixed assets | 22/27 | €608 | €477 | -€131 | -21.6% |
| Plant, machinery and equipment | 23 | €608 | €477 | -€131 | -21.6% |
| Current assets | 29/58 | €116,807 | €147,511 | +€30,704 | +26.3% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,416 | €79,950 | +€27,533 | +52.5% |
| Trade receivables | 40 | €572 | €1,097 | +€525 | +91.8% |
| Other amounts receivable | 41 | €51,844 | €78,852 | +€27,008 | +52.1% |
| Cash at bank and in hand | 54/58 | €4,391 | €7,344 | +€2,954 | +67.3% |
| Deferred charges and accrued income | 490/1 | - | €217 | +€217 | |
| Total equity and liabilities | 10/49 | €117,415 | €147,987 | +€30,572 | +26.0% |
| Equity | 10/15 | €75,809 | €105,201 | +€29,392 | +38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,209 | €86,601 | +€29,392 | +51.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €55,349 | €84,741 | +€29,392 | +53.1% |
| Amounts payable | 17/49 | €41,606 | €42,786 | +€1,180 | +2.8% |
| Amounts payable within one year | 42/48 | €41,606 | €42,786 | +€1,180 | +2.8% |
| Trade debts | 44 | €30,419 | €26,338 | -€4,081 | -13.4% |
| Suppliers | 440/4 | €30,419 | €26,338 | -€4,081 | -13.4% |
| Taxes, remuneration and social security | 45 | €9,687 | €16,448 | +€6,761 | +69.8% |
| Taxes | 450/3 | €9,687 | €16,448 | +€6,761 | +69.8% |
| Other amounts payable | 47/48 | €1,500 | - | -€1,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €694 | €131 | -€562 | -81.0% |
| Other operating charges | 640/8 | €932 | €435 | -€497 | -53.3% |
| Gross operating margin | 9900 | €31,258 | €44,048 | +€12,790 | +40.9% |
| Operating profit (loss) | 9901 | €29,633 | €43,482 | +€13,849 | +46.7% |
| Financial income | 75/76B | €3,928 | €4,432 | +€504 | +12.8% |
| Recurring financial income | 75 | €3,928 | €4,432 | +€504 | +12.8% |
| Financial charges | 65/66B | €2,365 | €2,073 | -€292 | -12.3% |
| Recurring financial charges | 65 | €2,365 | €2,073 | -€292 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €31,196 | €45,840 | +€14,645 | +46.9% |
| Income taxes | 67/77 | €9,687 | €16,448 | +€6,761 | +69.8% |
| Profit (loss) for the period | 9904 | €21,509 | €29,392 | +€7,884 | +36.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,509 | €29,392 | +€7,884 | +36.7% |
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 8 October 2026 via checked.be.