V.M.A.: 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.
What changed
V.M.A.
NACE 43.211, General electrical installation work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.5m
2024 · -€276,719+€4.8m
Equity
€24.6m
2024 · €24.1m+€495,687
Cash
€58,598
2024 · €27,199+€31,399
Balance sheet total
€83.7m
2024 · €75.3m+€8.4m
Largest movements
Assets
- Current investments +€9.2m
up €9.2m (+56.3%), from €16.3m to €25.4m
- Receivables within one year -€2.0m
down €2.0m (-8.0%), from €25.3m to €23.3m
of which Other amounts receivable: -€2.9m
- Stocks and contracts +€1.8m
up €1.8m (+20.2%), from €9.1m to €11.0m
of which Contracts in progress: +€1.8m
Equity and liabilities
- Advances received +€4.9m
up €4.9m (+36.8%), from €13.3m to €18.1m
- Other debts +€4.2m
up €4.2m (+4,210%), from €100,429 to €4.3m
- Trade debts -€1.1m
down €1.1m (-7.9%), from €14.5m to €13.3m
Income statement
- Turnover +€8.7m
up €8.7m (+8.9%), from €98.1m to €106.8m
- Taxes +€1.7m
up €1.7m (+695%), from €240,811 to €1.9m
of which Taxes: +€1.4m
- Provisions +€1.5m
up €1.5m, from -€895,145 to €639,746
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.
Result 2024
-€276,719
Turnover
+€8.7m
Other operating income
+€1.0m
Goods and materials
-€414,027
Services and other goods
-€60,314
Staff costs
+€161,706
Depreciation
+€142,021
Write-downs
-€129,185
Provisions
-€1.5m
Other operating charges
+€2,327
Other operating items
-€710,917
Financial income
-€448,847
Financial charges
-€304,526
Taxes
-€1.7m
Result 2025
€4.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€14.3m
Investment
-€9.6m
Financing
-€4.7m
Cash 2024
€27,199
From operations (derived)
+€14.3m
Net result for the year
+€4.5m
Depreciation
+€1.0m
Stocks and contracts
-€1.8m
Receivables within one year
+€2.0m
Deferred charges and accrued income
+€4,537
Provisions
+€771,092
Trade debts
-€1.1m
Tax, wage and social debts
+€291,734
Advances received
+€4.9m
Other debts
+€4.2m
Accrued charges and deferred income
-€413,842
Investment (derived)
-€9.6m
Investment in fixed assets (net)
-€425,805
Current investments
-€9.2m
Financing
-€4.7m
Debts after one year
-€677,347
Current portion of long-term debt
+€4,354
Contributions, distributions and other
-€4.0m
Cash 2025
€58,598
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €75,302,273 | €83,740,850 | +€8.4m | +11.2% |
| Fixed assets | 21/28 | €18,481,993 | €17,906,246 | -€575,747 | -3.1% |
| Tangible fixed assets | 22/27 | €14,552,396 | €14,036,649 | -€515,747 | -3.5% |
| Land and buildings | 22 | €362,006 | €527,599 | +€165,593 | +45.7% |
| Plant, machinery and equipment | 23 | €320,722 | €268,641 | -€52,081 | -16.2% |
| Furniture and vehicles | 24 | €596,006 | €315,382 | -€280,624 | -47.1% |
| Leasing and similar rights | 25 | €9,086,339 | €8,672,499 | -€413,840 | -4.6% |
| Other tangible fixed assets | 26 | €4,187,323 | €4,252,528 | +€65,205 | +1.6% |
| Financial fixed assets | 28 | €3,929,597 | €3,869,597 | -€60,000 | -1.5% |
| Affiliated companies | 280/1 | €3,424,611 | €3,424,611 | = | 0.0% |
| Participating interests | 280 | €3,424,611 | €3,424,611 | = | 0.0% |
| Other financial fixed assets | 284/8 | €504,986 | €444,986 | -€60,000 | -11.9% |
| Shares | 284 | €45,725 | €45,725 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €459,261 | €399,261 | -€60,000 | -13.1% |
| Current assets | 29/58 | €56,820,280 | €65,834,604 | +€9.0m | +15.9% |
| Stocks and contracts in progress | 3 | €9,135,913 | €10,981,213 | +€1.8m | +20.2% |
| Stocks | 30/36 | €229,920 | €231,321 | +€1,401 | +0.6% |
| Raw materials and consumables | 30/31 | €229,920 | €231,321 | +€1,401 | +0.6% |
| Contracts in progress | 37 | €8,905,993 | €10,749,892 | +€1.8m | +20.7% |
| Amounts receivable within one year | 40/41 | €25,342,269 | €23,326,879 | -€2.0m | -8.0% |
| Trade receivables | 40 | €17,798,989 | €18,729,643 | +€930,654 | +5.2% |
| Other amounts receivable | 41 | €7,543,280 | €4,597,236 | -€2.9m | -39.1% |
| Current investments | 50/53 | €16,277,057 | €25,434,609 | +€9.2m | +56.3% |
| Other investments | 51/53 | €16,277,057 | €25,434,609 | +€9.2m | +56.3% |
| Cash at bank and in hand | 54/58 | €27,199 | €58,598 | +€31,399 | +115% |
| Deferred charges and accrued income | 490/1 | €6,037,842 | €6,033,305 | -€4,537 | -0.1% |
| Total equity and liabilities | 10/49 | €75,302,273 | €83,740,850 | +€8.4m | +11.2% |
| Equity | 10/15 | €24,099,834 | €24,595,521 | +€495,687 | +2.1% |
| Contributions | 10/11 | €8,111,167 | €8,111,167 | = | 0.0% |
| Capital | 10 | €8,100,031 | €8,100,031 | = | 0.0% |
| Issued capital | 100 | €8,100,031 | €8,100,031 | = | 0.0% |
| Contributions outside capital | 11 | €11,136 | €11,136 | = | 0.0% |
| Share premium | 1100/10 | €11,136 | €11,136 | = | 0.0% |
| Reserves | 13 | €16,275,941 | €16,484,354 | +€208,413 | +1.3% |
| Non-distributable reserves | 130/1 | €812,193 | €812,193 | = | 0.0% |
| Legal reserve | 130 | €810,880 | €810,880 | = | 0.0% |
| Reserves not available under the articles | 1311 | €693 | €693 | = | 0.0% |
| Other | 1319 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €235,301 | €235,301 | = | 0.0% |
| Distributable reserves | 133 | €15,228,447 | €15,436,860 | +€208,413 | +1.4% |
| Profit (loss) carried forward | 14 | -€287,274 | - | +€287,274 | |
| Provisions and deferred taxes | 16 | €913,110 | €1,684,202 | +€771,092 | +84.4% |
| Provisions for liabilities and charges | 160/5 | €913,110 | €1,684,202 | +€771,092 | +84.4% |
| Other liabilities and charges | 164/5 | €913,110 | €1,684,202 | +€771,092 | +84.4% |
| Amounts payable | 17/49 | €50,289,329 | €57,461,127 | +€7.2m | +14.3% |
| Amounts payable after more than one year | 17 | €7,515,506 | €6,838,159 | -€677,347 | -9.0% |
| Financial debts | 170/4 | €7,515,506 | €6,838,159 | -€677,347 | -9.0% |
| Leasing and similar obligations | 172 | €7,515,506 | €6,838,159 | -€677,347 | -9.0% |
| Amounts payable within one year | 42/48 | €33,687,344 | €41,950,331 | +€8.3m | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €672,994 | €677,348 | +€4,354 | +0.6% |
| Trade debts | 44 | €14,453,884 | €13,316,290 | -€1.1m | -7.9% |
| Suppliers | 440/4 | €14,453,884 | €13,316,290 | -€1.1m | -7.9% |
| Advances received on contracts in progress | 46 | €13,263,723 | €18,140,131 | +€4.9m | +36.8% |
| Taxes, remuneration and social security | 45 | €5,196,314 | €5,488,048 | +€291,734 | +5.6% |
| Taxes | 450/3 | €537,624 | €487,425 | -€50,199 | -9.3% |
| Remuneration and social security | 454/9 | €4,658,690 | €5,000,623 | +€341,933 | +7.3% |
| Other amounts payable | 47/48 | €100,429 | €4,328,514 | +€4.2m | +4,210% |
| Accrued charges and deferred income | 492/3 | €9,086,479 | €8,672,637 | -€413,842 | -4.6% |
| Operating income | 70/76A | €98,531,893 | €107,884,832 | +€9.4m | +9.5% |
| Turnover | 70 | €98,105,343 | €106,833,750 | +€8.7m | +8.9% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,640,910 | -€2,969,442 | -€328,532 | -12.4% |
| Other operating income | 74 | €2,343,691 | €3,358,804 | +€1.0m | +43.3% |
| Non-recurring operating income | 76A | €723,769 | €661,720 | -€62,049 | -8.6% |
| Operating charges | 60/66A | €99,251,397 | €101,404,096 | +€2.2m | +2.2% |
| Goods for resale, raw materials and consumables | 60 | €58,597,858 | €59,011,885 | +€414,027 | +0.7% |
| Purchases | 600/8 | €58,565,609 | €59,013,286 | +€447,677 | +0.8% |
| Change in stocks: decrease (increase) | 609 | €32,249 | -€1,401 | -€33,650 | |
| Services and other goods | 61 | €13,155,714 | €13,216,028 | +€60,314 | +0.5% |
| Remuneration, social security and pensions | 62 | €26,965,629 | €26,803,923 | -€161,706 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,143,573 | €1,001,552 | -€142,021 | -12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€104,968 | €24,217 | +€129,185 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€895,145 | €639,746 | +€1.5m | |
| Other operating charges | 640/8 | €36,822 | €34,495 | -€2,327 | -6.3% |
| Non-recurring operating charges | 66A | €351,914 | €672,250 | +€320,336 | +91.0% |
| Operating profit (loss) | 9901 | -€719,504 | €6,480,736 | +€7.2m | |
| Financial income | 75/76B | €980,815 | €531,968 | -€448,847 | -45.8% |
| Recurring financial income | 75 | €980,815 | €531,968 | -€448,847 | -45.8% |
| Income from financial fixed assets | 750 | €7,948 | €8,296 | +€348 | +4.4% |
| Income from current assets | 751 | €416,700 | €279,925 | -€136,775 | -32.8% |
| Other financial income | 752/9 | €556,167 | €243,747 | -€312,420 | -56.2% |
| Financial charges | 65/66B | €297,219 | €601,745 | +€304,526 | +102% |
| Recurring financial charges | 65 | €297,219 | €601,745 | +€304,526 | +102% |
| Debt charges | 650 | €279,751 | €328,684 | +€48,933 | +17.5% |
| Other financial charges | 652/9 | €17,468 | €273,061 | +€255,593 | +1,463% |
| Profit (loss) for the period before taxes | 9903 | -€35,908 | €6,410,959 | +€6.4m | |
| Income taxes | 67/77 | €240,811 | €1,915,272 | +€1.7m | +695% |
| Taxes | 670/3 | €518,072 | €1,916,989 | +€1.4m | +270% |
| Tax adjustments and reversals of tax provisions | 77 | €277,261 | €1,717 | -€275,544 | -99.4% |
| Profit (loss) for the period | 9904 | -€276,719 | €4,495,687 | +€4.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€276,719 | €4,495,687 | +€4.8m |
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 16 October 2026 via checked.be.