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.
V.M.A.
Largest movements
- Receivables within one year +€38,854
up €38,854 (+25.6%), from €151,642 to €190,495
of which Other amounts receivable: +€30,145
- Cash -€29,139
down €29,139 (-78.7%), from €37,026 to €7,888
mainly Receivables within one year (-€38,854) and Debts after one year (-€10,447)
- Tangible fixed assets -€15,243
down €15,243 (-6.3%), from €243,685 to €228,442
of which Furniture and vehicles: -€8,273
- Debts after one year -€10,447
down €10,447 (-5.7%), from €182,135 to €171,688
- Reserves +€6,410
up €6,410 (+3.0%), from €216,636 to €223,045
of which Distributable reserves: +€6,410
- Depreciation +€4,507
up €4,507 (+38.0%), from €11,873 to €16,380
- Gross operating margin +€2,687
up €2,687 (+9.6%), from €27,872 to €30,559
- Taxes -€1,324
down €1,324 (-33.2%), from €3,984 to €2,660
- Financial income -€905
down €905 (-32.0%), from €2,825 to €1,920
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 | €439,502 | €434,875 | -€4,627 | -1.1% |
| Fixed assets | 21/28 | €243,685 | €228,442 | -€15,243 | -6.3% |
| Tangible fixed assets | 22/27 | €243,685 | €228,442 | -€15,243 | -6.3% |
| Land and buildings | 22 | €220,409 | €213,325 | -€7,083 | -3.2% |
| Plant, machinery and equipment | 23 | €753 | €865 | +€113 | +14.9% |
| Furniture and vehicles | 24 | €22,523 | €14,251 | -€8,273 | -36.7% |
| Current assets | 29/58 | €195,817 | €206,434 | +€10,616 | +5.4% |
| Amounts receivable within one year | 40/41 | €151,642 | €190,495 | +€38,854 | +25.6% |
| Trade receivables | 40 | €28,635 | €37,344 | +€8,709 | +30.4% |
| Other amounts receivable | 41 | €123,007 | €153,151 | +€30,145 | +24.5% |
| Cash at bank and in hand | 54/58 | €37,026 | €7,888 | -€29,139 | -78.7% |
| Deferred charges and accrued income | 490/1 | €7,149 | €8,051 | +€901 | +12.6% |
| Total equity and liabilities | 10/49 | €439,502 | €434,875 | -€4,627 | -1.1% |
| Equity | 10/15 | €235,236 | €241,645 | +€6,410 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €216,636 | €223,045 | +€6,410 | +3.0% |
| Non-distributable reserves | 130/1 | €1,032 | €1,032 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,032 | €1,032 | = | 0.0% |
| Distributable reserves | 133 | €215,604 | €222,013 | +€6,410 | +3.0% |
| Amounts payable | 17/49 | €204,267 | €193,230 | -€11,037 | -5.4% |
| Amounts payable after more than one year | 17 | €182,135 | €171,688 | -€10,447 | -5.7% |
| Financial debts | 170/4 | €182,135 | €171,688 | -€10,447 | -5.7% |
| Amounts payable within one year | 42/48 | €21,517 | €20,807 | -€711 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €10,577 | €10,447 | -€130 | -1.2% |
| Trade debts | 44 | €4,538 | €4,978 | +€440 | +9.7% |
| Suppliers | 440/4 | €4,538 | €4,978 | +€440 | +9.7% |
| Taxes, remuneration and social security | 45 | €5,902 | €4,881 | -€1,021 | -17.3% |
| Taxes | 450/3 | €5,902 | €4,881 | -€1,021 | -17.3% |
| Other amounts payable | 47/48 | €500 | €500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €614 | €735 | +€121 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €16,380 | +€4,507 | +38.0% |
| Other operating charges | 640/8 | €1,960 | €2,126 | +€166 | +8.4% |
| Gross operating margin | 9900 | €27,872 | €30,559 | +€2,687 | +9.6% |
| Operating profit (loss) | 9901 | €14,038 | €12,053 | -€1,986 | -14.1% |
| Financial income | 75/76B | €2,825 | €1,920 | -€905 | -32.0% |
| Recurring financial income | 75 | €2,825 | €1,920 | -€905 | -32.0% |
| Financial charges | 65/66B | €4,728 | €4,903 | +€175 | +3.7% |
| Recurring financial charges | 65 | €4,728 | €4,903 | +€175 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €12,136 | €9,070 | -€3,066 | -25.3% |
| Income taxes | 67/77 | €3,984 | €2,660 | -€1,324 | -33.2% |
| Profit (loss) for the period | 9904 | €8,152 | €6,410 | -€1,742 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,152 | €6,410 | -€1,742 | -21.4% |
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.