V.M.A. GROUP: 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. GROUP
Largest movements
- Current investments -€2.2m
down €2.2m (-26.3%), from €8.4m to €6.2m
- Cash -€480,378
down €480,378 (-73.4%), from €654,302 to €173,923
mainly Contributions, distributions and other (-€3.0m) and Other debts (-€220,648)
- Reserves -€3.0m
down €3.0m (-34.5%), from €8.6m to €5.6m
of which Distributable reserves: -€3.0m
- Tax, wage and social debts +€494,236
up €494,236 (+253%), from €195,094 to €689,330
- Other debts -€220,648
down €220,648 (-61.8%), from €357,194 to €136,546
- Financial income -€882,368
down €882,368 (-80.9%), from €1.1m to €207,994
of which Financial income: -€882,368
- Taxes -€179,355
down €179,355 (-79.0%), from €226,901 to €47,546
- Financial charges -€60,178
down €60,178 (-35.6%), from €168,911 to €108,734
of which Financial charges: -€60,178
- Other operating charges -€22,723
down €22,723 (-79.8%), from €28,479 to €5,756
- Gross operating margin -€5,285
down €5,285 (-39.9%), from -€13,235 to -€18,520
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 | €9,264,784 | €6,555,266 | -€2.7m | -29.2% |
| Fixed assets | 21/28 | €88,197 | €66,064 | -€22,133 | -25.1% |
| Tangible fixed assets | 22/27 | €88,011 | €65,877 | -€22,133 | -25.1% |
| Furniture and vehicles | 24 | €84,624 | €64,184 | -€20,440 | -24.2% |
| Other tangible fixed assets | 26 | €3,386 | €1,693 | -€1,693 | -50.0% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €9,176,586 | €6,489,202 | -€2.7m | -29.3% |
| Stocks and contracts in progress | 3 | €17,993 | €17,993 | = | 0.0% |
| Stocks | 30/36 | €17,993 | €17,993 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €116,241 | €114,043 | -€2,198 | -1.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €116,241 | €114,043 | -€2,198 | -1.9% |
| Current investments | 50/53 | €8,385,415 | €6,180,130 | -€2.2m | -26.3% |
| Cash at bank and in hand | 54/58 | €654,302 | €173,923 | -€480,378 | -73.4% |
| Deferred charges and accrued income | 490/1 | €2,636 | €3,113 | +€477 | +18.1% |
| Total equity and liabilities | 10/49 | €9,264,784 | €6,555,266 | -€2.7m | -29.2% |
| Equity | 10/15 | €8,668,982 | €5,702,689 | -€3.0m | -34.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €8,606,982 | €5,640,689 | -€3.0m | -34.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €8,600,782 | €5,634,489 | -€3.0m | -34.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €595,801 | €852,577 | +€256,776 | +43.1% |
| Amounts payable within one year | 42/48 | €566,373 | €839,114 | +€272,742 | +48.2% |
| Trade debts | 44 | €14,085 | €13,239 | -€846 | -6.0% |
| Suppliers | 440/4 | €14,085 | €13,239 | -€846 | -6.0% |
| Taxes, remuneration and social security | 45 | €195,094 | €689,330 | +€494,236 | +253% |
| Taxes | 450/3 | €195,094 | €689,330 | +€494,236 | +253% |
| Other amounts payable | 47/48 | €357,194 | €136,546 | -€220,648 | -61.8% |
| Accrued charges and deferred income | 492/3 | €29,429 | €13,463 | -€15,966 | -54.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,269 | €22,133 | +€2,864 | +14.9% |
| Other operating charges | 640/8 | €28,479 | €5,756 | -€22,723 | -79.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€13,235 | -€18,520 | -€5,285 | -39.9% |
| Operating profit (loss) | 9901 | -€60,984 | -€46,410 | +€14,574 | +23.9% |
| Financial income | 75/76B | €1,090,362 | €207,994 | -€882,368 | -80.9% |
| Recurring financial income | 75 | €1,090,362 | €207,994 | -€882,368 | -80.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €168,911 | €108,734 | -€60,178 | -35.6% |
| Recurring financial charges | 65 | €168,911 | €108,734 | -€60,178 | -35.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €860,467 | €52,850 | -€807,617 | -93.9% |
| Income taxes | 67/77 | €226,901 | €47,546 | -€179,355 | -79.0% |
| Profit (loss) for the period | 9904 | €633,566 | €5,305 | -€628,261 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €633,566 | €5,305 | -€628,261 | -99.2% |
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 21 October 2026 via checked.be.