V.M.A.P.: 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.P.
Largest movements
- Tangible fixed assets -€12,148
down €12,148 (-3.8%), from €322,464 to €310,317
of which Land and buildings: -€12,723
- Deferred charges and accrued income -€3,554
no longer reported in 2025 (was €3,554)
- Current portion of long-term debt -€35,141
down €35,141 (-68.7%), from €51,120 to €15,979
- Reserves +€32,300
up €32,300 (+17.5%), from €184,350 to €216,650
- Debts after one year -€15,979
no longer reported in 2025 (was €15,979)
- Other debts +€10,000
up €10,000 (+20.4%), from €49,033 to €59,033
- Accrued charges and deferred income -€5,633
down €5,633 (-59.1%), from €9,532 to €3,899
- Gross operating margin +€2,300
up €2,300 (+3.7%), from €62,938 to €65,238
- Taxes +€925
up €925 (+6.5%), from €14,206 to €15,132
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 | €328,376 | €314,159 | -€14,218 | -4.3% |
| Fixed assets | 21/28 | €322,464 | €310,317 | -€12,148 | -3.8% |
| Tangible fixed assets | 22/27 | €322,464 | €310,317 | -€12,148 | -3.8% |
| Land and buildings | 22 | €310,638 | €297,916 | -€12,723 | -4.1% |
| Furniture and vehicles | 24 | €11,826 | €12,401 | +€575 | +4.9% |
| Current assets | 29/58 | €5,912 | €3,842 | -€2,070 | -35.0% |
| Cash at bank and in hand | 54/58 | €2,357 | €3,842 | +€1,485 | +63.0% |
| Deferred charges and accrued income | 490/1 | €3,554 | - | -€3,554 | |
| Total equity and liabilities | 10/49 | €328,376 | €314,159 | -€14,218 | -4.3% |
| Equity | 10/15 | €193,506 | €225,916 | +€32,410 | +16.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €184,350 | €216,650 | +€32,300 | +17.5% |
| Distributable reserves | 133 | €184,350 | €216,650 | +€32,300 | +17.5% |
| Profit (loss) carried forward | 14 | €2,956 | €3,066 | +€110 | +3.7% |
| Amounts payable | 17/49 | €134,870 | €88,243 | -€46,628 | -34.6% |
| Amounts payable after more than one year | 17 | €15,979 | - | -€15,979 | |
| Financial debts | 170/4 | €15,979 | - | -€15,979 | |
| Amounts payable within one year | 42/48 | €109,359 | €84,344 | -€25,016 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €51,120 | €15,979 | -€35,141 | -68.7% |
| Taxes, remuneration and social security | 45 | €9,206 | €9,332 | +€125 | +1.4% |
| Taxes | 450/3 | €9,206 | €9,332 | +€125 | +1.4% |
| Other amounts payable | 47/48 | €49,033 | €59,033 | +€10,000 | +20.4% |
| Accrued charges and deferred income | 492/3 | €9,532 | €3,899 | -€5,633 | -59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,753 | €12,723 | -€30 | -0.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €62,938 | €65,238 | +€2,300 | +3.7% |
| Operating profit (loss) | 9901 | €49,798 | €52,115 | +€2,318 | +4.7% |
| Financial charges | 65/66B | €5,111 | €4,574 | -€537 | -10.5% |
| Recurring financial charges | 65 | €5,111 | €4,574 | -€537 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €44,687 | €47,542 | +€2,855 | +6.4% |
| Income taxes | 67/77 | €14,206 | €15,132 | +€925 | +6.5% |
| Profit (loss) for the period | 9904 | €30,481 | €32,410 | +€1,929 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,481 | €32,410 | +€1,929 | +6.3% |
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 23 October 2026 via checked.be.