V.M.B.: 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.B.
Largest movements
- Cash -€28,911
down €28,911 (-15.7%), from €184,165 to €155,254
mainly Other debts (-€92,750) and Trade debts (-€5,339)
- Tangible fixed assets -€21,729
down €21,729 (-2.9%), from €751,148 to €729,419
of which Land and buildings: -€20,904
- Other debts -€92,750
down €92,750 (-18.5%), from €500,998 to €408,248
- Reserves +€43,529
up €43,529 (+13.3%), from €326,956 to €370,485
of which Distributable reserves: +€43,529
- Gross operating margin +€7,128
up €7,128 (+7.6%), from €93,536 to €100,664
- Financial income +€4,925
up €4,925, from €0 to €4,925
- Taxes +€3,797
up €3,797 (+23.0%), from €16,517 to €20,313
- Financial charges -€1,164
down €1,164 (-10.2%), from €11,418 to €10,254
- Other operating charges +€1,075
up €1,075 (+12.4%), from €8,688 to €9,764
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 | €949,388 | €894,639 | -€54,749 | -5.8% |
| Fixed assets | 21/28 | €751,148 | €729,419 | -€21,729 | -2.9% |
| Tangible fixed assets | 22/27 | €751,148 | €729,419 | -€21,729 | -2.9% |
| Land and buildings | 22 | €746,126 | €725,222 | -€20,904 | -2.8% |
| Furniture and vehicles | 24 | €5,022 | €4,197 | -€825 | -16.4% |
| Current assets | 29/58 | €198,240 | €165,220 | -€33,020 | -16.7% |
| Amounts receivable within one year | 40/41 | €12,651 | €8,170 | -€4,481 | -35.4% |
| Trade receivables | 40 | €9,168 | €0 | -€9,168 | -100.0% |
| Other amounts receivable | 41 | €3,483 | €8,170 | +€4,687 | +134.5% |
| Cash at bank and in hand | 54/58 | €184,165 | €155,254 | -€28,911 | -15.7% |
| Deferred charges and accrued income | 490/1 | €1,423 | €1,796 | +€373 | +26.2% |
| Total equity and liabilities | 10/49 | €949,388 | €894,639 | -€54,749 | -5.8% |
| Equity | 10/15 | €436,277 | €479,806 | +€43,529 | +10.0% |
| Contributions | 10/11 | €108,542 | €108,542 | = | 0.0% |
| Capital | 10 | €108,542 | €108,542 | = | 0.0% |
| Issued capital | 100 | €108,542 | €108,542 | = | 0.0% |
| Reserves | 13 | €326,956 | €370,485 | +€43,529 | +13.3% |
| Non-distributable reserves | 130/1 | €10,854 | €10,854 | = | 0.0% |
| Legal reserve | 130 | €10,854 | €10,854 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,709 | €12,709 | = | 0.0% |
| Distributable reserves | 133 | €303,393 | €346,922 | +€43,529 | +14.3% |
| Profit (loss) carried forward | 14 | €779 | €779 | = | 0.0% |
| Amounts payable | 17/49 | €513,111 | €414,833 | -€98,278 | -19.2% |
| Amounts payable within one year | 42/48 | €511,726 | €413,637 | -€98,089 | -19.2% |
| Trade debts | 44 | €10,728 | €5,389 | -€5,339 | -49.8% |
| Suppliers | 440/4 | €10,728 | €5,389 | -€5,339 | -49.8% |
| Other amounts payable | 47/48 | €500,998 | €408,248 | -€92,750 | -18.5% |
| Accrued charges and deferred income | 492/3 | €1,384 | €1,196 | -€188 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,520 | €21,729 | +€209 | +1.0% |
| Other operating charges | 640/8 | €8,688 | €9,764 | +€1,075 | +12.4% |
| Gross operating margin | 9900 | €93,536 | €100,664 | +€7,128 | +7.6% |
| Operating profit (loss) | 9901 | €63,328 | €69,171 | +€5,844 | +9.2% |
| Financial income | 75/76B | €0 | €4,925 | +€4,925 | |
| Recurring financial income | 75 | €0 | €4,925 | +€4,925 | |
| Financial charges | 65/66B | €11,418 | €10,254 | -€1,164 | -10.2% |
| Recurring financial charges | 65 | €11,418 | €10,254 | -€1,164 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €51,910 | €63,842 | +€11,932 | +23.0% |
| Income taxes | 67/77 | €16,517 | €20,313 | +€3,797 | +23.0% |
| Profit (loss) for the period | 9904 | €35,393 | €43,529 | +€8,136 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,393 | €43,529 | +€8,136 | +23.0% |
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 6 October 2026 via checked.be.