V.M.C.: 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.C.
Largest movements
- Tangible fixed assets +€789,412
up €789,412 (+35.9%), from €2.2m to €3.0m
of which Land and buildings: +€2.8m
- Cash +€77,537
up €77,537 (+133.2%), from €58,211 to €135,748
mainly Debts after one year (+€959,656) and Depreciation (+€298,754)
- Debts after one year +€959,656
up €959,656 (+209.6%), from €457,913 to €1.4m
- Profit (loss) carried forward +€147,213
up €147,213 (+31.7%), from €464,565 to €611,778
- Current portion of long-term debt -€134,123
down €134,123 (-37.5%), from €358,123 to €224,000
- Tax, wage and social debts -€46,541
down €46,541 (-88.7%), from €52,451 to €5,911
- Trade debts -€45,464
down €45,464 (-50.4%), from €90,160 to €44,696
- Gross operating margin +€110,765
up €110,765 (+20.6%), from €537,494 to €648,259
- Depreciation +€21,240
up €21,240 (+7.7%), from €277,514 to €298,754
- Taxes +€17,161
up €17,161 (+53.0%), from €32,356 to €49,517
- Financial charges +€15,735
up €15,735 (+34.5%), from €45,553 to €61,288
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 | €2,294,111 | €3,175,804 | +€881,694 | +38.4% |
| Fixed assets | 21/28 | €2,199,354 | €2,988,766 | +€789,412 | +35.9% |
| Tangible fixed assets | 22/27 | €2,199,354 | €2,988,766 | +€789,412 | +35.9% |
| Land and buildings | 22 | €181,473 | €2,987,561 | +€2.8m | +1546.3% |
| Plant, machinery and equipment | 23 | €2,048 | €1,205 | -€843 | -41.2% |
| Leasing and similar rights | 25 | €2,013,522 | - | -€2.0m | |
| Other tangible fixed assets | 26 | €2,311 | - | -€2,311 | |
| Current assets | 29/58 | €94,757 | €187,038 | +€92,282 | +97.4% |
| Amounts receivable within one year | 40/41 | €33,533 | €51,061 | +€17,528 | +52.3% |
| Trade receivables | 40 | €12,560 | €360 | -€12,200 | -97.1% |
| Other amounts receivable | 41 | €20,973 | €50,700 | +€29,728 | +141.7% |
| Cash at bank and in hand | 54/58 | €58,211 | €135,748 | +€77,537 | +133.2% |
| Deferred charges and accrued income | 490/1 | €3,013 | €229 | -€2,783 | -92.4% |
| Total equity and liabilities | 10/49 | €2,294,111 | €3,175,804 | +€881,694 | +38.4% |
| Equity | 10/15 | €1,313,423 | €1,460,636 | +€147,213 | +11.2% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €348,858 | €348,858 | = | 0.0% |
| Non-distributable reserves | 130/1 | €91,721 | €91,721 | = | 0.0% |
| Legal reserve | 130 | €91,721 | €91,721 | = | 0.0% |
| Distributable reserves | 133 | €257,137 | €257,137 | = | 0.0% |
| Profit (loss) carried forward | 14 | €464,565 | €611,778 | +€147,213 | +31.7% |
| Amounts payable | 17/49 | €980,688 | €1,715,169 | +€734,481 | +74.9% |
| Amounts payable after more than one year | 17 | €457,913 | €1,417,568 | +€959,656 | +209.6% |
| Financial debts | 170/4 | €457,913 | €1,417,568 | +€959,656 | +209.6% |
| Amounts payable within one year | 42/48 | €521,275 | €297,600 | -€223,675 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €358,123 | €224,000 | -€134,123 | -37.5% |
| Trade debts | 44 | €90,160 | €44,696 | -€45,464 | -50.4% |
| Suppliers | 440/4 | €90,160 | €44,696 | -€45,464 | -50.4% |
| Advances received on contracts in progress | 46 | €13,257 | €10,159 | -€3,098 | -23.4% |
| Taxes, remuneration and social security | 45 | €52,451 | €5,911 | -€46,541 | -88.7% |
| Taxes | 450/3 | €52,451 | €5,911 | -€46,541 | -88.7% |
| Other amounts payable | 47/48 | €7,283 | €12,835 | +€5,552 | +76.2% |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Non-recurring operating income | 76A | - | €7,440 | +€7,440 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €277,514 | €298,754 | +€21,240 | +7.7% |
| Other operating charges | 640/8 | €86,619 | €91,716 | +€5,097 | +5.9% |
| Gross operating margin | 9900 | €537,494 | €648,259 | +€110,765 | +20.6% |
| Operating profit (loss) | 9901 | €173,361 | €257,789 | +€84,428 | +48.7% |
| Financial income | 75/76B | €0 | €230 | +€229 | +50935.6% |
| Recurring financial income | 75 | €0 | €230 | +€229 | +50935.6% |
| Financial charges | 65/66B | €45,553 | €61,288 | +€15,735 | +34.5% |
| Recurring financial charges | 65 | €45,553 | €61,288 | +€15,735 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €127,808 | €196,730 | +€68,922 | +53.9% |
| Income taxes | 67/77 | €32,356 | €49,517 | +€17,161 | +53.0% |
| Profit (loss) for the period | 9904 | €95,452 | €147,213 | +€51,761 | +54.2% |
| Profit (loss) for the period to be appropriated | 9905 | €95,452 | €147,213 | +€51,761 | +54.2% |
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 5 October 2026 via checked.be.