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
- Cash -€21,045
down €21,045 (-24.6%), from €85,683 to €64,638
mainly Net result for the year (-€23,845) and Investment in fixed assets (net) (-€6,353)
- Receivables within one year -€7,659
down €7,659 (-24.6%), from €31,109 to €23,450
of which Other amounts receivable: -€4,755
- Tangible fixed assets +€4,372
up €4,372 (+188.8%), from €2,315 to €6,687
of which Plant, machinery and equipment: +€4,883
- Profit (loss) carried forward -€23,845
new in 2025: -€23,845
- Gross operating margin -€25,630
down €25,630, from €4,154 to -€21,476
- Taxes +€3,300
no longer reported in 2025 (was -€3,300)
- Financial income -€2,466
down €2,466 (-70.9%), from €3,479 to €1,013
- Other operating charges -€2,014
down €2,014 (-70.5%), from €2,855 to €841
- Depreciation +€835
up €835 (+72.9%), from €1,146 to €1,981
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 | €119,108 | €94,775 | -€24,332 | -20.4% |
| Fixed assets | 21/28 | €2,315 | €6,687 | +€4,372 | +188.8% |
| Tangible fixed assets | 22/27 | €2,315 | €6,687 | +€4,372 | +188.8% |
| Plant, machinery and equipment | 23 | €1,696 | €6,580 | +€4,883 | +287.8% |
| Furniture and vehicles | 24 | €619 | €108 | -€511 | -82.6% |
| Current assets | 29/58 | €116,792 | €88,088 | -€28,704 | -24.6% |
| Amounts receivable within one year | 40/41 | €31,109 | €23,450 | -€7,659 | -24.6% |
| Trade receivables | 40 | €2,904 | - | -€2,904 | |
| Other amounts receivable | 41 | €28,205 | €23,450 | -€4,755 | -16.9% |
| Cash at bank and in hand | 54/58 | €85,683 | €64,638 | -€21,045 | -24.6% |
| Total equity and liabilities | 10/49 | €119,108 | €94,775 | -€24,332 | -20.4% |
| Equity | 10/15 | €115,701 | €91,856 | -€23,845 | -20.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €109,501 | €109,501 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €107,641 | €107,641 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€23,845 | -€23,845 | |
| Amounts payable | 17/49 | €3,407 | €2,920 | -€487 | -14.3% |
| Amounts payable within one year | 42/48 | €3,407 | €2,920 | -€487 | -14.3% |
| Trade debts | 44 | €3,407 | €2,287 | -€1,120 | -32.9% |
| Suppliers | 440/4 | €3,407 | €2,287 | -€1,120 | -32.9% |
| Taxes, remuneration and social security | 45 | - | €633 | +€633 | |
| Taxes | 450/3 | - | €633 | +€633 | |
| Remuneration, social security and pensions | 62 | - | €298 | +€298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,146 | €1,981 | +€835 | +72.9% |
| Other operating charges | 640/8 | €2,855 | €841 | -€2,014 | -70.5% |
| Gross operating margin | 9900 | €4,154 | -€21,476 | -€25,630 | |
| Operating profit (loss) | 9901 | €153 | -€24,596 | -€24,749 | |
| Financial income | 75/76B | €3,479 | €1,013 | -€2,466 | -70.9% |
| Recurring financial income | 75 | €3,479 | €1,013 | -€2,466 | -70.9% |
| Financial charges | 65/66B | €517 | €262 | -€256 | -49.4% |
| Recurring financial charges | 65 | €517 | €262 | -€256 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €3,115 | -€23,845 | -€26,960 | |
| Income taxes | 67/77 | -€3,300 | - | +€3,300 | |
| Profit (loss) for the period | 9904 | €6,415 | -€23,845 | -€30,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,415 | -€23,845 | -€30,260 |
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 3 October 2026 via checked.be.