V.M.COMMERCE: 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.COMMERCE
Largest movements
- Receivables within one year +€69,541
up €69,541 (+130.9%), from €53,141 to €122,682
of which Other amounts receivable: +€48,555
- Receivables after one year +€48,500
up €48,500 (+2425.0%), from €2,000 to €50,500
- Financial fixed assets +€16,058
up €16,058 (+125.7%), from €12,775 to €28,833
- Cash +€8,702
up €8,702 (+177.4%), from €4,907 to €13,609
mainly Net result for the year (+€84,558) and Trade debts (+€30,054)
- Deferred charges and accrued income -€5,393
down €5,393 (-72.0%), from €7,490 to €2,097
- Reserves +€84,558
up €84,558 (+134.6%), from €62,837 to €147,395
- Trade debts +€30,054
up €30,054 (+757.1%), from €3,969 to €34,023
- Tax, wage and social debts +€27,784
up €27,784 (+256.3%), from €10,840 to €38,624
of which Taxes: +€23,684
- Other debts -€7,000
no longer reported in 2025 (was €7,000)
- Gross operating margin +€127,031
up €127,031, from -€4,875 to €122,156
- Taxes +€26,253
up €26,253 (+3333.3%), from €788 to €27,041
- Financial charges +€4,082
up €4,082 (+250.9%), from €1,627 to €5,708
- Other operating charges +€2,806
up €2,806 (+249.5%), from €1,125 to €3,931
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 | €87,646 | €223,042 | +€135,396 | +154.5% |
| Fixed assets | 21/28 | €20,108 | €34,154 | +€14,046 | +69.9% |
| Tangible fixed assets | 22/27 | €7,333 | €5,320 | -€2,012 | -27.4% |
| Plant, machinery and equipment | 23 | €591 | €1,114 | +€523 | +88.5% |
| Furniture and vehicles | 24 | €3,498 | €1,826 | -€1,672 | -47.8% |
| Other tangible fixed assets | 26 | €3,243 | €2,380 | -€863 | -26.6% |
| Financial fixed assets | 28 | €12,775 | €28,833 | +€16,058 | +125.7% |
| Current assets | 29/58 | €67,538 | €188,888 | +€121,350 | +179.7% |
| Amounts receivable after more than one year | 29 | €2,000 | €50,500 | +€48,500 | +2425.0% |
| Other amounts receivable | 291 | €2,000 | €50,500 | +€48,500 | +2425.0% |
| Amounts receivable within one year | 40/41 | €53,141 | €122,682 | +€69,541 | +130.9% |
| Trade receivables | 40 | €22,485 | €43,471 | +€20,986 | +93.3% |
| Other amounts receivable | 41 | €30,656 | €79,211 | +€48,555 | +158.4% |
| Cash at bank and in hand | 54/58 | €4,907 | €13,609 | +€8,702 | +177.4% |
| Deferred charges and accrued income | 490/1 | €7,490 | €2,097 | -€5,393 | -72.0% |
| Total equity and liabilities | 10/49 | €87,646 | €223,042 | +€135,396 | +154.5% |
| Equity | 10/15 | €65,837 | €150,395 | +€84,558 | +128.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €62,837 | €147,395 | +€84,558 | +134.6% |
| Distributable reserves | 133 | €62,837 | €147,395 | +€84,558 | +134.6% |
| Amounts payable | 17/49 | €21,809 | €72,647 | +€50,838 | +233.1% |
| Amounts payable within one year | 42/48 | €21,809 | €72,647 | +€50,838 | +233.1% |
| Trade debts | 44 | €3,969 | €34,023 | +€30,054 | +757.1% |
| Suppliers | 440/4 | €3,969 | €34,023 | +€30,054 | +757.1% |
| Taxes, remuneration and social security | 45 | €10,840 | €38,624 | +€27,784 | +256.3% |
| Taxes | 450/3 | €10,840 | €34,524 | +€23,684 | +218.5% |
| Remuneration and social security | 454/9 | - | €4,100 | +€4,100 | |
| Other amounts payable | 47/48 | €7,000 | - | -€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,513 | €3,012 | +€499 | +19.8% |
| Other operating charges | 640/8 | €1,125 | €3,931 | +€2,806 | +249.5% |
| Gross operating margin | 9900 | -€4,875 | €122,156 | +€127,031 | |
| Operating profit (loss) | 9901 | -€8,513 | €115,212 | +€123,726 | |
| Financial income | 75/76B | €1,037 | €2,095 | +€1,059 | +102.1% |
| Recurring financial income | 75 | €1,037 | €2,095 | +€1,059 | +102.1% |
| Financial charges | 65/66B | €1,627 | €5,708 | +€4,082 | +250.9% |
| Recurring financial charges | 65 | €1,627 | €5,708 | +€4,082 | +250.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,103 | €111,599 | +€120,702 | |
| Income taxes | 67/77 | €788 | €27,041 | +€26,253 | +3333.3% |
| Profit (loss) for the period | 9904 | -€9,891 | €84,558 | +€94,449 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,891 | €84,558 | +€94,449 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.