V.M.D.: 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.
What changed
V.M.D.
NACE 46.460, Wholesale of pharmaceutical and medical goods
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€545,841
2024 · -€25.8m+€26.3m
Equity
€2.7m
2024 · -€9.8m+€12.5m
Cash
€3.1m
2024 · €7.3m-€4.2m
Balance sheet total
€28.5m
2024 · €28.4m+€26,859
Largest movements
Assets
- Cash -€4.2m
down €4.2m (-57.2%), from €7.3m to €3.1m
mainly Debts after one year (-€9.1m) and Other debts (-€3.9m)
- Receivables within one year +€2.7m
up €2.7m (+31.4%), from €8.7m to €11.4m
of which Trade receivables: +€2.8m
- Stocks and contracts +€1.9m
up €1.9m (+27.0%), from €7.0m to €8.9m
- Intangible fixed assets +€432,224
up €432,224 (+30.6%), from €1.4m to €1.8m
- Receivables after one year -€426,334
no longer reported in 2025 (was €426,334)
Equity and liabilities
- Profit (loss) carried forward +€13.6m
up €13.6m, from -€13.1m to €500,071
- Debts after one year -€9.1m
down €9.1m (-37.1%), from €24.5m to €15.4m
- Other debts -€3.9m
down €3.9m (-46.7%), from €8.3m to €4.4m
- Contributions -€1.0m
down €1.0m (-56.5%), from €1.8m to €768,600
- Accrued charges and deferred income +€483,737
up €483,737 (+117.6%), from €411,441 to €895,179
Income statement
- Financial charges -€27.6m
down €27.6m (-95.2%), from €29.0m to €1.4m
of which Non-recurring financial charges: -€27.8m
- Turnover +€5.7m
up €5.7m (+16.2%), from €35.0m to €40.6m
- Goods and materials +€3.7m
up €3.7m (+14.0%), from €26.0m to €29.7m
of which Purchases: +€3.4m
- Other operating income -€1.4m
down €1.4m (-47.1%), from €3.0m to €1.6m
- Write-downs +€927,836
up €927,836 (+97.0%), from -€956,767 to -€28,930
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.
Result 2024
-€25.8m
Turnover
+€5.7m
Other operating income
-€1.4m
Goods and materials
-€3.7m
Services and other goods
-€191,246
Staff costs
-€835,825
Depreciation
+€268,413
Write-downs
-€927,836
Other operating charges
+€440,597
Other operating items
-€13,354
Financial income
-€558,912
Financial charges
+€27.6m
Taxes
-€103,535
Deferred taxes and other
+€324
Result 2025
€545,841
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.
From operations
-€6.3m
Investment
-€830,933
Financing
+€2.9m
Cash 2024
€7.3m
From operations (derived)
-€6.3m
Net result for the year
+€545,841
Depreciation
+€791,010
Receivables after one year
+€426,334
Stocks and contracts
-€1.9m
Receivables within one year
-€2.7m
Smaller working-capital items
-€3,350
Tax, wage and social debts
+€475,699
Advances received
-€464,085
Other debts
-€3.9m
Accrued charges and deferred income
+€483,737
Investment (derived)
-€830,933
Investment in fixed assets (net)
-€830,933
Financing
+€2.9m
Debts after one year
-€9.1m
Current portion of long-term debt
-€25,789
Contributions, distributions and other
+€12.0m
Cash 2025
€3.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,427,596 | €28,454,455 | +€26,859 | +0.1% |
| Fixed assets | 21/28 | €4,831,168 | €4,871,091 | +€39,923 | +0.8% |
| Intangible fixed assets | 21 | €1,413,914 | €1,846,138 | +€432,224 | +30.6% |
| Tangible fixed assets | 22/27 | €3,387,612 | €2,995,311 | -€392,301 | -11.6% |
| Land and buildings | 22 | €2,927,176 | €2,667,491 | -€259,685 | -8.9% |
| Plant, machinery and equipment | 23 | €108,563 | €90,045 | -€18,518 | -17.1% |
| Furniture and vehicles | 24 | €110,550 | €99,970 | -€10,580 | -9.6% |
| Leasing and similar rights | 25 | €241,323 | €137,805 | -€103,518 | -42.9% |
| Financial fixed assets | 28 | €29,641 | €29,641 | = | 0.0% |
| Affiliated companies | 280/1 | €28,953 | €28,953 | = | 0.0% |
| Participating interests | 280 | €28,953 | €28,953 | = | 0.0% |
| Other financial fixed assets | 284/8 | €689 | €689 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €689 | €689 | = | 0.0% |
| Current assets | 29/58 | €23,596,428 | €23,583,365 | -€13,064 | -0.1% |
| Amounts receivable after more than one year | 29 | €426,334 | - | -€426,334 | |
| Trade receivables | 290 | €426,334 | - | -€426,334 | |
| Stocks and contracts in progress | 3 | €6,993,274 | €8,881,550 | +€1.9m | +27.0% |
| Stocks | 30/36 | €6,993,274 | €8,881,550 | +€1.9m | +27.0% |
| Raw materials and consumables | 30/31 | €71,506 | €13,675 | -€57,831 | -80.9% |
| Goods purchased for resale | 34 | €6,921,768 | €8,867,876 | +€1.9m | +28.1% |
| Amounts receivable within one year | 40/41 | €8,696,860 | €11,427,899 | +€2.7m | +31.4% |
| Trade receivables | 40 | €8,624,268 | €11,427,899 | +€2.8m | +32.5% |
| Other amounts receivable | 41 | €72,592 | - | -€72,592 | |
| Cash at bank and in hand | 54/58 | €7,343,319 | €3,140,944 | -€4.2m | -57.2% |
| Deferred charges and accrued income | 490/1 | €136,641 | €132,971 | -€3,670 | -2.7% |
| Total equity and liabilities | 10/49 | €28,427,596 | €28,454,455 | +€26,859 | +0.1% |
| Equity | 10/15 | -€9,817,376 | €2,728,465 | +€12.5m | |
| Contributions | 10/11 | €1,768,600 | €768,600 | -€1.0m | -56.5% |
| Capital | 10 | €1,768,600 | €768,600 | -€1.0m | -56.5% |
| Issued capital | 100 | €1,768,600 | €768,600 | -€1.0m | -56.5% |
| Reserves | 13 | €1,515,814 | €1,459,794 | -€56,020 | -3.7% |
| Non-distributable reserves | 130/1 | €150,620 | €150,620 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Other | 1319 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €464,378 | €408,358 | -€56,020 | -12.1% |
| Distributable reserves | 133 | €900,815 | €900,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,101,789 | €500,071 | +€13.6m | |
| Provisions and deferred taxes | 16 | €148,626 | €129,953 | -€18,673 | -12.6% |
| Deferred taxes | 168 | €148,626 | €129,953 | -€18,673 | -12.6% |
| Amounts payable | 17/49 | €38,096,346 | €25,596,037 | -€12.5m | -32.8% |
| Amounts payable after more than one year | 17 | €24,459,930 | €15,373,211 | -€9.1m | -37.1% |
| Financial debts | 170/4 | €24,459,930 | €15,373,211 | -€9.1m | -37.1% |
| Leasing and similar obligations | 172 | €153,503 | €73,211 | -€80,292 | -52.3% |
| Credit institutions | 173 | €6,427 | - | -€6,427 | |
| Other loans | 174 | €24,300,000 | €15,300,000 | -€9.0m | -37.0% |
| Amounts payable within one year | 42/48 | €13,224,974 | €9,327,648 | -€3.9m | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €92,340 | €66,551 | -€25,789 | -27.9% |
| Trade debts | 44 | €3,699,273 | €3,710,926 | +€11,653 | +0.3% |
| Suppliers | 440/4 | €3,699,273 | €3,710,926 | +€11,653 | +0.3% |
| Advances received on contracts in progress | 46 | €524,605 | €60,520 | -€464,085 | -88.5% |
| Taxes, remuneration and social security | 45 | €569,904 | €1,045,603 | +€475,699 | +83.5% |
| Taxes | 450/3 | - | €98,358 | +€98,358 | |
| Remuneration and social security | 454/9 | €569,904 | €947,245 | +€377,341 | +66.2% |
| Other amounts payable | 47/48 | €8,338,852 | €4,444,047 | -€3.9m | -46.7% |
| Accrued charges and deferred income | 492/3 | €411,441 | €895,179 | +€483,737 | +117.6% |
| Operating income | 70/76A | €37,973,805 | €42,220,575 | +€4.2m | +11.2% |
| Turnover | 70 | €34,964,982 | €40,632,935 | +€5.7m | +16.2% |
| Other operating income | 74 | €2,985,969 | €1,578,140 | -€1.4m | -47.1% |
| Non-recurring operating income | 76A | €22,854 | €9,500 | -€13,354 | -58.4% |
| Operating charges | 60/66A | €35,361,826 | €40,264,969 | +€4.9m | +13.9% |
| Goods for resale, raw materials and consumables | 60 | €26,039,743 | €29,696,989 | +€3.7m | +14.0% |
| Purchases | 600/8 | €28,155,406 | €31,563,486 | +€3.4m | +12.1% |
| Change in stocks: decrease (increase) | 609 | -€2,115,663 | -€1,866,496 | +€249,167 | +11.8% |
| Services and other goods | 61 | €4,080,254 | €4,271,500 | +€191,246 | +4.7% |
| Remuneration, social security and pensions | 62 | €4,548,786 | €5,384,611 | +€835,825 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,059,423 | €791,010 | -€268,413 | -25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€956,767 | -€28,930 | +€927,836 | +97.0% |
| Other operating charges | 640/8 | €590,387 | €149,789 | -€440,597 | -74.6% |
| Operating profit (loss) | 9901 | €2,611,979 | €1,955,606 | -€656,373 | -25.1% |
| Financial income | 75/76B | €639,326 | €80,415 | -€558,912 | -87.4% |
| Recurring financial income | 75 | €336,251 | €80,415 | -€255,836 | -76.1% |
| Income from financial fixed assets | 750 | €18,754 | - | -€18,754 | |
| Other financial income | 752/9 | €317,496 | €80,415 | -€237,082 | -74.7% |
| Non-recurring financial income | 76B | €303,076 | - | -€303,076 | |
| Financial charges | 65/66B | €29,014,968 | €1,383,961 | -€27.6m | -95.2% |
| Recurring financial charges | 65 | €1,184,566 | €1,383,961 | +€199,395 | +16.8% |
| Debt charges | 650 | €1,113,111 | €865,978 | -€247,134 | -22.2% |
| Other financial charges | 652/9 | €71,454 | €517,984 | +€446,529 | +624.9% |
| Non-recurring financial charges | 66B | €27,830,402 | - | -€27.8m | |
| Profit (loss) for the period before taxes | 9903 | -€25,763,663 | €652,059 | +€26.4m | |
| Transfer from deferred taxes | 780 | €18,349 | €18,673 | +€324 | +1.8% |
| Income taxes | 67/77 | €21,356 | €124,892 | +€103,535 | +484.8% |
| Taxes | 670/3 | €21,356 | €124,892 | +€103,535 | +484.8% |
| Profit (loss) for the period | 9904 | -€25,766,670 | €545,841 | +€26.3m | |
| Transfer from tax-exempt reserves | 789 | €90,648 | €56,020 | -€34,628 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,676,022 | €601,861 | +€26.3m |
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.