V.M.S.: what changed
Two financial 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.S.
Largest movements
- Tangible fixed assets -€54,875
down €54,875 (-6.7%), from €824,452 to €769,577
of which Land and buildings: -€51,284
- Cash -€9,200
down €9,200 (-60.7%), from €15,159 to €5,959
mainly Net result for the year (-€31,634) and Other debts (-€19,451)
- Reserves -€31,634
down €31,634 (-6.5%), from €488,229 to €456,595
- Other debts -€19,451
down €19,451 (-9.6%), from €201,852 to €182,401
- Provisions -€13,332
down €13,332 (-16.6%), from €80,295 to €66,963
- Gross operating margin -€1,988
down €1,988 (-5.3%), from €37,304 to €35,316
- Other operating charges -€915
down €915 (-7.3%), from €12,478 to €11,563
- Financial income -€677
down €677 (-93.0%), from €728 to €51
- Taxes -€417
down €417 (-47.0%), from €888 to €471
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.
Derived cash bridge
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 | €839,611 | €775,536 | -€64,075 | -7.6% |
| Fixed assets | 21/28 | €824,452 | €769,577 | -€54,875 | -6.7% |
| Tangible fixed assets | 22/27 | €824,452 | €769,577 | -€54,875 | -6.7% |
| Land and buildings | 22 | €775,933 | €724,649 | -€51,284 | -6.6% |
| Furniture and vehicles | 24 | €1,356 | €581 | -€775 | -57.1% |
| Other tangible fixed assets | 26 | €47,163 | €44,348 | -€2,816 | -6.0% |
| Current assets | 29/58 | €15,159 | €5,959 | -€9,200 | -60.7% |
| Cash at bank and in hand | 54/58 | €15,159 | €5,959 | -€9,200 | -60.7% |
| Total equity and liabilities | 10/49 | €839,611 | €775,536 | -€64,075 | -7.6% |
| Equity | 10/15 | €557,229 | €525,595 | -€31,634 | -5.7% |
| Contributions | 10/11 | €69,000 | €69,000 | = | 0.0% |
| Reserves | 13 | €488,229 | €456,595 | -€31,634 | -6.5% |
| Distributable reserves | 133 | €488,229 | €456,595 | -€31,634 | -6.5% |
| Provisions and deferred taxes | 16 | €80,295 | €66,963 | -€13,332 | -16.6% |
| Provisions for liabilities and charges | 160/5 | €80,295 | €66,963 | -€13,332 | -16.6% |
| Environmental obligations | 163 | €80,295 | - | -€80,295 | |
| Other liabilities and charges | 164/5 | - | €66,963 | +€66,963 | |
| Amounts payable | 17/49 | €202,088 | €182,979 | -€19,109 | -9.5% |
| Amounts payable within one year | 42/48 | €202,088 | €182,979 | -€19,109 | -9.5% |
| Trade debts | 44 | €236 | €579 | +€343 | +145% |
| Suppliers | 440/4 | €236 | €579 | +€343 | +145% |
| Other amounts payable | 47/48 | €201,852 | €182,401 | -€19,451 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,875 | €54,875 | = | 0.0% |
| Other operating charges | 640/8 | €12,478 | €11,563 | -€915 | -7.3% |
| Gross operating margin | 9900 | €37,304 | €35,316 | -€1,988 | -5.3% |
| Operating profit (loss) | 9901 | -€30,049 | -€31,123 | -€1,074 | -3.6% |
| Financial income | 75/76B | €728 | €51 | -€677 | -93.0% |
| Recurring financial income | 75 | €728 | €51 | -€677 | -93.0% |
| Financial charges | 65/66B | €67 | €92 | +€25 | +37.1% |
| Recurring financial charges | 65 | €67 | €92 | +€25 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,388 | -€31,163 | -€1,775 | -6.0% |
| Income taxes | 67/77 | €888 | €471 | -€417 | -47.0% |
| Profit (loss) for the period | 9904 | -€30,277 | -€31,634 | -€1,358 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,277 | -€31,634 | -€1,358 | -4.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.