V.M.T.: 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.
What changed
V.M.T.
NACE 25.110, Manufacture of metal structures and parts of structures
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€477,481
2024 · -€353,345+€830,826
Equity
€1.1m
2024 · €645,544+€477,481
Cash
€53,340
2024 · €34,677+€18,664
Balance sheet total
€3.6m
2024 · €4.3m-€771,588
Largest movements
Assets
- Tangible fixed assets -€487,388
down €487,388 (-20.2%), from €2.4m to €1.9m
of which Leasing and similar rights: -€430,056
- Receivables within one year -€171,057
down €171,057 (-34.5%), from €496,377 to €325,320
of which Trade receivables: -€175,515
- Stocks and contracts -€140,511
down €140,511 (-10.3%), from €1.4m to €1.2m
of which Contracts in progress: -€90,588
Equity and liabilities
- Reserves +€772,710
up €772,710 (+426%), from €181,417 to €954,128
of which Tax-exempt reserves: +€772,710
- Trade debts -€741,782
down €741,782 (-75.1%), from €988,121 to €246,339
- Tax, wage and social debts -€312,710
down €312,710 (-64.2%), from €486,735 to €174,025
of which Taxes: -€252,761
- Profit (loss) carried forward -€295,229
down €295,229 (-73.3%), from €402,601 to €107,372
- Accrued charges and deferred income -€131,827
down €131,827 (-100%), from €131,827 to €0
Income statement
- Gross operating margin +€748,414
up €748,414 (+41.8%), from €1.8m to €2.5m
- Staff costs -€188,692
down €188,692 (-12.8%), from €1.5m to €1.3m
- Depreciation -€86,969
down €86,969 (-20.5%), from €424,215 to €337,247
- Other operating charges -€72,187
down €72,187 (-48.5%), from €148,696 to €76,508
- Write-downs +€62,177
up €62,177, from €0 to €62,177
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
-€353,345
Gross operating margin
+€748,414
Staff costs
+€188,692
Depreciation
+€86,969
Write-downs
-€62,177
Other operating charges
+€72,187
Other operating items
-€240,329
Financial income
+€3,626
Financial charges
+€33,327
Taxes
+€118
Result 2025
€477,481
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€128,506
Investment
+€148,627
Financing
-€1,457
Cash 2024
€34,677
From operations (derived)
-€128,506
Net result for the year
+€477,481
Depreciation
+€337,247
Stocks and contracts
+€140,511
Receivables within one year
+€171,057
Deferred charges and accrued income
-€7,190
Trade debts
-€741,782
Tax, wage and social debts
-€312,710
Other debts
-€61,293
Accrued charges and deferred income
-€131,827
Investment (derived)
+€148,627
Investment in fixed assets (net)
+€148,627
Financing
-€1,457
Debts after one year
-€21,907
Current portion of long-term debt
+€66,893
Short-term financial debts
-€46,443
Cash 2025
€53,340
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,344,673 | €3,573,086 | -€771,588 | -17.8% |
| Formation expenses | 20 | €16,347 | €6,963 | -€9,384 | -57.4% |
| Fixed assets | 21/28 | €2,420,176 | €1,943,687 | -€476,489 | -19.7% |
| Intangible fixed assets | 21 | €10,944 | €5,093 | -€5,851 | -53.5% |
| Tangible fixed assets | 22/27 | €2,409,232 | €1,921,844 | -€487,388 | -20.2% |
| Land and buildings | 22 | €495,172 | €463,225 | -€31,947 | -6.5% |
| Plant, machinery and equipment | 23 | €520,602 | €465,912 | -€54,690 | -10.5% |
| Furniture and vehicles | 24 | €12,175 | €27,969 | +€15,794 | +130% |
| Leasing and similar rights | 25 | €1,236,434 | €806,378 | -€430,056 | -34.8% |
| Other tangible fixed assets | 26 | €144,848 | €158,360 | +€13,512 | +9.3% |
| Financial fixed assets | 28 | - | €16,750 | +€16,750 | |
| Current assets | 29/58 | €1,908,150 | €1,622,436 | -€285,715 | -15.0% |
| Stocks and contracts in progress | 3 | €1,359,621 | €1,219,110 | -€140,511 | -10.3% |
| Stocks | 30/36 | €481,977 | €432,055 | -€49,922 | -10.4% |
| Contracts in progress | 37 | €877,644 | €787,056 | -€90,588 | -10.3% |
| Amounts receivable within one year | 40/41 | €496,377 | €325,320 | -€171,057 | -34.5% |
| Trade receivables | 40 | €496,377 | €320,862 | -€175,515 | -35.4% |
| Other amounts receivable | 41 | €0 | €4,458 | +€4,458 | |
| Cash at bank and in hand | 54/58 | €34,677 | €53,340 | +€18,664 | +53.8% |
| Deferred charges and accrued income | 490/1 | €17,475 | €24,665 | +€7,190 | +41.1% |
| Total equity and liabilities | 10/49 | €4,344,673 | €3,573,086 | -€771,588 | -17.8% |
| Equity | 10/15 | €645,544 | €1,123,026 | +€477,481 | +74.0% |
| Contributions | 10/11 | €61,526 | €61,526 | = | 0.0% |
| Capital | 10 | €61,526 | €61,526 | = | 0.0% |
| Issued capital | 100 | €61,526 | €61,526 | = | 0.0% |
| Reserves | 13 | €181,417 | €954,128 | +€772,710 | +426% |
| Non-distributable reserves | 130/1 | €53,293 | €53,293 | = | 0.0% |
| Legal reserve | 130 | €6,153 | €6,153 | = | 0.0% |
| Other | 1319 | €47,140 | €47,140 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,789 | €814,500 | +€772,710 | +1,849% |
| Distributable reserves | 133 | €86,335 | €86,335 | = | 0.0% |
| Profit (loss) carried forward | 14 | €402,601 | €107,372 | -€295,229 | -73.3% |
| Amounts payable | 17/49 | €3,699,129 | €2,450,060 | -€1.2m | -33.8% |
| Amounts payable after more than one year | 17 | €1,575,883 | €1,553,975 | -€21,907 | -1.4% |
| Financial debts | 170/4 | €1,575,883 | €1,076,216 | -€499,666 | -31.7% |
| Trade debts | 175 | - | €477,759 | +€477,759 | |
| Amounts payable within one year | 42/48 | €1,991,419 | €896,085 | -€1.1m | -55.0% |
| Current portion of amounts payable after more than one year | 42 | €277,058 | €343,951 | +€66,893 | +24.1% |
| Financial debts | 43 | €46,443 | €0 | -€46,443 | -100% |
| Credit institutions | 430/8 | €46,443 | €0 | -€46,443 | -100% |
| Trade debts | 44 | €988,121 | €246,339 | -€741,782 | -75.1% |
| Suppliers | 440/4 | €988,121 | €246,339 | -€741,782 | -75.1% |
| Taxes, remuneration and social security | 45 | €486,735 | €174,025 | -€312,710 | -64.2% |
| Taxes | 450/3 | €299,819 | €47,059 | -€252,761 | -84.3% |
| Remuneration and social security | 454/9 | €186,916 | €126,966 | -€59,950 | -32.1% |
| Other amounts payable | 47/48 | €193,063 | €131,770 | -€61,293 | -31.7% |
| Accrued charges and deferred income | 492/3 | €131,827 | €0 | -€131,827 | -100% |
| Non-recurring operating income | 76A | - | €783,537 | +€783,537 | |
| Remuneration, social security and pensions | 62 | €1,477,354 | €1,288,662 | -€188,692 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424,215 | €337,247 | -€86,969 | -20.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €62,177 | +€62,177 | |
| Other operating charges | 640/8 | €148,696 | €76,508 | -€72,187 | -48.5% |
| Non-recurring operating charges | 66A | €0 | €240,329 | +€240,329 | |
| Gross operating margin | 9900 | €1,792,177 | €2,540,591 | +€748,414 | +41.8% |
| Operating profit (loss) | 9901 | -€258,088 | €535,668 | +€793,756 | |
| Financial income | 75/76B | €765 | €4,391 | +€3,626 | +474% |
| Recurring financial income | 75 | €765 | €4,391 | +€3,626 | +474% |
| Financial charges | 65/66B | €95,496 | €62,170 | -€33,327 | -34.9% |
| Recurring financial charges | 65 | €95,496 | €62,170 | -€33,327 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€352,819 | €477,889 | +€830,708 | |
| Income taxes | 67/77 | €526 | €408 | -€118 | -22.5% |
| Profit (loss) for the period | 9904 | -€353,345 | €477,481 | +€830,826 | |
| Transfer to tax-exempt reserves | 689 | - | €772,710 | +€772,710 | |
| Profit (loss) for the period to be appropriated | 9905 | -€353,345 | -€295,229 | +€58,116 | +16.4% |
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 17 October 2026 via checked.be.