V.M.T MANAGEMENT: 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.T MANAGEMENT
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+43.1%), from €2.8m to €3.9m
of which Land and buildings: +€1.2m
- Receivables within one year +€302,941
up €302,941 (+696%), from €43,519 to €346,460
of which Trade receivables: +€152,350
- Cash +€157,598
up €157,598 (+1,098%), from €14,351 to €171,949
mainly Short-term financial debts (+€678,562) and Debts after one year (+€658,374)
- Short-term financial debts +€678,562
up €678,562 (+714%), from €95,000 to €773,562
- Debts after one year +€658,374
up €658,374 (+38.7%), from €1.7m to €2.4m
- Current portion of long-term debt +€141,740
up €141,740 (+275%), from €51,579 to €193,319
- Other debts +€118,888
up €118,888 (+18.4%), from €644,751 to €763,639
- Advances received +€110,000
new in 2025: €110,000
- Gross operating margin +€114,972
up €114,972 (+119%), from €96,616 to €211,588
- Financial charges +€72,296
up €72,296 (+137%), from €52,858 to €125,154
- Depreciation +€71,757
up €71,757 (+139%), from €51,693 to €123,450
- Financial income +€10,386
new in 2025: €10,386
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 | €4,750,341 | €6,401,969 | +€1.7m | +34.8% |
| Fixed assets | 21/28 | €4,690,299 | €5,880,533 | +€1.2m | +25.4% |
| Tangible fixed assets | 22/27 | €2,759,363 | €3,949,597 | +€1.2m | +43.1% |
| Land and buildings | 22 | €2,759,363 | €3,942,302 | +€1.2m | +42.9% |
| Plant, machinery and equipment | 23 | - | €7,295 | +€7,295 | |
| Financial fixed assets | 28 | €1,930,936 | €1,930,936 | = | 0.0% |
| Current assets | 29/58 | €60,042 | €521,436 | +€461,394 | +768% |
| Amounts receivable within one year | 40/41 | €43,519 | €346,460 | +€302,941 | +696% |
| Trade receivables | 40 | - | €152,350 | +€152,350 | |
| Other amounts receivable | 41 | €43,519 | €194,110 | +€150,591 | +346% |
| Cash at bank and in hand | 54/58 | €14,351 | €171,949 | +€157,598 | +1,098% |
| Deferred charges and accrued income | 490/1 | €2,171 | €3,027 | +€855 | +39.4% |
| Total equity and liabilities | 10/49 | €4,750,341 | €6,401,969 | +€1.7m | +34.8% |
| Equity | 10/15 | €2,105,520 | €2,042,094 | -€63,426 | -3.0% |
| Contributions | 10/11 | €1,240,000 | €1,240,000 | = | 0.0% |
| Capital | 10 | €1,240,000 | €1,240,000 | = | 0.0% |
| Issued capital | 100 | €1,240,000 | €1,240,000 | = | 0.0% |
| Reserves | 13 | €865,520 | €802,094 | -€63,426 | -7.3% |
| Non-distributable reserves | 130/1 | €124,000 | €124,000 | = | 0.0% |
| Legal reserve | 130 | €124,000 | €124,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €72,525 | +€72,525 | |
| Distributable reserves | 133 | €741,520 | €605,570 | -€135,950 | -18.3% |
| Provisions and deferred taxes | 16 | - | €24,175 | +€24,175 | |
| Deferred taxes | 168 | - | €24,175 | +€24,175 | |
| Amounts payable | 17/49 | €2,644,821 | €4,335,700 | +€1.7m | +63.9% |
| Amounts payable after more than one year | 17 | €1,700,932 | €2,359,306 | +€658,374 | +38.7% |
| Financial debts | 170/4 | €1,700,932 | €2,359,306 | +€658,374 | +38.7% |
| Amounts payable within one year | 42/48 | €943,889 | €1,971,772 | +€1.0m | +109% |
| Current portion of amounts payable after more than one year | 42 | €51,579 | €193,319 | +€141,740 | +275% |
| Financial debts | 43 | €95,000 | €773,562 | +€678,562 | +714% |
| Credit institutions | 430/8 | €95,000 | €773,562 | +€678,562 | +714% |
| Trade debts | 44 | €150,283 | €129,102 | -€21,181 | -14.1% |
| Suppliers | 440/4 | €150,283 | €129,102 | -€21,181 | -14.1% |
| Advances received on contracts in progress | 46 | - | €110,000 | +€110,000 | |
| Taxes, remuneration and social security | 45 | €2,276 | €2,151 | -€126 | -5.5% |
| Taxes | 450/3 | €2,276 | €2,151 | -€126 | -5.5% |
| Other amounts payable | 47/48 | €644,751 | €763,639 | +€118,888 | +18.4% |
| Accrued charges and deferred income | 492/3 | - | €4,622 | +€4,622 | |
| Non-recurring operating income | 76A | €50 | €100,000 | +€99,950 | +199,900% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,693 | €123,450 | +€71,757 | +139% |
| Other operating charges | 640/8 | €13,628 | €12,620 | -€1,007 | -7.4% |
| Non-recurring operating charges | 66A | €9,638 | €0 | -€9,638 | -100% |
| Gross operating margin | 9900 | €96,616 | €211,588 | +€114,972 | +119% |
| Operating profit (loss) | 9901 | €21,658 | €75,518 | +€53,860 | +249% |
| Financial income | 75/76B | - | €10,386 | +€10,386 | |
| Recurring financial income | 75 | - | €10,386 | +€10,386 | |
| Financial charges | 65/66B | €52,858 | €125,154 | +€72,296 | +137% |
| Recurring financial charges | 65 | €52,858 | €125,154 | +€72,296 | +137% |
| Profit (loss) for the period before taxes | 9903 | -€31,200 | -€39,251 | -€8,051 | -25.8% |
| Transfer from deferred taxes | 780 | - | €825 | +€825 | |
| Transfer to deferred taxes | 680 | - | €25,000 | +€25,000 | |
| Income taxes | 67/77 | -€164 | €0 | +€164 | |
| Profit (loss) for the period | 9904 | -€31,036 | -€63,426 | -€32,390 | -104% |
| Transfer from tax-exempt reserves | 789 | - | €2,475 | +€2,475 | |
| Transfer to tax-exempt reserves | 689 | - | €75,000 | +€75,000 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,036 | -€135,950 | -€104,915 | -338% |
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 28 October 2026 via checked.be.