V.M.W.: 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.W.
Largest movements
- Cash +€72,586
up €72,586 (+33.9%), from €214,169 to €286,754
mainly Other debts (+€100,043) and Net result for the year (+€68,205)
- Tangible fixed assets -€25,066
down €25,066 (-34.4%), from €72,943 to €47,877
of which Plant, machinery and equipment: -€17,310
- Other debts +€100,043
up €100,043 (+36,578%), from €274 to €100,317
- Reserves -€44,947
down €44,947 (-23.8%), from €188,871 to €143,923
- Debts after one year -€12,532
down €12,532 (-53.5%), from €23,419 to €10,887
- Tax, wage and social debts +€12,352
up €12,352 (+70.4%), from €17,535 to €29,886
of which Taxes: +€12,448
- Gross operating margin -€17,785
down €17,785 (-7.1%), from €251,029 to €233,243
- Staff costs -€17,449
down €17,449 (-13.6%), from €127,875 to €110,426
- Taxes -€4,987
down €4,987 (-21.3%), from €23,434 to €18,447
- Depreciation -€4,071
down €4,071 (-11.6%), from €35,047 to €30,976
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 | €301,999 | €353,199 | +€51,200 | +17.0% |
| Fixed assets | 21/28 | €77,443 | €53,082 | -€24,361 | -31.5% |
| Tangible fixed assets | 22/27 | €72,943 | €47,877 | -€25,066 | -34.4% |
| Land and buildings | 22 | €4,706 | €5,037 | +€331 | +7.0% |
| Plant, machinery and equipment | 23 | €47,794 | €30,484 | -€17,310 | -36.2% |
| Furniture and vehicles | 24 | €13,929 | €10,169 | -€3,760 | -27.0% |
| Leasing and similar rights | 25 | €6,515 | €2,187 | -€4,328 | -66.4% |
| Financial fixed assets | 28 | €4,500 | €5,205 | +€705 | +15.7% |
| Current assets | 29/58 | €224,556 | €300,117 | +€75,561 | +33.6% |
| Stocks and contracts in progress | 3 | €9,850 | €11,260 | +€1,410 | +14.3% |
| Stocks | 30/36 | €9,850 | €11,260 | +€1,410 | +14.3% |
| Amounts receivable within one year | 40/41 | - | €1,553 | +€1,553 | |
| Other amounts receivable | 41 | - | €1,553 | +€1,553 | |
| Cash at bank and in hand | 54/58 | €214,169 | €286,754 | +€72,586 | +33.9% |
| Deferred charges and accrued income | 490/1 | €537 | €550 | +€13 | +2.4% |
| Total equity and liabilities | 10/49 | €301,999 | €353,199 | +€51,200 | +17.0% |
| Equity | 10/15 | €210,871 | €165,923 | -€44,947 | -21.3% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €188,871 | €143,923 | -€44,947 | -23.8% |
| Distributable reserves | 133 | €188,871 | €143,923 | -€44,947 | -23.8% |
| Amounts payable | 17/49 | €91,128 | €187,276 | +€96,148 | +106% |
| Amounts payable after more than one year | 17 | €23,419 | €10,887 | -€12,532 | -53.5% |
| Financial debts | 170/4 | €23,419 | €10,887 | -€12,532 | -53.5% |
| Amounts payable within one year | 42/48 | €67,710 | €176,389 | +€108,680 | +161% |
| Current portion of amounts payable after more than one year | 42 | €14,471 | €12,532 | -€1,939 | -13.4% |
| Trade debts | 44 | €8,157 | €8,308 | +€152 | +1.9% |
| Suppliers | 440/4 | €8,157 | €8,308 | +€152 | +1.9% |
| Advances received on contracts in progress | 46 | €27,273 | €25,346 | -€1,928 | -7.1% |
| Taxes, remuneration and social security | 45 | €17,535 | €29,886 | +€12,352 | +70.4% |
| Taxes | 450/3 | €16,988 | €29,435 | +€12,448 | +73.3% |
| Remuneration and social security | 454/9 | €547 | €451 | -€96 | -17.6% |
| Other amounts payable | 47/48 | €274 | €100,317 | +€100,043 | +36,578% |
| Remuneration, social security and pensions | 62 | €127,875 | €110,426 | -€17,449 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,047 | €30,976 | -€4,071 | -11.6% |
| Other operating charges | 640/8 | €5,912 | €3,432 | -€2,480 | -42.0% |
| Gross operating margin | 9900 | €251,029 | €233,243 | -€17,785 | -7.1% |
| Operating profit (loss) | 9901 | €82,195 | €88,410 | +€6,215 | +7.6% |
| Financial income | 75/76B | €93 | €22 | -€71 | -76.2% |
| Recurring financial income | 75 | €93 | €22 | -€71 | -76.2% |
| Financial charges | 65/66B | €2,068 | €1,780 | -€288 | -13.9% |
| Recurring financial charges | 65 | €2,068 | €1,780 | -€288 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €80,220 | €86,652 | +€6,433 | +8.0% |
| Income taxes | 67/77 | €23,434 | €18,447 | -€4,987 | -21.3% |
| Profit (loss) for the period | 9904 | €56,785 | €68,205 | +€11,420 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €56,785 | €68,205 | +€11,420 | +20.1% |
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 16 October 2026 via checked.be.