V-MA 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-MA Management
Largest movements
- Cash +€18,642
up €18,642 (+47.2%), from €39,460 to €58,102
mainly Net result for the year (+€16,149) and Depreciation (+€9,828)
- Tangible fixed assets -€8,570
down €8,570 (-33.1%), from €25,861 to €17,291
- Receivables within one year +€8,452
up €8,452 (+66.8%), from €12,645 to €21,097
of which Trade receivables: +€12,096
- Deferred charges and accrued income +€2,885
up €2,885 (+402%), from €719 to €3,604
- Profit (loss) carried forward +€16,149
up €16,149 (+56.4%), from €28,619 to €44,768
- Tax, wage and social debts +€2,743
up €2,743 (+71.2%), from €3,851 to €6,595
of which Taxes: +€2,743
- Trade debts +€1,605
up €1,605 (+71.9%), from €2,234 to €3,839
- Gross operating margin +€11,379
up €11,379 (+62.5%), from €18,211 to €29,590
- Taxes +€3,028
up €3,028 (+157%), from €1,930 to €4,958
- Financial income +€1,762
new in 2025: €1,762
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 | €78,684 | €100,093 | +€21,409 | +27.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €25,861 | €17,291 | -€8,570 | -33.1% |
| Tangible fixed assets | 22/27 | €25,861 | €17,291 | -€8,570 | -33.1% |
| Furniture and vehicles | 24 | €25,861 | €17,291 | -€8,570 | -33.1% |
| Current assets | 29/58 | €52,823 | €82,802 | +€29,979 | +56.8% |
| Amounts receivable within one year | 40/41 | €12,645 | €21,097 | +€8,452 | +66.8% |
| Trade receivables | 40 | €4,310 | €16,406 | +€12,096 | +281% |
| Other amounts receivable | 41 | €8,335 | €4,691 | -€3,644 | -43.7% |
| Cash at bank and in hand | 54/58 | €39,460 | €58,102 | +€18,642 | +47.2% |
| Deferred charges and accrued income | 490/1 | €719 | €3,604 | +€2,885 | +402% |
| Total equity and liabilities | 10/49 | €78,684 | €100,093 | +€21,409 | +27.2% |
| Equity | 10/15 | €43,619 | €59,768 | +€16,149 | +37.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,619 | €44,768 | +€16,149 | +56.4% |
| Amounts payable | 17/49 | €35,064 | €40,325 | +€5,261 | +15.0% |
| Amounts payable within one year | 42/48 | €35,064 | €40,325 | +€5,261 | +15.0% |
| Trade debts | 44 | €2,234 | €3,839 | +€1,605 | +71.9% |
| Suppliers | 440/4 | €2,234 | €3,839 | +€1,605 | +71.9% |
| Taxes, remuneration and social security | 45 | €3,851 | €6,595 | +€2,743 | +71.2% |
| Taxes | 450/3 | €3,851 | €6,595 | +€2,743 | +71.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €28,979 | €29,892 | +€913 | +3.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,968 | €9,828 | -€140 | -1.4% |
| Other operating charges | 640/8 | €233 | €240 | +€7 | +3.0% |
| Gross operating margin | 9900 | €18,211 | €29,590 | +€11,379 | +62.5% |
| Operating profit (loss) | 9901 | €8,010 | €19,522 | +€11,512 | +144% |
| Financial income | 75/76B | - | €1,762 | +€1,762 | |
| Recurring financial income | 75 | - | €1,762 | +€1,762 | |
| Financial charges | 65/66B | €217 | €178 | -€39 | -18.1% |
| Recurring financial charges | 65 | €217 | €178 | -€39 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €7,793 | €21,107 | +€13,314 | +171% |
| Income taxes | 67/77 | €1,930 | €4,958 | +€3,028 | +157% |
| Profit (loss) for the period | 9904 | €5,863 | €16,149 | +€10,286 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €5,863 | €16,149 | +€10,286 | +175% |
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.