V-MAT: what changed
Two fiscal 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-MAT
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€457,444
2024 · €115,005+€342,438
Equity
€3.1m
2024 · €3.2m-€88,889
Cash
€90,812
2024 · €159,043-€68,231
Balance sheet total
€3.2m
2024 · €3.3m-€38,604
Largest movements
Assets
- Cash -€68,231
down €68,231 (-42.9%), from €159,043 to €90,812
mainly Contributions, distributions and other (-€546,333) and Investment in fixed assets (net) (-€42,460)
Equity and liabilities
- Reserves -€88,889
down €88,889 (-3.9%), from €2.3m to €2.2m
of which Distributable reserves: -€88,889
- Other debts +€62,128
new in 2025: €62,128
Income statement
- Financial income +€395,266
up €395,266 (+3846.3%), from €10,277 to €405,542
- Other operating income -€51,994
down €51,994 (-96.6%), from €53,846 to €1,852
- Services and other goods +€30,578
up €30,578 (+24.7%), from €123,641 to €154,219
- Turnover +€18,000
up €18,000 (+7.7%), from €234,000 to €252,000
- Taxes -€17,554
down €17,554 (-45.0%), from €39,022 to €21,468
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
€115,005
Turnover
+€18,000
Other operating income
-€51,994
Services and other goods
-€30,578
Depreciation
-€5,642
Other operating charges
+€119
Financial income
+€395,266
Financial charges
-€287
Taxes
+€17,554
Result 2025
€457,444
Cash bridge derived
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
+€532,164
Investment
-€42,460
Financing
-€557,934
Cash 2024
€159,043
From operations (derived)
+€532,164
Net result for the year
+€457,444
Depreciation
+€21,219
Receivables within one year
-€8,743
Smaller working-capital items
+€116
Other debts
+€62,128
Investment (derived)
-€42,460
Investment in fixed assets (net)
-€42,460
Financing
-€557,934
Debts after one year
-€12,080
Current portion of long-term debt
+€478
Contributions, distributions and other
-€546,333
Cash 2025
€90,812
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,286,063 | €3,247,458 | -€38,604 | -1.2% |
| Fixed assets | 21/28 | €2,869,730 | €2,890,971 | +€21,241 | +0.7% |
| Tangible fixed assets | 22/27 | €98,698 | €119,939 | +€21,241 | +21.5% |
| Plant, machinery and equipment | 23 | - | €901 | +€901 | |
| Furniture and vehicles | 24 | - | €2,231 | +€2,231 | |
| Leasing and similar rights | 25 | €51,827 | €39,605 | -€12,222 | -23.6% |
| Other tangible fixed assets | 26 | €46,871 | €77,202 | +€30,331 | +64.7% |
| Financial fixed assets | 28 | €2,771,032 | €2,771,032 | = | 0.0% |
| Affiliated companies | 280/1 | €2,771,032 | €2,771,032 | = | 0.0% |
| Participating interests | 280 | €2,771,032 | €2,771,032 | = | 0.0% |
| Current assets | 29/58 | €416,332 | €356,487 | -€59,845 | -14.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €256,632 | €265,375 | +€8,743 | +3.4% |
| Trade receivables | 40 | €26,493 | €26,071 | -€422 | -1.6% |
| Other amounts receivable | 41 | €230,139 | €239,304 | +€9,165 | +4.0% |
| Cash at bank and in hand | 54/58 | €159,043 | €90,812 | -€68,231 | -42.9% |
| Deferred charges and accrued income | 490/1 | €657 | €300 | -€357 | -54.3% |
| Total equity and liabilities | 10/49 | €3,286,063 | €3,247,458 | -€38,604 | -1.2% |
| Equity | 10/15 | €3,217,744 | €3,128,855 | -€88,889 | -2.8% |
| Contributions | 10/11 | €932,521 | €932,521 | = | 0.0% |
| Reserves | 13 | €2,285,223 | €2,196,334 | -€88,889 | -3.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €198 | €198 | = | 0.0% |
| Distributable reserves | 133 | €2,285,025 | €2,196,136 | -€88,889 | -3.9% |
| Amounts payable | 17/49 | €68,319 | €118,603 | +€50,285 | +73.6% |
| Amounts payable after more than one year | 17 | €41,109 | €29,030 | -€12,080 | -29.4% |
| Financial debts | 170/4 | €41,109 | €29,030 | -€12,080 | -29.4% |
| Leasing and similar obligations | 172 | €41,109 | €29,030 | -€12,080 | -29.4% |
| Amounts payable within one year | 42/48 | €26,134 | €88,449 | +€62,315 | +238.4% |
| Current portion of amounts payable after more than one year | 42 | €11,602 | €12,080 | +€478 | +4.1% |
| Trade debts | 44 | €160 | €0 | -€160 | -100.0% |
| Suppliers | 440/4 | €160 | €0 | -€160 | -100.0% |
| Taxes, remuneration and social security | 45 | €14,372 | €14,242 | -€130 | -0.9% |
| Taxes | 450/3 | €14,372 | €14,242 | -€130 | -0.9% |
| Other amounts payable | 47/48 | - | €62,128 | +€62,128 | |
| Accrued charges and deferred income | 492/3 | €1,075 | €1,124 | +€49 | +4.6% |
| Operating income | 70/76A | €287,846 | €253,852 | -€33,994 | -11.8% |
| Turnover | 70 | €234,000 | €252,000 | +€18,000 | +7.7% |
| Other operating income | 74 | €53,846 | €1,852 | -€51,994 | -96.6% |
| Operating charges | 60/66A | €141,756 | €177,857 | +€36,101 | +25.5% |
| Services and other goods | 61 | €123,641 | €154,219 | +€30,578 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,577 | €21,219 | +€5,642 | +36.2% |
| Other operating charges | 640/8 | €2,538 | €2,419 | -€119 | -4.7% |
| Operating profit (loss) | 9901 | €146,090 | €75,996 | -€70,095 | -48.0% |
| Financial income | 75/76B | €10,277 | €405,542 | +€395,266 | +3846.3% |
| Recurring financial income | 75 | €10,277 | €405,542 | +€395,266 | +3846.3% |
| Income from financial fixed assets | 750 | €0 | €400,000 | +€400,000 | |
| Income from current assets | 751 | €10,275 | €5,542 | -€4,732 | -46.1% |
| Other financial income | 752/9 | €2 | €0 | -€2 | -100.0% |
| Financial charges | 65/66B | €2,339 | €2,626 | +€287 | +12.3% |
| Recurring financial charges | 65 | €2,339 | €2,626 | +€287 | +12.3% |
| Debt charges | 650 | €2,316 | €2,411 | +€95 | +4.1% |
| Other financial charges | 652/9 | €23 | €215 | +€192 | +832.6% |
| Profit (loss) for the period before taxes | 9903 | €154,027 | €478,912 | +€324,884 | +210.9% |
| Income taxes | 67/77 | €39,022 | €21,468 | -€17,554 | -45.0% |
| Taxes | 670/3 | €39,022 | €21,468 | -€17,554 | -45.0% |
| Profit (loss) for the period | 9904 | €115,005 | €457,444 | +€342,438 | +297.8% |
| Profit (loss) for the period to be appropriated | 9905 | €115,005 | €457,444 | +€342,438 | +297.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.