V/MC: 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.
V/MC
Largest movements
- Receivables within one year +€160,347
up €160,347 (+372.9%), from €42,995 to €203,342
of which Trade receivables: +€160,699
- Receivables after one year -€63,482
down €63,482 (-25.4%), from €250,000 to €186,518
- Cash -€10,978
down €10,978 (-5.7%), from €192,436 to €181,458
mainly Receivables within one year (-€160,347) and Contributions, distributions and other (-€68,268)
- Reserves +€50,518
up €50,518 (+10.4%), from €486,386 to €536,904
of which Distributable reserves: +€50,518
- Debts after one year +€32,281
up €32,281 (+132.0%), from €24,453 to €56,734
- Current portion of long-term debt +€10,809
up €10,809 (+48.7%), from €22,190 to €32,999
- Gross operating margin +€106,883
up €106,883 (+92.0%), from €116,115 to €222,998
- Taxes +€26,512
up €26,512 (+113.2%), from €23,423 to €49,935
- Depreciation +€3,178
up €3,178 (+9.1%), from €35,039 to €38,218
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €616,620 | €712,075 | +€95,455 | +15.5% |
| Fixed assets | 21/28 | €118,262 | €122,703 | +€4,441 | +3.8% |
| Tangible fixed assets | 22/27 | €118,182 | €122,623 | +€4,441 | +3.8% |
| Furniture and vehicles | 24 | €118,182 | €122,623 | +€4,441 | +3.8% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €498,358 | €589,373 | +€91,015 | +18.3% |
| Amounts receivable after more than one year | 29 | €250,000 | €186,518 | -€63,482 | -25.4% |
| Other amounts receivable | 291 | €250,000 | €186,518 | -€63,482 | -25.4% |
| Amounts receivable within one year | 40/41 | €42,995 | €203,342 | +€160,347 | +372.9% |
| Trade receivables | 40 | €29,999 | €190,698 | +€160,699 | +535.7% |
| Other amounts receivable | 41 | €12,997 | €12,645 | -€352 | -2.7% |
| Cash at bank and in hand | 54/58 | €192,436 | €181,458 | -€10,978 | -5.7% |
| Deferred charges and accrued income | 490/1 | €12,927 | €18,054 | +€5,127 | +39.7% |
| Total equity and liabilities | 10/49 | €616,620 | €712,075 | +€95,455 | +15.5% |
| Equity | 10/15 | €526,386 | €576,904 | +€50,518 | +9.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €486,386 | €536,904 | +€50,518 | +10.4% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €482,386 | €532,904 | +€50,518 | +10.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €90,234 | €135,172 | +€44,937 | +49.8% |
| Amounts payable after more than one year | 17 | €24,453 | €56,734 | +€32,281 | +132.0% |
| Financial debts | 170/4 | €24,453 | €56,734 | +€32,281 | +132.0% |
| Amounts payable within one year | 42/48 | €65,781 | €78,438 | +€12,657 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €22,190 | €32,999 | +€10,809 | +48.7% |
| Trade debts | 44 | €6,922 | €7,999 | +€1,077 | +15.6% |
| Suppliers | 440/4 | €6,922 | €7,999 | +€1,077 | +15.6% |
| Taxes, remuneration and social security | 45 | €35,117 | €37,440 | +€2,323 | +6.6% |
| Taxes | 450/3 | €35,117 | €37,440 | +€2,323 | +6.6% |
| Other amounts payable | 47/48 | €1,553 | €0 | -€1,553 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,039 | €38,218 | +€3,178 | +9.1% |
| Other operating charges | 640/8 | €597 | €652 | +€55 | +9.2% |
| Non-recurring operating charges | 66A | - | €19,614 | +€19,614 | |
| Gross operating margin | 9900 | €116,115 | €222,998 | +€106,883 | +92.0% |
| Operating profit (loss) | 9901 | €80,479 | €164,514 | +€84,035 | +104.4% |
| Financial income | 75/76B | €6,475 | €8,169 | +€1,694 | +26.2% |
| Recurring financial income | 75 | €6,475 | €8,169 | +€1,694 | +26.2% |
| Financial charges | 65/66B | €2,852 | €3,963 | +€1,111 | +39.0% |
| Recurring financial charges | 65 | €2,852 | €3,963 | +€1,111 | +39.0% |
| Profit (loss) for the period before taxes | 9903 | €84,103 | €168,721 | +€84,618 | +100.6% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €23,423 | €49,935 | +€26,512 | +113.2% |
| Profit (loss) for the period | 9904 | €60,680 | €118,786 | +€58,106 | +95.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €60,680 | €118,786 | +€58,106 | +95.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.