V.R.M.: 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.R.M.
Largest movements
- Cash -€7,596
down €7,596 (-16.6%), from €45,683 to €38,087
mainly Investment in fixed assets (net) (-€24,664) and Tax, wage and social debts (-€8,149)
- Tangible fixed assets +€3,174
up €3,174 (+3.2%), from €99,216 to €102,389
of which Plant, machinery and equipment: +€5,669
- Reserves +€10,278
up €10,278 (+4.6%), from €222,991 to €233,269
of which Distributable reserves: +€10,278
- Tax, wage and social debts -€8,149
down €8,149 (-87.4%), from €9,323 to €1,174
- Trade debts -€5,885
down €5,885 (-95.2%), from €6,185 to €300
- Depreciation +€10,400
up €10,400 (+93.8%), from €11,090 to €21,490
- Gross operating margin +€5,693
up €5,693 (+19.0%), from €29,903 to €35,596
- Taxes -€828
down €828 (-11.8%), from €7,002 to €6,174
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 | €257,091 | €253,334 | -€3,757 | -1.5% |
| Fixed assets | 21/28 | €99,216 | €102,389 | +€3,174 | +3.2% |
| Tangible fixed assets | 22/27 | €99,216 | €102,389 | +€3,174 | +3.2% |
| Land and buildings | 22 | €66,904 | €60,967 | -€5,937 | -8.9% |
| Plant, machinery and equipment | 23 | €160 | €5,829 | +€5,669 | +3,540% |
| Furniture and vehicles | 24 | €32,152 | €35,593 | +€3,441 | +10.7% |
| Current assets | 29/58 | €157,876 | €150,945 | -€6,930 | -4.4% |
| Amounts receivable after more than one year | 29 | €101,662 | €101,662 | = | 0.0% |
| Other amounts receivable | 291 | €101,662 | €101,662 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,158 | €10,551 | +€394 | +3.9% |
| Trade receivables | 40 | €8,446 | €7,771 | -€675 | -8.0% |
| Other amounts receivable | 41 | €1,712 | €2,780 | +€1,069 | +62.4% |
| Cash at bank and in hand | 54/58 | €45,683 | €38,087 | -€7,596 | -16.6% |
| Deferred charges and accrued income | 490/1 | €373 | €646 | +€272 | +72.9% |
| Total equity and liabilities | 10/49 | €257,091 | €253,334 | -€3,757 | -1.5% |
| Equity | 10/15 | €241,583 | €251,861 | +€10,278 | +4.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €222,991 | €233,269 | +€10,278 | +4.6% |
| Tax-exempt reserves | 132 | €1,170 | €1,170 | = | 0.0% |
| Distributable reserves | 133 | €221,821 | €232,099 | +€10,278 | +4.6% |
| Amounts payable | 17/49 | €15,508 | €1,474 | -€14,035 | -90.5% |
| Amounts payable within one year | 42/48 | €15,508 | €1,474 | -€14,035 | -90.5% |
| Trade debts | 44 | €6,185 | €300 | -€5,885 | -95.2% |
| Suppliers | 440/4 | €6,185 | €300 | -€5,885 | -95.2% |
| Taxes, remuneration and social security | 45 | €9,323 | €1,174 | -€8,149 | -87.4% |
| Taxes | 450/3 | €9,323 | €1,174 | -€8,149 | -87.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,090 | €21,490 | +€10,400 | +93.8% |
| Other operating charges | 640/8 | €1,074 | €909 | -€165 | -15.4% |
| Gross operating margin | 9900 | €29,903 | €35,596 | +€5,693 | +19.0% |
| Operating profit (loss) | 9901 | €17,739 | €13,197 | -€4,542 | -25.6% |
| Financial income | 75/76B | €3,258 | €3,260 | +€2 | +0.1% |
| Recurring financial income | 75 | €3,258 | €3,260 | +€2 | +0.1% |
| Financial charges | 65/66B | €69 | €5 | -€64 | -92.4% |
| Recurring financial charges | 65 | €69 | €5 | -€64 | -92.4% |
| Profit (loss) for the period before taxes | 9903 | €20,928 | €16,452 | -€4,476 | -21.4% |
| Income taxes | 67/77 | €7,002 | €6,174 | -€828 | -11.8% |
| Profit (loss) for the period | 9904 | €13,925 | €10,278 | -€3,648 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,925 | €10,278 | -€3,648 | -26.2% |
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 19 October 2026 via checked.be.