V.R.M.: 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.R.M.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2,946
2024 · €31,130-€28,184
Equity
€1.5m
2024 · €1.5m+€871
Cash
€206,945
2024 · €250,515-€43,570
Balance sheet total
€5.0m
2024 · €5.3m-€254,399
Largest movements
Assets
- Tangible fixed assets -€207,908
down €207,908 (-4.2%), from €5.0m to €4.8m
of which Land and buildings: -€147,416
Equity and liabilities
- Debts after one year -€253,081
down €253,081 (-7.9%), from €3.2m to €2.9m
of which Financial debts: -€180,234
Income statement
- Financial income -€57,296
down €57,296 (-99.2%), from €57,774 to €478
of which Non-recurring financial income: -€57,285
- Turnover +€44,889
up €44,889 (+10.2%), from €442,054 to €486,943
- Gross operating margin +€40,769
up €40,769 (+12.2%), from €333,776 to €374,545
- Taxes +€11,053
up €11,053 (+65.2%), from €16,947 to €28,000
- Financial charges -€7,662
down €7,662 (-8.6%), from €89,200 to €81,538
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
€31,130
Gross operating margin
+€40,769
Depreciation
-€896
Write-downs
-€1,737
Other operating charges
-€5,632
Financial income
-€57,296
Financial charges
+€7,662
Taxes
-€11,053
Deferred taxes and other
-€1
Result 2025
€2,946
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
+€249,593
Investment
-€38,145
Financing
-€255,018
Cash 2024
€250,515
From operations (derived)
+€249,593
Net result for the year
+€2,946
Depreciation
+€246,053
Receivables within one year
+€3,844
Deferred charges and accrued income
-€923
Provisions
-€20,456
Trade debts
+€8,301
Tax, wage and social debts
+€11,053
Other debts
-€1,225
Investment (derived)
-€38,145
Investment in fixed assets (net)
-€38,145
Financing
-€255,018
Debts after one year
-€253,081
Current portion of long-term debt
+€138
Contributions, distributions and other
-€2,075
Cash 2025
€206,945
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,276,636 | €5,022,237 | -€254,399 | -4.8% |
| Fixed assets | 21/28 | €5,006,440 | €4,798,532 | -€207,908 | -4.2% |
| Tangible fixed assets | 22/27 | €5,005,952 | €4,798,044 | -€207,908 | -4.2% |
| Land and buildings | 22 | €4,464,677 | €4,317,261 | -€147,416 | -3.3% |
| Plant, machinery and equipment | 23 | €475,992 | €432,844 | -€43,148 | -9.1% |
| Furniture and vehicles | 24 | €65,283 | €47,939 | -€17,344 | -26.6% |
| Financial fixed assets | 28 | €488 | €488 | = | 0.0% |
| Current assets | 29/58 | €270,196 | €223,705 | -€46,491 | -17.2% |
| Amounts receivable within one year | 40/41 | €4,263 | €419 | -€3,844 | -90.2% |
| Other amounts receivable | 41 | €4,263 | €419 | -€3,844 | -90.2% |
| Cash at bank and in hand | 54/58 | €250,515 | €206,945 | -€43,570 | -17.4% |
| Deferred charges and accrued income | 490/1 | €15,418 | €16,341 | +€923 | +6.0% |
| Total equity and liabilities | 10/49 | €5,276,636 | €5,022,237 | -€254,399 | -4.8% |
| Equity | 10/15 | €1,543,944 | €1,544,815 | +€871 | +0.1% |
| Contributions | 10/11 | €167,328 | €167,328 | = | 0.0% |
| Capital | 10 | €167,328 | €167,328 | = | 0.0% |
| Issued capital | 100 | €167,328 | €167,328 | = | 0.0% |
| Reserves | 13 | €643,771 | €596,323 | -€47,448 | -7.4% |
| Non-distributable reserves | 130/1 | €16,733 | €16,733 | = | 0.0% |
| Legal reserve | 130 | €16,733 | €16,733 | = | 0.0% |
| Tax-exempt reserves | 132 | €627,038 | €579,590 | -€47,448 | -7.6% |
| Profit (loss) carried forward | 14 | €717,490 | €766,284 | +€48,794 | +6.8% |
| Investment grants | 15 | €15,355 | €14,880 | -€475 | -3.1% |
| Provisions and deferred taxes | 16 | €289,307 | €268,851 | -€20,456 | -7.1% |
| Deferred taxes | 168 | €289,307 | €268,851 | -€20,456 | -7.1% |
| Amounts payable | 17/49 | €3,443,385 | €3,208,571 | -€234,814 | -6.8% |
| Amounts payable after more than one year | 17 | €3,201,359 | €2,948,278 | -€253,081 | -7.9% |
| Financial debts | 170/4 | €2,264,408 | €2,084,174 | -€180,234 | -8.0% |
| Other amounts payable | 178/9 | €936,951 | €864,104 | -€72,847 | -7.8% |
| Amounts payable within one year | 42/48 | €242,026 | €260,293 | +€18,267 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €180,096 | €180,234 | +€138 | +0.1% |
| Trade debts | 44 | €57,158 | €65,459 | +€8,301 | +14.5% |
| Suppliers | 440/4 | €57,158 | €65,459 | +€8,301 | +14.5% |
| Taxes, remuneration and social security | 45 | €1,947 | €13,000 | +€11,053 | +567.7% |
| Taxes | 450/3 | €1,947 | €13,000 | +€11,053 | +567.7% |
| Other amounts payable | 47/48 | €2,825 | €1,600 | -€1,225 | -43.4% |
| Turnover | 70 | €442,054 | €486,943 | +€44,889 | +10.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €108,278 | €112,398 | +€4,120 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,157 | €246,053 | +€896 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,550 | -€5,813 | +€1,737 | +23.0% |
| Other operating charges | 640/8 | €37,033 | €42,665 | +€5,632 | +15.2% |
| Non-recurring operating charges | 66A | €90 | €90 | = | 0.0% |
| Gross operating margin | 9900 | €333,776 | €374,545 | +€40,769 | +12.2% |
| Operating profit (loss) | 9901 | €59,046 | €91,550 | +€32,504 | +55.0% |
| Financial income | 75/76B | €57,774 | €478 | -€57,296 | -99.2% |
| Recurring financial income | 75 | €489 | €478 | -€11 | -2.2% |
| Non-recurring financial income | 76B | €57,285 | - | -€57,285 | |
| Financial charges | 65/66B | €89,200 | €81,538 | -€7,662 | -8.6% |
| Recurring financial charges | 65 | €89,200 | €81,538 | -€7,662 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €27,620 | €10,490 | -€17,130 | -62.0% |
| Transfer from deferred taxes | 780 | €20,457 | €20,456 | -€1 | 0.0% |
| Income taxes | 67/77 | €16,947 | €28,000 | +€11,053 | +65.2% |
| Profit (loss) for the period | 9904 | €31,130 | €2,946 | -€28,184 | -90.5% |
| Transfer from tax-exempt reserves | 789 | €47,447 | €47,448 | +€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,577 | €50,394 | -€28,183 | -35.9% |
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 7 October 2026 via checked.be.