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
- Tangible fixed assets +€37,000
up €37,000 (+624%), from €5,929 to €42,929
of which Furniture and vehicles: +€37,185
- Receivables within one year +€3,486
up €3,486 (+10.1%), from €34,521 to €38,007
of which Other amounts receivable: +€2,377
- Cash -€3,332
down €3,332 (-6.4%), from €52,338 to €49,006
mainly Investment in fixed assets (net) (-€40,993) and Receivables within one year (-€3,486)
- Deferred charges and accrued income +€1,847
new in 2025: €1,847
- Trade debts +€21,411
up €21,411 (+140%), from €15,285 to €36,695
- Reserves +€18,027
up €18,027 (+27.3%), from €66,011 to €84,038
of which Distributable reserves: +€18,027
- Gross operating margin +€25,509
up €25,509 (+332%), from €7,677 to €33,186
- Taxes +€7,619
up €7,619 (+364%), from €2,095 to €9,714
- Depreciation +€1,604
up €1,604 (+67.2%), from €2,389 to €3,993
- Financial charges -€412
down €412 (-22.1%), from €1,864 to €1,452
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 | €93,288 | €132,290 | +€39,001 | +41.8% |
| Fixed assets | 21/28 | €6,429 | €43,429 | +€37,000 | +575% |
| Tangible fixed assets | 22/27 | €5,929 | €42,929 | +€37,000 | +624% |
| Plant, machinery and equipment | 23 | €5,309 | €5,124 | -€185 | -3.5% |
| Furniture and vehicles | 24 | €620 | €37,805 | +€37,185 | +5,998% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €86,859 | €88,861 | +€2,002 | +2.3% |
| Amounts receivable within one year | 40/41 | €34,521 | €38,007 | +€3,486 | +10.1% |
| Trade receivables | 40 | €28,416 | €29,525 | +€1,109 | +3.9% |
| Other amounts receivable | 41 | €6,105 | €8,482 | +€2,377 | +38.9% |
| Cash at bank and in hand | 54/58 | €52,338 | €49,006 | -€3,332 | -6.4% |
| Deferred charges and accrued income | 490/1 | - | €1,847 | +€1,847 | |
| Total equity and liabilities | 10/49 | €93,288 | €132,290 | +€39,001 | +41.8% |
| Equity | 10/15 | €72,234 | €90,261 | +€18,027 | +25.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €66,011 | €84,038 | +€18,027 | +27.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €64,151 | €82,178 | +€18,027 | +28.1% |
| Profit (loss) carried forward | 14 | €23 | €23 | = | 0.0% |
| Amounts payable | 17/49 | €21,054 | €42,028 | +€20,974 | +99.6% |
| Amounts payable within one year | 42/48 | €21,054 | €42,028 | +€20,974 | +99.6% |
| Financial debts | 43 | €3,333 | €3,333 | = | 0.0% |
| Credit institutions | 430/8 | €3,333 | €3,333 | = | 0.0% |
| Trade debts | 44 | €15,285 | €36,695 | +€21,411 | +140% |
| Suppliers | 440/4 | €15,285 | €36,695 | +€21,411 | +140% |
| Taxes, remuneration and social security | 45 | €2,436 | €2,000 | -€436 | -17.9% |
| Taxes | 450/3 | €436 | - | -€436 | |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,389 | €3,993 | +€1,604 | +67.2% |
| Other operating charges | 640/8 | €118 | - | -€118 | |
| Gross operating margin | 9900 | €7,677 | €33,186 | +€25,509 | +332% |
| Operating profit (loss) | 9901 | €5,171 | €29,193 | +€24,022 | +465% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €1,864 | €1,452 | -€412 | -22.1% |
| Recurring financial charges | 65 | €1,864 | €1,452 | -€412 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €3,314 | €27,741 | +€24,427 | +737% |
| Income taxes | 67/77 | €2,095 | €9,714 | +€7,619 | +364% |
| Profit (loss) for the period | 9904 | €1,219 | €18,027 | +€16,808 | +1,379% |
| Profit (loss) for the period to be appropriated | 9905 | €1,219 | €18,027 | +€16,808 | +1,379% |
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 14 October 2026 via checked.be.