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
- Current investments -€763,863
down €763,863 (-100%), from €763,863 to €0
- Receivables within one year -€350,920
down €350,920 (-76.2%), from €460,330 to €109,410
of which Other amounts receivable: -€237,089
- Cash -€153,289
down €153,289 (-16.7%), from €918,558 to €765,269
- Stocks and contracts -€48,635
down €48,635 (-18.7%), from €260,390 to €211,755
- Tangible fixed assets -€34,377
down €34,377 (-16.3%), from €211,483 to €177,107
of which Other tangible fixed assets: -€59,220
- Reserves -€1.2m
down €1.2m (-61.1%), from €2.0m to €774,375
of which Distributable reserves: -€1.2m
- Advances received -€200,000
down €200,000 (-100%), from €200,000 to €0
- Trade debts +€79,040
up €79,040 (+32.9%), from €240,577 to €319,616
- Short-term financial debts -€33,600
down €33,600 (-56.9%), from €59,021 to €25,421
- Debts after one year +€32,590
up €32,590 (+447%), from €7,287 to €39,877
- Turnover +€4.1m
new in 2025: €4.1m
- Goods and materials +€2.8m
new in 2025: €2.8m
of which Purchases: +€2.8m
- Services and other goods +€638,147
new in 2025: €638,147
- Gross operating margin -€500,732
no longer reported in 2025 (was €500,732)
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,641,210 | €1,274,551 | -€1.4m | -51.7% |
| Fixed assets | 21/28 | €212,850 | €177,904 | -€34,946 | -16.4% |
| Intangible fixed assets | 21 | €1,366 | €797 | -€569 | -41.6% |
| Tangible fixed assets | 22/27 | €211,483 | €177,107 | -€34,377 | -16.3% |
| Plant, machinery and equipment | 23 | €62,527 | €57,658 | -€4,869 | -7.8% |
| Furniture and vehicles | 24 | €1,487 | €68,492 | +€67,005 | +4,505% |
| Leasing and similar rights | 25 | €37,293 | €0 | -€37,293 | -100% |
| Other tangible fixed assets | 26 | €110,177 | €50,957 | -€59,220 | -53.7% |
| Current assets | 29/58 | €2,428,360 | €1,096,647 | -€1.3m | -54.8% |
| Stocks and contracts in progress | 3 | €260,390 | €211,755 | -€48,635 | -18.7% |
| Stocks | 30/36 | €260,390 | €211,755 | -€48,635 | -18.7% |
| Goods purchased for resale | 34 | - | €211,755 | +€211,755 | |
| Amounts receivable within one year | 40/41 | €460,330 | €109,410 | -€350,920 | -76.2% |
| Trade receivables | 40 | €197,096 | €83,264 | -€113,831 | -57.8% |
| Other amounts receivable | 41 | €263,235 | €26,146 | -€237,089 | -90.1% |
| Current investments | 50/53 | €763,863 | €0 | -€763,863 | -100% |
| Other investments | 51/53 | - | €0 | = | |
| Cash at bank and in hand | 54/58 | €918,558 | €765,269 | -€153,289 | -16.7% |
| Deferred charges and accrued income | 490/1 | €25,219 | €10,213 | -€15,006 | -59.5% |
| Total equity and liabilities | 10/49 | €2,641,210 | €1,274,551 | -€1.4m | -51.7% |
| Equity | 10/15 | €2,054,865 | €836,375 | -€1.2m | -59.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,992,865 | €774,375 | -€1.2m | -61.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,189 | €55,189 | = | 0.0% |
| Distributable reserves | 133 | €1,931,476 | €712,986 | -€1.2m | -63.1% |
| Amounts payable | 17/49 | €586,345 | €438,176 | -€148,169 | -25.3% |
| Amounts payable after more than one year | 17 | €7,287 | €39,877 | +€32,590 | +447% |
| Financial debts | 170/4 | €7,287 | €39,877 | +€32,590 | +447% |
| Leasing and similar obligations | 172 | - | €0 | = | |
| Credit institutions | 173 | - | €39,877 | +€39,877 | |
| Amounts payable within one year | 42/48 | €579,058 | €398,299 | -€180,759 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €12,303 | €13,655 | +€1,352 | +11.0% |
| Financial debts | 43 | €59,021 | €25,421 | -€33,600 | -56.9% |
| Credit institutions | 430/8 | €59,021 | €25,421 | -€33,600 | -56.9% |
| Trade debts | 44 | €240,577 | €319,616 | +€79,040 | +32.9% |
| Suppliers | 440/4 | €240,577 | €319,616 | +€79,040 | +32.9% |
| Advances received on contracts in progress | 46 | €200,000 | €0 | -€200,000 | -100% |
| Taxes, remuneration and social security | 45 | €10,206 | €236 | -€9,970 | -97.7% |
| Taxes | 450/3 | €10,206 | €236 | -€9,970 | -97.7% |
| Other amounts payable | 47/48 | €56,952 | €39,371 | -€17,581 | -30.9% |
| Operating income | 70/76A | - | €4,077,428 | +€4.1m | |
| Turnover | 70 | - | €4,066,590 | +€4.1m | |
| Other operating income | 74 | - | €10,838 | +€10,838 | |
| Operating charges | 60/66A | - | €3,578,732 | +€3.6m | |
| Goods for resale, raw materials and consumables | 60 | - | €2,842,867 | +€2.8m | |
| Purchases | 600/8 | - | €2,794,232 | +€2.8m | |
| Change in stocks: decrease (increase) | 609 | - | €48,635 | +€48,635 | |
| Services and other goods | 61 | - | €638,147 | +€638,147 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,002 | €48,106 | +€16,104 | +50.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €23,064 | €47,176 | +€24,111 | +105% |
| Non-recurring operating charges | 66A | - | €2,436 | +€2,436 | |
| Gross operating margin | 9900 | €500,732 | - | -€500,732 | |
| Operating profit (loss) | 9901 | €445,666 | €498,696 | +€53,030 | +11.9% |
| Financial income | 75/76B | €14,668 | €35,275 | +€20,607 | +140% |
| Recurring financial income | 75 | €14,668 | €35,275 | +€20,607 | +140% |
| Income from current assets | 751 | - | €33,335 | +€33,335 | |
| Other financial income | 752/9 | - | €1,940 | +€1,940 | |
| Financial charges | 65/66B | €7,242 | €13,950 | +€6,708 | +92.6% |
| Recurring financial charges | 65 | €7,242 | €13,950 | +€6,708 | +92.6% |
| Debt charges | 650 | - | €11,038 | +€11,038 | |
| Other financial charges | 652/9 | - | €2,912 | +€2,912 | |
| Profit (loss) for the period before taxes | 9903 | €453,092 | €520,021 | +€66,929 | +14.8% |
| Income taxes | 67/77 | €120,472 | €138,293 | +€17,821 | +14.8% |
| Taxes | 670/3 | - | €138,293 | +€138,293 | |
| Profit (loss) for the period | 9904 | €332,620 | €381,728 | +€49,108 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €332,620 | €381,728 | +€49,108 | +14.8% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.