VAFMD: 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.
VAFMD
Largest movements
- Receivables within one year +€28,059
up €28,059 (+117%), from €23,964 to €52,023
of which Trade receivables: +€28,059
- Tangible fixed assets -€15,274
down €15,274 (-54.6%), from €27,974 to €12,700
- Cash -€8,709
down €8,709 (-9.4%), from €92,252 to €83,543
mainly Contributions, distributions and other (-€104,357) and Receivables within one year (-€28,059)
- Other debts +€95,500
up €95,500 (+531%), from €17,993 to €113,492
- Profit (loss) carried forward -€91,940
down €91,940 (-100%), from €91,940 to €0
- Tax, wage and social debts +€4,907
up €4,907 (+132%), from €3,709 to €8,616
- Current portion of long-term debt -€2,533
down €2,533 (-100%), from €2,533 to €0
- Trade debts -€1,787
down €1,787 (-18.3%), from €9,775 to €7,989
- Gross operating margin +€2,946
up €2,946 (+9.1%), from €32,372 to €35,318
- Taxes +€1,521
up €1,521 (+31.4%), from €4,836 to €6,356
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 | €146,431 | €150,577 | +€4,146 | +2.8% |
| Fixed assets | 21/28 | €27,974 | €12,700 | -€15,274 | -54.6% |
| Tangible fixed assets | 22/27 | €27,974 | €12,700 | -€15,274 | -54.6% |
| Furniture and vehicles | 24 | €27,974 | €12,700 | -€15,274 | -54.6% |
| Current assets | 29/58 | €118,457 | €137,877 | +€19,420 | +16.4% |
| Amounts receivable within one year | 40/41 | €23,964 | €52,023 | +€28,059 | +117% |
| Trade receivables | 40 | €19,470 | €47,529 | +€28,059 | +144% |
| Other amounts receivable | 41 | €4,494 | €4,494 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €92,252 | €83,543 | -€8,709 | -9.4% |
| Deferred charges and accrued income | 490/1 | €2,240 | €2,311 | +€71 | +3.1% |
| Total equity and liabilities | 10/49 | €146,431 | €150,577 | +€4,146 | +2.8% |
| Equity | 10/15 | €112,400 | €20,460 | -€91,940 | -81.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €91,940 | €0 | -€91,940 | -100% |
| Amounts payable | 17/49 | €34,030 | €130,117 | +€96,087 | +282% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €34,010 | €130,097 | +€96,087 | +283% |
| Current portion of amounts payable after more than one year | 42 | €2,533 | €0 | -€2,533 | -100% |
| Trade debts | 44 | €9,775 | €7,989 | -€1,787 | -18.3% |
| Suppliers | 440/4 | €9,775 | €7,989 | -€1,787 | -18.3% |
| Taxes, remuneration and social security | 45 | €3,709 | €8,616 | +€4,907 | +132% |
| Taxes | 450/3 | €3,709 | €8,616 | +€4,907 | +132% |
| Other amounts payable | 47/48 | €17,993 | €113,492 | +€95,500 | +531% |
| Accrued charges and deferred income | 492/3 | €20 | €20 | = | 0.0% |
| Non-recurring operating income | 76A | €826 | €0 | -€826 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,274 | €15,274 | = | 0.0% |
| Other operating charges | 640/8 | €1,188 | €1,116 | -€73 | -6.1% |
| Gross operating margin | 9900 | €32,372 | €35,318 | +€2,946 | +9.1% |
| Operating profit (loss) | 9901 | €15,910 | €18,928 | +€3,019 | +19.0% |
| Financial charges | 65/66B | €213 | €156 | -€57 | -26.9% |
| Recurring financial charges | 65 | €213 | €156 | -€57 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €15,697 | €18,773 | +€3,076 | +19.6% |
| Income taxes | 67/77 | €4,836 | €6,356 | +€1,521 | +31.4% |
| Profit (loss) for the period | 9904 | €10,861 | €12,416 | +€1,555 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,861 | €12,416 | +€1,555 | +14.3% |
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.