VCM: 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.
VCM
Largest movements
- Current investments -€100,733
down €100,733 (-100.0%), from €100,733 to €0
- Other debts -€329,845
down €329,845 (-21.3%), from €1.6m to €1.2m
- Reserves +€203,317
up €203,317 (+4.2%), from €4.9m to €5.1m
of which Distributable reserves: +€203,317
- Financial charges -€35,034
down €35,034 (-34.9%), from €100,389 to €65,355
- Financial income -€29,337
down €29,337 (-22.4%), from €130,912 to €101,575
- Taxes +€26,472
up €26,472 (+51.9%), from €51,014 to €77,486
- Staff costs +€6,343
up €6,343 (+7.4%), from €86,238 to €92,581
- Gross operating margin +€4,064
up €4,064 (+1.0%), from €391,067 to €395,130
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,501,997 | €6,393,589 | -€108,409 | -1.7% |
| Fixed assets | 21/28 | €3,534,310 | €3,500,464 | -€33,846 | -1.0% |
| Tangible fixed assets | 22/27 | €109,343 | €75,498 | -€33,846 | -31.0% |
| Furniture and vehicles | 24 | €109,343 | €75,498 | -€33,846 | -31.0% |
| Financial fixed assets | 28 | €3,424,967 | €3,424,967 | = | 0.0% |
| Current assets | 29/58 | €2,967,687 | €2,893,124 | -€74,563 | -2.5% |
| Amounts receivable within one year | 40/41 | €2,667,726 | €2,672,510 | +€4,785 | +0.2% |
| Trade receivables | 40 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Other amounts receivable | 41 | €2,617,726 | €2,612,510 | -€5,215 | -0.2% |
| Current investments | 50/53 | €100,733 | €0 | -€100,733 | -100.0% |
| Cash at bank and in hand | 54/58 | €199,229 | €220,614 | +€21,385 | +10.7% |
| Total equity and liabilities | 10/49 | €6,501,997 | €6,393,589 | -€108,409 | -1.7% |
| Equity | 10/15 | €4,897,674 | €5,100,991 | +€203,317 | +4.2% |
| Contributions | 10/11 | €18,586 | €18,586 | = | 0.0% |
| Reserves | 13 | €4,879,088 | €5,082,405 | +€203,317 | +4.2% |
| Non-distributable reserves | 130/1 | €165,945 | €165,945 | = | 0.0% |
| Reserves not available under the articles | 1311 | €165,945 | €165,945 | = | 0.0% |
| Distributable reserves | 133 | €4,713,143 | €4,916,460 | +€203,317 | +4.3% |
| Amounts payable | 17/49 | €1,604,323 | €1,292,598 | -€311,726 | -19.4% |
| Amounts payable within one year | 42/48 | €1,604,323 | €1,292,598 | -€311,726 | -19.4% |
| Trade debts | 44 | €5,717 | €2,551 | -€3,166 | -55.4% |
| Suppliers | 440/4 | €5,717 | €2,551 | -€3,166 | -55.4% |
| Taxes, remuneration and social security | 45 | €47,916 | €69,202 | +€21,286 | +44.4% |
| Taxes | 450/3 | €30,097 | €49,350 | +€19,253 | +64.0% |
| Remuneration and social security | 454/9 | €17,819 | €19,852 | +€2,033 | +11.4% |
| Other amounts payable | 47/48 | €1,550,690 | €1,220,844 | -€329,845 | -21.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €86,238 | €92,581 | +€6,343 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,680 | €33,846 | +€165 | +0.5% |
| Other operating charges | 640/8 | €1,148 | €1,438 | +€290 | +25.3% |
| Gross operating margin | 9900 | €391,067 | €395,130 | +€4,064 | +1.0% |
| Operating profit (loss) | 9901 | €270,000 | €267,266 | -€2,735 | -1.0% |
| Financial income | 75/76B | €130,912 | €101,575 | -€29,337 | -22.4% |
| Recurring financial income | 75 | €130,912 | €101,575 | -€29,337 | -22.4% |
| Financial charges | 65/66B | €100,389 | €65,355 | -€35,034 | -34.9% |
| Recurring financial charges | 65 | €100,389 | €65,355 | -€35,034 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €300,524 | €303,486 | +€2,962 | +1.0% |
| Income taxes | 67/77 | €51,014 | €77,486 | +€26,472 | +51.9% |
| Profit (loss) for the period | 9904 | €249,509 | €225,999 | -€23,510 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €249,509 | €225,999 | -€23,510 | -9.4% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.