VCMW: 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.
VCMW
Largest movements
- Cash +€44,143
up €44,143 (+53.7%), from €82,249 to €126,392
mainly Net result for the year (+€57,988) and Current portion of long-term debt (+€27,962)
- Receivables after one year +€18,350
new in 2025: €18,350
- Receivables within one year +€7,876
up €7,876 (+13.1%), from €60,193 to €68,069
of which Other amounts receivable: +€7,443
- Tangible fixed assets +€5,208
up €5,208 (+6.8%), from €76,271 to €81,478
of which Furniture and vehicles: +€5,323
- Intangible fixed assets -€3,500
down €3,500 (-25.6%), from €13,678 to €10,178
- Reserves +€57,988
up €57,988 (+35.1%), from €165,438 to €223,426
of which Distributable reserves: +€57,988
- Current portion of long-term debt +€27,962
up €27,962 (+377%), from €7,408 to €35,371
- Trade debts -€6,694
down €6,694 (-42.0%), from €15,943 to €9,248
- Debts after one year -€5,371
down €5,371 (-58.4%), from €9,194 to €3,823
- Tax, wage and social debts -€3,579
down €3,579 (-5.9%), from €61,163 to €57,584
of which Taxes: -€10,164
- Gross operating margin -€25,272
down €25,272 (-5.9%), from €431,075 to €405,803
- Staff costs +€17,892
up €17,892 (+6.6%), from €273,134 to €291,026
- Taxes -€12,517
down €12,517 (-30.5%), from €40,987 to €28,470
- Other operating charges -€8,350
down €8,350 (-78.0%), from €10,709 to €2,359
- Financial charges -€5,497
down €5,497 (-54.0%), from €10,172 to €4,675
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 | €265,347 | €335,652 | +€70,306 | +26.5% |
| Fixed assets | 21/28 | €90,948 | €92,656 | +€1,708 | +1.9% |
| Intangible fixed assets | 21 | €13,678 | €10,178 | -€3,500 | -25.6% |
| Tangible fixed assets | 22/27 | €76,271 | €81,478 | +€5,208 | +6.8% |
| Plant, machinery and equipment | 23 | €14,400 | €17,328 | +€2,928 | +20.3% |
| Furniture and vehicles | 24 | €7,228 | €12,551 | +€5,323 | +73.6% |
| Other tangible fixed assets | 26 | €54,643 | €51,600 | -€3,043 | -5.6% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €174,399 | €242,996 | +€68,598 | +39.3% |
| Amounts receivable after more than one year | 29 | - | €18,350 | +€18,350 | |
| Other amounts receivable | 291 | - | €18,350 | +€18,350 | |
| Stocks and contracts in progress | 3 | €31,957 | €30,185 | -€1,772 | -5.5% |
| Stocks | 30/36 | €31,957 | €30,185 | -€1,772 | -5.5% |
| Amounts receivable within one year | 40/41 | €60,193 | €68,069 | +€7,876 | +13.1% |
| Trade receivables | 40 | €20,699 | €21,133 | +€433 | +2.1% |
| Other amounts receivable | 41 | €39,493 | €46,936 | +€7,443 | +18.8% |
| Cash at bank and in hand | 54/58 | €82,249 | €126,392 | +€44,143 | +53.7% |
| Total equity and liabilities | 10/49 | €265,347 | €335,652 | +€70,306 | +26.5% |
| Equity | 10/15 | €171,638 | €229,626 | +€57,988 | +33.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,438 | €223,426 | +€57,988 | +35.1% |
| 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 | €163,578 | €221,566 | +€57,988 | +35.4% |
| Amounts payable | 17/49 | €93,708 | €106,026 | +€12,318 | +13.1% |
| Amounts payable after more than one year | 17 | €9,194 | €3,823 | -€5,371 | -58.4% |
| Financial debts | 170/4 | €9,194 | €3,823 | -€5,371 | -58.4% |
| Amounts payable within one year | 42/48 | €84,514 | €102,203 | +€17,689 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €7,408 | €35,371 | +€27,962 | +377% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €15,943 | €9,248 | -€6,694 | -42.0% |
| Suppliers | 440/4 | €15,943 | €9,248 | -€6,694 | -42.0% |
| Taxes, remuneration and social security | 45 | €61,163 | €57,584 | -€3,579 | -5.9% |
| Taxes | 450/3 | €49,470 | €39,306 | -€10,164 | -20.5% |
| Remuneration and social security | 454/9 | €11,693 | €18,278 | +€6,585 | +56.3% |
| Remuneration, social security and pensions | 62 | €273,134 | €291,026 | +€17,892 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,112 | €23,850 | +€738 | +3.2% |
| Other operating charges | 640/8 | €10,709 | €2,359 | -€8,350 | -78.0% |
| Gross operating margin | 9900 | €431,075 | €405,803 | -€25,272 | -5.9% |
| Operating profit (loss) | 9901 | €124,121 | €88,569 | -€35,552 | -28.6% |
| Financial income | 75/76B | €1,053 | €2,564 | +€1,511 | +143% |
| Recurring financial income | 75 | €1,053 | €2,564 | +€1,511 | +143% |
| Financial charges | 65/66B | €10,172 | €4,675 | -€5,497 | -54.0% |
| Recurring financial charges | 65 | €10,172 | €4,675 | -€5,497 | -54.0% |
| Profit (loss) for the period before taxes | 9903 | €115,002 | €86,458 | -€28,544 | -24.8% |
| Income taxes | 67/77 | €40,987 | €28,470 | -€12,517 | -30.5% |
| Profit (loss) for the period | 9904 | €74,014 | €57,988 | -€16,027 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,014 | €57,988 | -€16,027 | -21.7% |
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 18 October 2026 via checked.be.