VdMA: 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.
VdMA
Largest movements
- Cash -€3,492
down €3,492 (-63.6%), from €5,488 to €1,996
mainly Net result for the year (-€1,464) and Receivables within one year (-€1,198)
- Receivables within one year +€1,198
up €1,198 (+454%), from €264 to €1,461
- Reserves -€1,464
down €1,464 (-91.1%), from €1,607 to €144
- Tax, wage and social debts -€1,002
no longer reported in 2025 (was €1,002)
- Trade debts +€622
up €622 (+324%), from €192 to €814
- Other debts -€451
no longer reported in 2025 (was €451)
- Gross operating margin +€41
up €41 (+3.0%), from -€1,344 to -€1,303
- Financial charges -€16
down €16 (-28.2%), from €56 to €40
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 | €5,752 | €3,457 | -€2,295 | -39.9% |
| Current assets | 29/58 | €5,752 | €3,457 | -€2,295 | -39.9% |
| Amounts receivable within one year | 40/41 | €264 | €1,461 | +€1,198 | +454% |
| Other amounts receivable | 41 | €264 | €1,461 | +€1,198 | +454% |
| Cash at bank and in hand | 54/58 | €5,488 | €1,996 | -€3,492 | -63.6% |
| Total equity and liabilities | 10/49 | €5,752 | €3,457 | -€2,295 | -39.9% |
| Equity | 10/15 | €4,107 | €2,644 | -€1,464 | -35.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,607 | €144 | -€1,464 | -91.1% |
| Distributable reserves | 133 | €1,607 | €144 | -€1,464 | -91.1% |
| Amounts payable | 17/49 | €1,645 | €814 | -€831 | -50.5% |
| Amounts payable within one year | 42/48 | €1,645 | €814 | -€831 | -50.5% |
| Trade debts | 44 | €192 | €814 | +€622 | +324% |
| Suppliers | 440/4 | €192 | €814 | +€622 | +324% |
| Taxes, remuneration and social security | 45 | €1,002 | - | -€1,002 | |
| Taxes | 450/3 | €1,002 | - | -€1,002 | |
| Other amounts payable | 47/48 | €451 | - | -€451 | |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | -€1,344 | -€1,303 | +€41 | +3.0% |
| Operating profit (loss) | 9901 | -€1,462 | -€1,423 | +€39 | +2.6% |
| Financial charges | 65/66B | €56 | €40 | -€16 | -28.2% |
| Recurring financial charges | 65 | €56 | €40 | -€16 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,518 | -€1,464 | +€54 | +3.6% |
| Profit (loss) for the period | 9904 | -€1,518 | -€1,464 | +€54 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,518 | -€1,464 | +€54 | +3.6% |
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 23 October 2026 via checked.be.