VE MO: 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.
VE MO
Largest movements
- Financial fixed assets +€175,000
up €175,000 (+123.5%), from €141,750 to €316,750
- Receivables after one year -€23,468
down €23,468 (-32.7%), from €71,663 to €48,195
- Cash -€12,467
down €12,467 (-87.5%), from €14,242 to €1,775
mainly Investment in fixed assets (net) (-€175,000) and Receivables within one year (-€10,865)
- Receivables within one year +€10,865
up €10,865 (+78.7%), from €13,807 to €24,673
of which Trade receivables: +€8,457
- Debts after one year +€110,179
up €110,179 (+222.4%), from €49,546 to €159,724
- Reserves +€35,078
up €35,078 (+33.3%), from €105,207 to €140,285
- Tax, wage and social debts +€7,046
up €7,046 (+22.1%), from €31,858 to €38,904
- Gross operating margin -€3,725
down €3,725 (-6.2%), from €60,184 to €56,459
- Financial charges +€3,481
up €3,481 (+69.6%), from €5,002 to €8,484
- Taxes -€2,950
down €2,950 (-17.7%), from €16,626 to €13,677
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 | €241,521 | €392,894 | +€151,373 | +62.7% |
| Fixed assets | 21/28 | €141,750 | €316,750 | +€175,000 | +123.5% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €141,750 | €316,750 | +€175,000 | +123.5% |
| Current assets | 29/58 | €99,771 | €76,144 | -€23,627 | -23.7% |
| Amounts receivable after more than one year | 29 | €71,663 | €48,195 | -€23,468 | -32.7% |
| Other amounts receivable | 291 | €71,663 | €48,195 | -€23,468 | -32.7% |
| Amounts receivable within one year | 40/41 | €13,807 | €24,673 | +€10,865 | +78.7% |
| Trade receivables | 40 | €11,083 | €19,540 | +€8,457 | +76.3% |
| Other amounts receivable | 41 | €2,725 | €5,133 | +€2,408 | +88.4% |
| Current investments | 50/53 | - | €1,501 | +€1,501 | |
| Cash at bank and in hand | 54/58 | €14,242 | €1,775 | -€12,467 | -87.5% |
| Deferred charges and accrued income | 490/1 | €59 | €0 | -€59 | -100.0% |
| Total equity and liabilities | 10/49 | €241,521 | €392,894 | +€151,373 | +62.7% |
| Equity | 10/15 | €115,207 | €150,285 | +€35,078 | +30.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €105,207 | €140,285 | +€35,078 | +33.3% |
| Distributable reserves | 133 | €105,207 | €140,285 | +€35,078 | +33.3% |
| Amounts payable | 17/49 | €126,314 | €242,609 | +€116,295 | +92.1% |
| Amounts payable after more than one year | 17 | €49,546 | €159,724 | +€110,179 | +222.4% |
| Financial debts | 170/4 | €49,546 | €159,724 | +€110,179 | +222.4% |
| Amounts payable within one year | 42/48 | €76,769 | €82,885 | +€6,116 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €43,011 | €39,822 | -€3,189 | -7.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €760 | €1,519 | +€759 | +99.8% |
| Suppliers | 440/4 | €760 | €1,519 | +€759 | +99.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €31,858 | €38,904 | +€7,046 | +22.1% |
| Taxes | 450/3 | €31,858 | €38,904 | +€7,046 | +22.1% |
| Other amounts payable | 47/48 | €1,140 | €2,640 | +€1,500 | +131.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €474 | €0 | -€474 | -100.0% |
| Other operating charges | 640/8 | €743 | €909 | +€166 | +22.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €60,184 | €56,459 | -€3,725 | -6.2% |
| Operating profit (loss) | 9901 | €58,967 | €55,550 | -€3,418 | -5.8% |
| Financial income | 75/76B | €1,872 | €1,689 | -€183 | -9.8% |
| Recurring financial income | 75 | €1,872 | €1,689 | -€183 | -9.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €5,002 | €8,484 | +€3,481 | +69.6% |
| Recurring financial charges | 65 | €5,002 | €8,484 | +€3,481 | +69.6% |
| Profit (loss) for the period before taxes | 9903 | €55,836 | €48,755 | -€7,081 | -12.7% |
| Income taxes | 67/77 | €16,626 | €13,677 | -€2,950 | -17.7% |
| Profit (loss) for the period | 9904 | €39,210 | €35,078 | -€4,132 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,210 | €35,078 | -€4,132 | -10.5% |
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 11 October 2026 via checked.be.