VFM: 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.
VFM
Largest movements
- Tangible fixed assets -€11,333
down €11,333 (-14.1%), from €80,095 to €68,762
- Stocks and contracts +€2,674
up €2,674 (+40.1%), from €6,670 to €9,344
- Cash -€2,144
down €2,144 (-30.6%), from €7,006 to €4,862
mainly Debts after one year (-€14,557) and Net result for the year (-€10,359)
- Debts after one year -€14,557
down €14,557 (-20.1%), from €72,312 to €57,754
- Profit (loss) carried forward -€10,359
down €10,359 (-44.0%), from -€23,552 to -€33,911
- Tax, wage and social debts +€9,273
up €9,273 (+127.0%), from €7,299 to €16,572
of which Remuneration and social security: +€4,953
- Trade debts +€4,256
up €4,256 (+116.2%), from €3,662 to €7,918
- Staff costs +€31,542
up €31,542 (+242.8%), from €12,993 to €44,535
- Gross operating margin +€26,564
up €26,564 (+104.3%), from €25,478 to €52,042
- Depreciation +€4,731
up €4,731 (+55.3%), from €8,551 to €13,283
- Other operating charges +€785
up €785 (+291.3%), from €270 to €1,055
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 | €95,135 | €84,280 | -€10,855 | -11.4% |
| Fixed assets | 21/28 | €81,395 | €70,062 | -€11,333 | -13.9% |
| Tangible fixed assets | 22/27 | €80,095 | €68,762 | -€11,333 | -14.1% |
| Land and buildings | 22 | €17,109 | €15,050 | -€2,059 | -12.0% |
| Plant, machinery and equipment | 23 | €48,390 | €44,132 | -€4,258 | -8.8% |
| Furniture and vehicles | 24 | €14,596 | €9,580 | -€5,016 | -34.4% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €13,740 | €14,218 | +€478 | +3.5% |
| Stocks and contracts in progress | 3 | €6,670 | €9,344 | +€2,674 | +40.1% |
| Stocks | 30/36 | €6,670 | €9,344 | +€2,674 | +40.1% |
| Amounts receivable within one year | 40/41 | €41 | €12 | -€28 | -70.1% |
| Trade receivables | 40 | €41 | €12 | -€28 | -70.1% |
| Cash at bank and in hand | 54/58 | €7,006 | €4,862 | -€2,144 | -30.6% |
| Deferred charges and accrued income | 490/1 | €24 | - | -€24 | |
| Total equity and liabilities | 10/49 | €95,135 | €84,280 | -€10,855 | -11.4% |
| Equity | 10/15 | -€18,552 | -€28,911 | -€10,359 | -55.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,552 | -€33,911 | -€10,359 | -44.0% |
| Amounts payable | 17/49 | €113,687 | €113,191 | -€496 | -0.4% |
| Amounts payable after more than one year | 17 | €72,312 | €57,754 | -€14,557 | -20.1% |
| Financial debts | 170/4 | €72,312 | €57,754 | -€14,557 | -20.1% |
| Amounts payable within one year | 42/48 | €41,375 | €55,421 | +€14,045 | +33.9% |
| Current portion of amounts payable after more than one year | 42 | €15,391 | €15,825 | +€435 | +2.8% |
| Trade debts | 44 | €3,662 | €7,918 | +€4,256 | +116.2% |
| Suppliers | 440/4 | €3,662 | €7,918 | +€4,256 | +116.2% |
| Taxes, remuneration and social security | 45 | €7,299 | €16,572 | +€9,273 | +127.0% |
| Taxes | 450/3 | €3,884 | €8,204 | +€4,320 | +111.2% |
| Remuneration and social security | 454/9 | €3,415 | €8,368 | +€4,953 | +145.0% |
| Other amounts payable | 47/48 | €15,024 | €15,106 | +€82 | +0.5% |
| Accrued charges and deferred income | 492/3 | - | €16 | +€16 | |
| Remuneration, social security and pensions | 62 | €12,993 | €44,535 | +€31,542 | +242.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,551 | €13,283 | +€4,731 | +55.3% |
| Other operating charges | 640/8 | €270 | €1,055 | +€785 | +291.3% |
| Gross operating margin | 9900 | €25,478 | €52,042 | +€26,564 | +104.3% |
| Operating profit (loss) | 9901 | €3,664 | -€6,831 | -€10,495 | |
| Financial income | 75/76B | €347 | €56 | -€291 | -83.8% |
| Recurring financial income | 75 | €347 | €56 | -€291 | -83.8% |
| Financial charges | 65/66B | €3,244 | €3,452 | +€208 | +6.4% |
| Recurring financial charges | 65 | €3,244 | €3,452 | +€208 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €767 | -€10,227 | -€10,994 | |
| Income taxes | 67/77 | - | €132 | +€132 | |
| Profit (loss) for the period | 9904 | €767 | -€10,359 | -€11,126 | |
| Profit (loss) for the period to be appropriated | 9905 | €767 | -€10,359 | -€11,126 |
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 10 October 2026 via checked.be.