VFM CONSULTING: 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 CONSULTING
Largest movements
- Financial fixed assets +€137,081
up €137,081 (+68.5%), from €199,990 to €337,071
- Cash -€40,561
down €40,561 (-17.1%), from €236,697 to €196,135
mainly Investment in fixed assets (net) (-€148,926) and Debts after one year (-€18,302)
- Tangible fixed assets +€6,989
up €6,989 (+103%), from €6,816 to €13,805
of which Furniture and vehicles: +€5,368
- Reserves +€112,514
up €112,514 (+30.5%), from €368,416 to €480,930
of which Distributable reserves: +€112,514
- Debts after one year -€18,302
down €18,302 (-39.5%), from €46,338 to €28,036
- Tax, wage and social debts +€11,178
up €11,178 (+46.3%), from €24,162 to €35,339
of which Taxes: +€14,031
- Financial income +€36,568
up €36,568 (+2,233%), from €1,637 to €38,205
- Taxes +€12,647
up €12,647 (+28.6%), from €44,277 to €56,924
- Gross operating margin +€4,914
up €4,914 (+3.5%), from €138,995 to €143,910
- Depreciation +€2,853
up €2,853 (+143%), from €2,002 to €4,856
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 | €476,885 | €580,548 | +€103,663 | +21.7% |
| Fixed assets | 21/28 | €206,806 | €350,876 | +€144,070 | +69.7% |
| Tangible fixed assets | 22/27 | €6,816 | €13,805 | +€6,989 | +103% |
| Land and buildings | 22 | €211 | - | -€211 | |
| Plant, machinery and equipment | 23 | - | €2,043 | +€2,043 | |
| Furniture and vehicles | 24 | €4,856 | €10,224 | +€5,368 | +111% |
| Other tangible fixed assets | 26 | €1,749 | €1,538 | -€211 | -12.0% |
| Financial fixed assets | 28 | €199,990 | €337,071 | +€137,081 | +68.5% |
| Current assets | 29/58 | €270,080 | €229,672 | -€40,408 | -15.0% |
| Amounts receivable within one year | 40/41 | €25,522 | €26,620 | +€1,098 | +4.3% |
| Trade receivables | 40 | €25,522 | €26,620 | +€1,098 | +4.3% |
| Current investments | 50/53 | €4,715 | €4,715 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €236,697 | €196,135 | -€40,561 | -17.1% |
| Deferred charges and accrued income | 490/1 | €3,146 | €2,202 | -€944 | -30.0% |
| Total equity and liabilities | 10/49 | €476,885 | €580,548 | +€103,663 | +21.7% |
| Equity | 10/15 | €380,816 | €493,330 | +€112,514 | +29.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €368,416 | €480,930 | +€112,514 | +30.5% |
| Tax-exempt reserves | 132 | €45 | €45 | = | 0.0% |
| Distributable reserves | 133 | €368,371 | €480,885 | +€112,514 | +30.5% |
| Amounts payable | 17/49 | €96,070 | €87,218 | -€8,852 | -9.2% |
| Amounts payable after more than one year | 17 | €46,338 | €28,036 | -€18,302 | -39.5% |
| Financial debts | 170/4 | €46,338 | €28,036 | -€18,302 | -39.5% |
| Amounts payable within one year | 42/48 | €49,639 | €59,115 | +€9,476 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €19,484 | €19,814 | +€330 | +1.7% |
| Financial debts | 43 | €1,347 | €368 | -€979 | -72.7% |
| Credit institutions | 430/8 | €1,347 | €368 | -€979 | -72.7% |
| Trade debts | 44 | €4,623 | €3,579 | -€1,044 | -22.6% |
| Suppliers | 440/4 | €4,623 | €3,579 | -€1,044 | -22.6% |
| Taxes, remuneration and social security | 45 | €24,162 | €35,339 | +€11,178 | +46.3% |
| Taxes | 450/3 | €21,308 | €35,339 | +€14,031 | +65.8% |
| Remuneration and social security | 454/9 | €2,853 | - | -€2,853 | |
| Other amounts payable | 47/48 | €24 | €15 | -€9 | -36.8% |
| Accrued charges and deferred income | 492/3 | €92 | €67 | -€25 | -27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,002 | €4,856 | +€2,853 | +143% |
| Other operating charges | 640/8 | €1,613 | €1,027 | -€586 | -36.3% |
| Non-recurring operating charges | 66A | - | €661 | +€661 | |
| Gross operating margin | 9900 | €138,995 | €143,910 | +€4,914 | +3.5% |
| Operating profit (loss) | 9901 | €135,380 | €137,366 | +€1,986 | +1.5% |
| Financial income | 75/76B | €1,637 | €38,205 | +€36,568 | +2,233% |
| Recurring financial income | 75 | €1,637 | €38,205 | +€36,568 | +2,233% |
| Financial charges | 65/66B | €2,578 | €2,558 | -€20 | -0.8% |
| Recurring financial charges | 65 | €2,578 | €2,558 | -€20 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €134,440 | €173,013 | +€38,574 | +28.7% |
| Income taxes | 67/77 | €44,277 | €56,924 | +€12,647 | +28.6% |
| Profit (loss) for the period | 9904 | €90,163 | €116,089 | +€25,927 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,163 | €116,089 | +€25,927 | +28.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.