VFMS: 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.
VFMS
Largest movements
- Receivables within one year -€6,216
down €6,216 (-10.3%), from €60,306 to €54,090
of which Other amounts receivable: -€6,945
- Cash +€1,549
up €1,549 (+120%), from €1,287 to €2,836
mainly Receivables within one year (+€6,216) and Depreciation (+€535)
- Formation expenses +€1,390
new in 2025: €1,390
- Profit (loss) carried forward -€2,738
down €2,738 (-1.1%), from -€239,160 to -€241,898
- Gross operating margin +€695
up €695 (+25.7%), from -€2,705 to -€2,010
- Depreciation +€448
up €448 (+515%), from €87 to €535
- Financial charges +€120
new in 2025: €120
- Other operating charges -€57
down €57 (-44.0%), from €130 to €73
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 | €61,680 | €58,315 | -€3,364 | -5.5% |
| Formation expenses | 20 | - | €1,390 | +€1,390 | |
| Fixed assets | 21/28 | €87 | €0 | -€87 | -100% |
| Intangible fixed assets | 21 | €87 | €0 | -€87 | -100% |
| Current assets | 29/58 | €61,593 | €56,926 | -€4,667 | -7.6% |
| Amounts receivable within one year | 40/41 | €60,306 | €54,090 | -€6,216 | -10.3% |
| Trade receivables | 40 | - | €729 | +€729 | |
| Other amounts receivable | 41 | €60,306 | €53,361 | -€6,945 | -11.5% |
| Cash at bank and in hand | 54/58 | €1,287 | €2,836 | +€1,549 | +120% |
| Total equity and liabilities | 10/49 | €61,680 | €58,315 | -€3,364 | -5.5% |
| Equity | 10/15 | €60,840 | €58,102 | -€2,738 | -4.5% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€239,160 | -€241,898 | -€2,738 | -1.1% |
| Amounts payable | 17/49 | €840 | €214 | -€626 | -74.6% |
| Amounts payable within one year | 42/48 | €599 | €88 | -€511 | -85.4% |
| Trade debts | 44 | €599 | €88 | -€511 | -85.4% |
| Suppliers | 440/4 | €599 | €88 | -€511 | -85.4% |
| Accrued charges and deferred income | 492/3 | €241 | €126 | -€115 | -47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87 | €535 | +€448 | +515% |
| Other operating charges | 640/8 | €130 | €73 | -€57 | -44.0% |
| Gross operating margin | 9900 | -€2,705 | -€2,010 | +€695 | +25.7% |
| Operating profit (loss) | 9901 | -€2,922 | -€2,618 | +€304 | +10.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | - | €120 | +€120 | |
| Recurring financial charges | 65 | - | €120 | +€120 | |
| Profit (loss) for the period before taxes | 9903 | -€2,922 | -€2,738 | +€184 | +6.3% |
| Profit (loss) for the period | 9904 | -€2,922 | -€2,738 | +€184 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,922 | -€2,738 | +€184 | +6.3% |
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 20 October 2026 via checked.be.