VIEM: 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.
VIEM
Largest movements
- Receivables after one year -€600,000
no longer reported in 2025 (was €600,000)
- Current investments -€324,892
down €324,892 (-8.5%), from €3.8m to €3.5m
- Receivables within one year -€88,288
down €88,288 (-62.8%), from €140,653 to €52,365
of which Trade receivables: -€88,514
- Reserves -€1.0m
down €1.0m (-16.2%), from €6.2m to €5.2m
of which Distributable reserves: -€652,571
- Trade debts +€94,083
up €94,083 (+1,181%), from €7,970 to €102,052
- Tax, wage and social debts -€90,515
down €90,515 (-24.4%), from €370,823 to €280,308
of which Taxes: -€110,357
- Gross operating margin +€203,864
up €203,864 (+16.7%), from €1.2m to €1.4m
- Other operating charges -€156,131
down €156,131 (-94.5%), from €165,232 to €9,101
- Taxes +€111,807
up €111,807 (+29.8%), from €375,634 to €487,441
- Financial income +€45,725
up €45,725 (+109%), from €42,132 to €87,857
of which Non-recurring financial income: +€57,857
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 | €6,664,306 | €5,619,689 | -€1.0m | -15.7% |
| Fixed assets | 21/28 | €1,946,533 | €1,901,713 | -€44,820 | -2.3% |
| Tangible fixed assets | 22/27 | €1,946,183 | €1,901,363 | -€44,820 | -2.3% |
| Land and buildings | 22 | €1,891,247 | €1,863,111 | -€28,137 | -1.5% |
| Plant, machinery and equipment | 23 | €4,100 | €2,050 | -€2,050 | -50.0% |
| Furniture and vehicles | 24 | €50,836 | €36,202 | -€14,634 | -28.8% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €4,717,773 | €3,717,976 | -€999,797 | -21.2% |
| Amounts receivable after more than one year | 29 | €600,000 | - | -€600,000 | |
| Other amounts receivable | 291 | €600,000 | - | -€600,000 | |
| Amounts receivable within one year | 40/41 | €140,653 | €52,365 | -€88,288 | -62.8% |
| Trade receivables | 40 | €134,897 | €46,384 | -€88,514 | -65.6% |
| Other amounts receivable | 41 | €5,755 | €5,981 | +€226 | +3.9% |
| Current investments | 50/53 | €3,826,448 | €3,501,556 | -€324,892 | -8.5% |
| Cash at bank and in hand | 54/58 | €85,837 | €99,220 | +€13,383 | +15.6% |
| Deferred charges and accrued income | 490/1 | €64,835 | €64,835 | = | 0.0% |
| Total equity and liabilities | 10/49 | €6,664,306 | €5,619,689 | -€1.0m | -15.7% |
| Equity | 10/15 | €6,210,881 | €5,208,772 | -€1.0m | -16.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €6,185,973 | €5,183,864 | -€1.0m | -16.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €662,854 | €313,316 | -€349,538 | -52.7% |
| Distributable reserves | 133 | €5,521,119 | €4,868,548 | -€652,571 | -11.8% |
| Profit (loss) carried forward | 14 | €4,907 | €4,907 | = | 0.0% |
| Amounts payable | 17/49 | €453,425 | €410,917 | -€42,508 | -9.4% |
| Amounts payable within one year | 42/48 | €453,425 | €410,917 | -€42,508 | -9.4% |
| Trade debts | 44 | €7,970 | €102,052 | +€94,083 | +1,181% |
| Suppliers | 440/4 | €7,970 | €102,052 | +€94,083 | +1,181% |
| Taxes, remuneration and social security | 45 | €370,823 | €280,308 | -€90,515 | -24.4% |
| Taxes | 450/3 | €370,823 | €260,466 | -€110,357 | -29.8% |
| Remuneration and social security | 454/9 | - | €19,841 | +€19,841 | |
| Other amounts payable | 47/48 | €74,632 | €28,557 | -€46,075 | -61.7% |
| Non-recurring operating income | 76A | €3,807 | €4,050 | +€243 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,715 | €66,147 | -€9,568 | -12.6% |
| Other operating charges | 640/8 | €165,232 | €9,101 | -€156,131 | -94.5% |
| Gross operating margin | 9900 | €1,221,522 | €1,425,387 | +€203,864 | +16.7% |
| Operating profit (loss) | 9901 | €980,575 | €1,350,138 | +€369,563 | +37.7% |
| Financial income | 75/76B | €42,132 | €87,857 | +€45,725 | +109% |
| Recurring financial income | 75 | €42,132 | €30,000 | -€12,132 | -28.8% |
| Non-recurring financial income | 76B | - | €57,857 | +€57,857 | |
| Financial charges | 65/66B | €9,859 | €10,763 | +€905 | +9.2% |
| Recurring financial charges | 65 | €9,859 | €10,763 | +€905 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €1,012,848 | €1,427,232 | +€414,384 | +40.9% |
| Income taxes | 67/77 | €375,634 | €487,441 | +€111,807 | +29.8% |
| Profit (loss) for the period | 9904 | €637,214 | €939,791 | +€302,577 | +47.5% |
| Transfer from tax-exempt reserves | 789 | €579,006 | €496,888 | -€82,117 | -14.2% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,216,220 | €1,289,329 | +€73,110 | +6.0% |
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 15 October 2026 via checked.be.