VIRMAT: 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.
VIRMAT
Largest movements
- Cash +€227,713
up €227,713 (+527%), from €43,239 to €270,952
mainly Net result for the year (+€227,706) and Depreciation (+€157,643)
- Tangible fixed assets -€147,011
down €147,011 (-15.6%), from €944,268 to €797,257
- Receivables within one year -€55,081
down €55,081 (-29.4%), from €187,491 to €132,410
of which Other amounts receivable: -€50,555
- Reserves +€127,706
up €127,706 (+16.0%), from €798,110 to €925,815
- Debts after one year -€76,836
down €76,836 (-24.8%), from €309,402 to €232,566
- Current portion of long-term debt -€59,321
down €59,321 (-42.0%), from €141,374 to €82,054
- Trade debts +€30,015
up €30,015 (+71.1%), from €42,204 to €72,218
- Tax, wage and social debts +€16,445
up €16,445 (+50.8%), from €32,366 to €48,811
of which Remuneration and social security: +€17,305
- Gross operating margin -€8,385
down €8,385 (-1.0%), from €807,162 to €798,777
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 | €1,402,132 | €1,440,325 | +€38,193 | +2.7% |
| Fixed assets | 21/28 | €944,368 | €797,357 | -€147,011 | -15.6% |
| Tangible fixed assets | 22/27 | €944,268 | €797,257 | -€147,011 | -15.6% |
| Land and buildings | 22 | €503,990 | €462,418 | -€41,572 | -8.2% |
| Plant, machinery and equipment | 23 | €326,265 | €255,020 | -€71,244 | -21.8% |
| Furniture and vehicles | 24 | €114,013 | €79,818 | -€34,195 | -30.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €457,764 | €642,968 | +€185,204 | +40.5% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €14,206 | €24,605 | +€10,398 | +73.2% |
| Stocks | 30/36 | €14,206 | €24,605 | +€10,398 | +73.2% |
| Amounts receivable within one year | 40/41 | €187,491 | €132,410 | -€55,081 | -29.4% |
| Trade receivables | 40 | €20,313 | €15,788 | -€4,525 | -22.3% |
| Other amounts receivable | 41 | €167,178 | €116,623 | -€50,555 | -30.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €43,239 | €270,952 | +€227,713 | +527% |
| Deferred charges and accrued income | 490/1 | €12,828 | €15,001 | +€2,173 | +16.9% |
| Total equity and liabilities | 10/49 | €1,402,132 | €1,440,325 | +€38,193 | +2.7% |
| Equity | 10/15 | €873,110 | €1,000,815 | +€127,706 | +14.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €798,110 | €925,815 | +€127,706 | +16.0% |
| Distributable reserves | 133 | €798,110 | €925,815 | +€127,706 | +16.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €529,022 | €439,510 | -€89,513 | -16.9% |
| Amounts payable after more than one year | 17 | €309,402 | €232,566 | -€76,836 | -24.8% |
| Financial debts | 170/4 | €309,402 | €232,566 | -€76,836 | -24.8% |
| Amounts payable within one year | 42/48 | €215,947 | €203,083 | -€12,864 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €141,374 | €82,054 | -€59,321 | -42.0% |
| Financial debts | 43 | €3 | €0 | -€3 | -100% |
| Credit institutions | 430/8 | €3 | €0 | -€3 | -100% |
| Trade debts | 44 | €42,204 | €72,218 | +€30,015 | +71.1% |
| Suppliers | 440/4 | €42,204 | €72,218 | +€30,015 | +71.1% |
| Taxes, remuneration and social security | 45 | €32,366 | €48,811 | +€16,445 | +50.8% |
| Taxes | 450/3 | €15,003 | €14,143 | -€860 | -5.7% |
| Remuneration and social security | 454/9 | €17,363 | €34,668 | +€17,305 | +99.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,673 | €3,861 | +€188 | +5.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €303,558 | €300,520 | -€3,038 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,043 | €157,643 | +€7,600 | +5.1% |
| Other operating charges | 640/8 | €5,310 | €5,379 | +€69 | +1.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €807,162 | €798,777 | -€8,385 | -1.0% |
| Operating profit (loss) | 9901 | €348,251 | €335,235 | -€13,016 | -3.7% |
| Financial income | 75/76B | €7,394 | €9,660 | +€2,266 | +30.6% |
| Recurring financial income | 75 | €7,394 | €9,660 | +€2,266 | +30.6% |
| Financial charges | 65/66B | €14,211 | €13,280 | -€932 | -6.6% |
| Recurring financial charges | 65 | €14,211 | €13,280 | -€932 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €341,434 | €331,615 | -€9,819 | -2.9% |
| Income taxes | 67/77 | €105,631 | €103,909 | -€1,722 | -1.6% |
| Profit (loss) for the period | 9904 | €235,803 | €227,706 | -€8,097 | -3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €235,803 | €227,706 | -€8,097 | -3.4% |
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 17 October 2026 via checked.be.