VKM: 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.
VKM
Largest movements
- Cash +€18,369
up €18,369 (+54.1%), from €33,961 to €52,330
mainly Net result for the year (+€19,140) and Depreciation (+€15,183)
- Tangible fixed assets -€11,037
down €11,037 (-3.2%), from €347,384 to €336,347
of which Land and buildings: -€12,243
- Receivables within one year -€10,925
down €10,925 (-57.9%), from €18,876 to €7,951
- Debts after one year -€24,995
down €24,995 (-29.7%), from €84,158 to €59,163
- Reserves +€19,140
up €19,140 (+14.1%), from €135,440 to €154,580
of which Distributable reserves: +€19,140
- Trade debts -€10,233
down €10,233 (-87.2%), from €11,740 to €1,507
- Other debts +€8,891
up €8,891 (+16.3%), from €54,537 to €63,427
- Gross operating margin -€8,993
down €8,993 (-12.9%), from €69,651 to €60,658
- Financial charges -€3,130
down €3,130 (-19.0%), from €16,439 to €13,309
- Taxes -€2,594
down €2,594 (-20.4%), from €12,688 to €10,093
- Depreciation +€831
up €831 (+5.8%), from €14,353 to €15,183
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 | €403,202 | €399,502 | -€3,700 | -0.9% |
| Fixed assets | 21/28 | €347,894 | €336,857 | -€11,037 | -3.2% |
| Tangible fixed assets | 22/27 | €347,384 | €336,347 | -€11,037 | -3.2% |
| Land and buildings | 22 | €336,793 | €324,551 | -€12,243 | -3.6% |
| Plant, machinery and equipment | 23 | €225 | €1,130 | +€906 | +403.2% |
| Furniture and vehicles | 24 | €10,366 | €10,666 | +€300 | +2.9% |
| Financial fixed assets | 28 | €510 | €510 | = | 0.0% |
| Current assets | 29/58 | €55,308 | €62,644 | +€7,337 | +13.3% |
| Amounts receivable within one year | 40/41 | €18,876 | €7,951 | -€10,925 | -57.9% |
| Trade receivables | 40 | €18,876 | €7,951 | -€10,925 | -57.9% |
| Cash at bank and in hand | 54/58 | €33,961 | €52,330 | +€18,369 | +54.1% |
| Deferred charges and accrued income | 490/1 | €2,471 | €2,364 | -€107 | -4.3% |
| Total equity and liabilities | 10/49 | €403,202 | €399,502 | -€3,700 | -0.9% |
| Equity | 10/15 | €215,417 | €234,557 | +€19,140 | +8.9% |
| Contributions | 10/11 | €62,400 | €62,400 | = | 0.0% |
| Reserves | 13 | €135,440 | €154,580 | +€19,140 | +14.1% |
| Non-distributable reserves | 130/1 | €6,077 | €6,077 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,077 | €6,077 | = | 0.0% |
| Distributable reserves | 133 | €129,364 | €148,504 | +€19,140 | +14.8% |
| Profit (loss) carried forward | 14 | €17,577 | €17,577 | = | 0.0% |
| Amounts payable | 17/49 | €187,785 | €164,944 | -€22,840 | -12.2% |
| Amounts payable after more than one year | 17 | €84,158 | €59,163 | -€24,995 | -29.7% |
| Financial debts | 170/4 | €84,158 | €59,163 | -€24,995 | -29.7% |
| Amounts payable within one year | 42/48 | €103,627 | €105,782 | +€2,155 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €23,645 | €24,995 | +€1,350 | +5.7% |
| Trade debts | 44 | €11,740 | €1,507 | -€10,233 | -87.2% |
| Suppliers | 440/4 | €11,740 | €1,507 | -€10,233 | -87.2% |
| Taxes, remuneration and social security | 45 | €13,705 | €15,852 | +€2,147 | +15.7% |
| Taxes | 450/3 | €11,695 | €15,852 | +€4,157 | +35.5% |
| Remuneration and social security | 454/9 | €2,009 | - | -€2,009 | |
| Other amounts payable | 47/48 | €54,537 | €63,427 | +€8,891 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,353 | €15,183 | +€831 | +5.8% |
| Other operating charges | 640/8 | €3,577 | €2,933 | -€644 | -18.0% |
| Gross operating margin | 9900 | €69,651 | €60,658 | -€8,993 | -12.9% |
| Operating profit (loss) | 9901 | €51,721 | €42,541 | -€9,179 | -17.7% |
| Financial income | 75/76B | €29 | €1 | -€28 | -98.2% |
| Recurring financial income | 75 | €29 | €1 | -€28 | -98.2% |
| Financial charges | 65/66B | €16,439 | €13,309 | -€3,130 | -19.0% |
| Recurring financial charges | 65 | €16,439 | €13,309 | -€3,130 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €35,311 | €29,233 | -€6,077 | -17.2% |
| Income taxes | 67/77 | €12,688 | €10,093 | -€2,594 | -20.4% |
| Profit (loss) for the period | 9904 | €22,623 | €19,140 | -€3,483 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,623 | €19,140 | -€3,483 | -15.4% |
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 12 October 2026 via checked.be.