VLM Group: 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.
VLM Group
Largest movements
- Tangible fixed assets +€42,859
up €42,859 (+2,240%), from €1,913 to €44,772
of which Furniture and vehicles: +€42,953
- Cash +€24,689
up €24,689 (+363%), from €6,807 to €31,496
mainly Net result for the year (+€27,711) and Other debts (+€22,322)
- Receivables within one year +€3,468
up €3,468 (+28.1%), from €12,333 to €15,801
of which Trade receivables: +€5,359
- Reserves +€27,711
up €27,711 (+266%), from €10,403 to €38,114
of which Distributable reserves: +€27,711
- Other debts +€22,322
up €22,322, from €0 to €22,322
- Debts after one year +€10,609
new in 2025: €10,609
- Tax, wage and social debts +€5,204
up €5,204 (+121%), from €4,284 to €9,487
- Current portion of long-term debt +€2,809
new in 2025: €2,809
- Gross operating margin +€33,530
up €33,530 (+182%), from €18,446 to €51,976
- Taxes +€8,223
up €8,223 (+150%), from €5,498 to €13,721
- Depreciation +€6,644
up €6,644 (+431%), from €1,542 to €8,186
- Financial charges +€1,014
up €1,014 (+484%), from €210 to €1,224
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 | €27,976 | €99,853 | +€71,877 | +257% |
| Fixed assets | 21/28 | €1,913 | €44,772 | +€42,859 | +2,240% |
| Tangible fixed assets | 22/27 | €1,913 | €44,772 | +€42,859 | +2,240% |
| Land and buildings | 22 | €753 | €659 | -€94 | -12.5% |
| Furniture and vehicles | 24 | €1,160 | €44,113 | +€42,953 | +3,704% |
| Current assets | 29/58 | €26,063 | €55,082 | +€29,018 | +111% |
| Amounts receivable within one year | 40/41 | €12,333 | €15,801 | +€3,468 | +28.1% |
| Trade receivables | 40 | €10,278 | €15,637 | +€5,359 | +52.1% |
| Other amounts receivable | 41 | €2,055 | €164 | -€1,891 | -92.0% |
| Cash at bank and in hand | 54/58 | €6,807 | €31,496 | +€24,689 | +363% |
| Deferred charges and accrued income | 490/1 | €6,924 | €7,785 | +€861 | +12.4% |
| Total equity and liabilities | 10/49 | €27,976 | €99,853 | +€71,877 | +257% |
| Equity | 10/15 | €22,903 | €50,614 | +€27,711 | +121% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €10,403 | €38,114 | +€27,711 | +266% |
| Tax-exempt reserves | 132 | €241 | €241 | = | 0.0% |
| Distributable reserves | 133 | €10,162 | €37,873 | +€27,711 | +273% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €5,074 | €49,240 | +€44,166 | +871% |
| Amounts payable after more than one year | 17 | - | €10,609 | +€10,609 | |
| Financial debts | 170/4 | - | €10,609 | +€10,609 | |
| Amounts payable within one year | 42/48 | €5,074 | €37,840 | +€32,767 | +646% |
| Current portion of amounts payable after more than one year | 42 | - | €2,809 | +€2,809 | |
| Trade debts | 44 | €790 | €3,222 | +€2,432 | +308% |
| Suppliers | 440/4 | €790 | €3,222 | +€2,432 | +308% |
| Taxes, remuneration and social security | 45 | €4,284 | €9,487 | +€5,204 | +121% |
| Taxes | 450/3 | €4,284 | €9,487 | +€5,204 | +121% |
| Other amounts payable | 47/48 | €0 | €22,322 | +€22,322 | |
| Accrued charges and deferred income | 492/3 | - | €790 | +€790 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,542 | €8,186 | +€6,644 | +431% |
| Other operating charges | 640/8 | €1,429 | €1,177 | -€253 | -17.7% |
| Gross operating margin | 9900 | €18,446 | €51,976 | +€33,530 | +182% |
| Operating profit (loss) | 9901 | €15,475 | €42,613 | +€27,138 | +175% |
| Financial income | 75/76B | €63 | €43 | -€20 | -31.8% |
| Recurring financial income | 75 | €63 | €43 | -€20 | -31.8% |
| Financial charges | 65/66B | €210 | €1,224 | +€1,014 | +484% |
| Recurring financial charges | 65 | €210 | €1,224 | +€1,014 | +484% |
| Profit (loss) for the period before taxes | 9903 | €15,328 | €41,432 | +€26,104 | +170% |
| Income taxes | 67/77 | €5,498 | €13,721 | +€8,223 | +150% |
| Profit (loss) for the period | 9904 | €9,830 | €27,711 | +€17,881 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €9,830 | €27,711 | +€17,881 | +182% |
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 16 October 2026 via checked.be.