VLM TAX: 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 TAX
Largest movements
- Receivables within one year -€27,003
down €27,003 (-92.9%), from €29,058 to €2,055
of which Trade receivables: -€14,432
- Cash -€14,505
down €14,505 (-39.5%), from €36,698 to €22,193
mainly Investment in fixed assets (net) (-€64,317) and Trade debts (-€51,736)
- Tangible fixed assets +€13,628
up €13,628 (+6.5%), from €209,165 to €222,793
of which Furniture and vehicles: +€10,615
- Debts after one year +€56,795
up €56,795 (+24.0%), from €237,131 to €293,926
of which Financial debts: +€36,753
- Trade debts -€51,736
down €51,736 (-80.3%), from €64,428 to €12,693
- Profit (loss) carried forward -€42,311
down €42,311 (-59.6%), from -€70,988 to -€113,298
- Current portion of long-term debt +€5,926
up €5,926 (+49.0%), from €12,092 to €18,018
- Tax, wage and social debts +€4,982
up €4,982 (+28.8%), from €17,330 to €22,312
of which Remuneration and social security: +€4,284
- Staff costs +€20,421
up €20,421 (+41.9%), from €48,767 to €69,187
- Other operating charges -€5,423
down €5,423 (-64.8%), from €8,373 to €2,951
- Gross operating margin -€4,639
down €4,639 (-4.4%), from €105,491 to €100,852
- Financial charges +€2,067
up €2,067 (+205%), from €1,008 to €3,074
- Depreciation +€1,068
up €1,068 (+2.2%), from €49,620 to €50,688
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 | €280,545 | €254,956 | -€25,589 | -9.1% |
| Fixed assets | 21/28 | €209,165 | €222,793 | +€13,628 | +6.5% |
| Tangible fixed assets | 22/27 | €209,165 | €222,793 | +€13,628 | +6.5% |
| Plant, machinery and equipment | 23 | €2,669 | €5,682 | +€3,013 | +113% |
| Furniture and vehicles | 24 | €206,496 | €217,111 | +€10,615 | +5.1% |
| Current assets | 29/58 | €71,380 | €32,163 | -€39,218 | -54.9% |
| Amounts receivable within one year | 40/41 | €29,058 | €2,055 | -€27,003 | -92.9% |
| Trade receivables | 40 | €16,488 | €2,055 | -€14,432 | -87.5% |
| Other amounts receivable | 41 | €12,571 | €0 | -€12,571 | -100% |
| Cash at bank and in hand | 54/58 | €36,698 | €22,193 | -€14,505 | -39.5% |
| Deferred charges and accrued income | 490/1 | €5,624 | €7,915 | +€2,291 | +40.7% |
| Total equity and liabilities | 10/49 | €280,545 | €254,956 | -€25,589 | -9.1% |
| Equity | 10/15 | -€50,988 | -€93,298 | -€42,311 | -83.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,988 | -€113,298 | -€42,311 | -59.6% |
| Amounts payable | 17/49 | €331,533 | €348,254 | +€16,722 | +5.0% |
| Amounts payable after more than one year | 17 | €237,131 | €293,926 | +€56,795 | +24.0% |
| Financial debts | 170/4 | €2,932 | €39,685 | +€36,753 | +1,254% |
| Other amounts payable | 178/9 | €234,199 | €254,241 | +€20,043 | +8.6% |
| Amounts payable within one year | 42/48 | €94,106 | €53,502 | -€40,604 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €12,092 | €18,018 | +€5,926 | +49.0% |
| Financial debts | 43 | €255 | €479 | +€224 | +87.8% |
| Credit institutions | 430/8 | €255 | €479 | +€224 | +87.8% |
| Trade debts | 44 | €64,428 | €12,693 | -€51,736 | -80.3% |
| Suppliers | 440/4 | €64,428 | €12,693 | -€51,736 | -80.3% |
| Taxes, remuneration and social security | 45 | €17,330 | €22,312 | +€4,982 | +28.8% |
| Taxes | 450/3 | €5,435 | €6,133 | +€698 | +12.8% |
| Remuneration and social security | 454/9 | €11,895 | €16,180 | +€4,284 | +36.0% |
| Accrued charges and deferred income | 492/3 | €296 | €827 | +€530 | +179% |
| Non-recurring operating income | 76A | - | €16,000 | +€16,000 | |
| Remuneration, social security and pensions | 62 | €48,767 | €69,187 | +€20,421 | +41.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,620 | €50,688 | +€1,068 | +2.2% |
| Other operating charges | 640/8 | €8,373 | €2,951 | -€5,423 | -64.8% |
| Non-recurring operating charges | 66A | €791 | €17,831 | +€17,040 | +2,155% |
| Gross operating margin | 9900 | €105,491 | €100,852 | -€4,639 | -4.4% |
| Operating profit (loss) | 9901 | -€2,061 | -€39,805 | -€37,744 | -1,832% |
| Financial income | 75/76B | €21 | €568 | +€547 | +2,608% |
| Recurring financial income | 75 | €21 | €568 | +€547 | +2,608% |
| Financial charges | 65/66B | €1,008 | €3,074 | +€2,067 | +205% |
| Recurring financial charges | 65 | €1,008 | €3,074 | +€2,067 | +205% |
| Profit (loss) for the period before taxes | 9903 | -€3,047 | -€42,311 | -€39,264 | -1,289% |
| Profit (loss) for the period | 9904 | -€3,047 | -€42,311 | -€39,264 | -1,289% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,047 | -€42,311 | -€39,264 | -1,289% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.