VM: what changed
Two fiscal 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.
VM
Largest movements
- Current investments -€602,914
down €602,914 (-49.9%), from €1.2m to €606,166
- Cash +€543,965
up €543,965 (+92.2%), from €589,787 to €1.1m
mainly Current investments (+€602,914) and Investment in fixed assets (net) (+€252,514)
- Receivables after one year +€255,000
new in 2025: €255,000
- Financial fixed assets -€252,500
down €252,500 (-100.0%), from €252,500 to €0
- Tangible fixed assets -€91,726
down €91,726 (-18.6%), from €493,785 to €402,058
of which Land and buildings: -€77,495
- Other debts -€170,030
down €170,030 (-92.9%), from €182,937 to €12,907
- Debts after one year +€149,879
new in 2025: €149,879
- Trade debts -€77,396
down €77,396 (-60.8%), from €127,318 to €49,922
- Gross operating margin -€108,549
down €108,549 (-62.7%), from €173,217 to €64,668
- Taxes -€20,990
down €20,990 (-98.8%), from €21,235 to €244
- Financial income +€19,405
up €19,405 (+69.1%), from €28,073 to €47,478
- Depreciation +€3,547
up €3,547 (+4.0%), from €88,165 to €91,712
- Financial charges +€3,079
up €3,079 (+23.5%), from €13,121 to €16,199
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 | €2,573,053 | €2,473,543 | -€99,511 | -3.9% |
| Fixed assets | 21/28 | €746,285 | €402,058 | -€344,226 | -46.1% |
| Tangible fixed assets | 22/27 | €493,785 | €402,058 | -€91,726 | -18.6% |
| Land and buildings | 22 | €436,965 | €359,470 | -€77,495 | -17.7% |
| Furniture and vehicles | 24 | €55,228 | €42,199 | -€13,028 | -23.6% |
| Other tangible fixed assets | 26 | €1,592 | €389 | -€1,203 | -75.5% |
| Financial fixed assets | 28 | €252,500 | €0 | -€252,500 | -100.0% |
| Current assets | 29/58 | €1,826,769 | €2,071,484 | +€244,715 | +13.4% |
| Amounts receivable after more than one year | 29 | - | €255,000 | +€255,000 | |
| Other amounts receivable | 291 | - | €255,000 | +€255,000 | |
| Amounts receivable within one year | 40/41 | €25,198 | €72,598 | +€47,400 | +188.1% |
| Trade receivables | 40 | €3,025 | €39,659 | +€36,634 | +1211.0% |
| Other amounts receivable | 41 | €22,173 | €32,939 | +€10,766 | +48.6% |
| Current investments | 50/53 | €1,209,080 | €606,166 | -€602,914 | -49.9% |
| Cash at bank and in hand | 54/58 | €589,787 | €1,133,753 | +€543,965 | +92.2% |
| Deferred charges and accrued income | 490/1 | €2,704 | €3,968 | +€1,264 | +46.7% |
| Total equity and liabilities | 10/49 | €2,573,053 | €2,473,543 | -€99,511 | -3.9% |
| Equity | 10/15 | €2,262,799 | €2,260,835 | -€1,964 | -0.1% |
| Contributions | 10/11 | €33,141 | €33,141 | = | 0.0% |
| Reserves | 13 | €2,155,407 | €2,155,407 | = | 0.0% |
| Distributable reserves | 133 | €2,155,407 | €2,155,407 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,251 | €72,287 | -€1,964 | -2.6% |
| Amounts payable | 17/49 | €310,254 | €212,708 | -€97,547 | -31.4% |
| Amounts payable after more than one year | 17 | - | €149,879 | +€149,879 | |
| Other amounts payable | 178/9 | - | €149,879 | +€149,879 | |
| Amounts payable within one year | 42/48 | €310,254 | €62,828 | -€247,426 | -79.7% |
| Trade debts | 44 | €127,318 | €49,922 | -€77,396 | -60.8% |
| Suppliers | 440/4 | €127,318 | €49,922 | -€77,396 | -60.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €182,937 | €12,907 | -€170,030 | -92.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,165 | €91,712 | +€3,547 | +4.0% |
| Other operating charges | 640/8 | €4,520 | €5,955 | +€1,435 | +31.7% |
| Gross operating margin | 9900 | €173,217 | €64,668 | -€108,549 | -62.7% |
| Operating profit (loss) | 9901 | €80,533 | -€32,999 | -€113,531 | |
| Financial income | 75/76B | €28,073 | €47,478 | +€19,405 | +69.1% |
| Recurring financial income | 75 | €28,073 | €47,478 | +€19,405 | +69.1% |
| Financial charges | 65/66B | €13,121 | €16,199 | +€3,079 | +23.5% |
| Recurring financial charges | 65 | €13,121 | €16,199 | +€3,079 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €95,486 | -€1,720 | -€97,205 | |
| Income taxes | 67/77 | €21,235 | €244 | -€20,990 | -98.8% |
| Profit (loss) for the period | 9904 | €74,251 | -€1,964 | -€76,215 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,251 | -€1,964 | -€76,215 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.