VM+: 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.
VM+
Largest movements
- Receivables within one year +€18,481
up €18,481 (+35.0%), from €52,830 to €71,311
of which Trade receivables: +€12,286
- Tangible fixed assets -€17,344
down €17,344 (-50.3%), from €34,461 to €17,118
of which Other tangible fixed assets: -€8,766
- Stocks and contracts -€6,179
down €6,179 (-100.0%), from €6,179 to €0
- Deferred charges and accrued income -€3,863
down €3,863 (-80.5%), from €4,797 to €935
- Cash +€2,079
up €2,079 (+9.1%), from €22,838 to €24,918
mainly Other debts (+€13,231) and Investment in fixed assets (net) (+€13,072)
- Other debts +€13,231
up €13,231 (+14.7%), from €89,770 to €103,001
- Trade debts -€11,884
down €11,884 (-45.0%), from €26,417 to €14,532
- Profit (loss) carried forward -€8,126
down €8,126 (-67.2%), from -€12,091 to -€20,217
- Tax, wage and social debts -€2,755
down €2,755 (-99.4%), from €2,772 to €17
of which Remuneration and social security: -€2,767
- Advances received +€2,434
new in 2025: €2,434
- Gross operating margin -€106,897
down €106,897 (-87.3%), from €122,434 to €15,537
- Staff costs -€56,495
down €56,495 (-76.4%), from €73,951 to €17,456
- Depreciation -€9,812
down €9,812 (-69.5%), from €14,119 to €4,306
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 | €121,141 | €114,281 | -€6,860 | -5.7% |
| Fixed assets | 21/28 | €34,496 | €17,118 | -€17,379 | -50.4% |
| Intangible fixed assets | 21 | €35 | €0 | -€35 | -100.0% |
| Tangible fixed assets | 22/27 | €34,461 | €17,118 | -€17,344 | -50.3% |
| Land and buildings | 22 | €5,621 | €5,270 | -€351 | -6.2% |
| Plant, machinery and equipment | 23 | €2,657 | €1,022 | -€1,636 | -61.5% |
| Furniture and vehicles | 24 | €13,534 | €6,944 | -€6,590 | -48.7% |
| Other tangible fixed assets | 26 | €12,649 | €3,882 | -€8,766 | -69.3% |
| Current assets | 29/58 | €86,645 | €97,164 | +€10,519 | +12.1% |
| Stocks and contracts in progress | 3 | €6,179 | €0 | -€6,179 | -100.0% |
| Stocks | 30/36 | €6,179 | €0 | -€6,179 | -100.0% |
| Amounts receivable within one year | 40/41 | €52,830 | €71,311 | +€18,481 | +35.0% |
| Trade receivables | 40 | €35,604 | €47,890 | +€12,286 | +34.5% |
| Other amounts receivable | 41 | €17,227 | €23,422 | +€6,195 | +36.0% |
| Cash at bank and in hand | 54/58 | €22,838 | €24,918 | +€2,079 | +9.1% |
| Deferred charges and accrued income | 490/1 | €4,797 | €935 | -€3,863 | -80.5% |
| Total equity and liabilities | 10/49 | €121,141 | €114,281 | -€6,860 | -5.7% |
| Equity | 10/15 | €2,169 | -€5,957 | -€8,126 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€12,091 | -€20,217 | -€8,126 | -67.2% |
| Amounts payable | 17/49 | €118,973 | €120,238 | +€1,266 | +1.1% |
| Amounts payable within one year | 42/48 | €118,959 | €119,984 | +€1,026 | +0.9% |
| Trade debts | 44 | €26,417 | €14,532 | -€11,884 | -45.0% |
| Suppliers | 440/4 | €26,417 | €14,532 | -€11,884 | -45.0% |
| Advances received on contracts in progress | 46 | - | €2,434 | +€2,434 | |
| Taxes, remuneration and social security | 45 | €2,772 | €17 | -€2,755 | -99.4% |
| Taxes | 450/3 | €6 | €17 | +€12 | +205.5% |
| Remuneration and social security | 454/9 | €2,767 | €0 | -€2,767 | -100.0% |
| Other amounts payable | 47/48 | €89,770 | €103,001 | +€13,231 | +14.7% |
| Accrued charges and deferred income | 492/3 | €14 | €254 | +€240 | +1732.1% |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Remuneration, social security and pensions | 62 | €73,951 | €17,456 | -€56,495 | -76.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,119 | €4,306 | -€9,812 | -69.5% |
| Other operating charges | 640/8 | €2,710 | €1,622 | -€1,088 | -40.2% |
| Gross operating margin | 9900 | €122,434 | €15,537 | -€106,897 | -87.3% |
| Operating profit (loss) | 9901 | €31,654 | -€7,847 | -€39,501 | |
| Financial income | 75/76B | €188 | €34 | -€154 | -82.0% |
| Recurring financial income | 75 | €188 | €34 | -€154 | -82.0% |
| Financial charges | 65/66B | €1,091 | €313 | -€778 | -71.3% |
| Recurring financial charges | 65 | €1,091 | €313 | -€778 | -71.3% |
| Profit (loss) for the period before taxes | 9903 | €30,751 | -€8,126 | -€38,877 | |
| Profit (loss) for the period | 9904 | €30,751 | -€8,126 | -€38,877 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,751 | -€8,126 | -€38,877 |
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 10 October 2026 via checked.be.