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 +€26,144
up €26,144 (+73.2%), from €35,740 to €61,885
of which Other amounts receivable: +€30,988
- Cash +€6,351
up €6,351 (+168.4%), from €3,772 to €10,123
mainly Net result for the year (+€34,144) and Tax, wage and social debts (+€2,101)
- Reserves +€34,144
up €34,144 (+1840.7%), from €1,855 to €35,999
of which Distributable reserves: +€34,144
- Trade debts -€4,250
down €4,250 (-64.4%), from €6,602 to €2,352
- Tax, wage and social debts +€2,101
new in 2025: €2,101
- Gross operating margin +€26,400
up €26,400 (+126.4%), from €20,889 to €47,289
- Other operating charges +€4,068
up €4,068 (+640.7%), from €635 to €4,703
- Taxes -€2,059
down €2,059 (-21.2%), from €9,722 to €7,663
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 | €41,567 | €73,562 | +€31,995 | +77.0% |
| Fixed assets | 21/28 | €2,054 | €1,554 | -€500 | -24.3% |
| Tangible fixed assets | 22/27 | €2,054 | €1,554 | -€500 | -24.3% |
| Furniture and vehicles | 24 | €2,054 | €1,554 | -€500 | -24.3% |
| Current assets | 29/58 | €39,513 | €72,008 | +€32,495 | +82.2% |
| Amounts receivable within one year | 40/41 | €35,740 | €61,885 | +€26,144 | +73.2% |
| Trade receivables | 40 | €10,643 | €5,799 | -€4,843 | -45.5% |
| Other amounts receivable | 41 | €25,098 | €56,085 | +€30,988 | +123.5% |
| Cash at bank and in hand | 54/58 | €3,772 | €10,123 | +€6,351 | +168.4% |
| Total equity and liabilities | 10/49 | €41,567 | €73,562 | +€31,995 | +77.0% |
| Equity | 10/15 | €34,964 | €69,109 | +€34,144 | +97.7% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Contributions outside capital | 11 | €22,500 | - | -€22,500 | |
| Other | 1109/19 | €22,500 | - | -€22,500 | |
| Reserves | 13 | €1,855 | €35,999 | +€34,144 | +1840.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | - | €34,144 | +€34,144 | |
| Profit (loss) carried forward | 14 | €10,609 | €10,609 | = | 0.0% |
| Amounts payable | 17/49 | €6,602 | €4,453 | -€2,149 | -32.6% |
| Amounts payable within one year | 42/48 | €6,602 | €4,453 | -€2,149 | -32.6% |
| Trade debts | 44 | €6,602 | €2,352 | -€4,250 | -64.4% |
| Suppliers | 440/4 | €6,602 | €2,352 | -€4,250 | -64.4% |
| Taxes, remuneration and social security | 45 | - | €2,101 | +€2,101 | |
| Taxes | 450/3 | - | €2,101 | +€2,101 | |
| Non-recurring operating income | 76A | €16,650 | €28,500 | +€11,850 | +71.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €446 | €500 | +€54 | +12.1% |
| Other operating charges | 640/8 | €635 | €4,703 | +€4,068 | +640.7% |
| Gross operating margin | 9900 | €20,889 | €47,289 | +€26,400 | +126.4% |
| Operating profit (loss) | 9901 | €19,808 | €42,086 | +€22,278 | +112.5% |
| Financial income | 75/76B | - | €19 | +€19 | |
| Recurring financial income | 75 | - | €19 | +€19 | |
| Financial charges | 65/66B | €357 | €298 | -€60 | -16.7% |
| Recurring financial charges | 65 | €357 | €298 | -€60 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €19,451 | €41,807 | +€22,356 | +114.9% |
| Income taxes | 67/77 | €9,722 | €7,663 | -€2,059 | -21.2% |
| Profit (loss) for the period | 9904 | €9,729 | €34,144 | +€24,416 | +251.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,729 | €34,144 | +€24,416 | +251.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.