VM 19: 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 19
Largest movements
- Tangible fixed assets -€10,259
down €10,259 (-31.9%), from €32,188 to €21,929
of which Furniture and vehicles: -€9,065
- Receivables within one year -€5,448
down €5,448 (-97.6%), from €5,581 to €133
of which Trade receivables: -€3,395
- Cash +€3,949
up €3,949 (+43.7%), from €9,028 to €12,977
mainly Net result for the year (+€13,383) and Depreciation (+€10,259)
- Stocks and contracts +€1,121
up €1,121 (+18.1%), from €6,192 to €7,313
- Deferred charges and accrued income +€1,008
up €1,008 (+62.1%), from €1,623 to €2,631
- Profit (loss) carried forward +€13,383
up €13,383 (+35.6%), from -€37,580 to -€24,196
- Debts after one year -€12,451
down €12,451 (-28.2%), from €44,126 to €31,676
- Other debts -€9,563
down €9,563 (-48.3%), from €19,808 to €10,245
- Trade debts -€1,600
down €1,600 (-42.9%), from €3,727 to €2,127
- Current portion of long-term debt +€626
up €626 (+5.3%), from €11,824 to €12,451
- Gross operating margin +€26,187
up €26,187 (+132.8%), from €19,724 to €45,911
- Staff costs -€698
down €698 (-4.1%), from €17,076 to €16,378
- Other operating charges -€535
down €535 (-63.5%), from €844 to €308
- Financial charges -€519
down €519 (-9.4%), from €5,539 to €5,021
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 | €54,612 | €44,983 | -€9,630 | -17.6% |
| Fixed assets | 21/28 | €32,188 | €21,929 | -€10,259 | -31.9% |
| Tangible fixed assets | 22/27 | €32,188 | €21,929 | -€10,259 | -31.9% |
| Plant, machinery and equipment | 23 | €1,163 | €336 | -€827 | -71.1% |
| Furniture and vehicles | 24 | €28,041 | €18,976 | -€9,065 | -32.3% |
| Other tangible fixed assets | 26 | €2,984 | €2,616 | -€368 | -12.3% |
| Current assets | 29/58 | €22,424 | €23,053 | +€630 | +2.8% |
| Stocks and contracts in progress | 3 | €6,192 | €7,313 | +€1,121 | +18.1% |
| Stocks | 30/36 | €6,192 | €7,313 | +€1,121 | +18.1% |
| Amounts receivable within one year | 40/41 | €5,581 | €133 | -€5,448 | -97.6% |
| Trade receivables | 40 | €3,395 | - | -€3,395 | |
| Other amounts receivable | 41 | €2,187 | €133 | -€2,053 | -93.9% |
| Cash at bank and in hand | 54/58 | €9,028 | €12,977 | +€3,949 | +43.7% |
| Deferred charges and accrued income | 490/1 | €1,623 | €2,631 | +€1,008 | +62.1% |
| Total equity and liabilities | 10/49 | €54,612 | €44,983 | -€9,630 | -17.6% |
| Equity | 10/15 | -€32,580 | -€19,196 | +€13,383 | +41.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,580 | -€24,196 | +€13,383 | +35.6% |
| Amounts payable | 17/49 | €87,192 | €64,179 | -€23,013 | -26.4% |
| Amounts payable after more than one year | 17 | €44,126 | €31,676 | -€12,451 | -28.2% |
| Financial debts | 170/4 | €44,126 | €31,676 | -€12,451 | -28.2% |
| Amounts payable within one year | 42/48 | €43,066 | €32,503 | -€10,562 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €11,824 | €12,451 | +€626 | +5.3% |
| Trade debts | 44 | €3,727 | €2,127 | -€1,600 | -42.9% |
| Suppliers | 440/4 | €3,727 | €2,127 | -€1,600 | -42.9% |
| Taxes, remuneration and social security | 45 | €7,707 | €7,681 | -€26 | -0.3% |
| Taxes | 450/3 | €5,377 | €5,497 | +€120 | +2.2% |
| Remuneration and social security | 454/9 | €2,330 | €2,184 | -€146 | -6.3% |
| Other amounts payable | 47/48 | €19,808 | €10,245 | -€9,563 | -48.3% |
| Remuneration, social security and pensions | 62 | €17,076 | €16,378 | -€698 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,259 | €10,259 | = | 0.0% |
| Other operating charges | 640/8 | €844 | €308 | -€535 | -63.5% |
| Gross operating margin | 9900 | €19,724 | €45,911 | +€26,187 | +132.8% |
| Operating profit (loss) | 9901 | -€8,455 | €18,965 | +€27,420 | |
| Financial charges | 65/66B | €5,539 | €5,021 | -€519 | -9.4% |
| Recurring financial charges | 65 | €5,539 | €5,021 | -€519 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | -€13,994 | €13,944 | +€27,939 | |
| Income taxes | 67/77 | €432 | €561 | +€129 | +30.0% |
| Profit (loss) for the period | 9904 | -€14,426 | €13,383 | +€27,809 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,426 | €13,383 | +€27,809 |
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 12 October 2026 via checked.be.