VM Boringen: 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 Boringen
Largest movements
- Tangible fixed assets -€234,544
down €234,544 (-19.5%), from €1.2m to €970,710
of which Leasing and similar rights: -€198,847
- Receivables within one year -€174,850
down €174,850 (-27.9%), from €626,201 to €451,350
of which Other amounts receivable: -€97,152
- Stocks and contracts +€148,988
up €148,988 (+24.1%), from €618,099 to €767,086
of which Contracts in progress: +€94,223
- Cash -€87,187
down €87,187 (-56.7%), from €153,758 to €66,571
mainly Debts after one year (-€166,325) and Stocks and contracts (-€148,988)
- Deferred charges and accrued income +€28,193
up €28,193, from €0 to €28,193
- Debts after one year -€166,325
down €166,325 (-26.0%), from €639,357 to €473,032
- Other debts -€80,187
down €80,187 (-9.8%), from €818,785 to €738,597
- Current portion of long-term debt -€78,024
down €78,024 (-31.6%), from €247,053 to €169,029
- Tax, wage and social debts -€29,537
down €29,537 (-52.0%), from €56,797 to €27,260
of which Remuneration and social security: -€29,779
- Gross operating margin +€320,263
up €320,263 (+26.7%), from €1.2m to €1.5m
- Staff costs +€151,356
up €151,356 (+17.3%), from €873,968 to €1.0m
- Financial charges +€64,904
up €64,904 (+86.6%), from €74,979 to €139,883
- Provisions -€30,598
down €30,598, from €21,164 to -€9,434
- Depreciation +€19,953
up €19,953 (+6.5%), from €309,232 to €329,185
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 | €2,617,113 | €2,299,724 | -€317,389 | -12.1% |
| Fixed assets | 21/28 | €1,219,056 | €986,523 | -€232,533 | -19.1% |
| Intangible fixed assets | 21 | €6,982 | €4,158 | -€2,824 | -40.4% |
| Tangible fixed assets | 22/27 | €1,205,254 | €970,710 | -€234,544 | -19.5% |
| Land and buildings | 22 | €8,246 | €5,977 | -€2,269 | -27.5% |
| Plant, machinery and equipment | 23 | €224,814 | €214,149 | -€10,666 | -4.7% |
| Furniture and vehicles | 24 | €167,154 | €144,392 | -€22,763 | -13.6% |
| Leasing and similar rights | 25 | €805,039 | €606,192 | -€198,847 | -24.7% |
| Financial fixed assets | 28 | €6,820 | €11,655 | +€4,835 | +70.9% |
| Current assets | 29/58 | €1,398,057 | €1,313,201 | -€84,856 | -6.1% |
| Stocks and contracts in progress | 3 | €618,099 | €767,086 | +€148,988 | +24.1% |
| Stocks | 30/36 | €407,986 | €462,751 | +€54,765 | +13.4% |
| Contracts in progress | 37 | €210,113 | €304,335 | +€94,223 | +44.8% |
| Amounts receivable within one year | 40/41 | €626,201 | €451,350 | -€174,850 | -27.9% |
| Trade receivables | 40 | €478,090 | €400,392 | -€77,698 | -16.3% |
| Other amounts receivable | 41 | €148,111 | €50,958 | -€97,152 | -65.6% |
| Cash at bank and in hand | 54/58 | €153,758 | €66,571 | -€87,187 | -56.7% |
| Deferred charges and accrued income | 490/1 | €0 | €28,193 | +€28,193 | |
| Total equity and liabilities | 10/49 | €2,617,113 | €2,299,724 | -€317,389 | -12.1% |
| Equity | 10/15 | €19,124 | €39,675 | +€20,552 | +107.5% |
| Contributions | 10/11 | €218,600 | €218,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€199,476 | -€178,925 | +€20,552 | +10.3% |
| Amounts payable | 17/49 | €2,597,989 | €2,260,049 | -€337,940 | -13.0% |
| Amounts payable after more than one year | 17 | €639,357 | €473,032 | -€166,325 | -26.0% |
| Financial debts | 170/4 | €639,357 | €473,032 | -€166,325 | -26.0% |
| Amounts payable within one year | 42/48 | €1,936,972 | €1,769,267 | -€167,706 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €247,053 | €169,029 | -€78,024 | -31.6% |
| Financial debts | 43 | €305,236 | €299,840 | -€5,396 | -1.8% |
| Credit institutions | 430/8 | €305,236 | €263,840 | -€41,396 | -13.6% |
| Other loans | 439 | - | €36,000 | +€36,000 | |
| Trade debts | 44 | €509,101 | €534,540 | +€25,439 | +5.0% |
| Suppliers | 440/4 | €509,101 | €534,540 | +€25,439 | +5.0% |
| Taxes, remuneration and social security | 45 | €56,797 | €27,260 | -€29,537 | -52.0% |
| Taxes | 450/3 | €0 | €241 | +€241 | |
| Remuneration and social security | 454/9 | €56,797 | €27,019 | -€29,779 | -52.4% |
| Other amounts payable | 47/48 | €818,785 | €738,597 | -€80,187 | -9.8% |
| Accrued charges and deferred income | 492/3 | €21,660 | €17,751 | -€3,909 | -18.0% |
| Non-recurring operating income | 76A | €29,139 | €500,000 | +€470,861 | +1615.9% |
| Remuneration, social security and pensions | 62 | €873,968 | €1,025,324 | +€151,356 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €309,232 | €329,185 | +€19,953 | +6.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €21,164 | -€9,434 | -€30,598 | |
| Other operating charges | 640/8 | €39,119 | €34,630 | -€4,489 | -11.5% |
| Gross operating margin | 9900 | €1,201,090 | €1,521,352 | +€320,263 | +26.7% |
| Operating profit (loss) | 9901 | -€42,393 | €141,647 | +€184,040 | |
| Financial income | 75/76B | €673 | €19,083 | +€18,410 | +2735.6% |
| Recurring financial income | 75 | €673 | €19,083 | +€18,410 | +2735.6% |
| Financial charges | 65/66B | €74,979 | €139,883 | +€64,904 | +86.6% |
| Recurring financial charges | 65 | €74,979 | €139,883 | +€64,904 | +86.6% |
| Profit (loss) for the period before taxes | 9903 | -€116,699 | €20,846 | +€137,546 | |
| Income taxes | 67/77 | €281 | €295 | +€14 | +5.0% |
| Profit (loss) for the period | 9904 | -€116,980 | €20,552 | +€137,532 | |
| Profit (loss) for the period to be appropriated | 9905 | -€116,980 | €20,552 | +€137,532 |
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 9 October 2026 via checked.be.