VM-C: 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-C
Largest movements
- Cash +€90,662
up €90,662 (+145%), from €62,449 to €153,111
mainly Net result for the year (+€72,551) and Tax, wage and social debts (+€23,552)
- Receivables within one year +€13,343
up €13,343 (+50.8%), from €26,242 to €39,585
of which Other amounts receivable: +€8,380
- Reserves +€72,551
up €72,551 (+124%), from €58,661 to €131,211
- Tax, wage and social debts +€23,552
up €23,552 (+96.3%), from €24,447 to €48,000
- Trade debts +€5,708
up €5,708 (+82.0%), from €6,960 to €12,668
- Gross operating margin +€35,623
up €35,623 (+56.0%), from €63,583 to €99,206
- Taxes +€8,959
up €8,959 (+68.0%), from €13,169 to €22,128
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.
Derived cash bridge
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 | €93,992 | €195,625 | +€101,633 | +108% |
| Fixed assets | 21/28 | €951 | €315 | -€636 | -66.9% |
| Tangible fixed assets | 22/27 | €951 | €315 | -€636 | -66.9% |
| Plant, machinery and equipment | 23 | €951 | €315 | -€636 | -66.9% |
| Current assets | 29/58 | €93,041 | €195,309 | +€102,269 | +110% |
| Amounts receivable within one year | 40/41 | €26,242 | €39,585 | +€13,343 | +50.8% |
| Trade receivables | 40 | €16,329 | €21,292 | +€4,963 | +30.4% |
| Other amounts receivable | 41 | €9,914 | €18,294 | +€8,380 | +84.5% |
| Cash at bank and in hand | 54/58 | €62,449 | €153,111 | +€90,662 | +145% |
| Deferred charges and accrued income | 490/1 | €4,349 | €2,613 | -€1,736 | -39.9% |
| Total equity and liabilities | 10/49 | €93,992 | €195,625 | +€101,633 | +108% |
| Equity | 10/15 | €61,661 | €134,211 | +€72,551 | +118% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €58,661 | €131,211 | +€72,551 | +124% |
| Distributable reserves | 133 | €58,661 | €131,211 | +€72,551 | +124% |
| Amounts payable | 17/49 | €32,331 | €61,413 | +€29,082 | +90.0% |
| Amounts payable within one year | 42/48 | €32,331 | €61,413 | +€29,082 | +90.0% |
| Financial debts | 43 | €65 | €746 | +€681 | +1,048% |
| Credit institutions | 430/8 | €65 | €746 | +€681 | +1,048% |
| Trade debts | 44 | €6,960 | €12,668 | +€5,708 | +82.0% |
| Suppliers | 440/4 | €6,960 | €12,668 | +€5,708 | +82.0% |
| Taxes, remuneration and social security | 45 | €24,447 | €48,000 | +€23,552 | +96.3% |
| Taxes | 450/3 | €24,447 | €48,000 | +€23,552 | +96.3% |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Non-recurring operating income | 76A | - | €23,959 | +€23,959 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €636 | €636 | +€0 | 0.0% |
| Other operating charges | 640/8 | €527 | €915 | +€388 | +73.5% |
| Gross operating margin | 9900 | €63,583 | €99,206 | +€35,623 | +56.0% |
| Operating profit (loss) | 9901 | €62,419 | €97,655 | +€35,235 | +56.4% |
| Financial income | 75/76B | €105 | €552 | +€446 | +424% |
| Recurring financial income | 75 | €105 | €552 | +€446 | +424% |
| Financial charges | 65/66B | €2,715 | €3,528 | +€813 | +29.9% |
| Recurring financial charges | 65 | €2,715 | €3,528 | +€813 | +29.9% |
| Profit (loss) for the period before taxes | 9903 | €59,810 | €94,679 | +€34,869 | +58.3% |
| Income taxes | 67/77 | €13,169 | €22,128 | +€8,959 | +68.0% |
| Profit (loss) for the period | 9904 | €46,641 | €72,551 | +€25,910 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,641 | €72,551 | +€25,910 | +55.6% |
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 24 October 2026 via checked.be.