VM CONCEPT: what changed
Two fiscal 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 CONCEPT
Largest movements
- Receivables within one year -€77,907
down €77,907 (-92.1%), from €84,592 to €6,685
of which Trade receivables: -€80,975
- Tangible fixed assets -€10,331
down €10,331 (-30.9%), from €33,419 to €23,088
of which Furniture and vehicles: -€10,331
- Cash +€8,768
up €8,768 (+247.6%), from €3,540 to €12,308
mainly Receivables within one year (+€77,907) and Other debts (+€15,042)
- Deferred charges and accrued income +€3,471
new in 2025: €3,471
- Stocks and contracts +€1,394
new in 2025: €1,394
- Trade debts -€46,728
down €46,728 (-98.4%), from €47,507 to €778
- Tax, wage and social debts -€34,161
down €34,161 (-78.0%), from €43,809 to €9,648
of which Remuneration and social security: -€17,500
- Other debts +€15,042
new in 2025: €15,042
- Profit (loss) carried forward -€8,908
down €8,908 (-34.3%), from €25,982 to €17,074
- Gross operating margin -€29,896
down €29,896 (-91.3%), from €32,743 to €2,846
- Depreciation +€10,229
up €10,229 (+4055.2%), from €252 to €10,481
- Taxes -€6,378
down €6,378 (-98.0%), from €6,508 to €130
- Other operating charges +€1,037
new in 2025: €1,037
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 | €122,298 | €47,542 | -€74,756 | -61.1% |
| Fixed assets | 21/28 | €34,166 | €23,685 | -€10,481 | -30.7% |
| Intangible fixed assets | 21 | €746 | €596 | -€150 | -20.1% |
| Tangible fixed assets | 22/27 | €33,419 | €23,088 | -€10,331 | -30.9% |
| Land and buildings | 22 | €1,530 | €1,530 | = | 0.0% |
| Furniture and vehicles | 24 | €31,889 | €21,558 | -€10,331 | -32.4% |
| Current assets | 29/58 | €88,132 | €23,858 | -€64,275 | -72.9% |
| Stocks and contracts in progress | 3 | - | €1,394 | +€1,394 | |
| Stocks | 30/36 | - | €1,394 | +€1,394 | |
| Amounts receivable within one year | 40/41 | €84,592 | €6,685 | -€77,907 | -92.1% |
| Trade receivables | 40 | €84,592 | €3,617 | -€80,975 | -95.7% |
| Other amounts receivable | 41 | - | €3,068 | +€3,068 | |
| Cash at bank and in hand | 54/58 | €3,540 | €12,308 | +€8,768 | +247.6% |
| Deferred charges and accrued income | 490/1 | - | €3,471 | +€3,471 | |
| Total equity and liabilities | 10/49 | €122,298 | €47,542 | -€74,756 | -61.1% |
| Equity | 10/15 | €30,982 | €22,074 | -€8,908 | -28.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,982 | €17,074 | -€8,908 | -34.3% |
| Amounts payable | 17/49 | €91,316 | €25,468 | -€65,848 | -72.1% |
| Amounts payable within one year | 42/48 | €91,316 | €25,468 | -€65,848 | -72.1% |
| Trade debts | 44 | €47,507 | €778 | -€46,728 | -98.4% |
| Suppliers | 440/4 | €47,507 | €778 | -€46,728 | -98.4% |
| Taxes, remuneration and social security | 45 | €43,809 | €9,648 | -€34,161 | -78.0% |
| Taxes | 450/3 | €22,809 | €6,148 | -€16,661 | -73.0% |
| Remuneration and social security | 454/9 | €21,000 | €3,500 | -€17,500 | -83.3% |
| Other amounts payable | 47/48 | - | €15,042 | +€15,042 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252 | €10,481 | +€10,229 | +4055.2% |
| Other operating charges | 640/8 | - | €1,037 | +€1,037 | |
| Gross operating margin | 9900 | €32,743 | €2,846 | -€29,896 | -91.3% |
| Operating profit (loss) | 9901 | €32,490 | -€8,672 | -€41,162 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €106 | +€106 | |
| Recurring financial charges | 65 | - | €106 | +€106 | |
| Profit (loss) for the period before taxes | 9903 | €32,490 | -€8,778 | -€41,269 | |
| Income taxes | 67/77 | €6,508 | €130 | -€6,378 | -98.0% |
| Profit (loss) for the period | 9904 | €25,982 | -€8,908 | -€34,890 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,982 | -€8,908 | -€34,890 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.