VM CONSTRUCTION: 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 CONSTRUCTION
Largest movements
- Receivables within one year -€109,082
down €109,082 (-42.1%), from €259,193 to €150,111
of which Trade receivables: -€102,228
- Cash -€91,924
down €91,924 (-48.1%), from €191,278 to €99,354
mainly Trade debts (-€203,283) and Accrued charges and deferred income (-€43,604)
- Tangible fixed assets -€16,257
down €16,257 (-44.2%), from €36,815 to €20,559
of which Furniture and vehicles: -€13,495
- Deferred charges and accrued income -€5,807
down €5,807 (-54.4%), from €10,683 to €4,875
- Trade debts -€203,283
down €203,283 (-60.7%), from €334,946 to €131,663
- Accrued charges and deferred income -€43,604
down €43,604 (-97.2%), from €44,854 to €1,249
- Tax, wage and social debts +€24,205
up €24,205 (+103.1%), from €23,487 to €47,692
of which Taxes: +€24,585
- Gross operating margin -€23,980
down €23,980 (-27.9%), from €86,020 to €62,040
- Depreciation -€7,695
down €7,695 (-30.4%), from €25,327 to €17,632
- Taxes -€5,714
down €5,714 (-76.8%), from €7,440 to €1,727
- Other operating charges -€3,952
down €3,952 (-44.5%), from €8,883 to €4,931
- Staff costs +€1,455
up €1,455 (+4.0%), from €36,377 to €37,833
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 | €498,023 | €274,952 | -€223,071 | -44.8% |
| Fixed assets | 21/28 | €36,869 | €20,612 | -€16,257 | -44.1% |
| Tangible fixed assets | 22/27 | €36,815 | €20,559 | -€16,257 | -44.2% |
| Plant, machinery and equipment | 23 | €4,824 | €2,062 | -€2,762 | -57.3% |
| Furniture and vehicles | 24 | €31,991 | €18,496 | -€13,495 | -42.2% |
| Financial fixed assets | 28 | €53 | €53 | = | 0.0% |
| Current assets | 29/58 | €461,154 | €254,340 | -€206,814 | -44.8% |
| Amounts receivable within one year | 40/41 | €259,193 | €150,111 | -€109,082 | -42.1% |
| Trade receivables | 40 | €233,881 | €131,653 | -€102,228 | -43.7% |
| Other amounts receivable | 41 | €25,312 | €18,458 | -€6,855 | -27.1% |
| Cash at bank and in hand | 54/58 | €191,278 | €99,354 | -€91,924 | -48.1% |
| Deferred charges and accrued income | 490/1 | €10,683 | €4,875 | -€5,807 | -54.4% |
| Total equity and liabilities | 10/49 | €498,023 | €274,952 | -€223,071 | -44.8% |
| Equity | 10/15 | €94,298 | €93,909 | -€389 | -0.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €12,350 | €12,350 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,243 | €85,854 | -€389 | -0.5% |
| Amounts payable | 17/49 | €403,725 | €181,043 | -€222,682 | -55.2% |
| Amounts payable within one year | 42/48 | €358,871 | €179,794 | -€179,078 | -49.9% |
| Trade debts | 44 | €334,946 | €131,663 | -€203,283 | -60.7% |
| Suppliers | 440/4 | €334,946 | €131,663 | -€203,283 | -60.7% |
| Taxes, remuneration and social security | 45 | €23,487 | €47,692 | +€24,205 | +103.1% |
| Taxes | 450/3 | €6,993 | €31,578 | +€24,585 | +351.6% |
| Remuneration and social security | 454/9 | €16,494 | €16,114 | -€380 | -2.3% |
| Other amounts payable | 47/48 | €438 | €438 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €44,854 | €1,249 | -€43,604 | -97.2% |
| Remuneration, social security and pensions | 62 | €36,377 | €37,833 | +€1,455 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,327 | €17,632 | -€7,695 | -30.4% |
| Other operating charges | 640/8 | €8,883 | €4,931 | -€3,952 | -44.5% |
| Gross operating margin | 9900 | €86,020 | €62,040 | -€23,980 | -27.9% |
| Operating profit (loss) | 9901 | €15,433 | €1,644 | -€13,789 | -89.3% |
| Financial income | 75/76B | €100 | €152 | +€51 | +51.5% |
| Recurring financial income | 75 | €100 | €152 | +€51 | +51.5% |
| Financial charges | 65/66B | €457 | €458 | +€1 | +0.3% |
| Recurring financial charges | 65 | €457 | €458 | +€1 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €15,076 | €1,337 | -€13,739 | -91.1% |
| Income taxes | 67/77 | €7,440 | €1,727 | -€5,714 | -76.8% |
| Profit (loss) for the period | 9904 | €7,635 | -€389 | -€8,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,635 | -€389 | -€8,025 |
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.