VM Consult: 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 Consult
Largest movements
- Intangible fixed assets -€408,000
down €408,000 (-25.0%), from €1.6m to €1.2m
- Receivables within one year +€233,845
up €233,845 (+65.2%), from €358,455 to €592,300
of which Trade receivables: +€232,568
- Cash +€224,981
up €224,981 (+51.1%), from €440,503 to €665,484
mainly Depreciation (+€445,456) and Net result for the year (+€438,569)
- Tangible fixed assets +€118,014
up €118,014 (+195.4%), from €60,388 to €178,402
of which Other tangible fixed assets: +€109,085
- Other debts +€419,089
up €419,089 (+30874.0%), from €1,357 to €420,447
- Debts after one year -€410,647
down €410,647 (-28.9%), from €1.4m to €1.0m
- Tax, wage and social debts +€113,089
up €113,089 (+49.4%), from €228,738 to €341,828
of which Remuneration and social security: +€96,139
- Reserves +€63,569
up €63,569 (+20.9%), from €304,286 to €367,855
- Trade debts -€38,578
down €38,578 (-20.8%), from €185,367 to €146,789
- Gross operating margin +€471,883
up €471,883 (+31.2%), from €1.5m to €2.0m
- Staff costs +€354,246
up €354,246 (+57.6%), from €615,227 to €969,473
- Taxes -€84,760
down €84,760 (-77.2%), from €109,791 to €25,031
- Financial charges +€45,402
up €45,402 (+285.0%), from €15,931 to €61,333
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 | €2,543,863 | €2,703,180 | +€159,317 | +6.3% |
| Fixed assets | 21/28 | €1,692,388 | €1,402,402 | -€289,986 | -17.1% |
| Intangible fixed assets | 21 | €1,632,000 | €1,224,000 | -€408,000 | -25.0% |
| Tangible fixed assets | 22/27 | €60,388 | €178,402 | +€118,014 | +195.4% |
| Furniture and vehicles | 24 | €55,732 | €64,660 | +€8,928 | +16.0% |
| Other tangible fixed assets | 26 | €4,656 | €113,741 | +€109,085 | +2343.0% |
| Current assets | 29/58 | €851,475 | €1,300,778 | +€449,303 | +52.8% |
| Amounts receivable within one year | 40/41 | €358,455 | €592,300 | +€233,845 | +65.2% |
| Trade receivables | 40 | €358,380 | €590,948 | +€232,568 | +64.9% |
| Other amounts receivable | 41 | €75 | €1,352 | +€1,277 | +1703.7% |
| Cash at bank and in hand | 54/58 | €440,503 | €665,484 | +€224,981 | +51.1% |
| Deferred charges and accrued income | 490/1 | €52,517 | €42,994 | -€9,523 | -18.1% |
| Total equity and liabilities | 10/49 | €2,543,863 | €2,703,180 | +€159,317 | +6.3% |
| Equity | 10/15 | €309,286 | €372,855 | +€63,569 | +20.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €304,286 | €367,855 | +€63,569 | +20.9% |
| Distributable reserves | 133 | €304,286 | €367,855 | +€63,569 | +20.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,234,577 | €2,330,325 | +€95,748 | +4.3% |
| Amounts payable after more than one year | 17 | €1,421,261 | €1,010,615 | -€410,647 | -28.9% |
| Financial debts | 170/4 | €1,421,261 | €1,010,615 | -€410,647 | -28.9% |
| Amounts payable within one year | 42/48 | €813,316 | €1,319,710 | +€506,395 | +62.3% |
| Current portion of amounts payable after more than one year | 42 | €397,853 | €410,647 | +€12,794 | +3.2% |
| Trade debts | 44 | €185,367 | €146,789 | -€38,578 | -20.8% |
| Suppliers | 440/4 | €185,367 | €146,789 | -€38,578 | -20.8% |
| Taxes, remuneration and social security | 45 | €228,738 | €341,828 | +€113,089 | +49.4% |
| Taxes | 450/3 | €205,765 | €222,716 | +€16,951 | +8.2% |
| Remuneration and social security | 454/9 | €22,973 | €119,112 | +€96,139 | +418.5% |
| Other amounts payable | 47/48 | €1,357 | €420,447 | +€419,089 | +30874.0% |
| Remuneration, social security and pensions | 62 | €615,227 | €969,473 | +€354,246 | +57.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434,804 | €445,456 | +€10,652 | +2.4% |
| Other operating charges | 640/8 | €34,125 | €47,149 | +€13,025 | +38.2% |
| Gross operating margin | 9900 | €1,514,140 | €1,986,024 | +€471,883 | +31.2% |
| Operating profit (loss) | 9901 | €429,984 | €523,945 | +€93,961 | +21.9% |
| Financial income | 75/76B | €24 | €988 | +€964 | +4059.8% |
| Recurring financial income | 75 | €24 | €988 | +€964 | +4059.8% |
| Financial charges | 65/66B | €15,931 | €61,333 | +€45,402 | +285.0% |
| Recurring financial charges | 65 | €15,931 | €61,333 | +€45,402 | +285.0% |
| Profit (loss) for the period before taxes | 9903 | €414,077 | €463,600 | +€49,524 | +12.0% |
| Income taxes | 67/77 | €109,791 | €25,031 | -€84,760 | -77.2% |
| Profit (loss) for the period | 9904 | €304,286 | €438,569 | +€134,283 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €304,286 | €438,569 | +€134,283 | +44.1% |
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 2 October 2026 via checked.be.