VM - DM: 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 - DM
Largest movements
- Tangible fixed assets -€39,490
down €39,490 (-17.1%), from €230,431 to €190,941
of which Land and buildings: -€36,841
- Receivables within one year +€21,801
up €21,801 (+18.3%), from €119,253 to €141,054
of which Other amounts receivable: +€19,210
- Cash +€7,574
up €7,574 (+12.2%), from €62,217 to €69,791
mainly Other debts (+€366,579) and Depreciation (+€40,864)
- Other debts +€366,579
up €366,579 (+3359.4%), from €10,912 to €377,490
- Reserves -€332,911
down €332,911 (-61.4%), from €541,997 to €209,086
of which Distributable reserves: -€318,529
- Tax, wage and social debts -€22,018
down €22,018 (-82.4%), from €26,710 to €4,691
of which Taxes: -€20,819
- Debts after one year -€17,633
down €17,633 (-17.8%), from €98,902 to €81,269
- Gross operating margin -€31,291
down €31,291 (-26.8%), from €116,957 to €85,666
- Taxes -€11,738
down €11,738 (-38.5%), from €30,529 to €18,790
- Staff costs +€4,687
up €4,687 (+118.2%), from €3,966 to €8,653
- Financial income -€1,419
down €1,419 (-14.0%), from €10,134 to €8,714
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 | €723,949 | €714,632 | -€9,318 | -1.3% |
| Fixed assets | 21/28 | €230,536 | €191,046 | -€39,490 | -17.1% |
| Tangible fixed assets | 22/27 | €230,431 | €190,941 | -€39,490 | -17.1% |
| Land and buildings | 22 | €222,071 | €185,230 | -€36,841 | -16.6% |
| Furniture and vehicles | 24 | €8,360 | €5,710 | -€2,649 | -31.7% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €493,414 | €523,586 | +€30,172 | +6.1% |
| Amounts receivable after more than one year | 29 | €310,000 | €310,000 | = | 0.0% |
| Other amounts receivable | 291 | €310,000 | €310,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €119,253 | €141,054 | +€21,801 | +18.3% |
| Trade receivables | 40 | €821 | €3,412 | +€2,591 | +315.4% |
| Other amounts receivable | 41 | €118,432 | €137,642 | +€19,210 | +16.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €62,217 | €69,791 | +€7,574 | +12.2% |
| Deferred charges and accrued income | 490/1 | €1,944 | €2,741 | +€797 | +41.0% |
| Total equity and liabilities | 10/49 | €723,949 | €714,632 | -€9,318 | -1.3% |
| Equity | 10/15 | €541,997 | €209,086 | -€332,911 | -61.4% |
| Contributions | 10/11 | €0 | - | = | |
| Reserves | 13 | €541,997 | €209,086 | -€332,911 | -61.4% |
| Tax-exempt reserves | 132 | €85,572 | €71,191 | -€14,382 | -16.8% |
| Distributable reserves | 133 | €456,425 | €137,896 | -€318,529 | -69.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €22,292 | €18,697 | -€3,595 | -16.1% |
| Deferred taxes | 168 | €22,292 | €18,697 | -€3,595 | -16.1% |
| Amounts payable | 17/49 | €159,660 | €486,849 | +€327,189 | +204.9% |
| Amounts payable after more than one year | 17 | €98,902 | €81,269 | -€17,633 | -17.8% |
| Financial debts | 170/4 | €98,902 | €81,269 | -€17,633 | -17.8% |
| Amounts payable within one year | 42/48 | €59,683 | €404,475 | +€344,791 | +577.7% |
| Current portion of amounts payable after more than one year | 42 | €17,232 | €17,633 | +€401 | +2.3% |
| Trade debts | 44 | €4,829 | €4,660 | -€169 | -3.5% |
| Suppliers | 440/4 | €4,829 | €4,660 | -€169 | -3.5% |
| Taxes, remuneration and social security | 45 | €26,710 | €4,691 | -€22,018 | -82.4% |
| Taxes | 450/3 | €25,510 | €4,691 | -€20,819 | -81.6% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100.0% |
| Other amounts payable | 47/48 | €10,912 | €377,490 | +€366,579 | +3359.4% |
| Accrued charges and deferred income | 492/3 | €1,075 | €1,105 | +€30 | +2.8% |
| Remuneration, social security and pensions | 62 | €3,966 | €8,653 | +€4,687 | +118.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,519 | €40,864 | +€345 | +0.9% |
| Other operating charges | 640/8 | €2,915 | €2,973 | +€59 | +2.0% |
| Gross operating margin | 9900 | €116,957 | €85,666 | -€31,291 | -26.8% |
| Operating profit (loss) | 9901 | €69,558 | €33,177 | -€36,381 | -52.3% |
| Financial income | 75/76B | €10,134 | €8,714 | -€1,419 | -14.0% |
| Recurring financial income | 75 | €10,134 | €8,714 | -€1,419 | -14.0% |
| Financial charges | 65/66B | €3,583 | €2,677 | -€906 | -25.3% |
| Recurring financial charges | 65 | €3,583 | €2,677 | -€906 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €76,109 | €39,214 | -€36,895 | -48.5% |
| Transfer from deferred taxes | 780 | €3,595 | €3,595 | = | 0.0% |
| Income taxes | 67/77 | €30,529 | €18,790 | -€11,738 | -38.5% |
| Profit (loss) for the period | 9904 | €49,175 | €24,019 | -€25,156 | -51.2% |
| Transfer from tax-exempt reserves | 789 | €14,382 | €14,382 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €63,557 | €38,401 | -€25,156 | -39.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.