VM Estate: 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 Estate
Largest movements
- Stocks and contracts -€697,119
down €697,119 (-28.7%), from €2.4m to €1.7m
- Receivables within one year +€530,530
up €530,530 (+1680.9%), from €31,562 to €562,092
of which Other amounts receivable: +€530,530
- Short-term financial debts -€148,000
down €148,000 (-27.6%), from €537,000 to €389,000
- Financial charges +€42,383
up €42,383 (+773.9%), from €5,477 to €47,859
- Financial income +€10,310
new in 2025: €10,310
- Gross operating margin -€8,456
down €8,456 (-28.2%), from €30,039 to €21,582
- Taxes -€1,933
down €1,933 (-100.0%), from €1,933 to €0
- Other operating charges -€1,397
down €1,397 (-47.0%), from €2,975 to €1,578
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 | €2,462,208 | €2,303,680 | -€158,527 | -6.4% |
| Current assets | 29/58 | €2,462,208 | €2,303,680 | -€158,527 | -6.4% |
| Stocks and contracts in progress | 3 | €2,428,369 | €1,731,250 | -€697,119 | -28.7% |
| Stocks | 30/36 | €2,428,369 | €1,731,250 | -€697,119 | -28.7% |
| Amounts receivable within one year | 40/41 | €31,562 | €562,092 | +€530,530 | +1680.9% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €31,562 | €562,092 | +€530,530 | +1680.9% |
| Cash at bank and in hand | 54/58 | €358 | €6,454 | +€6,095 | +1700.9% |
| Deferred charges and accrued income | 490/1 | €1,918 | €3,885 | +€1,966 | +102.5% |
| Total equity and liabilities | 10/49 | €2,462,208 | €2,303,680 | -€158,527 | -6.4% |
| Equity | 10/15 | €468,463 | €450,918 | -€17,545 | -3.7% |
| Contributions | 10/11 | €350,000 | €350,000 | = | 0.0% |
| Reserves | 13 | €118,463 | €100,918 | -€17,545 | -14.8% |
| Distributable reserves | 133 | €118,463 | €100,918 | -€17,545 | -14.8% |
| Amounts payable | 17/49 | €1,993,745 | €1,852,763 | -€140,982 | -7.1% |
| Amounts payable within one year | 42/48 | €1,985,443 | €1,849,563 | -€135,880 | -6.8% |
| Financial debts | 43 | €537,000 | €389,000 | -€148,000 | -27.6% |
| Credit institutions | 430/8 | €537,000 | €389,000 | -€148,000 | -27.6% |
| Trade debts | 44 | €6,349 | €7,353 | +€1,005 | +15.8% |
| Suppliers | 440/4 | €6,349 | €7,353 | +€1,005 | +15.8% |
| Taxes, remuneration and social security | 45 | €1,933 | €0 | -€1,933 | -100.0% |
| Taxes | 450/3 | €1,933 | €0 | -€1,933 | -100.0% |
| Other amounts payable | 47/48 | €1,440,161 | €1,453,209 | +€13,048 | +0.9% |
| Accrued charges and deferred income | 492/3 | €8,302 | €3,200 | -€5,102 | -61.5% |
| Other operating charges | 640/8 | €2,975 | €1,578 | -€1,397 | -47.0% |
| Gross operating margin | 9900 | €30,039 | €21,582 | -€8,456 | -28.2% |
| Operating profit (loss) | 9901 | €27,063 | €20,004 | -€7,059 | -26.1% |
| Financial income | 75/76B | - | €10,310 | +€10,310 | |
| Recurring financial income | 75 | - | €10,310 | +€10,310 | |
| Financial charges | 65/66B | €5,477 | €47,859 | +€42,383 | +773.9% |
| Recurring financial charges | 65 | €5,477 | €47,859 | +€42,383 | +773.9% |
| Profit (loss) for the period before taxes | 9903 | €21,587 | -€17,545 | -€39,132 | |
| Income taxes | 67/77 | €1,933 | €0 | -€1,933 | -100.0% |
| Profit (loss) for the period | 9904 | €19,654 | -€17,545 | -€37,199 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,654 | -€17,545 | -€37,199 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.