VM-L: 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-L
Largest movements
- Cash -€15,210
down €15,210 (-37.1%), from €40,977 to €25,767
mainly Net result for the year (-€17,984) and Tax, wage and social debts (-€8,285)
- Receivables within one year -€5,306
down €5,306 (-74.7%), from €7,103 to €1,797
of which Other amounts receivable: -€6,826
- Tangible fixed assets -€2,954
down €2,954 (-41.9%), from €7,056 to €4,102
of which Plant, machinery and equipment: -€1,955
- Profit (loss) carried forward -€17,984
down €17,984 (-50.9%), from €35,341 to €17,357
- Tax, wage and social debts -€8,285
down €8,285 (-85.4%), from €9,699 to €1,414
- Other debts +€8,196
new in 2025: €8,196
- Trade debts -€5,508
down €5,508 (-67.1%), from €8,206 to €2,699
- Gross operating margin -€23,178
down €23,178, from €9,502 to -€13,675
- Taxes -€1,135
down €1,135 (-91.5%), from €1,240 to €106
- Depreciation -€912
down €912 (-23.6%), from €3,866 to €2,954
- Other operating charges +€179
up €179 (+39.7%), from €451 to €630
- Financial charges -€139
down €139 (-18.3%), from €758 to €619
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 | €55,246 | €31,666 | -€23,580 | -42.7% |
| Fixed assets | 21/28 | €7,056 | €4,102 | -€2,954 | -41.9% |
| Tangible fixed assets | 22/27 | €7,056 | €4,102 | -€2,954 | -41.9% |
| Plant, machinery and equipment | 23 | €4,396 | €2,441 | -€1,955 | -44.5% |
| Furniture and vehicles | 24 | €2,661 | €1,662 | -€999 | -37.6% |
| Current assets | 29/58 | €48,190 | €27,564 | -€20,626 | -42.8% |
| Amounts receivable within one year | 40/41 | €7,103 | €1,797 | -€5,306 | -74.7% |
| Trade receivables | 40 | €277 | €1,797 | +€1,520 | +549.6% |
| Other amounts receivable | 41 | €6,826 | - | -€6,826 | |
| Cash at bank and in hand | 54/58 | €40,977 | €25,767 | -€15,210 | -37.1% |
| Deferred charges and accrued income | 490/1 | €110 | - | -€110 | |
| Total equity and liabilities | 10/49 | €55,246 | €31,666 | -€23,580 | -42.7% |
| Equity | 10/15 | €37,341 | €19,357 | -€17,984 | -48.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,341 | €17,357 | -€17,984 | -50.9% |
| Amounts payable | 17/49 | €17,905 | €12,309 | -€5,596 | -31.3% |
| Amounts payable within one year | 42/48 | €17,905 | €12,309 | -€5,596 | -31.3% |
| Trade debts | 44 | €8,206 | €2,699 | -€5,508 | -67.1% |
| Suppliers | 440/4 | €8,206 | €2,699 | -€5,508 | -67.1% |
| Taxes, remuneration and social security | 45 | €9,699 | €1,414 | -€8,285 | -85.4% |
| Taxes | 450/3 | €9,699 | €1,414 | -€8,285 | -85.4% |
| Other amounts payable | 47/48 | - | €8,196 | +€8,196 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,866 | €2,954 | -€912 | -23.6% |
| Other operating charges | 640/8 | €451 | €630 | +€179 | +39.7% |
| Gross operating margin | 9900 | €9,502 | -€13,675 | -€23,178 | |
| Operating profit (loss) | 9901 | €5,186 | -€17,259 | -€22,445 | |
| Financial income | 75/76B | €9 | €0 | -€9 | -99.9% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -99.9% |
| Financial charges | 65/66B | €758 | €619 | -€139 | -18.3% |
| Recurring financial charges | 65 | €758 | €619 | -€139 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €4,437 | -€17,878 | -€22,315 | |
| Income taxes | 67/77 | €1,240 | €106 | -€1,135 | -91.5% |
| Profit (loss) for the period | 9904 | €3,196 | -€17,984 | -€21,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,196 | -€17,984 | -€21,180 |
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.