VM LETTRAGE: 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 LETTRAGE
Largest movements
- Cash +€32,060
up €32,060 (+685.2%), from €4,679 to €36,739
mainly Net result for the year (+€33,604) and Depreciation (+€19,350)
- Receivables within one year +€28,634
up €28,634 (+36.9%), from €77,553 to €106,187
of which Trade receivables: +€21,310
- Tangible fixed assets -€8,913
down €8,913 (-29.0%), from €30,745 to €21,832
of which Furniture and vehicles: -€8,304
- Profit (loss) carried forward +€33,604
up €33,604 (+41.3%), from €81,317 to €114,921
- Trade debts +€17,581
up €17,581 (+290.7%), from €6,049 to €23,629
- Tax, wage and social debts +€5,397
up €5,397 (+66.5%), from €8,111 to €13,509
of which Taxes: +€7,857
- Debts after one year -€4,997
down €4,997 (-49.0%), from €10,199 to €5,202
- Gross operating margin -€28,769
down €28,769 (-35.2%), from €81,773 to €53,004
- Depreciation +€17,299
up €17,299 (+843.5%), from €2,051 to €19,350
- Other operating charges +€1,612
up €1,612 (+246.5%), from €654 to €2,266
- Staff costs -€923
no longer reported in 2025 (was €923)
- Financial charges +€880
up €880 (+261.0%), from €337 to €1,217
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 | €112,977 | €164,758 | +€51,781 | +45.8% |
| Fixed assets | 21/28 | €30,745 | €21,832 | -€8,913 | -29.0% |
| Tangible fixed assets | 22/27 | €30,745 | €21,832 | -€8,913 | -29.0% |
| Plant, machinery and equipment | 23 | €1,651 | €1,042 | -€609 | -36.9% |
| Furniture and vehicles | 24 | €29,094 | €20,790 | -€8,304 | -28.5% |
| Current assets | 29/58 | €82,232 | €142,926 | +€60,694 | +73.8% |
| Amounts receivable within one year | 40/41 | €77,553 | €106,187 | +€28,634 | +36.9% |
| Trade receivables | 40 | €17,570 | €38,880 | +€21,310 | +121.3% |
| Other amounts receivable | 41 | €59,983 | €67,306 | +€7,323 | +12.2% |
| Cash at bank and in hand | 54/58 | €4,679 | €36,739 | +€32,060 | +685.2% |
| Total equity and liabilities | 10/49 | €112,977 | €164,758 | +€51,781 | +45.8% |
| Equity | 10/15 | €83,817 | €117,421 | +€33,604 | +40.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Capital | 10 | €2,500 | - | -€2,500 | |
| Issued capital | 100 | €2,500 | - | -€2,500 | |
| Profit (loss) carried forward | 14 | €81,317 | €114,921 | +€33,604 | +41.3% |
| Amounts payable | 17/49 | €29,160 | €47,337 | +€18,177 | +62.3% |
| Amounts payable after more than one year | 17 | €10,199 | €5,202 | -€4,997 | -49.0% |
| Financial debts | 170/4 | €10,199 | €5,202 | -€4,997 | -49.0% |
| Amounts payable within one year | 42/48 | €18,961 | €42,135 | +€23,174 | +122.2% |
| Current portion of amounts payable after more than one year | 42 | €4,801 | €4,997 | +€197 | +4.1% |
| Trade debts | 44 | €6,049 | €23,629 | +€17,581 | +290.7% |
| Suppliers | 440/4 | €6,049 | €23,629 | +€17,581 | +290.7% |
| Taxes, remuneration and social security | 45 | €8,111 | €13,509 | +€5,397 | +66.5% |
| Taxes | 450/3 | €3,372 | €11,229 | +€7,857 | +233.0% |
| Remuneration and social security | 454/9 | €4,740 | €2,280 | -€2,460 | -51.9% |
| Non-recurring operating income | 76A | €6,293 | - | -€6,293 | |
| Remuneration, social security and pensions | 62 | €923 | - | -€923 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,051 | €19,350 | +€17,299 | +843.5% |
| Other operating charges | 640/8 | €654 | €2,266 | +€1,612 | +246.5% |
| Gross operating margin | 9900 | €81,773 | €53,004 | -€28,769 | -35.2% |
| Operating profit (loss) | 9901 | €78,145 | €31,388 | -€46,757 | -59.8% |
| Financial income | 75/76B | €3,509 | €3,433 | -€76 | -2.2% |
| Recurring financial income | 75 | €3,509 | €3,433 | -€76 | -2.2% |
| Financial charges | 65/66B | €337 | €1,217 | +€880 | +261.0% |
| Recurring financial charges | 65 | €337 | €1,217 | +€880 | +261.0% |
| Profit (loss) for the period before taxes | 9903 | €81,317 | €33,604 | -€47,713 | -58.7% |
| Profit (loss) for the period | 9904 | €81,317 | €33,604 | -€47,713 | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €81,317 | €33,604 | -€47,713 | -58.7% |
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 11 October 2026 via checked.be.