VM&M PROJECTS: 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&M PROJECTS
Largest movements
- Tangible fixed assets +€844,154
up €844,154 (+83.7%), from €1.0m to €1.9m
of which Land and buildings: +€856,711
- Stocks and contracts -€618,572
down €618,572 (-44.7%), from €1.4m to €764,383
- Receivables after one year +€70,898
new in 2025: €70,898
- Cash -€50,600
down €50,600 (-98.0%), from €51,615 to €1,015
mainly Investment in fixed assets (net) (-€896,421) and Receivables after one year (-€70,898)
- Receivables within one year +€37,668
up €37,668 (+112.5%), from €33,490 to €71,158
of which Other amounts receivable: +€19,205
- Debts after one year +€336,767
up €336,767 (+14.5%), from €2.3m to €2.7m
of which Other amounts payable: +€348,175
- Profit (loss) carried forward -€41,265
down €41,265 (-176.1%), from -€23,429 to -€64,693
- Gross operating margin +€31,606
up €31,606 (+257.2%), from €12,288 to €43,894
- Other operating charges +€30,496
up €30,496 (+1075.9%), from €2,834 to €33,330
- Depreciation +€13,184
up €13,184 (+30.2%), from €43,614 to €56,798
- Financial income +€10,753
up €10,753 (+543.7%), from €1,978 to €12,731
- Taxes +€2,807
up €2,807, from -€469 to €2,338
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 | €2,490,404 | €2,769,284 | +€278,880 | +11.2% |
| Fixed assets | 21/28 | €1,019,824 | €1,859,447 | +€839,623 | +82.3% |
| Intangible fixed assets | 21 | €11,081 | €5,675 | -€5,406 | -48.8% |
| Tangible fixed assets | 22/27 | €1,008,743 | €1,852,897 | +€844,154 | +83.7% |
| Land and buildings | 22 | €963,688 | €1,820,399 | +€856,711 | +88.9% |
| Furniture and vehicles | 24 | €45,055 | €32,497 | -€12,558 | -27.9% |
| Financial fixed assets | 28 | - | €875 | +€875 | |
| Current assets | 29/58 | €1,470,581 | €909,837 | -€560,743 | -38.1% |
| Amounts receivable after more than one year | 29 | - | €70,898 | +€70,898 | |
| Other amounts receivable | 291 | - | €70,898 | +€70,898 | |
| Stocks and contracts in progress | 3 | €1,382,955 | €764,383 | -€618,572 | -44.7% |
| Stocks | 30/36 | €1,382,955 | €764,383 | -€618,572 | -44.7% |
| Amounts receivable within one year | 40/41 | €33,490 | €71,158 | +€37,668 | +112.5% |
| Trade receivables | 40 | €24,728 | €43,191 | +€18,463 | +74.7% |
| Other amounts receivable | 41 | €8,763 | €27,968 | +€19,205 | +219.2% |
| Cash at bank and in hand | 54/58 | €51,615 | €1,015 | -€50,600 | -98.0% |
| Deferred charges and accrued income | 490/1 | €2,520 | €2,382 | -€138 | -5.5% |
| Total equity and liabilities | 10/49 | €2,490,404 | €2,769,284 | +€278,880 | +11.2% |
| Equity | 10/15 | €76,572 | €35,307 | -€41,265 | -53.9% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€23,429 | -€64,693 | -€41,265 | -176.1% |
| Amounts payable | 17/49 | €2,413,833 | €2,733,978 | +€320,145 | +13.3% |
| Amounts payable after more than one year | 17 | €2,329,247 | €2,666,013 | +€336,767 | +14.5% |
| Financial debts | 170/4 | €202,805 | €191,398 | -€11,408 | -5.6% |
| Other amounts payable | 178/9 | €2,126,441 | €2,474,616 | +€348,175 | +16.4% |
| Amounts payable within one year | 42/48 | €82,049 | €66,964 | -€15,084 | -18.4% |
| Current portion of amounts payable after more than one year | 42 | €11,251 | €11,408 | +€156 | +1.4% |
| Trade debts | 44 | €58,938 | €36,030 | -€22,908 | -38.9% |
| Suppliers | 440/4 | €58,938 | €36,030 | -€22,908 | -38.9% |
| Taxes, remuneration and social security | 45 | €5,978 | €1,913 | -€4,065 | -68.0% |
| Taxes | 450/3 | €5,978 | €1,913 | -€4,065 | -68.0% |
| Other amounts payable | 47/48 | €5,881 | €17,613 | +€11,732 | +199.5% |
| Accrued charges and deferred income | 492/3 | €2,538 | €1,000 | -€1,538 | -60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,614 | €56,798 | +€13,184 | +30.2% |
| Other operating charges | 640/8 | €2,834 | €33,330 | +€30,496 | +1075.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €12,288 | €43,894 | +€31,606 | +257.2% |
| Operating profit (loss) | 9901 | -€34,160 | -€46,234 | -€12,074 | -35.3% |
| Financial income | 75/76B | €1,978 | €12,731 | +€10,753 | +543.7% |
| Recurring financial income | 75 | €1,978 | €12,731 | +€10,753 | +543.7% |
| Financial charges | 65/66B | €4,888 | €5,424 | +€536 | +11.0% |
| Recurring financial charges | 65 | €4,888 | €5,424 | +€536 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | -€37,070 | -€38,927 | -€1,856 | -5.0% |
| Income taxes | 67/77 | -€469 | €2,338 | +€2,807 | |
| Profit (loss) for the period | 9904 | -€36,601 | -€41,265 | -€4,663 | -12.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,601 | -€41,265 | -€4,663 | -12.7% |
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 10 October 2026 via checked.be.