"VM MANAGEMENT": 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 MANAGEMENT"
Largest movements
- Cash -€9,900
down €9,900 (-55.9%), from €17,721 to €7,822
mainly Other debts (-€20,000) and Tax, wage and social debts (-€7,632)
- Tangible fixed assets -€6,578
down €6,578 (-23.8%), from €27,672 to €21,094
of which Furniture and vehicles: -€3,812
- Receivables within one year +€2,918
up €2,918 (+47.1%), from €6,202 to €9,120
of which Other amounts receivable: +€3,983
- Other debts -€20,000
no longer reported in 2025 (was €20,000)
- Reserves +€12,500
up €12,500 (+59.5%), from €21,000 to €33,500
- Tax, wage and social debts -€7,632
down €7,632 (-76.9%), from €9,930 to €2,298
- Profit (loss) carried forward +€2,081
up €2,081 (+772.6%), from €269 to €2,351
- Taxes -€661
down €661 (-8.3%), from €7,921 to €7,259
- Gross operating margin +€358
up €358 (+1.2%), from €29,326 to €29,684
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 | €51,899 | €38,346 | -€13,553 | -26.1% |
| Fixed assets | 21/28 | €27,672 | €21,094 | -€6,578 | -23.8% |
| Tangible fixed assets | 22/27 | €27,672 | €21,094 | -€6,578 | -23.8% |
| Furniture and vehicles | 24 | €8,090 | €4,277 | -€3,812 | -47.1% |
| Other tangible fixed assets | 26 | €19,582 | €16,816 | -€2,766 | -14.1% |
| Current assets | 29/58 | €24,227 | €17,252 | -€6,975 | -28.8% |
| Amounts receivable within one year | 40/41 | €6,202 | €9,120 | +€2,918 | +47.1% |
| Trade receivables | 40 | €5,846 | €4,782 | -€1,064 | -18.2% |
| Other amounts receivable | 41 | €356 | €4,339 | +€3,983 | +1119.1% |
| Cash at bank and in hand | 54/58 | €17,721 | €7,822 | -€9,900 | -55.9% |
| Deferred charges and accrued income | 490/1 | €304 | €310 | +€7 | +2.2% |
| Total equity and liabilities | 10/49 | €51,899 | €38,346 | -€13,553 | -26.1% |
| Equity | 10/15 | €21,269 | €35,851 | +€14,581 | +68.6% |
| Reserves | 13 | €21,000 | €33,500 | +€12,500 | +59.5% |
| Distributable reserves | 133 | €21,000 | €33,500 | +€12,500 | +59.5% |
| Profit (loss) carried forward | 14 | €269 | €2,351 | +€2,081 | +772.6% |
| Amounts payable | 17/49 | €30,630 | €2,495 | -€28,134 | -91.9% |
| Amounts payable within one year | 42/48 | €30,630 | €2,495 | -€28,134 | -91.9% |
| Trade debts | 44 | €700 | €197 | -€503 | -71.8% |
| Suppliers | 440/4 | €700 | €197 | -€503 | -71.8% |
| Taxes, remuneration and social security | 45 | €9,930 | €2,298 | -€7,632 | -76.9% |
| Taxes | 450/3 | €9,930 | €2,298 | -€7,632 | -76.9% |
| Other amounts payable | 47/48 | €20,000 | - | -€20,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,470 | €6,578 | +€109 | +1.7% |
| Other operating charges | 640/8 | €953 | €974 | +€21 | +2.2% |
| Non-recurring operating charges | 66A | - | €200 | +€200 | |
| Gross operating margin | 9900 | €29,326 | €29,684 | +€358 | +1.2% |
| Operating profit (loss) | 9901 | €21,904 | €21,931 | +€27 | +0.1% |
| Financial income | 75/76B | €17 | €14 | -€4 | -20.3% |
| Recurring financial income | 75 | €17 | €14 | -€4 | -20.3% |
| Financial charges | 65/66B | €171 | €104 | -€67 | -39.1% |
| Recurring financial charges | 65 | €171 | €104 | -€67 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €21,750 | €21,841 | +€91 | +0.4% |
| Income taxes | 67/77 | €7,921 | €7,259 | -€661 | -8.3% |
| Profit (loss) for the period | 9904 | €13,829 | €14,581 | +€752 | +5.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,829 | €14,581 | +€752 | +5.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.