VM-Milktrans: 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-Milktrans
Largest movements
- Receivables within one year +€611,376
up €611,376 (+56.0%), from €1.1m to €1.7m
of which Other amounts receivable: +€605,532
- Tangible fixed assets +€481,341
up €481,341 (+602%), from €79,934 to €561,275
of which Leasing and similar rights: +€503,096
- Cash -€274,468
down €274,468 (-30.1%), from €912,835 to €638,367
mainly Contributions, distributions and other (-€1.3m) and Receivables within one year (-€611,376)
- Deferred charges and accrued income +€80,001
up €80,001 (+278%), from €28,791 to €108,792
- Debts after one year +€395,472
new in 2025: €395,472
- Trade debts +€301,650
up €301,650 (+61.6%), from €489,445 to €791,095
- Other debts +€239,291
up €239,291 (+25.6%), from €933,537 to €1.2m
- Reserves -€162,814
down €162,814 (-36.4%), from €447,044 to €284,230
- Current portion of long-term debt +€102,548
new in 2025: €102,548
- Gross operating margin +€486,723
up €486,723 (+19.4%), from €2.5m to €3.0m
- Staff costs +€103,717
up €103,717 (+6.3%), from €1.6m to €1.7m
- Depreciation +€51,346
up €51,346 (+254%), from €20,249 to €71,595
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.
Derived cash bridge
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 | €2,312,411 | €3,216,160 | +€903,749 | +39.1% |
| Fixed assets | 21/28 | €79,934 | €561,275 | +€481,341 | +602% |
| Tangible fixed assets | 22/27 | €79,934 | €561,275 | +€481,341 | +602% |
| Plant, machinery and equipment | 23 | €28,308 | €19,217 | -€9,091 | -32.1% |
| Furniture and vehicles | 24 | €16,865 | €8,869 | -€7,996 | -47.4% |
| Leasing and similar rights | 25 | - | €503,096 | +€503,096 | |
| Other tangible fixed assets | 26 | €34,762 | €30,094 | -€4,668 | -13.4% |
| Current assets | 29/58 | €2,232,477 | €2,654,885 | +€422,408 | +18.9% |
| Amounts receivable after more than one year | 29 | €198,305 | €203,805 | +€5,500 | +2.8% |
| Other amounts receivable | 291 | €198,305 | €203,805 | +€5,500 | +2.8% |
| Amounts receivable within one year | 40/41 | €1,092,546 | €1,703,921 | +€611,376 | +56.0% |
| Trade receivables | 40 | €762,628 | €768,471 | +€5,844 | +0.8% |
| Other amounts receivable | 41 | €329,918 | €935,450 | +€605,532 | +184% |
| Cash at bank and in hand | 54/58 | €912,835 | €638,367 | -€274,468 | -30.1% |
| Deferred charges and accrued income | 490/1 | €28,791 | €108,792 | +€80,001 | +278% |
| Total equity and liabilities | 10/49 | €2,312,411 | €3,216,160 | +€903,749 | +39.1% |
| Equity | 10/15 | €685,032 | €522,796 | -€162,235 | -23.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €447,044 | €284,230 | -€162,814 | -36.4% |
| Distributable reserves | 133 | €447,044 | €284,230 | -€162,814 | -36.4% |
| Profit (loss) carried forward | 14 | €219,388 | €219,967 | +€579 | +0.3% |
| Amounts payable | 17/49 | €1,627,379 | €2,693,364 | +€1.1m | +65.5% |
| Amounts payable after more than one year | 17 | - | €395,472 | +€395,472 | |
| Financial debts | 170/4 | - | €395,472 | +€395,472 | |
| Amounts payable within one year | 42/48 | €1,627,379 | €2,297,892 | +€670,513 | +41.2% |
| Current portion of amounts payable after more than one year | 42 | - | €102,548 | +€102,548 | |
| Trade debts | 44 | €489,445 | €791,095 | +€301,650 | +61.6% |
| Suppliers | 440/4 | €489,445 | €791,095 | +€301,650 | +61.6% |
| Taxes, remuneration and social security | 45 | €204,398 | €231,421 | +€27,023 | +13.2% |
| Taxes | 450/3 | €7,767 | €75,309 | +€67,542 | +870% |
| Remuneration and social security | 454/9 | €196,631 | €156,112 | -€40,519 | -20.6% |
| Other amounts payable | 47/48 | €933,537 | €1,172,828 | +€239,291 | +25.6% |
| Non-recurring operating income | 76A | €491 | €0 | -€491 | -100% |
| Remuneration, social security and pensions | 62 | €1,635,529 | €1,739,246 | +€103,717 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,249 | €71,595 | +€51,346 | +254% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,551 | €0 | +€8,551 | |
| Other operating charges | 640/8 | €21,266 | €15,863 | -€5,403 | -25.4% |
| Gross operating margin | 9900 | €2,504,668 | €2,991,391 | +€486,723 | +19.4% |
| Operating profit (loss) | 9901 | €836,175 | €1,164,687 | +€328,512 | +39.3% |
| Financial income | 75/76B | €6,364 | €13,880 | +€7,515 | +118% |
| Recurring financial income | 75 | €6,364 | €13,880 | +€7,515 | +118% |
| Financial charges | 65/66B | €8,086 | €18,344 | +€10,258 | +127% |
| Recurring financial charges | 65 | €8,086 | €18,344 | +€10,258 | +127% |
| Profit (loss) for the period before taxes | 9903 | €834,453 | €1,160,223 | +€325,770 | +39.0% |
| Income taxes | 67/77 | €30,887 | €9,644 | -€21,242 | -68.8% |
| Profit (loss) for the period | 9904 | €803,567 | €1,150,579 | +€347,012 | +43.2% |
| Profit (loss) for the period to be appropriated | 9905 | €803,567 | €1,150,579 | +€347,012 | +43.2% |
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 14 October 2026 via checked.be.