VM&P: 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&P
Largest movements
- Receivables within one year +€83,035
up €83,035 (+246%), from €33,719 to €116,754
of which Trade receivables: +€89,479
- Cash -€42,364
down €42,364 (-69.1%), from €61,302 to €18,938
mainly Net result for the year (-€83,550) and Receivables within one year (-€83,035)
- Tangible fixed assets -€21,054
down €21,054 (-13.5%), from €155,777 to €134,723
of which Furniture and vehicles: -€30,483
- Stocks and contracts -€16,592
down €16,592 (-19.1%), from €87,023 to €70,431
- Intangible fixed assets -€10,741
down €10,741 (-87.7%), from €12,251 to €1,509
- Trade debts +€143,940
up €143,940 (+68.3%), from €210,877 to €354,817
- Profit (loss) carried forward -€83,550
down €83,550 (-129%), from -€64,642 to -€148,192
- Current portion of long-term debt -€56,357
down €56,357 (-85.9%), from €65,631 to €9,273
- Advances received -€15,949
no longer reported in 2025 (was €15,949)
- Tax, wage and social debts +€12,685
up €12,685 (+95.5%), from €13,279 to €25,963
of which Remuneration and social security: +€11,796
- Gross operating margin -€70,020
down €70,020 (-22.7%), from €308,867 to €238,847
- Staff costs +€8,766
up €8,766 (+3.6%), from €242,989 to €251,755
- Financial charges -€7,159
down €7,159 (-30.1%), from €23,779 to €16,620
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 | €352,572 | €347,344 | -€5,229 | -1.5% |
| Fixed assets | 21/28 | €170,528 | €141,182 | -€29,346 | -17.2% |
| Intangible fixed assets | 21 | €12,251 | €1,509 | -€10,741 | -87.7% |
| Tangible fixed assets | 22/27 | €155,777 | €134,723 | -€21,054 | -13.5% |
| Plant, machinery and equipment | 23 | €2,584 | €11,126 | +€8,541 | +330% |
| Furniture and vehicles | 24 | €112,918 | €82,435 | -€30,483 | -27.0% |
| Other tangible fixed assets | 26 | €40,274 | €41,162 | +€888 | +2.2% |
| Financial fixed assets | 28 | €2,500 | €4,950 | +€2,450 | +98.0% |
| Current assets | 29/58 | €182,045 | €206,162 | +€24,117 | +13.2% |
| Stocks and contracts in progress | 3 | €87,023 | €70,431 | -€16,592 | -19.1% |
| Stocks | 30/36 | €87,023 | €70,431 | -€16,592 | -19.1% |
| Amounts receivable within one year | 40/41 | €33,719 | €116,754 | +€83,035 | +246% |
| Trade receivables | 40 | €22,575 | €112,054 | +€89,479 | +396% |
| Other amounts receivable | 41 | €11,145 | €4,700 | -€6,445 | -57.8% |
| Cash at bank and in hand | 54/58 | €61,302 | €18,938 | -€42,364 | -69.1% |
| Deferred charges and accrued income | 490/1 | - | €38 | +€38 | |
| Total equity and liabilities | 10/49 | €352,572 | €347,344 | -€5,229 | -1.5% |
| Equity | 10/15 | €35,358 | -€48,192 | -€83,550 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,642 | -€148,192 | -€83,550 | -129% |
| Amounts payable | 17/49 | €317,214 | €395,535 | +€78,321 | +24.7% |
| Amounts payable after more than one year | 17 | €11,479 | €2,206 | -€9,273 | -80.8% |
| Financial debts | 170/4 | €11,479 | €2,206 | -€9,273 | -80.8% |
| Amounts payable within one year | 42/48 | €305,735 | €393,330 | +€87,595 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €65,631 | €9,273 | -€56,357 | -85.9% |
| Trade debts | 44 | €210,877 | €354,817 | +€143,940 | +68.3% |
| Suppliers | 440/4 | €210,877 | €354,817 | +€143,940 | +68.3% |
| Advances received on contracts in progress | 46 | €15,949 | - | -€15,949 | |
| Taxes, remuneration and social security | 45 | €13,279 | €25,963 | +€12,685 | +95.5% |
| Taxes | 450/3 | €753 | €1,642 | +€889 | +118% |
| Remuneration and social security | 454/9 | €12,525 | €24,322 | +€11,796 | +94.2% |
| Other amounts payable | 47/48 | - | €3,276 | +€3,276 | |
| Remuneration, social security and pensions | 62 | €242,989 | €251,755 | +€8,766 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,014 | €50,015 | -€999 | -2.0% |
| Other operating charges | 640/8 | €3,227 | €2,850 | -€377 | -11.7% |
| Gross operating margin | 9900 | €308,867 | €238,847 | -€70,020 | -22.7% |
| Operating profit (loss) | 9901 | €11,637 | -€65,774 | -€77,410 | |
| Financial income | 75/76B | €28 | €20 | -€8 | -29.4% |
| Recurring financial income | 75 | €28 | €20 | -€8 | -29.4% |
| Financial charges | 65/66B | €23,779 | €16,620 | -€7,159 | -30.1% |
| Recurring financial charges | 65 | €23,779 | €16,620 | -€7,159 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | -€12,114 | -€82,374 | -€70,260 | -580% |
| Income taxes | 67/77 | -€142 | €1,176 | +€1,319 | |
| Profit (loss) for the period | 9904 | -€11,972 | -€83,550 | -€71,578 | -598% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,972 | -€83,550 | -€71,578 | -598% |
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 16 October 2026 via checked.be.