VM Partners: what changed
Two fiscal 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 Partners
Largest movements
- Receivables within one year +€27,316
up €27,316 (+1489.4%), from €1,834 to €29,150
of which Trade receivables: +€20,429
- Cash +€12,307
up €12,307 (+327.8%), from €3,754 to €16,061
mainly Provisions (+€38,600) and Trade debts (+€13,919)
- Formation expenses -€2,136
no longer reported in 2025 (was €2,136)
- Tangible fixed assets +€684
new in 2025: €684
- Deferred charges and accrued income +€662
new in 2025: €662
- Provisions +€38,600
new in 2025: €38,600
- Trade debts +€13,919
up €13,919 (+2089.9%), from €666 to €14,585
- Profit (loss) carried forward -€11,352
down €11,352, from €1,724 to -€9,628
- Other debts -€1,590
no longer reported in 2025 (was €1,590)
- Tax, wage and social debts -€744
no longer reported in 2025 (was €744)
- Provisions +€38,600
new in 2025: €38,600
- Gross operating margin +€35,188
up €35,188 (+1372.9%), from €2,563 to €37,751
- Taxes +€6,721
up €6,721 (+1110.9%), from €605 to €7,326
- Depreciation +€2,268
up €2,268 (+1175.1%), from €193 to €2,461
- Other operating charges +€787
new in 2025: €787
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 | €7,724 | €46,557 | +€38,833 | +502.8% |
| Formation expenses | 20 | €2,136 | - | -€2,136 | |
| Fixed assets | 21/28 | - | €684 | +€684 | |
| Tangible fixed assets | 22/27 | - | €684 | +€684 | |
| Furniture and vehicles | 24 | - | €684 | +€684 | |
| Current assets | 29/58 | €5,588 | €45,873 | +€40,285 | +720.9% |
| Amounts receivable within one year | 40/41 | €1,834 | €29,150 | +€27,316 | +1489.4% |
| Trade receivables | 40 | €1,826 | €22,255 | +€20,429 | +1118.8% |
| Other amounts receivable | 41 | €8 | €6,895 | +€6,887 | +86087.5% |
| Cash at bank and in hand | 54/58 | €3,754 | €16,061 | +€12,307 | +327.8% |
| Deferred charges and accrued income | 490/1 | - | €662 | +€662 | |
| Total equity and liabilities | 10/49 | €7,724 | €46,557 | +€38,833 | +502.8% |
| Equity | 10/15 | €4,724 | -€6,628 | -€11,352 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,724 | -€9,628 | -€11,352 | |
| Provisions and deferred taxes | 16 | - | €38,600 | +€38,600 | |
| Provisions for liabilities and charges | 160/5 | - | €38,600 | +€38,600 | |
| Other liabilities and charges | 164/5 | - | €38,600 | +€38,600 | |
| Amounts payable | 17/49 | €3,000 | €14,585 | +€11,585 | +386.2% |
| Amounts payable within one year | 42/48 | €3,000 | €14,585 | +€11,585 | +386.2% |
| Trade debts | 44 | €666 | €14,585 | +€13,919 | +2089.9% |
| Suppliers | 440/4 | €666 | €14,585 | +€13,919 | +2089.9% |
| Taxes, remuneration and social security | 45 | €744 | - | -€744 | |
| Taxes | 450/3 | €744 | - | -€744 | |
| Other amounts payable | 47/48 | €1,590 | - | -€1,590 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193 | €2,461 | +€2,268 | +1175.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €38,600 | +€38,600 | |
| Other operating charges | 640/8 | - | €787 | +€787 | |
| Gross operating margin | 9900 | €2,563 | €37,751 | +€35,188 | +1372.9% |
| Operating profit (loss) | 9901 | €2,370 | -€4,097 | -€6,467 | |
| Financial income | 75/76B | - | €126 | +€126 | |
| Recurring financial income | 75 | - | €126 | +€126 | |
| Financial charges | 65/66B | €41 | €55 | +€14 | +34.1% |
| Recurring financial charges | 65 | €41 | €55 | +€14 | +34.1% |
| Profit (loss) for the period before taxes | 9903 | €2,329 | -€4,026 | -€6,355 | |
| Income taxes | 67/77 | €605 | €7,326 | +€6,721 | +1110.9% |
| Profit (loss) for the period | 9904 | €1,724 | -€11,352 | -€13,076 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,724 | -€11,352 | -€13,076 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.