VM RENOV: 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 RENOV
Largest movements
- Cash +€13,532
up €13,532 (+65.5%), from €20,650 to €34,182
mainly Accrued charges and deferred income (+€21,640) and Depreciation (+€14,544)
- Receivables within one year +€8,561
up €8,561 (+48.5%), from €17,637 to €26,198
of which Trade receivables: +€7,859
- Tangible fixed assets -€8,148
down €8,148 (-27.1%), from €30,110 to €21,962
of which Furniture and vehicles: -€5,579
- Deferred charges and accrued income +€1,904
up €1,904 (+101%), from €1,890 to €3,793
- Stocks and contracts +€1,327
up €1,327 (+13.1%), from €10,158 to €11,484
- Other debts -€22,017
down €22,017 (-90.7%), from €24,276 to €2,259
- Accrued charges and deferred income +€21,640
new in 2025: €21,640
- Reserves +€9,000
up €9,000 (+29.0%), from €31,000 to €40,000
- Tax, wage and social debts +€7,686
up €7,686 (+136%), from €5,640 to €13,325
- Current portion of long-term debt +€2,550
up €2,550 (+47.0%), from €5,423 to €7,973
- Depreciation -€3,965
down €3,965 (-21.4%), from €18,509 to €14,544
- Gross operating margin -€3,252
down €3,252 (-10.0%), from €32,624 to €29,372
- Financial income +€1,978
up €1,978 (+4,878%), from €41 to €2,019
of which Non-recurring financial income: +€1,956
- Taxes +€815
up €815 (+21.2%), from €3,840 to €4,654
- Other operating charges +€689
up €689 (+45.2%), from €1,524 to €2,214
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 | €80,693 | €97,668 | +€16,975 | +21.0% |
| Fixed assets | 21/28 | €30,359 | €22,011 | -€8,348 | -27.5% |
| Intangible fixed assets | 21 | €249 | €49 | -€200 | -80.2% |
| Tangible fixed assets | 22/27 | €30,110 | €21,962 | -€8,148 | -27.1% |
| Plant, machinery and equipment | 23 | €20,426 | €18,057 | -€2,369 | -11.6% |
| Furniture and vehicles | 24 | €9,217 | €3,639 | -€5,579 | -60.5% |
| Other tangible fixed assets | 26 | €467 | €267 | -€200 | -42.8% |
| Current assets | 29/58 | €50,334 | €75,657 | +€25,323 | +50.3% |
| Stocks and contracts in progress | 3 | €10,158 | €11,484 | +€1,327 | +13.1% |
| Stocks | 30/36 | €10,158 | €11,484 | +€1,327 | +13.1% |
| Amounts receivable within one year | 40/41 | €17,637 | €26,198 | +€8,561 | +48.5% |
| Trade receivables | 40 | €16,278 | €24,137 | +€7,859 | +48.3% |
| Other amounts receivable | 41 | €1,359 | €2,061 | +€702 | +51.7% |
| Cash at bank and in hand | 54/58 | €20,650 | €34,182 | +€13,532 | +65.5% |
| Deferred charges and accrued income | 490/1 | €1,890 | €3,793 | +€1,904 | +101% |
| Total equity and liabilities | 10/49 | €80,693 | €97,668 | +€16,975 | +21.0% |
| Equity | 10/15 | €37,014 | €46,165 | +€9,151 | +24.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €31,000 | €40,000 | +€9,000 | +29.0% |
| Distributable reserves | 133 | €31,000 | €40,000 | +€9,000 | +29.0% |
| Profit (loss) carried forward | 14 | €3,514 | €3,665 | +€151 | +4.3% |
| Amounts payable | 17/49 | €43,679 | €51,503 | +€7,824 | +17.9% |
| Amounts payable after more than one year | 17 | €6,166 | €5,732 | -€434 | -7.0% |
| Financial debts | 170/4 | €6,166 | €5,732 | -€434 | -7.0% |
| Amounts payable within one year | 42/48 | €37,514 | €24,132 | -€13,382 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €5,423 | €7,973 | +€2,550 | +47.0% |
| Trade debts | 44 | €2,175 | €575 | -€1,600 | -73.6% |
| Suppliers | 440/4 | €2,175 | €575 | -€1,600 | -73.6% |
| Taxes, remuneration and social security | 45 | €5,640 | €13,325 | +€7,686 | +136% |
| Taxes | 450/3 | €5,640 | €13,325 | +€7,686 | +136% |
| Other amounts payable | 47/48 | €24,276 | €2,259 | -€22,017 | -90.7% |
| Accrued charges and deferred income | 492/3 | - | €21,640 | +€21,640 | |
| Remuneration, social security and pensions | 62 | €166 | - | -€166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,509 | €14,544 | -€3,965 | -21.4% |
| Other operating charges | 640/8 | €1,524 | €2,214 | +€689 | +45.2% |
| Gross operating margin | 9900 | €32,624 | €29,372 | -€3,252 | -10.0% |
| Operating profit (loss) | 9901 | €12,424 | €12,615 | +€190 | +1.5% |
| Financial income | 75/76B | €41 | €2,019 | +€1,978 | +4,878% |
| Recurring financial income | 75 | €41 | €63 | +€22 | +54.2% |
| Non-recurring financial income | 76B | - | €1,956 | +€1,956 | |
| Financial charges | 65/66B | €1,006 | €828 | -€178 | -17.7% |
| Recurring financial charges | 65 | €848 | €828 | -€20 | -2.3% |
| Non-recurring financial charges | 66B | €158 | - | -€158 | |
| Profit (loss) for the period before taxes | 9903 | €11,459 | €13,805 | +€2,346 | +20.5% |
| Income taxes | 67/77 | €3,840 | €4,654 | +€815 | +21.2% |
| Profit (loss) for the period | 9904 | €7,619 | €9,151 | +€1,532 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,619 | €9,151 | +€1,532 | +20.1% |
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.