VM RESCO: 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 RESCO
Largest movements
- Stocks and contracts +€11.6m
up €11.6m (+95.4%), from €12.1m to €23.7m
of which Stocks: +€9.8m
- Cash +€1.8m
up €1.8m (+1884.9%), from €97,608 to €1.9m
mainly Short-term financial debts (+€11.5m) and Receivables within one year (+€1.6m)
- Receivables within one year -€1.6m
down €1.6m (-99.9%), from €1.6m to €1,619
of which Trade receivables: -€1.6m
- Short-term financial debts +€11.5m
up €11.5m (+468.3%), from €2.5m to €14.0m
- Accrued charges and deferred income +€878,379
up €878,379 (+776.3%), from €113,156 to €991,535
- Goods and materials +€6.7m
up €6.7m (+323.5%), from €2.1m to €8.8m
of which Purchases: +€7.6m
- Turnover +€416,000
new in 2025: €416,000
- Financial charges -€209,325
down €209,325 (-69.5%), from €301,155 to €91,830
of which Financial charges: -€209,325
- Services and other goods -€44,599
down €44,599 (-25.8%), from €172,903 to €128,304
- Other operating income +€36,766
up €36,766, from €0 to €36,766
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 | €13,911,167 | €25,876,003 | +€12.0m | +86.0% |
| Current assets | 29/58 | €13,911,167 | €25,876,003 | +€12.0m | +86.0% |
| Stocks and contracts in progress | 3 | €12,120,508 | €23,682,755 | +€11.6m | +95.4% |
| Stocks | 30/36 | €11,315,433 | €21,074,357 | +€9.8m | +86.2% |
| Property held for sale | 35 | €11,315,433 | €21,074,357 | +€9.8m | +86.2% |
| Contracts in progress | 37 | €805,075 | €2,608,398 | +€1.8m | +224.0% |
| Amounts receivable within one year | 40/41 | €1,614,175 | €1,619 | -€1.6m | -99.9% |
| Trade receivables | 40 | €1,614,175 | €1,619 | -€1.6m | -99.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €97,608 | €1,937,432 | +€1.8m | +1884.9% |
| Deferred charges and accrued income | 490/1 | €78,877 | €254,197 | +€175,320 | +222.3% |
| Total equity and liabilities | 10/49 | €13,911,167 | €25,876,003 | +€12.0m | +86.0% |
| Equity | 10/15 | €302,443 | €216,163 | -€86,279 | -28.5% |
| Contributions | 10/11 | €1,161,500 | €1,161,500 | = | 0.0% |
| Capital | 10 | €1,161,500 | €1,161,500 | = | 0.0% |
| Issued capital | 100 | €1,161,500 | €1,161,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€859,057 | -€945,337 | -€86,279 | -10.0% |
| Amounts payable | 17/49 | €13,608,724 | €25,659,839 | +€12.1m | +88.6% |
| Amounts payable after more than one year | 17 | €4,577,000 | €4,577,000 | = | 0.0% |
| Other amounts payable | 178/9 | €4,577,000 | €4,577,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,918,568 | €20,091,304 | +€11.2m | +125.3% |
| Financial debts | 43 | €2,461,930 | €13,992,000 | +€11.5m | +468.3% |
| Credit institutions | 430/8 | €2,461,930 | €13,992,000 | +€11.5m | +468.3% |
| Trade debts | 44 | €4,341,644 | €4,090,714 | -€250,930 | -5.8% |
| Suppliers | 440/4 | €4,341,644 | €4,090,714 | -€250,930 | -5.8% |
| Taxes, remuneration and social security | 45 | €209,177 | €11,556 | -€197,621 | -94.5% |
| Taxes | 450/3 | €209,177 | €11,556 | -€197,621 | -94.5% |
| Other amounts payable | 47/48 | €1,905,817 | €1,997,035 | +€91,218 | +4.8% |
| Accrued charges and deferred income | 492/3 | €113,156 | €991,535 | +€878,379 | +776.3% |
| Operating income | 70/76A | €2,083,254 | €8,957,027 | +€6.9m | +330.0% |
| Turnover | 70 | - | €416,000 | +€416,000 | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €2,083,254 | €8,457,462 | +€6.4m | +306.0% |
| Other operating income | 74 | €0 | €36,766 | +€36,766 | |
| Non-recurring operating income | 76A | - | €46,800 | +€46,800 | |
| Operating charges | 60/66A | €2,257,639 | €8,951,489 | +€6.7m | +296.5% |
| Goods for resale, raw materials and consumables | 60 | €2,083,254 | €8,822,058 | +€6.7m | +323.5% |
| Purchases | 600/8 | €10,937,368 | €18,580,983 | +€7.6m | +69.9% |
| Change in stocks: decrease (increase) | 609 | -€8,854,115 | -€9,758,924 | -€904,810 | -10.2% |
| Services and other goods | 61 | €172,903 | €128,304 | -€44,599 | -25.8% |
| Other operating charges | 640/8 | €1,482 | €1,126 | -€356 | -24.0% |
| Operating profit (loss) | 9901 | -€174,385 | €5,539 | +€179,924 | |
| Financial income | 75/76B | - | €12 | +€12 | |
| Recurring financial income | 75 | - | €12 | +€12 | |
| Income from current assets | 751 | - | €12 | +€12 | |
| Financial charges | 65/66B | €301,155 | €91,830 | -€209,325 | -69.5% |
| Recurring financial charges | 65 | €301,155 | €91,829 | -€209,325 | -69.5% |
| Debt charges | 650 | €236,426 | €30,592 | -€205,834 | -87.1% |
| Other financial charges | 652/9 | €64,729 | €61,237 | -€3,491 | -5.4% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | -€475,540 | -€86,279 | +€389,261 | +81.9% |
| Profit (loss) for the period | 9904 | -€475,540 | -€86,279 | +€389,261 | +81.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€475,540 | -€86,279 | +€389,261 | +81.9% |
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 12 October 2026 via checked.be.