VM Studio: 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 Studio
Largest movements
- Cash -€27,890
down €27,890 (-50.1%), from €55,619 to €27,728
mainly Receivables within one year (-€27,027) and Contributions, distributions and other (-€13,500)
- Receivables within one year +€27,027
up €27,027 (+4505.1%), from €600 to €27,627
of which Trade receivables: +€27,478
- Tangible fixed assets -€12,747
down €12,747 (-49.4%), from €25,787 to €13,040
of which Furniture and vehicles: -€11,625
- Current investments +€11,823
new in 2025: €11,823
- Debts after one year -€9,570
no longer reported in 2025 (was €9,570)
- Reserves +€7,213
up €7,213 (+40.4%), from €17,835 to €25,049
- Other debts +€6,644
up €6,644 (+28.4%), from €23,420 to €30,064
- Trade debts -€5,316
down €5,316 (-68.5%), from €7,764 to €2,448
- Gross operating margin -€1,807
down €1,807 (-4.1%), from €44,184 to €42,377
- Financial charges +€1,106
up €1,106 (+74.2%), from €1,491 to €2,596
- Taxes -€548
down €548 (-8.6%), from €6,400 to €5,852
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 | €83,298 | €82,055 | -€1,243 | -1.5% |
| Fixed assets | 21/28 | €25,797 | €13,050 | -€12,747 | -49.4% |
| Tangible fixed assets | 22/27 | €25,787 | €13,040 | -€12,747 | -49.4% |
| Plant, machinery and equipment | 23 | €2,069 | €947 | -€1,122 | -54.2% |
| Furniture and vehicles | 24 | €23,717 | €12,092 | -€11,625 | -49.0% |
| Financial fixed assets | 28 | €10 | €10 | = | 0.0% |
| Current assets | 29/58 | €57,502 | €69,006 | +€11,504 | +20.0% |
| Amounts receivable within one year | 40/41 | €600 | €27,627 | +€27,027 | +4505.1% |
| Trade receivables | 40 | - | €27,478 | +€27,478 | |
| Other amounts receivable | 41 | €600 | €148 | -€452 | -75.3% |
| Current investments | 50/53 | - | €11,823 | +€11,823 | |
| Cash at bank and in hand | 54/58 | €55,619 | €27,728 | -€27,890 | -50.1% |
| Deferred charges and accrued income | 490/1 | €1,283 | €1,828 | +€545 | +42.4% |
| Total equity and liabilities | 10/49 | €83,298 | €82,055 | -€1,243 | -1.5% |
| Equity | 10/15 | €22,835 | €30,049 | +€7,213 | +31.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €17,835 | €25,049 | +€7,213 | +40.4% |
| Distributable reserves | 133 | €17,835 | €25,049 | +€7,213 | +40.4% |
| Amounts payable | 17/49 | €60,463 | €52,007 | -€8,456 | -14.0% |
| Amounts payable after more than one year | 17 | €9,570 | - | -€9,570 | |
| Financial debts | 170/4 | €9,570 | - | -€9,570 | |
| Amounts payable within one year | 42/48 | €50,118 | €50,728 | +€610 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €10,314 | €9,570 | -€744 | -7.2% |
| Trade debts | 44 | €7,764 | €2,448 | -€5,316 | -68.5% |
| Suppliers | 440/4 | €7,764 | €2,448 | -€5,316 | -68.5% |
| Taxes, remuneration and social security | 45 | €8,621 | €8,646 | +€25 | +0.3% |
| Taxes | 450/3 | €8,621 | €8,646 | +€25 | +0.3% |
| Other amounts payable | 47/48 | €23,420 | €30,064 | +€6,644 | +28.4% |
| Accrued charges and deferred income | 492/3 | €775 | €1,279 | +€504 | +65.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,573 | €12,747 | +€173 | +1.4% |
| Other operating charges | 640/8 | €592 | €610 | +€18 | +3.0% |
| Non-recurring operating charges | 66A | €45 | - | -€45 | |
| Gross operating margin | 9900 | €44,184 | €42,377 | -€1,807 | -4.1% |
| Operating profit (loss) | 9901 | €30,974 | €29,020 | -€1,954 | -6.3% |
| Financial income | 75/76B | €179 | €141 | -€39 | -21.6% |
| Recurring financial income | 75 | €179 | €141 | -€39 | -21.6% |
| Financial charges | 65/66B | €1,491 | €2,596 | +€1,106 | +74.2% |
| Recurring financial charges | 65 | €1,491 | €2,596 | +€1,106 | +74.2% |
| Profit (loss) for the period before taxes | 9903 | €29,663 | €26,565 | -€3,098 | -10.4% |
| Income taxes | 67/77 | €6,400 | €5,852 | -€548 | -8.6% |
| Profit (loss) for the period | 9904 | €23,263 | €20,713 | -€2,550 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,263 | €20,713 | -€2,550 | -11.0% |
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.