VM SYSTEME: 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 SYSTEME
Largest movements
- Stocks and contracts +€25,120
up €25,120 (+46.5%), from €54,000 to €79,120
- Receivables within one year -€18,113
down €18,113 (-24.0%), from €75,571 to €57,458
of which Trade receivables: -€13,843
- Cash -€14,903
down €14,903 (-45.7%), from €32,578 to €17,675
mainly Stocks and contracts (-€25,120) and Trade debts (-€9,042)
- Tangible fixed assets -€4,686
down €4,686 (-39.5%), from €11,850 to €7,164
of which Furniture and vehicles: -€4,212
- Trade debts -€9,042
down €9,042 (-18.4%), from €49,057 to €40,015
- Debts after one year -€3,879
down €3,879 (-56.1%), from €6,911 to €3,032
- Reserves +€3,562
up €3,562 (+3.6%), from €98,418 to €101,980
- Tax, wage and social debts -€2,666
down €2,666 (-45.2%), from €5,891 to €3,225
- Purchases and services +€6,932
up €6,932 (+1.4%), from €511,613 to €518,545
- Financial charges -€3,746
down €3,746 (-66.8%), from €5,609 to €1,863
of which Non-recurring financial charges: -€3,493
- Taxes +€1,765
up €1,765 (+198%), from €890 to €2,655
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 | €185,518 | €172,419 | -€13,099 | -7.1% |
| Fixed assets | 21/28 | €20,150 | €15,464 | -€4,686 | -23.3% |
| Tangible fixed assets | 22/27 | €11,850 | €7,164 | -€4,686 | -39.5% |
| Plant, machinery and equipment | 23 | €623 | €149 | -€474 | -76.1% |
| Furniture and vehicles | 24 | €11,227 | €7,015 | -€4,212 | -37.5% |
| Financial fixed assets | 28 | €8,300 | €8,300 | = | 0.0% |
| Current assets | 29/58 | €165,368 | €156,955 | -€8,413 | -5.1% |
| Stocks and contracts in progress | 3 | €54,000 | €79,120 | +€25,120 | +46.5% |
| Stocks | 30/36 | €54,000 | €79,120 | +€25,120 | +46.5% |
| Amounts receivable within one year | 40/41 | €75,571 | €57,458 | -€18,113 | -24.0% |
| Trade receivables | 40 | €67,018 | €53,174 | -€13,843 | -20.7% |
| Other amounts receivable | 41 | €8,553 | €4,284 | -€4,270 | -49.9% |
| Cash at bank and in hand | 54/58 | €32,578 | €17,675 | -€14,903 | -45.7% |
| Deferred charges and accrued income | 490/1 | €3,219 | €2,702 | -€518 | -16.1% |
| Total equity and liabilities | 10/49 | €185,518 | €172,419 | -€13,099 | -7.1% |
| Equity | 10/15 | €117,018 | €120,580 | +€3,562 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €98,418 | €101,980 | +€3,562 | +3.6% |
| Distributable reserves | 133 | €98,418 | €101,980 | +€3,562 | +3.6% |
| Amounts payable | 17/49 | €68,500 | €51,839 | -€16,661 | -24.3% |
| Amounts payable after more than one year | 17 | €6,911 | €3,032 | -€3,879 | -56.1% |
| Financial debts | 170/4 | €6,911 | €3,032 | -€3,879 | -56.1% |
| Amounts payable within one year | 42/48 | €61,589 | €48,807 | -€12,782 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €3,701 | €3,879 | +€178 | +4.8% |
| Trade debts | 44 | €49,057 | €40,015 | -€9,042 | -18.4% |
| Suppliers | 440/4 | €49,057 | €40,015 | -€9,042 | -18.4% |
| Taxes, remuneration and social security | 45 | €5,891 | €3,225 | -€2,666 | -45.2% |
| Remuneration and social security | 454/9 | €5,891 | €3,225 | -€2,666 | -45.2% |
| Other amounts payable | 47/48 | €2,940 | €1,687 | -€1,253 | -42.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €511,613 | €518,545 | +€6,932 | +1.4% |
| Remuneration, social security and pensions | 62 | €74,288 | €74,644 | +€356 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,582 | €5,007 | -€574 | -10.3% |
| Other operating charges | 640/8 | €2,149 | €2,187 | +€37 | +1.7% |
| Gross operating margin | 9900 | €90,195 | €89,856 | -€339 | -0.4% |
| Operating profit (loss) | 9901 | €8,176 | €8,018 | -€158 | -1.9% |
| Financial income | 75/76B | €228 | €62 | -€166 | -72.9% |
| Recurring financial income | 75 | €228 | €62 | -€166 | -72.9% |
| Financial charges | 65/66B | €5,609 | €1,863 | -€3,746 | -66.8% |
| Recurring financial charges | 65 | €2,116 | €1,863 | -€253 | -11.9% |
| Non-recurring financial charges | 66B | €3,493 | - | -€3,493 | |
| Profit (loss) for the period before taxes | 9903 | €2,795 | €6,217 | +€3,422 | +122% |
| Income taxes | 67/77 | €890 | €2,655 | +€1,765 | +198% |
| Profit (loss) for the period | 9904 | €1,905 | €3,562 | +€1,657 | +87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,905 | €3,562 | +€1,657 | +87.0% |
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 14 October 2026 via checked.be.