VM-TECHNICS: 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-TECHNICS
Largest movements
- Stocks and contracts -€33,591
down €33,591 (-86.5%), from €38,849 to €5,258
- Cash +€31,580
up €31,580 (+9.9%), from €320,063 to €351,643
mainly Other debts (+€64,584) and Depreciation (+€58,044)
- Other debts +€64,584
up €64,584 (+300%), from €21,559 to €86,143
- Debts after one year -€37,442
down €37,442 (-12.3%), from €304,209 to €266,767
- Reserves -€30,722
down €30,722 (-4.4%), from €694,962 to €664,240
- Staff costs +€33,633
up €33,633 (+49.7%), from €67,668 to €101,301
- Gross operating margin +€14,597
up €14,597 (+6.0%), from €244,149 to €258,746
- Depreciation -€5,670
down €5,670 (-8.9%), from €63,714 to €58,044
- Taxes -€4,857
down €4,857 (-17.0%), from €28,643 to €23,786
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 | €1,116,734 | €1,119,112 | +€2,379 | +0.2% |
| Fixed assets | 21/28 | €582,121 | €578,382 | -€3,738 | -0.6% |
| Tangible fixed assets | 22/27 | €582,121 | €578,382 | -€3,738 | -0.6% |
| Land and buildings | 22 | €529,329 | €493,659 | -€35,670 | -6.7% |
| Plant, machinery and equipment | 23 | €20,301 | €30,454 | +€10,153 | +50.0% |
| Furniture and vehicles | 24 | €31,235 | €54,269 | +€23,034 | +73.7% |
| Leasing and similar rights | 25 | €1,255 | €0 | -€1,255 | -100% |
| Current assets | 29/58 | €534,613 | €540,730 | +€6,117 | +1.1% |
| Stocks and contracts in progress | 3 | €38,849 | €5,258 | -€33,591 | -86.5% |
| Contracts in progress | 37 | €38,849 | €5,258 | -€33,591 | -86.5% |
| Amounts receivable within one year | 40/41 | €168,947 | €168,590 | -€357 | -0.2% |
| Trade receivables | 40 | €132,914 | €112,956 | -€19,958 | -15.0% |
| Other amounts receivable | 41 | €36,033 | €55,634 | +€19,601 | +54.4% |
| Cash at bank and in hand | 54/58 | €320,063 | €351,643 | +€31,580 | +9.9% |
| Deferred charges and accrued income | 490/1 | €6,754 | €15,239 | +€8,485 | +126% |
| Total equity and liabilities | 10/49 | €1,116,734 | €1,119,112 | +€2,379 | +0.2% |
| Equity | 10/15 | €713,562 | €682,840 | -€30,722 | -4.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €694,962 | €664,240 | -€30,722 | -4.4% |
| Distributable reserves | 133 | €694,962 | €664,240 | -€30,722 | -4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €403,172 | €436,272 | +€33,100 | +8.2% |
| Amounts payable after more than one year | 17 | €304,209 | €266,767 | -€37,442 | -12.3% |
| Financial debts | 170/4 | €304,209 | €266,767 | -€37,442 | -12.3% |
| Amounts payable within one year | 42/48 | €98,963 | €169,506 | +€70,543 | +71.3% |
| Current portion of amounts payable after more than one year | 42 | €37,560 | €37,442 | -€118 | -0.3% |
| Trade debts | 44 | €29,064 | €37,232 | +€8,167 | +28.1% |
| Suppliers | 440/4 | €29,064 | €37,232 | +€8,167 | +28.1% |
| Taxes, remuneration and social security | 45 | €10,779 | €8,689 | -€2,091 | -19.4% |
| Taxes | 450/3 | €3,643 | €0 | -€3,643 | -100% |
| Remuneration and social security | 454/9 | €7,136 | €8,689 | +€1,553 | +21.8% |
| Other amounts payable | 47/48 | €21,559 | €86,143 | +€64,584 | +300% |
| Remuneration, social security and pensions | 62 | €67,668 | €101,301 | +€33,633 | +49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,714 | €58,044 | -€5,670 | -8.9% |
| Other operating charges | 640/8 | €6,835 | €8,861 | +€2,025 | +29.6% |
| Gross operating margin | 9900 | €244,149 | €258,746 | +€14,597 | +6.0% |
| Operating profit (loss) | 9901 | €105,932 | €90,540 | -€15,392 | -14.5% |
| Financial charges | 65/66B | €7,980 | €9,960 | +€1,980 | +24.8% |
| Recurring financial charges | 65 | €7,980 | €9,960 | +€1,980 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €97,952 | €80,580 | -€17,372 | -17.7% |
| Income taxes | 67/77 | €28,643 | €23,786 | -€4,857 | -17.0% |
| Profit (loss) for the period | 9904 | €69,308 | €56,793 | -€12,515 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,308 | €56,793 | -€12,515 | -18.1% |
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 24 October 2026 via checked.be.