VM Vastgoed: 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 Vastgoed
Largest movements
- Receivables within one year -€59,928
down €59,928 (-39.6%), from €151,162 to €91,234
of which Trade receivables: -€63,020
- Cash -€25,220
down €25,220 (-97.0%), from €26,013 to €793
mainly Net result for the year (-€46,971) and Other debts (-€25,960)
- Tangible fixed assets -€10,966
down €10,966 (-58.5%), from €18,759 to €7,793
- Intangible fixed assets -€3,597
down €3,597 (-32.4%), from €11,095 to €7,499
- Profit (loss) carried forward -€46,971
down €46,971, from €7,094 to -€39,877
- Other debts -€25,960
down €25,960 (-64.9%), from €40,000 to €14,040
- Tax, wage and social debts -€20,474
down €20,474 (-75.2%), from €27,212 to €6,737
- Trade debts +€8,795
up €8,795 (+263%), from €3,347 to €12,142
- Advances received -€5,000
no longer reported in 2025 (was €5,000)
- Gross operating margin -€101,455
down €101,455, from €81,940 to -€19,515
- Taxes -€13,955
down €13,955 (-99.0%), from €14,096 to €141
- Staff costs -€10,160
down €10,160 (-71.6%), from €14,185 to €4,025
- Other operating charges +€6,921
up €6,921 (+720%), from €962 to €7,883
- Depreciation +€1,049
up €1,049 (+7.3%), from €14,286 to €15,335
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 | €207,029 | €107,705 | -€99,324 | -48.0% |
| Fixed assets | 21/28 | €29,854 | €15,291 | -€14,563 | -48.8% |
| Intangible fixed assets | 21 | €11,095 | €7,499 | -€3,597 | -32.4% |
| Tangible fixed assets | 22/27 | €18,759 | €7,793 | -€10,966 | -58.5% |
| Furniture and vehicles | 24 | €18,759 | €7,793 | -€10,966 | -58.5% |
| Current assets | 29/58 | €177,175 | €92,413 | -€84,762 | -47.8% |
| Amounts receivable within one year | 40/41 | €151,162 | €91,234 | -€59,928 | -39.6% |
| Trade receivables | 40 | €151,162 | €88,142 | -€63,020 | -41.7% |
| Other amounts receivable | 41 | - | €3,093 | +€3,093 | |
| Cash at bank and in hand | 54/58 | €26,013 | €793 | -€25,220 | -97.0% |
| Deferred charges and accrued income | 490/1 | - | €386 | +€386 | |
| Total equity and liabilities | 10/49 | €207,029 | €107,705 | -€99,324 | -48.0% |
| Equity | 10/15 | €118,581 | €71,161 | -€47,421 | -40.0% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €110,000 | €110,000 | = | 0.0% |
| Distributable reserves | 133 | €110,000 | €110,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,094 | -€39,877 | -€46,971 | |
| Investment grants | 15 | €1,388 | €938 | -€450 | -32.4% |
| Amounts payable | 17/49 | €88,448 | €36,544 | -€51,904 | -58.7% |
| Amounts payable after more than one year | 17 | €3,625 | - | -€3,625 | |
| Financial debts | 170/4 | €3,625 | - | -€3,625 | |
| Amounts payable within one year | 42/48 | €84,173 | €36,544 | -€47,629 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €8,615 | €3,625 | -€4,990 | -57.9% |
| Trade debts | 44 | €3,347 | €12,142 | +€8,795 | +263% |
| Suppliers | 440/4 | €3,347 | €12,142 | +€8,795 | +263% |
| Advances received on contracts in progress | 46 | €5,000 | - | -€5,000 | |
| Taxes, remuneration and social security | 45 | €27,212 | €6,737 | -€20,474 | -75.2% |
| Taxes | 450/3 | €27,212 | €6,737 | -€20,474 | -75.2% |
| Other amounts payable | 47/48 | €40,000 | €14,040 | -€25,960 | -64.9% |
| Accrued charges and deferred income | 492/3 | €650 | - | -€650 | |
| Remuneration, social security and pensions | 62 | €14,185 | €4,025 | -€10,160 | -71.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,286 | €15,335 | +€1,049 | +7.3% |
| Other operating charges | 640/8 | €962 | €7,883 | +€6,921 | +720% |
| Non-recurring operating charges | 66A | €1,460 | - | -€1,460 | |
| Gross operating margin | 9900 | €81,940 | -€19,515 | -€101,455 | |
| Operating profit (loss) | 9901 | €51,047 | -€46,758 | -€97,806 | |
| Financial income | 75/76B | €468 | €450 | -€18 | -3.8% |
| Recurring financial income | 75 | €468 | €450 | -€18 | -3.8% |
| Financial charges | 65/66B | €900 | €522 | -€378 | -42.0% |
| Recurring financial charges | 65 | €900 | €522 | -€378 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €50,616 | -€46,830 | -€97,445 | |
| Income taxes | 67/77 | €14,096 | €141 | -€13,955 | -99.0% |
| Profit (loss) for the period | 9904 | €36,519 | -€46,971 | -€83,490 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,519 | -€46,971 | -€83,490 |
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 19 October 2026 via checked.be.