VM24: 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.
VM24
Largest movements
- Tangible fixed assets -€27,529
down €27,529 (-3.3%), from €829,005 to €801,476
- Receivables within one year +€16,789
up €16,789 (+34.7%), from €48,360 to €65,149
of which Other amounts receivable: +€19,238
- Debts after one year -€45,071
down €45,071 (-7.0%), from €640,687 to €595,616
- Profit (loss) carried forward +€20,769
up €20,769 (+181.4%), from €11,447 to €32,216
- Gross operating margin -€7,559
down €7,559 (-9.3%), from €81,308 to €73,749
- Taxes +€3,641
up €3,641 (+87.8%), from €4,144 to €7,785
- Depreciation +€1,822
up €1,822 (+7.1%), from €25,707 to €27,529
- Financial charges +€1,191
up €1,191 (+8.6%), from €13,874 to €15,064
- Financial income +€986
up €986 (+391.3%), from €252 to €1,238
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 | €889,493 | €871,416 | -€18,077 | -2.0% |
| Fixed assets | 21/28 | €829,005 | €801,476 | -€27,529 | -3.3% |
| Tangible fixed assets | 22/27 | €829,005 | €801,476 | -€27,529 | -3.3% |
| Land and buildings | 22 | €829,005 | €801,476 | -€27,529 | -3.3% |
| Current assets | 29/58 | €60,488 | €69,940 | +€9,452 | +15.6% |
| Amounts receivable within one year | 40/41 | €48,360 | €65,149 | +€16,789 | +34.7% |
| Trade receivables | 40 | €3,108 | €658 | -€2,449 | -78.8% |
| Other amounts receivable | 41 | €45,252 | €64,490 | +€19,238 | +42.5% |
| Cash at bank and in hand | 54/58 | €12,128 | €4,791 | -€7,337 | -60.5% |
| Total equity and liabilities | 10/49 | €889,493 | €871,416 | -€18,077 | -2.0% |
| Equity | 10/15 | €198,287 | €219,056 | +€20,769 | +10.5% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €16,840 | €16,840 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,840 | €16,840 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,447 | €32,216 | +€20,769 | +181.4% |
| Amounts payable | 17/49 | €691,206 | €652,361 | -€38,845 | -5.6% |
| Amounts payable after more than one year | 17 | €640,687 | €595,616 | -€45,071 | -7.0% |
| Financial debts | 170/4 | €640,687 | €595,616 | -€45,071 | -7.0% |
| Amounts payable within one year | 42/48 | €50,519 | €56,744 | +€6,225 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €44,198 | €45,071 | +€873 | +2.0% |
| Trade debts | 44 | €4,472 | €2,368 | -€2,104 | -47.0% |
| Suppliers | 440/4 | €4,472 | €2,368 | -€2,104 | -47.0% |
| Taxes, remuneration and social security | 45 | €1,850 | €9,306 | +€7,456 | +403.1% |
| Taxes | 450/3 | €1,850 | €9,306 | +€7,456 | +403.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,707 | €27,529 | +€1,822 | +7.1% |
| Other operating charges | 640/8 | €4,785 | €3,841 | -€945 | -19.7% |
| Gross operating margin | 9900 | €81,308 | €73,749 | -€7,559 | -9.3% |
| Operating profit (loss) | 9901 | €50,815 | €42,379 | -€8,436 | -16.6% |
| Financial income | 75/76B | €252 | €1,238 | +€986 | +391.3% |
| Recurring financial income | 75 | €252 | €1,238 | +€986 | +391.3% |
| Financial charges | 65/66B | €13,874 | €15,064 | +€1,191 | +8.6% |
| Recurring financial charges | 65 | €13,874 | €15,064 | +€1,191 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €37,194 | €28,553 | -€8,641 | -23.2% |
| Income taxes | 67/77 | €4,144 | €7,785 | +€3,641 | +87.8% |
| Profit (loss) for the period | 9904 | €33,050 | €20,769 | -€12,281 | -37.2% |
| Transfer to tax-exempt reserves | 689 | €16,840 | - | -€16,840 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,210 | €20,769 | +€4,559 | +28.1% |
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 10 October 2026 via checked.be.