VMA SOLAR: 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.
VMA SOLAR
Largest movements
- Tangible fixed assets +€13,409
up €13,409 (+273%), from €4,918 to €18,327
of which Furniture and vehicles: +€12,213
- Cash -€3,941
down €3,941 (-48.2%), from €8,169 to €4,228
mainly Investment in fixed assets (net) (-€25,180) and Trade debts (-€8,653)
- Receivables within one year -€2,004
down €2,004 (-36.1%), from €5,549 to €3,545
of which Trade receivables: -€2,158
- Deferred charges and accrued income +€319
up €319 (+34.5%), from €925 to €1,244
- Debts after one year +€18,626
new in 2025: €18,626
- Trade debts -€8,653
down €8,653 (-96.1%), from €9,003 to €350
- Profit (loss) carried forward -€7,333
down €7,333 (-33.6%), from -€21,842 to -€29,175
- Current portion of long-term debt +€7,257
new in 2025: €7,257
- Tax, wage and social debts -€2,294
down €2,294 (-86.7%), from €2,647 to €353
of which Taxes: -€2,506
- Staff costs -€15,033
no longer reported in 2025 (was €15,033)
- Gross operating margin +€7,107
up €7,107 (+1,179%), from €603 to €7,710
- Depreciation +€5,998
up €5,998 (+101%), from €5,953 to €11,951
- Other operating charges +€738
up €738 (+53.6%), from €1,376 to €2,114
- Financial charges +€707
up €707 (+494%), from €143 to €850
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 | €19,741 | €27,344 | +€7,603 | +38.5% |
| Fixed assets | 21/28 | €5,098 | €18,327 | +€13,229 | +259% |
| Tangible fixed assets | 22/27 | €4,918 | €18,327 | +€13,409 | +273% |
| Furniture and vehicles | 24 | €4,918 | €17,131 | +€12,213 | +248% |
| Leasing and similar rights | 25 | - | €1,196 | +€1,196 | |
| Financial fixed assets | 28 | €180 | - | -€180 | |
| Current assets | 29/58 | €14,643 | €9,017 | -€5,626 | -38.4% |
| Amounts receivable within one year | 40/41 | €5,549 | €3,545 | -€2,004 | -36.1% |
| Trade receivables | 40 | €4,598 | €2,440 | -€2,158 | -46.9% |
| Other amounts receivable | 41 | €951 | €1,105 | +€154 | +16.2% |
| Cash at bank and in hand | 54/58 | €8,169 | €4,228 | -€3,941 | -48.2% |
| Deferred charges and accrued income | 490/1 | €925 | €1,244 | +€319 | +34.5% |
| Total equity and liabilities | 10/49 | €19,741 | €27,344 | +€7,603 | +38.5% |
| Equity | 10/15 | €8,091 | €758 | -€7,333 | -90.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €28,433 | €28,433 | = | 0.0% |
| Distributable reserves | 133 | €28,433 | €28,433 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,842 | -€29,175 | -€7,333 | -33.6% |
| Amounts payable | 17/49 | €11,650 | €26,586 | +€14,936 | +128% |
| Amounts payable after more than one year | 17 | - | €18,626 | +€18,626 | |
| Financial debts | 170/4 | - | €18,626 | +€18,626 | |
| Amounts payable within one year | 42/48 | €11,650 | €7,960 | -€3,690 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | - | €7,257 | +€7,257 | |
| Trade debts | 44 | €9,003 | €350 | -€8,653 | -96.1% |
| Suppliers | 440/4 | €9,003 | €350 | -€8,653 | -96.1% |
| Taxes, remuneration and social security | 45 | €2,647 | €353 | -€2,294 | -86.7% |
| Taxes | 450/3 | €2,647 | €141 | -€2,506 | -94.7% |
| Remuneration and social security | 454/9 | - | €212 | +€212 | |
| Remuneration, social security and pensions | 62 | €15,033 | - | -€15,033 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,953 | €11,951 | +€5,998 | +101% |
| Other operating charges | 640/8 | €1,376 | €2,114 | +€738 | +53.6% |
| Gross operating margin | 9900 | €603 | €7,710 | +€7,107 | +1,179% |
| Operating profit (loss) | 9901 | -€21,759 | -€6,355 | +€15,404 | +70.8% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €143 | €850 | +€707 | +494% |
| Recurring financial charges | 65 | €143 | €850 | +€707 | +494% |
| Profit (loss) for the period before taxes | 9903 | -€21,902 | -€7,204 | +€14,698 | +67.1% |
| Income taxes | 67/77 | -€60 | €129 | +€189 | |
| Profit (loss) for the period | 9904 | -€21,842 | -€7,333 | +€14,509 | +66.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,842 | -€7,333 | +€14,509 | +66.4% |
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 30 October 2026 via checked.be.