VMAC: 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.
VMAC
Largest movements
- Tangible fixed assets -€15,103
down €15,103 (-40.3%), from €37,447 to €22,344
of which Furniture and vehicles: -€14,963
- Current investments +€10,564
up €10,564 (+5.6%), from €189,980 to €200,544
- Cash +€8,357
up €8,357 (+125%), from €6,676 to €15,033
mainly Other debts (+€53,926) and Net result for the year (+€20,422)
- Receivables within one year -€2,590
down €2,590 (-27.9%), from €9,269 to €6,679
of which Trade receivables: -€2,672
- Other debts +€53,926
up €53,926 (+292%), from €18,448 to €72,374
- Reserves -€51,953
down €51,953 (-24.7%), from €210,562 to €158,609
of which Distributable reserves: -€51,953
- Gross operating margin -€8,146
down €8,146 (-17.8%), from €45,858 to €37,712
- Turnover -€8,071
down €8,071 (-16.0%), from €50,485 to €42,414
- Financial income +€5,878
up €5,878 (+246%), from €2,393 to €8,271
- Taxes -€744
down €744 (-7.0%), from €10,642 to €9,898
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 | €243,817 | €245,066 | +€1,249 | +0.5% |
| Fixed assets | 21/28 | €37,447 | €22,344 | -€15,103 | -40.3% |
| Tangible fixed assets | 22/27 | €37,447 | €22,344 | -€15,103 | -40.3% |
| Plant, machinery and equipment | 23 | €256 | €116 | -€140 | -54.7% |
| Furniture and vehicles | 24 | €37,191 | €22,228 | -€14,963 | -40.2% |
| Current assets | 29/58 | €206,370 | €222,722 | +€16,352 | +7.9% |
| Amounts receivable within one year | 40/41 | €9,269 | €6,679 | -€2,590 | -27.9% |
| Trade receivables | 40 | €9,057 | €6,385 | -€2,672 | -29.5% |
| Other amounts receivable | 41 | €212 | €294 | +€82 | +38.7% |
| Current investments | 50/53 | €189,980 | €200,544 | +€10,564 | +5.6% |
| Cash at bank and in hand | 54/58 | €6,676 | €15,033 | +€8,357 | +125% |
| Deferred charges and accrued income | 490/1 | €445 | €466 | +€21 | +4.7% |
| Total equity and liabilities | 10/49 | €243,817 | €245,066 | +€1,249 | +0.5% |
| Equity | 10/15 | €223,591 | €171,638 | -€51,953 | -23.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €210,562 | €158,609 | -€51,953 | -24.7% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €209,322 | €157,369 | -€51,953 | -24.8% |
| Profit (loss) carried forward | 14 | €629 | €629 | = | 0.0% |
| Amounts payable | 17/49 | €20,226 | €73,428 | +€53,202 | +263% |
| Amounts payable within one year | 42/48 | €20,226 | €73,428 | +€53,202 | +263% |
| Trade debts | 44 | €38 | €26 | -€12 | -31.6% |
| Suppliers | 440/4 | €38 | €26 | -€12 | -31.6% |
| Taxes, remuneration and social security | 45 | €1,740 | €1,028 | -€712 | -40.9% |
| Taxes | 450/3 | €1,740 | €1,028 | -€712 | -40.9% |
| Other amounts payable | 47/48 | €18,448 | €72,374 | +€53,926 | +292% |
| Turnover | 70 | €50,485 | €42,414 | -€8,071 | -16.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €4,627 | €4,702 | +€75 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,518 | €15,103 | -€415 | -2.7% |
| Other operating charges | 640/8 | €505 | €520 | +€15 | +3.0% |
| Gross operating margin | 9900 | €45,858 | €37,712 | -€8,146 | -17.8% |
| Operating profit (loss) | 9901 | €29,835 | €22,089 | -€7,746 | -26.0% |
| Financial income | 75/76B | €2,393 | €8,271 | +€5,878 | +246% |
| Recurring financial income | 75 | €2,393 | €8,271 | +€5,878 | +246% |
| Financial charges | 65/66B | €14 | €40 | +€26 | +186% |
| Recurring financial charges | 65 | €14 | €40 | +€26 | +186% |
| Profit (loss) for the period before taxes | 9903 | €32,214 | €30,320 | -€1,894 | -5.9% |
| Income taxes | 67/77 | €10,642 | €9,898 | -€744 | -7.0% |
| Profit (loss) for the period | 9904 | €21,572 | €20,422 | -€1,150 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,572 | €20,422 | -€1,150 | -5.3% |
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 27 October 2026 via checked.be.