VMAT: what changed
Two fiscal 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.
VMAT
Largest movements
- Cash +€60,141
up €60,141 (+117.2%), from €51,324 to €111,465
mainly Net result for the year (+€77,056) and Trade debts (+€20,071)
- Receivables within one year +€32,381
up €32,381 (+3003.7%), from €1,078 to €33,459
of which Trade receivables: +€32,913
- Tangible fixed assets +€19,563
new in 2025: €19,563
- Profit (loss) carried forward +€77,056
up €77,056 (+246.9%), from €31,213 to €108,269
- Trade debts +€20,071
up €20,071 (+670.9%), from €2,991 to €23,062
- Tax, wage and social debts +€16,816
up €16,816 (+154.1%), from €10,914 to €27,729
of which Taxes: +€19,771
- Gross operating margin +€56,172
up €56,172 (+135.2%), from €41,545 to €97,716
- Taxes +€11,747
up €11,747 (+147.6%), from €7,959 to €19,706
- Depreciation -€1,561
down €1,561 (-67.2%), from €2,324 to €763
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 | €52,402 | €165,634 | +€113,231 | +216.1% |
| Fixed assets | 21/28 | - | €19,563 | +€19,563 | |
| Tangible fixed assets | 22/27 | - | €19,563 | +€19,563 | |
| Furniture and vehicles | 24 | - | €19,563 | +€19,563 | |
| Current assets | 29/58 | €52,402 | €146,071 | +€93,668 | +178.7% |
| Amounts receivable within one year | 40/41 | €1,078 | €33,459 | +€32,381 | +3003.7% |
| Trade receivables | 40 | €218 | €33,131 | +€32,913 | +15118.7% |
| Other amounts receivable | 41 | €860 | €328 | -€532 | -61.9% |
| Cash at bank and in hand | 54/58 | €51,324 | €111,465 | +€60,141 | +117.2% |
| Deferred charges and accrued income | 490/1 | - | €1,147 | +€1,147 | |
| Total equity and liabilities | 10/49 | €52,402 | €165,634 | +€113,231 | +216.1% |
| Equity | 10/15 | €34,213 | €111,269 | +€77,056 | +225.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,213 | €108,269 | +€77,056 | +246.9% |
| Amounts payable | 17/49 | €18,190 | €54,365 | +€36,175 | +198.9% |
| Amounts payable within one year | 42/48 | €18,190 | €54,365 | +€36,175 | +198.9% |
| Trade debts | 44 | €2,991 | €23,062 | +€20,071 | +670.9% |
| Suppliers | 440/4 | €2,991 | €23,062 | +€20,071 | +670.9% |
| Taxes, remuneration and social security | 45 | €10,914 | €27,729 | +€16,816 | +154.1% |
| Taxes | 450/3 | €7,959 | €27,729 | +€19,771 | +248.4% |
| Remuneration and social security | 454/9 | €2,955 | €0 | -€2,955 | -100.0% |
| Other amounts payable | 47/48 | €4,284 | €3,573 | -€711 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,324 | €763 | -€1,561 | -67.2% |
| Gross operating margin | 9900 | €41,545 | €97,716 | +€56,172 | +135.2% |
| Operating profit (loss) | 9901 | €39,221 | €96,954 | +€57,733 | +147.2% |
| Financial charges | 65/66B | €49 | €192 | +€143 | +290.5% |
| Recurring financial charges | 65 | €49 | €192 | +€143 | +290.5% |
| Profit (loss) for the period before taxes | 9903 | €39,172 | €96,762 | +€57,590 | +147.0% |
| Income taxes | 67/77 | €7,959 | €19,706 | +€11,747 | +147.6% |
| Profit (loss) for the period | 9904 | €31,213 | €77,056 | +€45,843 | +146.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,213 | €77,056 | +€45,843 | +146.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.