VMB: 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.
VMB
Largest movements
- Tangible fixed assets +€21,897
up €21,897 (+227.8%), from €9,614 to €31,511
of which Furniture and vehicles: +€26,191
- Cash -€16,014
down €16,014 (-15.1%), from €106,108 to €90,094
mainly Investment in fixed assets (net) (-€31,585) and Receivables within one year (-€14,158)
- Receivables within one year +€14,158
up €14,158 (+61.9%), from €22,877 to €37,035
of which Trade receivables: +€15,301
- Reserves +€12,684
up €12,684 (+21.6%), from €58,700 to €71,385
of which Distributable reserves: +€12,684
- Other debts -€11,186
down €11,186 (-36.2%), from €30,898 to €19,712
- Debts after one year +€9,043
new in 2025: €9,043
- Current portion of long-term debt +€6,029
new in 2025: €6,029
- Tax, wage and social debts +€1,709
up €1,709 (+14.3%), from €11,959 to €13,668
of which Taxes: +€1,588
- Staff costs -€43,819
down €43,819 (-99.1%), from €44,229 to €409
- Gross operating margin -€42,853
down €42,853 (-55.2%), from €77,615 to €34,762
- Other operating charges +€1,745
up €1,745 (+755.7%), from €231 to €1,975
- Taxes +€902
up €902 (+42.3%), from €2,134 to €3,036
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 | €140,489 | €159,617 | +€19,128 | +13.6% |
| Fixed assets | 21/28 | €10,169 | €32,066 | +€21,897 | +215.3% |
| Tangible fixed assets | 22/27 | €9,614 | €31,511 | +€21,897 | +227.8% |
| Furniture and vehicles | 24 | €5,320 | €31,511 | +€26,191 | +492.3% |
| Other tangible fixed assets | 26 | €4,294 | - | -€4,294 | |
| Financial fixed assets | 28 | €555 | €555 | = | 0.0% |
| Current assets | 29/58 | €130,320 | €127,551 | -€2,769 | -2.1% |
| Amounts receivable within one year | 40/41 | €22,877 | €37,035 | +€14,158 | +61.9% |
| Trade receivables | 40 | €21,734 | €37,035 | +€15,301 | +70.4% |
| Other amounts receivable | 41 | €1,143 | - | -€1,143 | |
| Cash at bank and in hand | 54/58 | €106,108 | €90,094 | -€16,014 | -15.1% |
| Deferred charges and accrued income | 490/1 | €1,336 | €423 | -€913 | -68.4% |
| Total equity and liabilities | 10/49 | €140,489 | €159,617 | +€19,128 | +13.6% |
| Equity | 10/15 | €56,549 | €69,240 | +€12,691 | +22.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,700 | €71,385 | +€12,684 | +21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €30,472 | €30,472 | = | 0.0% |
| Distributable reserves | 133 | €26,368 | €39,052 | +€12,684 | +48.1% |
| Profit (loss) carried forward | 14 | -€8,351 | -€8,344 | +€7 | +0.1% |
| Provisions and deferred taxes | 16 | €17,095 | €17,095 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €17,095 | €17,095 | = | 0.0% |
| Other liabilities and charges | 164/5 | €17,095 | €17,095 | = | 0.0% |
| Amounts payable | 17/49 | €66,845 | €73,282 | +€6,437 | +9.6% |
| Amounts payable after more than one year | 17 | - | €9,043 | +€9,043 | |
| Financial debts | 170/4 | - | €9,043 | +€9,043 | |
| Amounts payable within one year | 42/48 | €66,791 | €64,138 | -€2,653 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | - | €6,029 | +€6,029 | |
| Trade debts | 44 | €23,935 | €24,730 | +€796 | +3.3% |
| Suppliers | 440/4 | €23,935 | €24,730 | +€796 | +3.3% |
| Taxes, remuneration and social security | 45 | €11,959 | €13,668 | +€1,709 | +14.3% |
| Taxes | 450/3 | €11,701 | €13,290 | +€1,588 | +13.6% |
| Remuneration and social security | 454/9 | €257 | €378 | +€121 | +46.9% |
| Other amounts payable | 47/48 | €30,898 | €19,712 | -€11,186 | -36.2% |
| Accrued charges and deferred income | 492/3 | €54 | €101 | +€47 | +86.5% |
| Remuneration, social security and pensions | 62 | €44,229 | €409 | -€43,819 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,129 | €9,688 | -€441 | -4.4% |
| Other operating charges | 640/8 | €231 | €1,975 | +€1,745 | +755.7% |
| Gross operating margin | 9900 | €77,615 | €34,762 | -€42,853 | -55.2% |
| Operating profit (loss) | 9901 | €23,027 | €22,689 | -€338 | -1.5% |
| Financial income | 75/76B | €181 | €200 | +€19 | +10.6% |
| Recurring financial income | 75 | €181 | €200 | +€19 | +10.6% |
| Financial charges | 65/66B | €1,281 | €847 | -€434 | -33.9% |
| Recurring financial charges | 65 | €1,281 | €847 | -€434 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €21,927 | €22,043 | +€116 | +0.5% |
| Income taxes | 67/77 | €2,134 | €3,036 | +€902 | +42.3% |
| Profit (loss) for the period | 9904 | €19,793 | €19,007 | -€786 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,793 | €19,007 | -€786 | -4.0% |
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 29 September 2026 via checked.be.