VMB LEBF: 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.
VMB LEBF
Largest movements
- Stocks and contracts +€2.2m
up €2.2m (+268%), from €817,632 to €3.0m
- Cash +€910,659
up €910,659 (+630%), from €144,592 to €1.1m
mainly Short-term financial debts (+€1.9m) and Other debts (+€793,228)
- Financial fixed assets +€80,000
up €80,000 (+80.0%), from €100,000 to €180,000
- Short-term financial debts +€1.9m
up €1.9m (+777%), from €250,000 to €2.2m
- Other debts +€793,228
up €793,228 (+131%), from €606,209 to €1.4m
- Advances received +€532,098
new in 2025: €532,098
- Trade debts -€58,678
down €58,678 (-59.7%), from €98,330 to €39,653
- Gross operating margin -€2,830
down €2,830 (-64.3%), from -€4,399 to -€7,229
- Financial charges +€1,510
up €1,510 (+155%), from €977 to €2,487
- Financial income -€963
down €963 (-100%), from €963 to €0
- Other operating charges +€132
up €132 (+34.2%), from €387 to €520
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 | €1,072,013 | €4,270,405 | +€3.2m | +298% |
| Fixed assets | 21/28 | €100,000 | €180,000 | +€80,000 | +80.0% |
| Financial fixed assets | 28 | €100,000 | €180,000 | +€80,000 | +80.0% |
| Current assets | 29/58 | €972,013 | €4,090,405 | +€3.1m | +321% |
| Stocks and contracts in progress | 3 | €817,632 | €3,008,171 | +€2.2m | +268% |
| Stocks | 30/36 | €817,632 | €3,008,171 | +€2.2m | +268% |
| Amounts receivable within one year | 40/41 | €9,789 | €15,136 | +€5,347 | +54.6% |
| Trade receivables | 40 | €0 | €7,934 | +€7,934 | |
| Other amounts receivable | 41 | €9,789 | €7,203 | -€2,586 | -26.4% |
| Cash at bank and in hand | 54/58 | €144,592 | €1,055,251 | +€910,659 | +630% |
| Deferred charges and accrued income | 490/1 | - | €11,847 | +€11,847 | |
| Total equity and liabilities | 10/49 | €1,072,013 | €4,270,405 | +€3.2m | +298% |
| Equity | 10/15 | €117,474 | €107,238 | -€10,236 | -8.7% |
| Contributions | 10/11 | €161,500 | €161,500 | = | 0.0% |
| Capital | 10 | €161,500 | €161,500 | = | 0.0% |
| Issued capital | 100 | €161,500 | €161,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,026 | -€54,262 | -€10,236 | -23.2% |
| Amounts payable | 17/49 | €954,539 | €4,163,166 | +€3.2m | +336% |
| Amounts payable within one year | 42/48 | €954,539 | €4,163,166 | +€3.2m | +336% |
| Financial debts | 43 | €250,000 | €2,191,979 | +€1.9m | +777% |
| Credit institutions | 430/8 | €250,000 | €2,191,979 | +€1.9m | +777% |
| Trade debts | 44 | €98,330 | €39,653 | -€58,678 | -59.7% |
| Suppliers | 440/4 | €98,330 | €39,653 | -€58,678 | -59.7% |
| Advances received on contracts in progress | 46 | - | €532,098 | +€532,098 | |
| Other amounts payable | 47/48 | €606,209 | €1,399,437 | +€793,228 | +131% |
| Other operating charges | 640/8 | €387 | €520 | +€132 | +34.2% |
| Gross operating margin | 9900 | -€4,399 | -€7,229 | -€2,830 | -64.3% |
| Operating profit (loss) | 9901 | -€4,786 | -€7,749 | -€2,962 | -61.9% |
| Financial income | 75/76B | €963 | €0 | -€963 | -100% |
| Recurring financial income | 75 | €963 | €0 | -€963 | -100% |
| Financial charges | 65/66B | €977 | €2,487 | +€1,510 | +155% |
| Recurring financial charges | 65 | €977 | €2,487 | +€1,510 | +155% |
| Profit (loss) for the period before taxes | 9903 | -€4,800 | -€10,236 | -€5,435 | -113% |
| Profit (loss) for the period | 9904 | -€4,800 | -€10,236 | -€5,435 | -113% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,800 | -€10,236 | -€5,435 | -113% |
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 14 October 2026 via checked.be.