VMB Tes: 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 Tes
Largest movements
- Stocks and contracts -€10.0m
down €10.0m (-93.0%), from €10.8m to €751,950
- Receivables within one year -€265,988
down €265,988 (-69.2%), from €384,239 to €118,251
of which Trade receivables: -€267,604
- Cash +€249,352
up €249,352 (+53.5%), from €465,691 to €715,042
mainly Stocks and contracts (+€10.0m) and Receivables within one year (+€265,988)
- Advances received -€8.5m
down €8.5m (-100%), from €8.5m to €0
- Short-term financial debts -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Trade debts -€379,664
down €379,664 (-87.9%), from €431,896 to €52,231
- Profit (loss) carried forward +€145,919
up €145,919 (+88.4%), from -€165,044 to -€19,125
- Gross operating margin +€144,204
up €144,204, from -€4,509 to €139,695
- Financial charges -€1,725
down €1,725 (-51.5%), from €3,347 to €1,622
- Financial income +€1,724
up €1,724 (+24.2%), from €7,120 to €8,844
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 | €11,617,363 | €1,585,244 | -€10.0m | -86.4% |
| Current assets | 29/58 | €11,617,363 | €1,585,244 | -€10.0m | -86.4% |
| Stocks and contracts in progress | 3 | €10,767,432 | €751,950 | -€10.0m | -93.0% |
| Stocks | 30/36 | €10,767,432 | €751,950 | -€10.0m | -93.0% |
| Amounts receivable within one year | 40/41 | €384,239 | €118,251 | -€265,988 | -69.2% |
| Trade receivables | 40 | €286,918 | €19,314 | -€267,604 | -93.3% |
| Other amounts receivable | 41 | €97,322 | €98,937 | +€1,615 | +1.7% |
| Cash at bank and in hand | 54/58 | €465,691 | €715,042 | +€249,352 | +53.5% |
| Total equity and liabilities | 10/49 | €11,617,363 | €1,585,244 | -€10.0m | -86.4% |
| Equity | 10/15 | €80,956 | €226,875 | +€145,919 | +180% |
| Contributions | 10/11 | €246,000 | €246,000 | = | 0.0% |
| Capital | 10 | €246,000 | €246,000 | = | 0.0% |
| Issued capital | 100 | €246,000 | €246,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,044 | -€19,125 | +€145,919 | +88.4% |
| Amounts payable | 17/49 | €11,536,406 | €1,358,369 | -€10.2m | -88.2% |
| Amounts payable within one year | 42/48 | €11,536,406 | €1,358,369 | -€10.2m | -88.2% |
| Financial debts | 43 | €1,364,805 | €0 | -€1.4m | -100% |
| Credit institutions | 430/8 | €1,364,805 | €0 | -€1.4m | -100% |
| Trade debts | 44 | €431,896 | €52,231 | -€379,664 | -87.9% |
| Suppliers | 440/4 | €431,896 | €52,231 | -€379,664 | -87.9% |
| Advances received on contracts in progress | 46 | €8,493,603 | €0 | -€8.5m | -100% |
| Taxes, remuneration and social security | 45 | €29,463 | €14,806 | -€14,656 | -49.7% |
| Taxes | 450/3 | €29,463 | €14,806 | -€14,656 | -49.7% |
| Other amounts payable | 47/48 | €1,216,641 | €1,291,331 | +€74,690 | +6.1% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€4,509 | €139,695 | +€144,204 | |
| Operating profit (loss) | 9901 | -€5,477 | €138,696 | +€144,173 | |
| Financial income | 75/76B | €7,120 | €8,844 | +€1,724 | +24.2% |
| Recurring financial income | 75 | €7,120 | €8,844 | +€1,724 | +24.2% |
| Financial charges | 65/66B | €3,347 | €1,622 | -€1,725 | -51.5% |
| Recurring financial charges | 65 | €3,347 | €1,622 | -€1,725 | -51.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,703 | €145,919 | +€147,622 | |
| Profit (loss) for the period | 9904 | -€1,703 | €145,919 | +€147,622 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,703 | €145,919 | +€147,622 |
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 18 October 2026 via checked.be.