VMCO: 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.
VMCO
Largest movements
- Cash -€179,024
down €179,024 (-71.2%), from €251,491 to €72,467
mainly Other debts (-€192,787) and Contributions, distributions and other (-€167,725)
- Tangible fixed assets -€21,438
down €21,438 (-3.1%), from €694,922 to €673,484
of which Land and buildings: -€30,912
- Other debts -€192,787
down €192,787 (-37.8%), from €509,477 to €316,690
- Reserves -€56,711
down €56,711 (-6.5%), from €875,194 to €818,483
of which Distributable reserves: -€32,229
- Trade debts +€53,035
up €53,035 (+6,720%), from €789 to €53,824
- Tax, wage and social debts -€18,412
down €18,412 (-41.2%), from €44,701 to €26,289
of which Taxes: -€18,441
- Provisions +€17,200
up €17,200 (+23.5%), from €73,160 to €90,360
of which Deferred taxes: +€17,200
- Gross operating margin -€37,364
down €37,364 (-13.0%), from €288,018 to €250,654
- Depreciation -€31,244
down €31,244 (-32.4%), from €96,330 to €65,086
- Financial income +€9,091
up €9,091 (+206%), from €4,411 to €13,502
- Financial charges -€6,241
down €6,241 (-20.2%), from €30,877 to €24,637
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 | €1,510,914 | €1,313,277 | -€197,636 | -13.1% |
| Fixed assets | 21/28 | €694,922 | €673,484 | -€21,438 | -3.1% |
| Tangible fixed assets | 22/27 | €694,922 | €673,484 | -€21,438 | -3.1% |
| Land and buildings | 22 | €557,253 | €526,341 | -€30,912 | -5.5% |
| Plant, machinery and equipment | 23 | €1,962 | €1,550 | -€412 | -21.0% |
| Furniture and vehicles | 24 | €135,707 | €145,594 | +€9,887 | +7.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €815,992 | €639,794 | -€176,198 | -21.6% |
| Stocks and contracts in progress | 3 | €5,643 | €7,410 | +€1,766 | +31.3% |
| Stocks | 30/36 | €5,643 | €7,410 | +€1,766 | +31.3% |
| Amounts receivable within one year | 40/41 | €47,983 | €56,239 | +€8,257 | +17.2% |
| Trade receivables | 40 | €36,132 | €34,957 | -€1,175 | -3.3% |
| Other amounts receivable | 41 | €11,851 | €21,282 | +€9,431 | +79.6% |
| Current investments | 50/53 | €501,312 | €501,312 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €251,491 | €72,467 | -€179,024 | -71.2% |
| Deferred charges and accrued income | 490/1 | €9,562 | €2,365 | -€7,197 | -75.3% |
| Total equity and liabilities | 10/49 | €1,510,914 | €1,313,277 | -€197,636 | -13.1% |
| Equity | 10/15 | €881,394 | €824,683 | -€56,711 | -6.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €875,194 | €818,483 | -€56,711 | -6.5% |
| Tax-exempt reserves | 132 | €146,492 | €122,010 | -€24,482 | -16.7% |
| Distributable reserves | 133 | €728,702 | €696,473 | -€32,229 | -4.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €73,160 | €90,360 | +€17,200 | +23.5% |
| Provisions for liabilities and charges | 160/5 | €49,679 | €49,679 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,679 | €49,679 | = | 0.0% |
| Deferred taxes | 168 | €23,481 | €40,681 | +€17,200 | +73.2% |
| Amounts payable | 17/49 | €556,360 | €398,234 | -€158,125 | -28.4% |
| Amounts payable within one year | 42/48 | €554,967 | €396,804 | -€158,164 | -28.5% |
| Trade debts | 44 | €789 | €53,824 | +€53,035 | +6,720% |
| Suppliers | 440/4 | €789 | €53,824 | +€53,035 | +6,720% |
| Taxes, remuneration and social security | 45 | €44,701 | €26,289 | -€18,412 | -41.2% |
| Taxes | 450/3 | €43,821 | €25,380 | -€18,441 | -42.1% |
| Remuneration and social security | 454/9 | €880 | €909 | +€29 | +3.3% |
| Other amounts payable | 47/48 | €509,477 | €316,690 | -€192,787 | -37.8% |
| Accrued charges and deferred income | 492/3 | €1,392 | €1,431 | +€39 | +2.8% |
| Non-recurring operating income | 76A | €2,745 | €0 | -€2,745 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,330 | €65,086 | -€31,244 | -32.4% |
| Other operating charges | 640/8 | €6,204 | €7,887 | +€1,683 | +27.1% |
| Gross operating margin | 9900 | €288,018 | €250,654 | -€37,364 | -13.0% |
| Operating profit (loss) | 9901 | €185,485 | €177,682 | -€7,803 | -4.2% |
| Financial income | 75/76B | €4,411 | €13,502 | +€9,091 | +206% |
| Recurring financial income | 75 | €4,411 | €13,502 | +€9,091 | +206% |
| Financial charges | 65/66B | €30,877 | €24,637 | -€6,241 | -20.2% |
| Recurring financial charges | 65 | €30,877 | €24,637 | -€6,241 | -20.2% |
| Profit (loss) for the period before taxes | 9903 | €159,019 | €166,547 | +€7,528 | +4.7% |
| Transfer from deferred taxes | 780 | €5,017 | €1,821 | -€3,197 | -63.7% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €59,634 | €57,354 | -€2,280 | -3.8% |
| Profit (loss) for the period | 9904 | €104,402 | €111,013 | +€6,612 | +6.3% |
| Transfer from tax-exempt reserves | 789 | €24,561 | €5,462 | -€19,100 | -77.8% |
| Transfer to tax-exempt reserves | 689 | €9,510 | €0 | -€9,510 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €119,453 | €116,475 | -€2,978 | -2.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.