VMCS: 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.
VMCS
Largest movements
- Current investments +€743,521
new in 2025: €743,521
- Cash -€524,019
down €524,019 (-54.7%), from €958,635 to €434,616
mainly Current investments (-€743,521) and Tax, wage and social debts (-€87,957)
- Tangible fixed assets -€40,280
down €40,280 (-25.3%), from €159,345 to €119,065
of which Land and buildings: -€40,280
- Reserves +€248,000
up €248,000 (+21.8%), from €1.1m to €1.4m
of which Distributable reserves: +€248,000
- Tax, wage and social debts -€87,957
down €87,957 (-70.7%), from €124,368 to €36,411
- Gross operating margin -€90,852
down €90,852 (-18.1%), from €500,964 to €410,112
- Taxes -€28,129
down €28,129 (-19.6%), from €143,309 to €115,180
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 | €1,402,097 | €1,567,903 | +€165,806 | +11.8% |
| Fixed assets | 21/28 | €407,513 | €367,234 | -€40,280 | -9.9% |
| Tangible fixed assets | 22/27 | €159,345 | €119,065 | -€40,280 | -25.3% |
| Land and buildings | 22 | €159,345 | €119,065 | -€40,280 | -25.3% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €248,169 | €248,169 | = | 0.0% |
| Current assets | 29/58 | €994,584 | €1,200,669 | +€206,085 | +20.7% |
| Amounts receivable within one year | 40/41 | €33,469 | €20,017 | -€13,452 | -40.2% |
| Trade receivables | 40 | €0 | €17,378 | +€17,378 | |
| Other amounts receivable | 41 | €33,469 | €2,639 | -€30,830 | -92.1% |
| Current investments | 50/53 | - | €743,521 | +€743,521 | |
| Cash at bank and in hand | 54/58 | €958,635 | €434,616 | -€524,019 | -54.7% |
| Deferred charges and accrued income | 490/1 | €2,480 | €2,515 | +€35 | +1.4% |
| Total equity and liabilities | 10/49 | €1,402,097 | €1,567,903 | +€165,806 | +11.8% |
| Equity | 10/15 | €1,162,882 | €1,411,289 | +€248,407 | +21.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,137,000 | €1,385,000 | +€248,000 | +21.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €1,135,000 | €1,383,000 | +€248,000 | +21.9% |
| Profit (loss) carried forward | 14 | €5,882 | €6,289 | +€407 | +6.9% |
| Amounts payable | 17/49 | €239,215 | €156,614 | -€82,602 | -34.5% |
| Amounts payable within one year | 42/48 | €239,215 | €156,614 | -€82,602 | -34.5% |
| Trade debts | 44 | €260 | - | -€260 | |
| Suppliers | 440/4 | €260 | - | -€260 | |
| Taxes, remuneration and social security | 45 | €124,368 | €36,411 | -€87,957 | -70.7% |
| Taxes | 450/3 | €124,368 | €36,411 | -€87,957 | -70.7% |
| Other amounts payable | 47/48 | €114,587 | €120,202 | +€5,616 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,699 | €40,280 | -€1,420 | -3.4% |
| Other operating charges | 640/8 | €4,022 | €2,264 | -€1,757 | -43.7% |
| Gross operating margin | 9900 | €500,964 | €410,112 | -€90,852 | -18.1% |
| Operating profit (loss) | 9901 | €455,243 | €367,568 | -€87,675 | -19.3% |
| Financial income | 75/76B | €3,611 | €5,856 | +€2,245 | +62.2% |
| Recurring financial income | 75 | €3,611 | €5,856 | +€2,245 | +62.2% |
| Financial charges | 65/66B | €9,059 | €9,837 | +€778 | +8.6% |
| Recurring financial charges | 65 | €9,059 | €9,837 | +€778 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €449,795 | €363,587 | -€86,208 | -19.2% |
| Income taxes | 67/77 | €143,309 | €115,180 | -€28,129 | -19.6% |
| Profit (loss) for the period | 9904 | €306,486 | €248,407 | -€58,079 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €306,486 | €248,407 | -€58,079 | -18.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.