VMD MANAGEMENT: 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.
VMD MANAGEMENT
Largest movements
- Receivables within one year -€15,091
down €15,091 (-70.2%), from €21,497 to €6,406
of which Trade receivables: -€8,778
- Cash +€10,473
up €10,473 (+33.7%), from €31,058 to €41,532
mainly Other debts (+€26,850) and Receivables within one year (+€15,091)
- Tangible fixed assets +€1,084
up €1,084 (+59.9%), from €1,809 to €2,893
of which Furniture and vehicles: +€1,297
- Profit (loss) carried forward -€27,165
new in 2025: -€27,165
- Other debts +€26,850
up €26,850 (+104.2%), from €25,765 to €52,615
- Tax, wage and social debts -€8,027
down €8,027 (-89.2%), from €8,995 to €968
- Accrued charges and deferred income +€5,364
new in 2025: €5,364
- Trade debts -€695
down €695 (-39.2%), from €1,774 to €1,079
- Gross operating margin -€50,571
down €50,571 (-81.6%), from €61,993 to €11,422
- Financial charges -€18,428
down €18,428 (-34.5%), from €53,478 to €35,050
- Taxes -€2,264
down €2,264 (-88.9%), from €2,546 to €282
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 | €57,105 | €53,432 | -€3,673 | -6.4% |
| Fixed assets | 21/28 | €1,809 | €2,893 | +€1,084 | +59.9% |
| Tangible fixed assets | 22/27 | €1,809 | €2,893 | +€1,084 | +59.9% |
| Plant, machinery and equipment | 23 | €460 | €248 | -€213 | -46.2% |
| Furniture and vehicles | 24 | €1,348 | €2,645 | +€1,297 | +96.2% |
| Current assets | 29/58 | €55,296 | €50,539 | -€4,757 | -8.6% |
| Amounts receivable within one year | 40/41 | €21,497 | €6,406 | -€15,091 | -70.2% |
| Trade receivables | 40 | €15,184 | €6,406 | -€8,778 | -57.8% |
| Other amounts receivable | 41 | €6,313 | - | -€6,313 | |
| Cash at bank and in hand | 54/58 | €31,058 | €41,532 | +€10,473 | +33.7% |
| Deferred charges and accrued income | 490/1 | €2,741 | €2,601 | -€140 | -5.1% |
| Total equity and liabilities | 10/49 | €57,105 | €53,432 | -€3,673 | -6.4% |
| Equity | 10/15 | €20,571 | -€6,594 | -€27,165 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €17,571 | €17,571 | = | 0.0% |
| Distributable reserves | 133 | €17,571 | €17,571 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€27,165 | -€27,165 | |
| Amounts payable | 17/49 | €36,534 | €60,026 | +€23,492 | +64.3% |
| Amounts payable within one year | 42/48 | €36,534 | €54,661 | +€18,127 | +49.6% |
| Trade debts | 44 | €1,774 | €1,079 | -€695 | -39.2% |
| Suppliers | 440/4 | €1,774 | €1,079 | -€695 | -39.2% |
| Taxes, remuneration and social security | 45 | €8,995 | €968 | -€8,027 | -89.2% |
| Taxes | 450/3 | €8,995 | €968 | -€8,027 | -89.2% |
| Other amounts payable | 47/48 | €25,765 | €52,615 | +€26,850 | +104.2% |
| Accrued charges and deferred income | 492/3 | - | €5,364 | +€5,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,994 | €2,092 | +€98 | +4.9% |
| Other operating charges | 640/8 | €1,011 | €1,162 | +€152 | +15.0% |
| Gross operating margin | 9900 | €61,993 | €11,422 | -€50,571 | -81.6% |
| Operating profit (loss) | 9901 | €58,988 | €8,167 | -€50,821 | -86.2% |
| Financial charges | 65/66B | €53,478 | €35,050 | -€18,428 | -34.5% |
| Recurring financial charges | 65 | €53,478 | €35,050 | -€18,428 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €5,510 | -€26,882 | -€32,393 | |
| Income taxes | 67/77 | €2,546 | €282 | -€2,264 | -88.9% |
| Profit (loss) for the period | 9904 | €2,964 | -€27,165 | -€30,129 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,964 | -€27,165 | -€30,129 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.