VMDA: 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.
VMDA
Largest movements
- Tangible fixed assets +€233,083
new in 2025: €233,083
- Cash -€74,649
down €74,649 (-90.0%), from €82,929 to €8,280
mainly Investment in fixed assets (net) (-€244,000) and Net result for the year (-€51,727)
- Receivables within one year +€15,533
up €15,533 (+66.2%), from €23,467 to €39,000
of which Other amounts receivable: +€36,033
- Financial fixed assets +€5,000
up €5,000 (+83.3%), from €6,000 to €11,000
- Debts after one year +€179,961
new in 2025: €179,961
- Profit (loss) carried forward -€51,727
down €51,727 (-63.9%), from €80,908 to €29,182
- Other debts +€47,841
up €47,841 (+1734.5%), from €2,758 to €50,599
- Current portion of long-term debt +€10,117
new in 2025: €10,117
- Tax, wage and social debts -€9,667
down €9,667 (-39.9%), from €24,226 to €14,559
of which Taxes: -€9,667
- Gross operating margin -€96,163
down €96,163, from €63,079 to -€33,084
- Taxes -€12,638
down €12,638 (-97.1%), from €13,011 to €372
- Financial charges +€7,831
up €7,831 (+351.2%), from €2,230 to €10,061
- Depreciation +€5,917
new in 2025: €5,917
- Other operating charges +€1,769
up €1,769 (+338.7%), from €522 to €2,292
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 | €114,686 | €293,309 | +€178,624 | +155.8% |
| Fixed assets | 21/28 | €6,000 | €244,083 | +€238,083 | +3968.1% |
| Tangible fixed assets | 22/27 | - | €233,083 | +€233,083 | |
| Land and buildings | 22 | - | €233,083 | +€233,083 | |
| Financial fixed assets | 28 | €6,000 | €11,000 | +€5,000 | +83.3% |
| Current assets | 29/58 | €108,686 | €49,226 | -€59,460 | -54.7% |
| Amounts receivable within one year | 40/41 | €23,467 | €39,000 | +€15,533 | +66.2% |
| Trade receivables | 40 | €20,500 | €0 | -€20,500 | -100.0% |
| Other amounts receivable | 41 | €2,967 | €39,000 | +€36,033 | +1214.3% |
| Cash at bank and in hand | 54/58 | €82,929 | €8,280 | -€74,649 | -90.0% |
| Deferred charges and accrued income | 490/1 | €2,289 | €1,946 | -€343 | -15.0% |
| Total equity and liabilities | 10/49 | €114,686 | €293,309 | +€178,624 | +155.8% |
| Equity | 10/15 | €85,908 | €34,182 | -€51,727 | -60.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,908 | €29,182 | -€51,727 | -63.9% |
| Amounts payable | 17/49 | €28,777 | €259,127 | +€230,350 | +800.5% |
| Amounts payable after more than one year | 17 | - | €179,961 | +€179,961 | |
| Financial debts | 170/4 | - | €179,961 | +€179,961 | |
| Amounts payable within one year | 42/48 | €28,777 | €79,166 | +€50,389 | +175.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,117 | +€10,117 | |
| Trade debts | 44 | €1,793 | €3,890 | +€2,097 | +117.0% |
| Suppliers | 440/4 | €1,793 | €3,890 | +€2,097 | +117.0% |
| Taxes, remuneration and social security | 45 | €24,226 | €14,559 | -€9,667 | -39.9% |
| Taxes | 450/3 | €24,226 | €14,559 | -€9,667 | -39.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,758 | €50,599 | +€47,841 | +1734.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,917 | +€5,917 | |
| Other operating charges | 640/8 | €522 | €2,292 | +€1,769 | +338.7% |
| Gross operating margin | 9900 | €63,079 | -€33,084 | -€96,163 | |
| Operating profit (loss) | 9901 | €62,556 | -€41,293 | -€103,849 | |
| Financial income | 75/76B | €21 | €0 | -€21 | -100.0% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -100.0% |
| Financial charges | 65/66B | €2,230 | €10,061 | +€7,831 | +351.2% |
| Recurring financial charges | 65 | €2,230 | €10,061 | +€7,831 | +351.2% |
| Profit (loss) for the period before taxes | 9903 | €60,347 | -€51,354 | -€111,701 | |
| Income taxes | 67/77 | €13,011 | €372 | -€12,638 | -97.1% |
| Profit (loss) for the period | 9904 | €47,336 | -€51,727 | -€99,063 | |
| Profit (loss) for the period to be appropriated | 9905 | €47,336 | -€51,727 | -€99,063 |
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 10 October 2026 via checked.be.