VMDG: 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.
VMDG
Largest movements
- Receivables within one year -€11,249
down €11,249 (-57.9%), from €19,420 to €8,171
of which Other amounts receivable: -€9,529
- Cash +€6,586
up €6,586 (+16.7%), from €39,518 to €46,104
mainly Other debts (+€27,135) and Receivables within one year (+€11,249)
- Tangible fixed assets +€5,199
up €5,199 (+46.5%), from €11,186 to €16,384
of which Furniture and vehicles: +€8,741
- Reserves -€27,309
down €27,309 (-75.6%), from €36,107 to €8,798
- Other debts +€27,135
up €27,135 (+230.2%), from €11,790 to €38,924
- Debts after one year -€3,096
down €3,096 (-53.7%), from €5,767 to €2,671
- Tax, wage and social debts +€2,264
up €2,264 (+78.7%), from €2,875 to €5,138
of which Taxes: +€2,264
- Profit (loss) carried forward +€1,663
up €1,663, from -€1,663 to €0
- Write-downs -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Gross operating margin -€5,779
down €5,779 (-21.0%), from €27,530 to €21,752
- Depreciation +€4,018
up €4,018 (+1388.0%), from €289 to €4,308
- Taxes +€2,686
up €2,686 (+308.5%), from €870 to €3,556
- Other operating charges +€2,264
up €2,264 (+332.3%), from €681 to €2,946
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 | €72,639 | €73,270 | +€631 | +0.9% |
| Fixed assets | 21/28 | €11,186 | €16,384 | +€5,199 | +46.5% |
| Tangible fixed assets | 22/27 | €11,186 | €16,384 | +€5,199 | +46.5% |
| Furniture and vehicles | 24 | €833 | €9,574 | +€8,741 | +1049.3% |
| Leasing and similar rights | 25 | €10,353 | €6,811 | -€3,542 | -34.2% |
| Current assets | 29/58 | €61,453 | €56,886 | -€4,567 | -7.4% |
| Amounts receivable within one year | 40/41 | €19,420 | €8,171 | -€11,249 | -57.9% |
| Trade receivables | 40 | €9,748 | €8,028 | -€1,720 | -17.6% |
| Other amounts receivable | 41 | €9,671 | €143 | -€9,529 | -98.5% |
| Cash at bank and in hand | 54/58 | €39,518 | €46,104 | +€6,586 | +16.7% |
| Deferred charges and accrued income | 490/1 | €2,516 | €2,611 | +€95 | +3.8% |
| Total equity and liabilities | 10/49 | €72,639 | €73,270 | +€631 | +0.9% |
| Equity | 10/15 | €46,844 | €21,198 | -€25,646 | -54.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €36,107 | €8,798 | -€27,309 | -75.6% |
| Distributable reserves | 133 | €36,107 | €8,798 | -€27,309 | -75.6% |
| Profit (loss) carried forward | 14 | -€1,663 | €0 | +€1,663 | |
| Amounts payable | 17/49 | €25,795 | €52,072 | +€26,277 | +101.9% |
| Amounts payable after more than one year | 17 | €5,767 | €2,671 | -€3,096 | -53.7% |
| Financial debts | 170/4 | €5,767 | €2,671 | -€3,096 | -53.7% |
| Amounts payable within one year | 42/48 | €20,028 | €49,402 | +€29,374 | +146.7% |
| Current portion of amounts payable after more than one year | 42 | €2,982 | €3,096 | +€114 | +3.8% |
| Trade debts | 44 | €2,381 | €2,243 | -€139 | -5.8% |
| Suppliers | 440/4 | €2,381 | €2,243 | -€139 | -5.8% |
| Taxes, remuneration and social security | 45 | €2,875 | €5,138 | +€2,264 | +78.7% |
| Taxes | 450/3 | €870 | €3,134 | +€2,264 | +260.0% |
| Remuneration and social security | 454/9 | €2,004 | €2,004 | = | 0.0% |
| Other amounts payable | 47/48 | €11,790 | €38,924 | +€27,135 | +230.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €289 | €4,308 | +€4,018 | +1388.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,000 | €0 | -€25,000 | -100.0% |
| Other operating charges | 640/8 | €681 | €2,946 | +€2,264 | +332.3% |
| Gross operating margin | 9900 | €27,530 | €21,752 | -€5,779 | -21.0% |
| Operating profit (loss) | 9901 | €1,559 | €14,498 | +€12,939 | +829.8% |
| Financial income | 75/76B | €613 | €3 | -€610 | -99.5% |
| Recurring financial income | 75 | €613 | €3 | -€610 | -99.5% |
| Financial charges | 65/66B | €419 | €484 | +€65 | +15.5% |
| Recurring financial charges | 65 | €419 | €484 | +€65 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €1,753 | €14,017 | +€12,264 | +699.5% |
| Income taxes | 67/77 | €870 | €3,556 | +€2,686 | +308.5% |
| Profit (loss) for the period | 9904 | €883 | €10,461 | +€9,578 | +1085.2% |
| Profit (loss) for the period to be appropriated | 9905 | €883 | €10,461 | +€9,578 | +1085.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.