VMDK: 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.
VMDK
Largest movements
- Stocks and contracts -€25,250
down €25,250 (-17.8%), from €141,565 to €116,315
- Tangible fixed assets +€16,325
up €16,325 (+1602.5%), from €1,019 to €17,344
of which Plant, machinery and equipment: +€14,375
- Cash -€8,203
down €8,203 (-21.6%), from €37,906 to €29,704
mainly Trade debts (-€36,161) and Investment in fixed assets (net) (-€19,956)
- Receivables within one year +€4,678
up €4,678 (+71.5%), from €6,545 to €11,224
of which Other amounts receivable: +€3,985
- Financial fixed assets +€1,950
new in 2025: €1,950
- Trade debts -€36,161
down €36,161 (-75.5%), from €47,864 to €11,704
- Other debts +€10,259
up €10,259 (+12.7%), from €81,072 to €91,331
- Reserves +€8,986
up €8,986 (+29.3%), from €30,700 to €39,686
of which Distributable reserves: +€8,986
- Tax, wage and social debts +€6,567
up €6,567 (+111.4%), from €5,896 to €12,463
of which Taxes: +€6,418
- Gross operating margin -€4,499
down €4,499 (-15.1%), from €29,724 to €25,225
- Write-downs +€3,814
new in 2025: €3,814
- Financial charges -€1,663
down €1,663 (-20.5%), from €8,115 to €6,452
- Taxes +€1,645
up €1,645 (+87.9%), from €1,872 to €3,517
- Depreciation +€1,401
up €1,401 (+500.4%), from €280 to €1,681
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 | €187,399 | €178,328 | -€9,071 | -4.8% |
| Fixed assets | 21/28 | €1,019 | €19,294 | +€18,275 | +1793.9% |
| Tangible fixed assets | 22/27 | €1,019 | €17,344 | +€16,325 | +1602.5% |
| Plant, machinery and equipment | 23 | €1,019 | €15,394 | +€14,375 | +1411.1% |
| Furniture and vehicles | 24 | - | €1,950 | +€1,950 | |
| Financial fixed assets | 28 | - | €1,950 | +€1,950 | |
| Current assets | 29/58 | €186,380 | €159,034 | -€27,346 | -14.7% |
| Stocks and contracts in progress | 3 | €141,565 | €116,315 | -€25,250 | -17.8% |
| Stocks | 30/36 | €141,565 | €116,315 | -€25,250 | -17.8% |
| Amounts receivable within one year | 40/41 | €6,545 | €11,224 | +€4,678 | +71.5% |
| Trade receivables | 40 | €3,647 | €4,340 | +€693 | +19.0% |
| Other amounts receivable | 41 | €2,899 | €6,884 | +€3,985 | +137.5% |
| Cash at bank and in hand | 54/58 | €37,906 | €29,704 | -€8,203 | -21.6% |
| Deferred charges and accrued income | 490/1 | €363 | €1,791 | +€1,428 | +392.9% |
| Total equity and liabilities | 10/49 | €187,399 | €178,328 | -€9,071 | -4.8% |
| Equity | 10/15 | €49,700 | €58,686 | +€8,986 | +18.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €30,700 | €39,686 | +€8,986 | +29.3% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €28,840 | €37,827 | +€8,986 | +31.2% |
| Amounts payable | 17/49 | €137,699 | €119,642 | -€18,058 | -13.1% |
| Amounts payable within one year | 42/48 | €134,833 | €115,498 | -€19,335 | -14.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €47,864 | €11,704 | -€36,161 | -75.5% |
| Suppliers | 440/4 | €47,864 | €11,704 | -€36,161 | -75.5% |
| Taxes, remuneration and social security | 45 | €5,896 | €12,463 | +€6,567 | +111.4% |
| Taxes | 450/3 | €4,071 | €10,488 | +€6,418 | +157.7% |
| Remuneration and social security | 454/9 | €1,826 | €1,975 | +€149 | +8.2% |
| Other amounts payable | 47/48 | €81,072 | €91,331 | +€10,259 | +12.7% |
| Accrued charges and deferred income | 492/3 | €2,867 | €4,144 | +€1,277 | +44.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280 | €1,681 | +€1,401 | +500.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,814 | +€3,814 | |
| Other operating charges | 640/8 | €815 | €982 | +€167 | +20.4% |
| Gross operating margin | 9900 | €29,724 | €25,225 | -€4,499 | -15.1% |
| Operating profit (loss) | 9901 | €28,629 | €18,748 | -€9,881 | -34.5% |
| Financial income | 75/76B | €77 | €207 | +€130 | +169.4% |
| Recurring financial income | 75 | €77 | €207 | +€130 | +169.4% |
| Financial charges | 65/66B | €8,115 | €6,452 | -€1,663 | -20.5% |
| Recurring financial charges | 65 | €8,115 | €6,452 | -€1,663 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €20,590 | €12,503 | -€8,087 | -39.3% |
| Income taxes | 67/77 | €1,872 | €3,517 | +€1,645 | +87.9% |
| Profit (loss) for the period | 9904 | €18,718 | €8,986 | -€9,732 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,718 | €8,986 | -€9,732 | -52.0% |
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 29 September 2026 via checked.be.