VMF REAL ESTATE: 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.
VMF REAL ESTATE
Largest movements
- Stocks and contracts +€3.7m
up €3.7m (+173.0%), from €2.2m to €5.9m
- Cash +€130,381
up €130,381 (+296.2%), from €44,023 to €174,404
mainly Short-term financial debts (+€2.1m) and Debts after one year (+€1.2m)
- Receivables within one year -€114,875
down €114,875 (-100.0%), from €114,882 to €7
of which Other amounts receivable: -€114,882
- Short-term financial debts +€2.1m
up €2.1m (+129.2%), from €1.6m to €3.7m
- Debts after one year +€1.2m
up €1.2m (+255.9%), from €466,000 to €1.7m
- Other debts +€346,616
up €346,616 (+123.6%), from €280,421 to €627,037
- Profit (loss) carried forward +€77,202
up €77,202, from -€77,202 to €0
- Gross operating margin +€253,239
up €253,239, from -€17,097 to €236,142
- Financial charges +€106,169
up €106,169 (+158.6%), from €66,924 to €173,092
- Taxes +€15,458
new in 2025: €15,458
- Financial income -€9,932
down €9,932 (-96.8%), from €10,260 to €329
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 | €2,313,474 | €6,051,556 | +€3.7m | +161.6% |
| Fixed assets | 21/28 | €3,000 | €3,000 | = | 0.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €2,310,474 | €6,048,556 | +€3.7m | +161.8% |
| Stocks and contracts in progress | 3 | €2,151,569 | €5,874,145 | +€3.7m | +173.0% |
| Stocks | 30/36 | €2,151,569 | €5,874,145 | +€3.7m | +173.0% |
| Amounts receivable within one year | 40/41 | €114,882 | €7 | -€114,875 | -100.0% |
| Trade receivables | 40 | - | €7 | +€7 | |
| Other amounts receivable | 41 | €114,882 | €0 | -€114,882 | -100.0% |
| Cash at bank and in hand | 54/58 | €44,023 | €174,404 | +€130,381 | +296.2% |
| Total equity and liabilities | 10/49 | €2,313,474 | €6,051,556 | +€3.7m | +161.6% |
| Equity | 10/15 | -€77,202 | €46,374 | +€123,576 | |
| Reserves | 13 | - | €46,374 | +€46,374 | |
| Distributable reserves | 133 | - | €46,374 | +€46,374 | |
| Profit (loss) carried forward | 14 | -€77,202 | €0 | +€77,202 | |
| Amounts payable | 17/49 | €2,390,676 | €6,005,182 | +€3.6m | +151.2% |
| Amounts payable after more than one year | 17 | €466,000 | €1,658,317 | +€1.2m | +255.9% |
| Financial debts | 170/4 | €466,000 | €1,658,317 | +€1.2m | +255.9% |
| Amounts payable within one year | 42/48 | €1,875,493 | €4,297,682 | +€2.4m | +129.1% |
| Financial debts | 43 | €1,595,072 | €3,655,285 | +€2.1m | +129.2% |
| Credit institutions | 430/8 | €1,595,072 | €3,655,285 | +€2.1m | +129.2% |
| Taxes, remuneration and social security | 45 | - | €15,359 | +€15,359 | |
| Taxes | 450/3 | - | €15,359 | +€15,359 | |
| Other amounts payable | 47/48 | €280,421 | €627,037 | +€346,616 | +123.6% |
| Accrued charges and deferred income | 492/3 | €49,183 | €49,183 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,250 | €0 | -€1,250 | -100.0% |
| Other operating charges | 640/8 | €2,191 | €619 | -€1,572 | -71.7% |
| Gross operating margin | 9900 | -€17,097 | €236,142 | +€253,239 | |
| Operating profit (loss) | 9901 | -€20,538 | €235,523 | +€256,061 | |
| Financial income | 75/76B | €10,260 | €329 | -€9,932 | -96.8% |
| Recurring financial income | 75 | €10,260 | €329 | -€9,932 | -96.8% |
| Financial charges | 65/66B | €66,924 | €173,092 | +€106,169 | +158.6% |
| Recurring financial charges | 65 | €66,924 | €173,092 | +€106,169 | +158.6% |
| Profit (loss) for the period before taxes | 9903 | -€77,202 | €62,759 | +€139,961 | |
| Income taxes | 67/77 | - | €15,458 | +€15,458 | |
| Profit (loss) for the period | 9904 | -€77,202 | €47,301 | +€124,502 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,202 | €47,301 | +€124,502 |
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.