VMF SERVICES: 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 SERVICES
Largest movements
- Cash +€75,856
up €75,856 (+62.8%), from €120,815 to €196,671
mainly Net result for the year (+€99,828) and Depreciation (+€84,837)
- Tangible fixed assets -€75,113
down €75,113 (-14.4%), from €522,764 to €447,650
- Receivables within one year +€21,868
up €21,868 (+25.5%), from €85,687 to €107,555
of which Trade receivables: +€28,678
- Debts after one year -€77,676
down €77,676 (-35.2%), from €220,756 to €143,080
- Other debts +€70,283
up €70,283 (+527.2%), from €13,331 to €83,614
- Reserves +€30,874
up €30,874 (+7.4%), from €415,287 to €446,161
- Tax, wage and social debts +€14,914
up €14,914 (+74.2%), from €20,108 to €35,022
of which Remuneration and social security: +€10,610
- Gross operating margin +€138,844
up €138,844 (+46.0%), from €301,724 to €440,568
- Taxes +€28,050
up €28,050 (+657.1%), from €4,269 to €32,319
- Staff costs +€10,041
up €10,041 (+5.2%), from €192,266 to €202,307
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €791,271 | €818,399 | +€27,128 | +3.4% |
| Fixed assets | 21/28 | €522,838 | €447,725 | -€75,113 | -14.4% |
| Tangible fixed assets | 22/27 | €522,764 | €447,650 | -€75,113 | -14.4% |
| Land and buildings | 22 | €377,943 | €347,523 | -€30,421 | -8.0% |
| Plant, machinery and equipment | 23 | €32,015 | €22,181 | -€9,834 | -30.7% |
| Furniture and vehicles | 24 | €110,305 | €75,447 | -€34,858 | -31.6% |
| Other tangible fixed assets | 26 | €2,500 | €2,500 | = | 0.0% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €268,433 | €370,674 | +€102,241 | +38.1% |
| Stocks and contracts in progress | 3 | €49,995 | €54,326 | +€4,331 | +8.7% |
| Stocks | 30/36 | €49,995 | €54,326 | +€4,331 | +8.7% |
| Amounts receivable within one year | 40/41 | €85,687 | €107,555 | +€21,868 | +25.5% |
| Trade receivables | 40 | €78,853 | €107,531 | +€28,678 | +36.4% |
| Other amounts receivable | 41 | €6,834 | €23 | -€6,810 | -99.7% |
| Cash at bank and in hand | 54/58 | €120,815 | €196,671 | +€75,856 | +62.8% |
| Deferred charges and accrued income | 490/1 | €11,935 | €12,122 | +€187 | +1.6% |
| Total equity and liabilities | 10/49 | €791,271 | €818,399 | +€27,128 | +3.4% |
| Equity | 10/15 | €422,357 | €452,485 | +€30,128 | +7.1% |
| Contributions | 10/11 | €6,324 | €6,324 | = | 0.0% |
| Reserves | 13 | €415,287 | €446,161 | +€30,874 | +7.4% |
| Distributable reserves | 133 | €415,287 | €446,161 | +€30,874 | +7.4% |
| Profit (loss) carried forward | 14 | €746 | €0 | -€746 | -100.0% |
| Amounts payable | 17/49 | €368,914 | €365,914 | -€3,000 | -0.8% |
| Amounts payable after more than one year | 17 | €220,756 | €143,080 | -€77,676 | -35.2% |
| Financial debts | 170/4 | €220,756 | €143,080 | -€77,676 | -35.2% |
| Amounts payable within one year | 42/48 | €148,158 | €222,776 | +€74,618 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €81,393 | €77,676 | -€3,717 | -4.6% |
| Trade debts | 44 | €33,326 | €26,464 | -€6,862 | -20.6% |
| Suppliers | 440/4 | €33,326 | €26,464 | -€6,862 | -20.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €20,108 | €35,022 | +€14,914 | +74.2% |
| Taxes | 450/3 | €5,978 | €10,283 | +€4,305 | +72.0% |
| Remuneration and social security | 454/9 | €14,130 | €24,739 | +€10,610 | +75.1% |
| Other amounts payable | 47/48 | €13,331 | €83,614 | +€70,283 | +527.2% |
| Accrued charges and deferred income | 492/3 | €0 | €57 | +€57 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €192,266 | €202,307 | +€10,041 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,752 | €84,837 | +€2,085 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,405 | €4,539 | +€2,135 | +88.8% |
| Other operating charges | 640/8 | €5,407 | €5,532 | +€125 | +2.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €301,724 | €440,568 | +€138,844 | +46.0% |
| Operating profit (loss) | 9901 | €18,894 | €143,353 | +€124,459 | +658.7% |
| Financial income | 75/76B | €752 | €2,304 | +€1,552 | +206.4% |
| Recurring financial income | 75 | €752 | €2,304 | +€1,552 | +206.4% |
| Financial charges | 65/66B | €14,631 | €13,510 | -€1,121 | -7.7% |
| Recurring financial charges | 65 | €14,631 | €13,510 | -€1,121 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €5,015 | €132,147 | +€127,132 | +2535.2% |
| Income taxes | 67/77 | €4,269 | €32,319 | +€28,050 | +657.1% |
| Profit (loss) for the period | 9904 | €746 | €99,828 | +€99,082 | +13285.9% |
| Profit (loss) for the period to be appropriated | 9905 | €746 | €99,828 | +€99,082 | +13285.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.