VMGEAR: 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.
VMGEAR
Largest movements
- Cash -€148,337
down €148,337 (-97.4%), from €152,247 to €3,910
mainly Other debts (-€115,608) and Net result for the year (-€55,092)
- Tangible fixed assets -€11,400
down €11,400 (-3.1%), from €365,145 to €353,745
- Receivables within one year -€6,227
down €6,227 (-38.8%), from €16,049 to €9,821
of which Other amounts receivable: -€7,285
- Other debts -€115,608
down €115,608 (-45.8%), from €252,265 to €136,657
- Profit (loss) carried forward -€55,092
down €55,092 (-36.1%), from -€152,692 to -€207,784
- Gross operating margin +€18,565
up €18,565 (+30.9%), from -€60,121 to -€41,556
- Depreciation +€11,400
new in 2025: €11,400
- Other operating charges +€1,671
new in 2025: €1,671
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 | €609,872 | €442,927 | -€166,945 | -27.4% |
| Fixed assets | 21/28 | €365,145 | €353,745 | -€11,400 | -3.1% |
| Tangible fixed assets | 22/27 | €365,145 | €353,745 | -€11,400 | -3.1% |
| Land and buildings | 22 | €365,145 | €353,745 | -€11,400 | -3.1% |
| Current assets | 29/58 | €244,727 | €89,182 | -€155,545 | -63.6% |
| Amounts receivable after more than one year | 29 | €12,900 | €12,900 | = | 0.0% |
| Trade receivables | 290 | €12,900 | €12,900 | = | 0.0% |
| Stocks and contracts in progress | 3 | €62,550 | €62,550 | = | 0.0% |
| Stocks | 30/36 | €62,550 | €62,550 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,049 | €9,821 | -€6,227 | -38.8% |
| Trade receivables | 40 | €6,723 | €7,781 | +€1,058 | +15.7% |
| Other amounts receivable | 41 | €9,326 | €2,041 | -€7,285 | -78.1% |
| Cash at bank and in hand | 54/58 | €152,247 | €3,910 | -€148,337 | -97.4% |
| Deferred charges and accrued income | 490/1 | €982 | - | -€982 | |
| Total equity and liabilities | 10/49 | €609,872 | €442,927 | -€166,945 | -27.4% |
| Equity | 10/15 | €352,593 | €297,501 | -€55,092 | -15.6% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €5,285 | €5,285 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,285 | €5,285 | = | 0.0% |
| Legal reserve | 130 | €5,285 | €5,285 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,692 | -€207,784 | -€55,092 | -36.1% |
| Amounts payable | 17/49 | €257,279 | €145,426 | -€111,853 | -43.5% |
| Amounts payable within one year | 42/48 | €257,279 | €145,426 | -€111,853 | -43.5% |
| Trade debts | 44 | - | €4,225 | +€4,225 | |
| Suppliers | 440/4 | - | €4,225 | +€4,225 | |
| Advances received on contracts in progress | 46 | €4,544 | €4,544 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €470 | - | -€470 | |
| Remuneration and social security | 454/9 | €470 | - | -€470 | |
| Other amounts payable | 47/48 | €252,265 | €136,657 | -€115,608 | -45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €11,400 | +€11,400 | |
| Other operating charges | 640/8 | - | €1,671 | +€1,671 | |
| Gross operating margin | 9900 | -€60,121 | -€41,556 | +€18,565 | +30.9% |
| Operating profit (loss) | 9901 | -€60,121 | -€54,626 | +€5,494 | +9.1% |
| Financial charges | 65/66B | €850 | €465 | -€385 | -45.2% |
| Recurring financial charges | 65 | €850 | €465 | -€385 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | -€60,971 | -€55,092 | +€5,879 | +9.6% |
| Profit (loss) for the period | 9904 | -€60,971 | -€55,092 | +€5,879 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,971 | -€55,092 | +€5,879 | +9.6% |
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 11 October 2026 via checked.be.