VMI: 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.
VMI
Largest movements
- Tangible fixed assets +€743,373
up €743,373 (+22.5%), from €3.3m to €4.0m
of which Land and buildings: +€761,928
- Cash -€691,802
down €691,802 (-40.5%), from €1.7m to €1.0m
mainly Investment in fixed assets (net) (-€1.1m) and Current investments (-€530,169)
- Current investments +€530,169
up €530,169 (+71.6%), from €740,751 to €1.3m
- Debts after one year +€444,616
up €444,616 (+25.8%), from €1.7m to €2.2m
- Other debts +€124,728
up €124,728 (+9.7%), from €1.3m to €1.4m
- Trade debts -€121,754
down €121,754 (-48.0%), from €253,685 to €131,931
- Accrued charges and deferred income +€68,524
up €68,524 (+96.8%), from €70,797 to €139,321
- Gross operating margin -€78,808
down €78,808 (-7.9%), from €1.0m to €923,504
- Financial income +€64,758
up €64,758 (+168.1%), from €38,531 to €103,289
- Financial charges +€59,938
up €59,938 (+66.6%), from €90,049 to €149,988
- Taxes -€44,955
down €44,955 (-28.2%), from €159,262 to €114,307
- Depreciation +€17,174
up €17,174 (+5.2%), from €329,553 to €346,727
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 | €5,891,973 | €6,476,236 | +€584,263 | +9.9% |
| Fixed assets | 21/28 | €3,300,044 | €4,043,417 | +€743,373 | +22.5% |
| Tangible fixed assets | 22/27 | €3,300,044 | €4,043,417 | +€743,373 | +22.5% |
| Land and buildings | 22 | €3,281,045 | €4,042,974 | +€761,928 | +23.2% |
| Furniture and vehicles | 24 | €18,999 | €443 | -€18,556 | -97.7% |
| Current assets | 29/58 | €2,591,929 | €2,432,819 | -€159,110 | -6.1% |
| Amounts receivable within one year | 40/41 | €88,474 | €83,483 | -€4,990 | -5.6% |
| Trade receivables | 40 | €70,474 | €58,983 | -€11,490 | -16.3% |
| Other amounts receivable | 41 | €18,000 | €24,500 | +€6,500 | +36.1% |
| Current investments | 50/53 | €740,751 | €1,270,920 | +€530,169 | +71.6% |
| Cash at bank and in hand | 54/58 | €1,710,152 | €1,018,350 | -€691,802 | -40.5% |
| Deferred charges and accrued income | 490/1 | €52,553 | €60,066 | +€7,512 | +14.3% |
| Total equity and liabilities | 10/49 | €5,891,973 | €6,476,236 | +€584,263 | +9.9% |
| Equity | 10/15 | €1,900,591 | €1,959,953 | +€59,362 | +3.1% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €1,725,037 | €1,784,377 | +€59,340 | +3.4% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,771 | €274,111 | -€20,660 | -7.0% |
| Distributable reserves | 133 | €1,420,350 | €1,500,350 | +€80,000 | +5.6% |
| Profit (loss) carried forward | 14 | €76,397 | €76,419 | +€21 | 0.0% |
| Provisions and deferred taxes | 16 | €148,126 | €138,466 | -€9,661 | -6.5% |
| Deferred taxes | 168 | €148,126 | €138,466 | -€9,661 | -6.5% |
| Amounts payable | 17/49 | €3,843,256 | €4,377,818 | +€534,561 | +13.9% |
| Amounts payable after more than one year | 17 | €1,726,142 | €2,170,758 | +€444,616 | +25.8% |
| Financial debts | 170/4 | €1,726,142 | €2,170,758 | +€444,616 | +25.8% |
| Amounts payable within one year | 42/48 | €2,046,317 | €2,067,738 | +€21,421 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €463,968 | €511,615 | +€47,647 | +10.3% |
| Trade debts | 44 | €253,685 | €131,931 | -€121,754 | -48.0% |
| Suppliers | 440/4 | €253,685 | €131,931 | -€121,754 | -48.0% |
| Taxes, remuneration and social security | 45 | €40,700 | €11,500 | -€29,200 | -71.7% |
| Taxes | 450/3 | €35,925 | €5,625 | -€30,300 | -84.3% |
| Remuneration and social security | 454/9 | €4,775 | €5,875 | +€1,100 | +23.0% |
| Other amounts payable | 47/48 | €1,287,964 | €1,412,692 | +€124,728 | +9.7% |
| Accrued charges and deferred income | 492/3 | €70,797 | €139,321 | +€68,524 | +96.8% |
| Non-recurring operating income | 76A | - | €3,938 | +€3,938 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €329,553 | €346,727 | +€17,174 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€4,919 | - | +€4,919 | |
| Other operating charges | 640/8 | €198,431 | €196,070 | -€2,361 | -1.2% |
| Gross operating margin | 9900 | €1,002,312 | €923,504 | -€78,808 | -7.9% |
| Operating profit (loss) | 9901 | €479,247 | €380,707 | -€98,540 | -20.6% |
| Financial income | 75/76B | €38,531 | €103,289 | +€64,758 | +168.1% |
| Recurring financial income | 75 | €38,531 | €103,289 | +€64,758 | +168.1% |
| Financial charges | 65/66B | €90,049 | €149,988 | +€59,938 | +66.6% |
| Recurring financial charges | 65 | €90,049 | €149,988 | +€59,938 | +66.6% |
| Profit (loss) for the period before taxes | 9903 | €427,729 | €334,008 | -€93,720 | -21.9% |
| Transfer from deferred taxes | 780 | €14,199 | €9,661 | -€4,538 | -32.0% |
| Income taxes | 67/77 | €159,262 | €114,307 | -€44,955 | -28.2% |
| Profit (loss) for the period | 9904 | €282,666 | €229,362 | -€53,304 | -18.9% |
| Transfer from tax-exempt reserves | 789 | €29,474 | €20,660 | -€8,814 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €312,139 | €250,021 | -€62,118 | -19.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.