VMINVEST: 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.
VMINVEST
Largest movements
- Cash -€1.8m
down €1.8m (-89.8%), from €2.0m to €206,050
mainly Other debts (-€7.4m) and Smaller working-capital items (-€899)
- Financial fixed assets -€1.7m
down €1.7m (-2.0%), from €82.4m to €80.7m
- Other debts -€7.4m
down €7.4m (-47.5%), from €15.6m to €8.2m
- Profit (loss) carried forward +€3.9m
up €3.9m (+8.5%), from €45.3m to €49.2m
- Financial income -€5.4m
down €5.4m (-56.0%), from €9.6m to €4.2m
of which Financial income: -€5.6m
- Financial charges -€328,812
down €328,812 (-68.6%), from €479,534 to €150,721
of which Non-recurring financial charges: -€479,166
- Taxes -€117,897
down €117,897 (-61.3%), from €192,196 to €74,299
- Other operating charges -€34,415
down €34,415 (-10.7%), from €322,133 to €287,718
- Gross operating margin +€9,879
up €9,879 (+61.0%), from -€16,198 to -€6,319
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 | €84,392,432 | €80,896,900 | -€3.5m | -4.1% |
| Fixed assets | 21/28 | €82,363,362 | €80,690,849 | -€1.7m | -2.0% |
| Financial fixed assets | 28 | €82,363,362 | €80,690,849 | -€1.7m | -2.0% |
| Current assets | 29/58 | €2,029,070 | €206,050 | -€1.8m | -89.8% |
| Cash at bank and in hand | 54/58 | €2,029,070 | €206,050 | -€1.8m | -89.8% |
| Total equity and liabilities | 10/49 | €84,392,432 | €80,896,900 | -€3.5m | -4.1% |
| Equity | 10/15 | €68,768,419 | €72,635,454 | +€3.9m | +5.6% |
| Contributions | 10/11 | €20,054,868 | €20,054,868 | = | 0.0% |
| Capital | 10 | €20,054,868 | €20,054,868 | = | 0.0% |
| Issued capital | 100 | €20,054,868 | €20,054,868 | = | 0.0% |
| Reserves | 13 | €3,419,189 | €3,419,189 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,357,346 | €3,357,346 | = | 0.0% |
| Legal reserve | 130 | €3,357,346 | €3,357,346 | = | 0.0% |
| Distributable reserves | 133 | €61,842 | €61,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,294,362 | €49,161,397 | +€3.9m | +8.5% |
| Amounts payable | 17/49 | €15,624,013 | €8,261,446 | -€7.4m | -47.1% |
| Amounts payable within one year | 42/48 | €15,623,972 | €8,261,446 | -€7.4m | -47.1% |
| Trade debts | 44 | €1,177 | €319 | -€858 | -72.9% |
| Suppliers | 440/4 | €1,177 | €319 | -€858 | -72.9% |
| Taxes, remuneration and social security | 45 | €19,542 | €64,887 | +€45,345 | +232.0% |
| Taxes | 450/3 | €19,542 | €64,887 | +€45,345 | +232.0% |
| Other amounts payable | 47/48 | €15,603,254 | €8,196,241 | -€7.4m | -47.5% |
| Accrued charges and deferred income | 492/3 | €41 | €0 | -€41 | -99.6% |
| Other operating charges | 640/8 | €322,133 | €287,718 | -€34,415 | -10.7% |
| Gross operating margin | 9900 | -€16,198 | -€6,319 | +€9,879 | +61.0% |
| Operating profit (loss) | 9901 | -€338,331 | -€294,037 | +€44,294 | +13.1% |
| Financial income | 75/76B | €9,637,500 | €4,244,870 | -€5.4m | -56.0% |
| Recurring financial income | 75 | €9,637,500 | €4,060,875 | -€5.6m | -57.9% |
| Non-recurring financial income | 76B | - | €183,995 | +€183,995 | |
| Financial charges | 65/66B | €479,534 | €150,721 | -€328,812 | -68.6% |
| Recurring financial charges | 65 | €367 | €150,721 | +€150,354 | +40929.4% |
| Non-recurring financial charges | 66B | €479,166 | - | -€479,166 | |
| Profit (loss) for the period before taxes | 9903 | €8,819,636 | €3,800,112 | -€5.0m | -56.9% |
| Income taxes | 67/77 | €192,196 | €74,299 | -€117,897 | -61.3% |
| Profit (loss) for the period | 9904 | €8,627,440 | €3,725,813 | -€4.9m | -56.8% |
| Profit (loss) for the period to be appropriated | 9905 | €8,627,440 | €3,725,813 | -€4.9m | -56.8% |
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 10 October 2026 via checked.be.