VMJ MANAGEMENT: 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.
VMJ MANAGEMENT
Largest movements
- Receivables within one year +€120,152
up €120,152 (+343.4%), from €34,988 to €155,140
of which Other amounts receivable: +€149,505
- Cash -€100,555
down €100,555 (-95.1%), from €105,708 to €5,152
mainly Receivables within one year (-€120,152) and Net result for the year (-€55,452)
- Tangible fixed assets -€45,168
no longer reported in 2025 (was €45,168)
- Stocks and contracts -€29,345
down €29,345 (-95.9%), from €30,595 to €1,250
- Deferred charges and accrued income -€2,761
down €2,761 (-67.8%), from €4,075 to €1,314
- Profit (loss) carried forward -€54,103
new in 2025: -€54,103
- Other debts +€10,671
up €10,671 (+3054.5%), from €349 to €11,021
- Tax, wage and social debts -€6,766
down €6,766 (-21.8%), from €31,004 to €24,238
of which Remuneration and social security: -€4,026
- Trade debts -€4,882
down €4,882 (-45.7%), from €10,682 to €5,800
- Gross operating margin -€164,270
down €164,270, from €123,261 to -€41,010
- Taxes -€25,599
no longer reported in 2025 (was €25,599)
- Depreciation -€22,719
down €22,719 (-60.3%), from €37,663 to €14,945
- Financial income -€3,098
down €3,098 (-70.1%), from €4,419 to €1,321
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 | €221,535 | €163,856 | -€57,679 | -26.0% |
| Fixed assets | 21/28 | €46,168 | €1,000 | -€45,168 | -97.8% |
| Tangible fixed assets | 22/27 | €45,168 | - | -€45,168 | |
| Furniture and vehicles | 24 | €45,168 | - | -€45,168 | |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €175,366 | €162,856 | -€12,510 | -7.1% |
| Stocks and contracts in progress | 3 | €30,595 | €1,250 | -€29,345 | -95.9% |
| Stocks | 30/36 | €30,595 | €1,250 | -€29,345 | -95.9% |
| Amounts receivable within one year | 40/41 | €34,988 | €155,140 | +€120,152 | +343.4% |
| Trade receivables | 40 | €32,881 | €3,528 | -€29,353 | -89.3% |
| Other amounts receivable | 41 | €2,107 | €151,612 | +€149,505 | +7096.7% |
| Cash at bank and in hand | 54/58 | €105,708 | €5,152 | -€100,555 | -95.1% |
| Deferred charges and accrued income | 490/1 | €4,075 | €1,314 | -€2,761 | -67.8% |
| Total equity and liabilities | 10/49 | €221,535 | €163,856 | -€57,679 | -26.0% |
| Equity | 10/15 | €178,249 | €122,797 | -€55,452 | -31.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €168,249 | €166,900 | -€1,349 | -0.8% |
| Distributable reserves | 133 | €168,249 | €166,900 | -€1,349 | -0.8% |
| Profit (loss) carried forward | 14 | - | -€54,103 | -€54,103 | |
| Amounts payable | 17/49 | €43,285 | €41,059 | -€2,227 | -5.1% |
| Amounts payable within one year | 42/48 | €42,035 | €41,059 | -€977 | -2.3% |
| Trade debts | 44 | €10,682 | €5,800 | -€4,882 | -45.7% |
| Suppliers | 440/4 | €10,682 | €5,800 | -€4,882 | -45.7% |
| Taxes, remuneration and social security | 45 | €31,004 | €24,238 | -€6,766 | -21.8% |
| Taxes | 450/3 | €26,978 | €24,238 | -€2,740 | -10.2% |
| Remuneration and social security | 454/9 | €4,026 | - | -€4,026 | |
| Other amounts payable | 47/48 | €349 | €11,021 | +€10,671 | +3054.5% |
| Accrued charges and deferred income | 492/3 | €1,250 | - | -€1,250 | |
| Non-recurring operating income | 76A | - | €777 | +€777 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,663 | €14,945 | -€22,719 | -60.3% |
| Other operating charges | 640/8 | €297 | €634 | +€338 | +113.9% |
| Gross operating margin | 9900 | €123,261 | -€41,010 | -€164,270 | |
| Operating profit (loss) | 9901 | €85,301 | -€56,589 | -€141,890 | |
| Financial income | 75/76B | €4,419 | €1,321 | -€3,098 | -70.1% |
| Recurring financial income | 75 | €4,419 | €1,321 | -€3,098 | -70.1% |
| Financial charges | 65/66B | €269 | €184 | -€85 | -31.6% |
| Recurring financial charges | 65 | €269 | €184 | -€85 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €89,450 | -€55,452 | -€144,902 | |
| Income taxes | 67/77 | €25,599 | - | -€25,599 | |
| Profit (loss) for the period | 9904 | €63,851 | -€55,452 | -€119,303 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,851 | -€55,452 | -€119,303 |
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 7 October 2026 via checked.be.