VMK TEGELS: 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.
VMK TEGELS
Largest movements
- Receivables within one year +€167,288
up €167,288 (+61.9%), from €270,256 to €437,544
of which Trade receivables: +€191,411
- Cash -€88,493
down €88,493 (-68.5%), from €129,207 to €40,714
mainly Receivables within one year (-€167,288) and Deferred charges and accrued income (-€9,217)
- Tangible fixed assets -€25,404
down €25,404 (-46.7%), from €54,365 to €28,960
- Deferred charges and accrued income +€9,217
up €9,217 (+25.3%), from €36,469 to €45,686
- Profit (loss) carried forward +€61,301
up €61,301 (+15.6%), from €393,782 to €455,083
- Tax, wage and social debts +€11,725
up €11,725 (+23.4%), from €50,039 to €61,764
- Trade debts -€5,886
down €5,886 (-39.1%), from €15,065 to €9,179
- Gross operating margin -€49,861
down €49,861 (-6.2%), from €806,565 to €756,704
- Staff costs -€34,941
down €34,941 (-5.2%), from €676,771 to €641,830
- Taxes -€17,189
down €17,189 (-43.4%), from €39,594 to €22,405
From the 31-12-2024 result to the 31-12-2025 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.
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €490,297 | €552,904 | +€62,608 | +12.8% |
| Fixed assets | 21/28 | €54,365 | €28,960 | -€25,404 | -46.7% |
| Tangible fixed assets | 22/27 | €54,365 | €28,960 | -€25,404 | -46.7% |
| Furniture and vehicles | 24 | €54,365 | €28,960 | -€25,404 | -46.7% |
| Current assets | 29/58 | €435,932 | €523,944 | +€88,012 | +20.2% |
| Amounts receivable within one year | 40/41 | €270,256 | €437,544 | +€167,288 | +61.9% |
| Trade receivables | 40 | €164,873 | €356,284 | +€191,411 | +116% |
| Other amounts receivable | 41 | €105,383 | €81,260 | -€24,123 | -22.9% |
| Cash at bank and in hand | 54/58 | €129,207 | €40,714 | -€88,493 | -68.5% |
| Deferred charges and accrued income | 490/1 | €36,469 | €45,686 | +€9,217 | +25.3% |
| Total equity and liabilities | 10/49 | €490,297 | €552,904 | +€62,608 | +12.8% |
| Equity | 10/15 | €414,242 | €475,543 | +€61,301 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €393,782 | €455,083 | +€61,301 | +15.6% |
| Amounts payable | 17/49 | €76,055 | €77,361 | +€1,306 | +1.7% |
| Amounts payable within one year | 42/48 | €76,055 | €77,361 | +€1,306 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €10,951 | €6,418 | -€4,532 | -41.4% |
| Trade debts | 44 | €15,065 | €9,179 | -€5,886 | -39.1% |
| Suppliers | 440/4 | €15,065 | €9,179 | -€5,886 | -39.1% |
| Taxes, remuneration and social security | 45 | €50,039 | €61,764 | +€11,725 | +23.4% |
| Remuneration and social security | 454/9 | €50,039 | €61,764 | +€11,725 | +23.4% |
| Remuneration, social security and pensions | 62 | €676,771 | €641,830 | -€34,941 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,468 | €25,404 | -€4,064 | -13.8% |
| Other operating charges | 640/8 | €1,790 | €3,131 | +€1,341 | +74.9% |
| Non-recurring operating charges | 66A | - | €353 | +€353 | |
| Gross operating margin | 9900 | €806,565 | €756,704 | -€49,861 | -6.2% |
| Operating profit (loss) | 9901 | €98,536 | €85,985 | -€12,551 | -12.7% |
| Financial income | 75/76B | €488 | €111 | -€377 | -77.2% |
| Recurring financial income | 75 | €488 | €111 | -€377 | -77.2% |
| Financial charges | 65/66B | €7,535 | €2,390 | -€5,145 | -68.3% |
| Recurring financial charges | 65 | €5,714 | €2,390 | -€3,324 | -58.2% |
| Non-recurring financial charges | 66B | €1,821 | - | -€1,821 | |
| Profit (loss) for the period before taxes | 9903 | €91,489 | €83,706 | -€7,783 | -8.5% |
| Income taxes | 67/77 | €39,594 | €22,405 | -€17,189 | -43.4% |
| Profit (loss) for the period | 9904 | €51,895 | €61,301 | +€9,406 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,895 | €61,301 | +€9,406 | +18.1% |
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 23 October 2026 via checked.be.