VML LEBF: 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.
VML LEBF
Largest movements
- Stocks and contracts -€433,778
down €433,778 (-17.5%), from €2.5m to €2.1m
- Cash -€45,350
down €45,350 (-25.5%), from €177,530 to €132,180
mainly Current portion of long-term debt (-€1.2m) and Receivables within one year (-€11,180)
- Current portion of long-term debt -€1.2m
down €1.2m (-58.2%), from €2.1m to €857,524
- Reserves +€485,658
new in 2025: €485,658
of which Distributable reserves: +€479,508
- Tax, wage and social debts +€176,791
new in 2025: €176,791
- Other debts +€39,439
up €39,439 (+7.2%), from €548,064 to €587,503
- Gross operating margin +€792,653
up €792,653, from -€4,371 to €788,282
- Taxes +€176,791
new in 2025: €176,791
- Financial charges +€113,959
up €113,959 (+11212.1%), from €1,016 to €114,975
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 | €2,661,959 | €2,194,012 | -€467,947 | -17.6% |
| Current assets | 29/58 | €2,661,959 | €2,194,012 | -€467,947 | -17.6% |
| Stocks and contracts in progress | 3 | €2,484,429 | €2,050,651 | -€433,778 | -17.5% |
| Stocks | 30/36 | €2,484,429 | €2,050,651 | -€433,778 | -17.5% |
| Amounts receivable within one year | 40/41 | - | €11,180 | +€11,180 | |
| Trade receivables | 40 | - | €11,180 | +€11,180 | |
| Cash at bank and in hand | 54/58 | €177,530 | €132,180 | -€45,350 | -25.5% |
| Total equity and liabilities | 10/49 | €2,661,959 | €2,194,012 | -€467,947 | -17.6% |
| Equity | 10/15 | €51,131 | €547,158 | +€496,027 | +970.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | - | €485,658 | +€485,658 | |
| Non-distributable reserves | 130/1 | - | €6,150 | +€6,150 | |
| Legal reserve | 130 | - | €6,150 | +€6,150 | |
| Distributable reserves | 133 | - | €479,508 | +€479,508 | |
| Profit (loss) carried forward | 14 | -€10,369 | €0 | +€10,369 | |
| Amounts payable | 17/49 | €2,610,828 | €1,646,853 | -€963,974 | -36.9% |
| Amounts payable within one year | 42/48 | €2,610,828 | €1,645,984 | -€964,843 | -37.0% |
| Current portion of amounts payable after more than one year | 42 | €2,051,554 | €857,524 | -€1.2m | -58.2% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €11,210 | €24,165 | +€12,955 | +115.6% |
| Suppliers | 440/4 | €11,210 | €24,165 | +€12,955 | +115.6% |
| Taxes, remuneration and social security | 45 | - | €176,791 | +€176,791 | |
| Taxes | 450/3 | - | €176,791 | +€176,791 | |
| Other amounts payable | 47/48 | €548,064 | €587,503 | +€39,439 | +7.2% |
| Accrued charges and deferred income | 492/3 | - | €869 | +€869 | |
| Other operating charges | 640/8 | €387 | €489 | +€101 | +26.2% |
| Gross operating margin | 9900 | -€4,371 | €788,282 | +€792,653 | |
| Operating profit (loss) | 9901 | -€4,759 | €787,793 | +€792,552 | |
| Financial income | 75/76B | €250 | €0 | -€250 | -100.0% |
| Recurring financial income | 75 | €250 | €0 | -€250 | -100.0% |
| Financial charges | 65/66B | €1,016 | €114,975 | +€113,959 | +11212.1% |
| Recurring financial charges | 65 | €1,016 | €114,975 | +€113,959 | +11212.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,525 | €672,818 | +€678,344 | |
| Income taxes | 67/77 | - | €176,791 | +€176,791 | |
| Profit (loss) for the period | 9904 | -€5,525 | €496,027 | +€501,552 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,525 | €496,027 | +€501,552 |
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 5 October 2026 via checked.be.