VMM: 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.
VMM
Largest movements
- Cash +€83,206
up €83,206 (+289%), from €28,751 to €111,957
mainly Net result for the year (+€441,509) and Depreciation (+€80,096)
- Receivables within one year +€81,119
up €81,119 (+131%), from €61,920 to €143,038
of which Other amounts receivable: +€68,582
- Tangible fixed assets -€80,096
down €80,096 (-8.5%), from €938,972 to €858,876
of which Land and buildings: -€60,256
- Reserves +€440,676
up €440,676 (+63.7%), from €692,186 to €1.1m
- Debts after one year -€214,707
down €214,707 (-17.5%), from €1.2m to €1.0m
- Other debts -€191,056
down €191,056 (-42.0%), from €454,884 to €263,828
- Gross operating margin +€178,111
up €178,111 (+73.8%), from €241,309 to €419,420
- Financial income +€60,816
up €60,816 (+35.6%), from €170,940 to €231,756
- Taxes +€53,440
up €53,440 (+212%), from €25,186 to €78,626
- Other operating charges -€9,010
down €9,010 (-50.7%), from €17,784 to €8,774
- Financial charges -€8,196
down €8,196 (-16.7%), from €49,011 to €40,814
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.
Derived cash bridge
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 | €4,705,865 | €4,793,094 | +€87,229 | +1.9% |
| Fixed assets | 21/28 | €4,613,695 | €4,533,599 | -€80,096 | -1.7% |
| Tangible fixed assets | 22/27 | €938,972 | €858,876 | -€80,096 | -8.5% |
| Land and buildings | 22 | €859,298 | €799,042 | -€60,256 | -7.0% |
| Plant, machinery and equipment | 23 | €11,106 | €6,201 | -€4,905 | -44.2% |
| Furniture and vehicles | 24 | €68,568 | €53,632 | -€14,935 | -21.8% |
| Financial fixed assets | 28 | €3,674,723 | €3,674,723 | = | 0.0% |
| Current assets | 29/58 | €92,170 | €259,495 | +€167,325 | +182% |
| Amounts receivable within one year | 40/41 | €61,920 | €143,038 | +€81,119 | +131% |
| Trade receivables | 40 | €39,322 | €51,859 | +€12,537 | +31.9% |
| Other amounts receivable | 41 | €22,597 | €91,179 | +€68,582 | +303% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €28,751 | €111,957 | +€83,206 | +289% |
| Deferred charges and accrued income | 490/1 | €1,500 | €4,500 | +€3,000 | +200% |
| Total equity and liabilities | 10/49 | €4,705,865 | €4,793,094 | +€87,229 | +1.9% |
| Equity | 10/15 | €2,790,092 | €3,230,768 | +€440,676 | +15.8% |
| Contributions | 10/11 | €2,097,906 | €2,097,906 | = | 0.0% |
| Reserves | 13 | €692,186 | €1,132,862 | +€440,676 | +63.7% |
| Distributable reserves | 133 | €692,186 | €1,132,862 | +€440,676 | +63.7% |
| Amounts payable | 17/49 | €1,915,773 | €1,562,326 | -€353,447 | -18.4% |
| Amounts payable after more than one year | 17 | €1,224,661 | €1,009,954 | -€214,707 | -17.5% |
| Financial debts | 170/4 | €1,224,661 | €1,009,954 | -€214,707 | -17.5% |
| Amounts payable within one year | 42/48 | €691,113 | €552,372 | -€138,741 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €211,191 | €228,161 | +€16,970 | +8.0% |
| Trade debts | 44 | €8,813 | - | -€8,813 | |
| Suppliers | 440/4 | €8,813 | - | -€8,813 | |
| Taxes, remuneration and social security | 45 | €16,225 | €60,383 | +€44,158 | +272% |
| Taxes | 450/3 | €16,225 | €60,383 | +€44,158 | +272% |
| Other amounts payable | 47/48 | €454,884 | €263,828 | -€191,056 | -42.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €5,389 | €1,357 | -€4,032 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,113 | €80,096 | -€3,017 | -3.6% |
| Other operating charges | 640/8 | €17,784 | €8,774 | -€9,010 | -50.7% |
| Gross operating margin | 9900 | €241,309 | €419,420 | +€178,111 | +73.8% |
| Operating profit (loss) | 9901 | €135,023 | €329,193 | +€194,171 | +144% |
| Financial income | 75/76B | €170,940 | €231,756 | +€60,816 | +35.6% |
| Recurring financial income | 75 | €170,940 | €231,756 | +€60,816 | +35.6% |
| Financial charges | 65/66B | €49,011 | €40,814 | -€8,196 | -16.7% |
| Recurring financial charges | 65 | €49,011 | €40,814 | -€8,196 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €256,952 | €520,135 | +€263,183 | +102% |
| Income taxes | 67/77 | €25,186 | €78,626 | +€53,440 | +212% |
| Profit (loss) for the period | 9904 | €231,766 | €441,509 | +€209,743 | +90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €231,766 | €441,509 | +€209,743 | +90.5% |
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 24 October 2026 via checked.be.