VMMD: 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.
VMMD
Largest movements
- Cash -€218,845
down €218,845 (-53.7%), from €407,911 to €189,066
mainly Current investments (-€200,000) and Contributions, distributions and other (-€200,000)
- Current investments +€200,000
new in 2025: €200,000
- Tangible fixed assets -€21,909
down €21,909 (-2.6%), from €832,693 to €810,784
of which Furniture and vehicles: -€19,619
- Receivables within one year -€18,105
down €18,105 (-100.0%), from €18,105 to €0
of which Trade receivables: -€12,100
- Other debts +€115,523
up €115,523 (+67.2%), from €172,021 to €287,543
- Reserves -€67,197
down €67,197 (-25.8%), from €260,216 to €193,019
- Debts after one year -€52,611
down €52,611 (-8.0%), from €656,299 to €603,688
- Tax, wage and social debts -€52,056
down €52,056 (-64.0%), from €81,336 to €29,281
- Gross operating margin -€175,814
down €175,814 (-42.3%), from €415,429 to €239,616
- Taxes -€43,277
down €43,277 (-50.8%), from €85,160 to €41,883
- Depreciation -€16,791
down €16,791 (-31.0%), from €54,207 to €37,416
- Financial charges +€6,167
up €6,167 (+34.5%), from €17,876 to €24,043
- Financial income -€4,240
down €4,240 (-65.8%), from €6,439 to €2,199
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 | €1,260,171 | €1,202,733 | -€57,439 | -4.6% |
| Fixed assets | 21/28 | €832,693 | €810,784 | -€21,909 | -2.6% |
| Tangible fixed assets | 22/27 | €832,693 | €810,784 | -€21,909 | -2.6% |
| Land and buildings | 22 | €756,013 | €753,723 | -€2,290 | -0.3% |
| Furniture and vehicles | 24 | €76,680 | €57,061 | -€19,619 | -25.6% |
| Current assets | 29/58 | €427,478 | €391,949 | -€35,529 | -8.3% |
| Amounts receivable within one year | 40/41 | €18,105 | €0 | -€18,105 | -100.0% |
| Trade receivables | 40 | €12,100 | €0 | -€12,100 | -100.0% |
| Other amounts receivable | 41 | €6,005 | €0 | -€6,005 | -100.0% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €407,911 | €189,066 | -€218,845 | -53.7% |
| Deferred charges and accrued income | 490/1 | €1,462 | €2,883 | +€1,421 | +97.2% |
| Total equity and liabilities | 10/49 | €1,260,171 | €1,202,733 | -€57,439 | -4.6% |
| Equity | 10/15 | €278,816 | €211,619 | -€67,197 | -24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €260,216 | €193,019 | -€67,197 | -25.8% |
| Distributable reserves | 133 | €260,216 | €193,019 | -€67,197 | -25.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €981,356 | €991,113 | +€9,758 | +1.0% |
| Amounts payable after more than one year | 17 | €656,299 | €603,688 | -€52,611 | -8.0% |
| Financial debts | 170/4 | €656,299 | €603,688 | -€52,611 | -8.0% |
| Amounts payable within one year | 42/48 | €318,729 | €374,906 | +€56,177 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €51,959 | €52,611 | +€652 | +1.3% |
| Trade debts | 44 | €13,413 | €5,471 | -€7,943 | -59.2% |
| Suppliers | 440/4 | €13,413 | €5,471 | -€7,943 | -59.2% |
| Taxes, remuneration and social security | 45 | €81,336 | €29,281 | -€52,056 | -64.0% |
| Taxes | 450/3 | €81,336 | €29,281 | -€52,056 | -64.0% |
| Other amounts payable | 47/48 | €172,021 | €287,543 | +€115,523 | +67.2% |
| Accrued charges and deferred income | 492/3 | €6,327 | €12,520 | +€6,192 | +97.9% |
| Non-recurring operating income | 76A | - | €4,500 | +€4,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,207 | €37,416 | -€16,791 | -31.0% |
| Other operating charges | 640/8 | €4,410 | €5,670 | +€1,259 | +28.6% |
| Gross operating margin | 9900 | €415,429 | €239,616 | -€175,814 | -42.3% |
| Operating profit (loss) | 9901 | €356,812 | €196,530 | -€160,282 | -44.9% |
| Financial income | 75/76B | €6,439 | €2,199 | -€4,240 | -65.8% |
| Recurring financial income | 75 | €6,439 | €2,199 | -€4,240 | -65.8% |
| Financial charges | 65/66B | €17,876 | €24,043 | +€6,167 | +34.5% |
| Recurring financial charges | 65 | €17,876 | €24,043 | +€6,167 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €345,375 | €174,686 | -€170,689 | -49.4% |
| Income taxes | 67/77 | €85,160 | €41,883 | -€43,277 | -50.8% |
| Profit (loss) for the period | 9904 | €260,216 | €132,803 | -€127,412 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €260,216 | €132,803 | -€127,412 | -49.0% |
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 4 October 2026 via checked.be.