VMMW: 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.
VMMW
Largest movements
- Cash +€45,964
up €45,964 (+79.2%), from €58,014 to €103,978
mainly Net result for the year (+€48,529) and Other debts (+€13,986)
- Reserves +€48,529
up €48,529 (+12.0%), from €405,201 to €453,730
of which Distributable reserves: +€48,529
- Debts after one year -€29,191
down €29,191 (-49.7%), from €58,700 to €29,509
- Other debts +€13,986
up €13,986 (+3.4%), from €407,651 to €421,637
- Gross operating margin -€23,510
down €23,510 (-25.5%), from €92,317 to €68,807
- Financial income +€7,740
up €7,740 (+38.7%), from €20,027 to €27,767
- Financial charges +€1,458
up €1,458 (+6.2%), from €23,434 to €24,892
- Depreciation +€1,262
up €1,262 (+65.8%), from €1,918 to €3,180
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 | €939,820 | €987,117 | +€47,296 | +5.0% |
| Fixed assets | 21/28 | €256,538 | €257,443 | +€905 | +0.4% |
| Intangible fixed assets | 21 | - | €2,090 | +€2,090 | |
| Tangible fixed assets | 22/27 | €5,938 | €4,753 | -€1,185 | -20.0% |
| Plant, machinery and equipment | 23 | €2,462 | €2,635 | +€173 | +7.0% |
| Furniture and vehicles | 24 | €3,476 | €2,118 | -€1,358 | -39.1% |
| Financial fixed assets | 28 | €250,600 | €250,600 | = | 0.0% |
| Current assets | 29/58 | €683,282 | €729,674 | +€46,392 | +6.8% |
| Amounts receivable within one year | 40/41 | €623,500 | €623,477 | -€24 | 0.0% |
| Trade receivables | 40 | €73,405 | €16,525 | -€56,879 | -77.5% |
| Other amounts receivable | 41 | €550,096 | €606,952 | +€56,856 | +10.3% |
| Cash at bank and in hand | 54/58 | €58,014 | €103,978 | +€45,964 | +79.2% |
| Deferred charges and accrued income | 490/1 | €1,767 | €2,219 | +€452 | +25.6% |
| Total equity and liabilities | 10/49 | €939,820 | €987,117 | +€47,296 | +5.0% |
| Equity | 10/15 | €423,801 | €472,330 | +€48,529 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €405,201 | €453,730 | +€48,529 | +12.0% |
| Tax-exempt reserves | 132 | €94,725 | €94,725 | = | 0.0% |
| Distributable reserves | 133 | €310,476 | €359,005 | +€48,529 | +15.6% |
| Amounts payable | 17/49 | €516,020 | €514,787 | -€1,233 | -0.2% |
| Amounts payable after more than one year | 17 | €58,700 | €29,509 | -€29,191 | -49.7% |
| Financial debts | 170/4 | €58,700 | €29,509 | -€29,191 | -49.7% |
| Amounts payable within one year | 42/48 | €457,319 | €485,277 | +€27,958 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €28,876 | €29,191 | +€315 | +1.1% |
| Financial debts | 43 | €16 | €0 | -€16 | -100% |
| Credit institutions | 430/8 | €16 | €0 | -€16 | -100% |
| Trade debts | 44 | €2,724 | €11,627 | +€8,902 | +327% |
| Suppliers | 440/4 | €2,724 | €11,627 | +€8,902 | +327% |
| Taxes, remuneration and social security | 45 | €18,052 | €22,823 | +€4,771 | +26.4% |
| Taxes | 450/3 | €18,052 | €22,823 | +€4,771 | +26.4% |
| Other amounts payable | 47/48 | €407,651 | €421,637 | +€13,986 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,918 | €3,180 | +€1,262 | +65.8% |
| Other operating charges | 640/8 | €1,031 | €958 | -€74 | -7.1% |
| Non-recurring operating charges | 66A | €0 | €453 | +€453 | |
| Gross operating margin | 9900 | €92,317 | €68,807 | -€23,510 | -25.5% |
| Operating profit (loss) | 9901 | €89,368 | €64,216 | -€25,152 | -28.1% |
| Financial income | 75/76B | €20,027 | €27,767 | +€7,740 | +38.7% |
| Recurring financial income | 75 | €20,027 | €27,767 | +€7,740 | +38.7% |
| Financial charges | 65/66B | €23,434 | €24,892 | +€1,458 | +6.2% |
| Recurring financial charges | 65 | €23,434 | €24,892 | +€1,458 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €85,961 | €67,091 | -€18,870 | -22.0% |
| Income taxes | 67/77 | €17,964 | €18,562 | +€598 | +3.3% |
| Profit (loss) for the period | 9904 | €67,998 | €48,529 | -€19,468 | -28.6% |
| Transfer to tax-exempt reserves | 689 | €11,999 | €0 | -€11,999 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €55,999 | €48,529 | -€7,470 | -13.3% |
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 21 October 2026 via checked.be.