VMO: 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.
VMO
Largest movements
- Cash +€41,406
up €41,406 (+360.4%), from €11,490 to €52,896
mainly Net result for the year (+€21,829) and Receivables within one year (+€10,798)
- Receivables within one year -€10,798
down €10,798 (-53.7%), from €20,102 to €9,303
of which Trade receivables: -€11,650
- Tangible fixed assets -€8,175
down €8,175 (-41.3%), from €19,815 to €11,640
- Reserves +€14,156
up €14,156 (+12.6%), from €112,117 to €126,273
of which Distributable reserves: +€12,156
- Other debts +€9,983
up €9,983 (+31.8%), from €31,401 to €41,385
- Trade debts +€3,218
new in 2025: €3,218
- Tax, wage and social debts -€2,836
down €2,836 (-38.5%), from €7,374 to €4,538
- Gross operating margin +€12,779
up €12,779 (+43.4%), from €29,465 to €42,244
- Financial income -€3,554
down €3,554 (-92.0%), from €3,862 to €308
of which Financial income: -€3,554
- Taxes +€2,793
up €2,793 (+41.7%), from €6,697 to €9,490
- Financial charges -€678
down €678 (-34.5%), from €1,968 to €1,290
- Depreciation +€541
up €541 (+6.2%), from €8,697 to €9,237
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 | €171,158 | €195,413 | +€24,254 | +14.2% |
| Fixed assets | 21/28 | €19,815 | €11,640 | -€8,175 | -41.3% |
| Tangible fixed assets | 22/27 | €19,815 | €11,640 | -€8,175 | -41.3% |
| Furniture and vehicles | 24 | €19,815 | €11,640 | -€8,175 | -41.3% |
| Current assets | 29/58 | €151,343 | €183,773 | +€32,430 | +21.4% |
| Amounts receivable within one year | 40/41 | €20,102 | €9,303 | -€10,798 | -53.7% |
| Trade receivables | 40 | €11,650 | €0 | -€11,650 | -100.0% |
| Other amounts receivable | 41 | €8,452 | €9,303 | +€851 | +10.1% |
| Current investments | 50/53 | €119,751 | €119,751 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,490 | €52,896 | +€41,406 | +360.4% |
| Deferred charges and accrued income | 490/1 | - | €1,822 | +€1,822 | |
| Total equity and liabilities | 10/49 | €171,158 | €195,413 | +€24,254 | +14.2% |
| Equity | 10/15 | €132,117 | €146,273 | +€14,156 | +10.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €112,117 | €126,273 | +€14,156 | +12.6% |
| Non-distributable reserves | 130/1 | - | €2,000 | +€2,000 | |
| Reserves not available under the articles | 1311 | - | €2,000 | +€2,000 | |
| Distributable reserves | 133 | €112,117 | €124,273 | +€12,156 | +10.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €39,042 | €49,140 | +€10,098 | +25.9% |
| Amounts payable within one year | 42/48 | €38,775 | €49,140 | +€10,365 | +26.7% |
| Trade debts | 44 | - | €3,218 | +€3,218 | |
| Suppliers | 440/4 | - | €3,218 | +€3,218 | |
| Taxes, remuneration and social security | 45 | €7,374 | €4,538 | -€2,836 | -38.5% |
| Taxes | 450/3 | €7,374 | €4,538 | -€2,836 | -38.5% |
| Other amounts payable | 47/48 | €31,401 | €41,385 | +€9,983 | +31.8% |
| Accrued charges and deferred income | 492/3 | €267 | €0 | -€267 | -100.0% |
| Non-recurring operating income | 76A | €5,282 | €0 | -€5,282 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,697 | €9,237 | +€541 | +6.2% |
| Other operating charges | 640/8 | €680 | €706 | +€26 | +3.8% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €29,465 | €42,244 | +€12,779 | +43.4% |
| Operating profit (loss) | 9901 | €20,088 | €32,301 | +€12,212 | +60.8% |
| Financial income | 75/76B | €3,862 | €308 | -€3,554 | -92.0% |
| Recurring financial income | 75 | €3,862 | €308 | -€3,554 | -92.0% |
| Non-recurring financial income | 76B | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,968 | €1,290 | -€678 | -34.5% |
| Recurring financial charges | 65 | €1,968 | €1,290 | -€678 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €21,982 | €31,319 | +€9,336 | +42.5% |
| Income taxes | 67/77 | €6,697 | €9,490 | +€2,793 | +41.7% |
| Profit (loss) for the period | 9904 | €15,286 | €21,829 | +€6,543 | +42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,286 | €21,829 | +€6,543 | +42.8% |
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 29 September 2026 via checked.be.