VMS: 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.
VMS
Largest movements
- Cash +€17,264
up €17,264 (+36.8%), from €46,857 to €64,120
mainly Other debts (+€29,611) and Trade debts (+€24,393)
- Tangible fixed assets -€13,211
down €13,211 (-21.0%), from €62,961 to €49,750
- Receivables within one year +€9,517
up €9,517 (+94.7%), from €10,055 to €19,572
of which Trade receivables: +€9,541
- Short-term financial debts -€34,252
no longer reported in 2025 (was €34,252)
- Other debts +€29,611
up €29,611 (+52.5%), from €56,422 to €86,033
- Trade debts +€24,393
up €24,393 (+53.4%), from €45,664 to €70,057
- Current portion of long-term debt -€5,949
down €5,949 (-67.0%), from €8,883 to €2,934
- Debts after one year -€2,934
no longer reported in 2025 (was €2,934)
- Gross operating margin -€9,386
down €9,386 (-29.7%), from €31,649 to €22,263
- Depreciation -€4,354
down €4,354 (-23.3%), from €18,715 to €14,361
- Staff costs -€3,973
no longer reported in 2025 (was €3,973)
- Financial charges +€1,476
up €1,476 (+41.0%), from €3,597 to €5,073
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 | €128,542 | €140,994 | +€12,452 | +9.7% |
| Fixed assets | 21/28 | €68,403 | €54,042 | -€14,361 | -21.0% |
| Intangible fixed assets | 21 | €5,442 | €4,292 | -€1,150 | -21.1% |
| Tangible fixed assets | 22/27 | €62,961 | €49,750 | -€13,211 | -21.0% |
| Plant, machinery and equipment | 23 | €25,687 | €19,191 | -€6,496 | -25.3% |
| Furniture and vehicles | 24 | €30,385 | €30,030 | -€355 | -1.2% |
| Leasing and similar rights | 25 | €6,890 | €530 | -€6,360 | -92.3% |
| Current assets | 29/58 | €60,139 | €86,952 | +€26,813 | +44.6% |
| Stocks and contracts in progress | 3 | €2,079 | €2,019 | -€60 | -2.9% |
| Stocks | 30/36 | €2,079 | €2,019 | -€60 | -2.9% |
| Amounts receivable within one year | 40/41 | €10,055 | €19,572 | +€9,517 | +94.7% |
| Trade receivables | 40 | €6,564 | €16,105 | +€9,541 | +145.3% |
| Other amounts receivable | 41 | €3,490 | €3,467 | -€24 | -0.7% |
| Cash at bank and in hand | 54/58 | €46,857 | €64,120 | +€17,264 | +36.8% |
| Deferred charges and accrued income | 490/1 | €1,148 | €1,241 | +€92 | +8.0% |
| Total equity and liabilities | 10/49 | €128,542 | €140,994 | +€12,452 | +9.7% |
| Equity | 10/15 | -€21,889 | -€19,087 | +€2,802 | +12.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,089 | -€25,287 | +€2,802 | +10.0% |
| Amounts payable | 17/49 | €150,431 | €160,081 | +€9,650 | +6.4% |
| Amounts payable after more than one year | 17 | €2,934 | - | -€2,934 | |
| Financial debts | 170/4 | €2,934 | - | -€2,934 | |
| Amounts payable within one year | 42/48 | €147,393 | €160,081 | +€12,689 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €8,883 | €2,934 | -€5,949 | -67.0% |
| Financial debts | 43 | €34,252 | - | -€34,252 | |
| Credit institutions | 430/8 | €34,252 | - | -€34,252 | |
| Trade debts | 44 | €45,664 | €70,057 | +€24,393 | +53.4% |
| Suppliers | 440/4 | €45,664 | €70,057 | +€24,393 | +53.4% |
| Taxes, remuneration and social security | 45 | €2,172 | €1,057 | -€1,115 | -51.3% |
| Taxes | 450/3 | €172 | €57 | -€115 | -67.0% |
| Remuneration and social security | 454/9 | €2,000 | €1,000 | -€1,000 | -50.0% |
| Other amounts payable | 47/48 | €56,422 | €86,033 | +€29,611 | +52.5% |
| Accrued charges and deferred income | 492/3 | €104 | - | -€104 | |
| Remuneration, social security and pensions | 62 | €3,973 | - | -€3,973 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,715 | €14,361 | -€4,354 | -23.3% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €31,649 | €22,263 | -€9,386 | -29.7% |
| Operating profit (loss) | 9901 | €8,821 | €7,758 | -€1,063 | -12.0% |
| Financial income | 75/76B | €80 | €117 | +€37 | +45.9% |
| Recurring financial income | 75 | €80 | €117 | +€37 | +45.9% |
| Financial charges | 65/66B | €3,597 | €5,073 | +€1,476 | +41.0% |
| Recurring financial charges | 65 | €3,597 | €5,073 | +€1,476 | +41.0% |
| Profit (loss) for the period before taxes | 9903 | €5,304 | €2,802 | -€2,502 | -47.2% |
| Profit (loss) for the period | 9904 | €5,304 | €2,802 | -€2,502 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,304 | €2,802 | -€2,502 | -47.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.