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
- Receivables within one year -€191,319
down €191,319 (-51.0%), from €374,840 to €183,521
of which Other amounts receivable: -€191,799
- Reserves -€190,340
down €190,340 (-47.3%), from €402,758 to €212,418
- Tax, wage and social debts +€11,726
up €11,726 (+123.6%), from €9,486 to €21,212
of which Taxes: +€14,536
- Other debts -€8,399
no longer reported in 2025 (was €8,399)
- Taxes +€2,370
up €2,370 (+68.6%), from €3,457 to €5,827
- Financial charges +€805
up €805 (+1437.7%), from €56 to €861
- Gross operating margin -€553
down €553 (-4.2%), from €13,048 to €12,496
- Financial income +€145
up €145 (+2.6%), from €5,570 to €5,715
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 | €631,452 | €444,491 | -€186,961 | -29.6% |
| Fixed assets | 21/28 | €255,480 | €255,480 | = | 0.0% |
| Financial fixed assets | 28 | €255,480 | €255,480 | = | 0.0% |
| Current assets | 29/58 | €375,972 | €189,011 | -€186,961 | -49.7% |
| Stocks and contracts in progress | 3 | €347 | - | -€347 | |
| Stocks | 30/36 | €347 | - | -€347 | |
| Amounts receivable within one year | 40/41 | €374,840 | €183,521 | -€191,319 | -51.0% |
| Trade receivables | 40 | €70,881 | €71,361 | +€480 | +0.7% |
| Other amounts receivable | 41 | €303,959 | €112,160 | -€191,799 | -63.1% |
| Cash at bank and in hand | 54/58 | €785 | €5,491 | +€4,706 | +599.5% |
| Total equity and liabilities | 10/49 | €631,452 | €444,491 | -€186,961 | -29.6% |
| Equity | 10/15 | €613,219 | €422,879 | -€190,340 | -31.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €402,758 | €212,418 | -€190,340 | -47.3% |
| Distributable reserves | 133 | €402,758 | €212,418 | -€190,340 | -47.3% |
| Profit (loss) carried forward | 14 | €185,461 | €185,461 | = | 0.0% |
| Amounts payable | 17/49 | €18,233 | €21,612 | +€3,379 | +18.5% |
| Amounts payable within one year | 42/48 | €17,885 | €21,212 | +€3,327 | +18.6% |
| Taxes, remuneration and social security | 45 | €9,486 | €21,212 | +€11,726 | +123.6% |
| Taxes | 450/3 | €6,676 | €21,212 | +€14,536 | +217.7% |
| Remuneration and social security | 454/9 | €2,810 | - | -€2,810 | |
| Other amounts payable | 47/48 | €8,399 | - | -€8,399 | |
| Accrued charges and deferred income | 492/3 | €347 | €400 | +€53 | +15.1% |
| Other operating charges | 640/8 | €2,200 | €2,307 | +€107 | +4.8% |
| Gross operating margin | 9900 | €13,048 | €12,496 | -€553 | -4.2% |
| Operating profit (loss) | 9901 | €10,848 | €10,189 | -€659 | -6.1% |
| Financial income | 75/76B | €5,570 | €5,715 | +€145 | +2.6% |
| Recurring financial income | 75 | €5,570 | €5,715 | +€145 | +2.6% |
| Financial charges | 65/66B | €56 | €861 | +€805 | +1437.7% |
| Recurring financial charges | 65 | €56 | €861 | +€805 | +1437.7% |
| Profit (loss) for the period before taxes | 9903 | €16,362 | €15,043 | -€1,319 | -8.1% |
| Income taxes | 67/77 | €3,457 | €5,827 | +€2,370 | +68.6% |
| Profit (loss) for the period | 9904 | €12,905 | €9,216 | -€3,690 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,905 | €9,216 | -€3,690 | -28.6% |
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.