VMS II: 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.
What changed
VMS II
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€86,157
31-12-2024 · €47,179+€38,978
Equity
€4.5m
31-12-2024 · €4.4m+€86,157
Cash
€295,958
31-12-2024 · €70,447+€225,511
Balance sheet total
€22.5m
31-12-2024 · €21.5m+€1.1m
Largest movements
Assets
- Tangible fixed assets +€829,194
up €829,194 (+3.9%), from €21.2m to €22.0m
of which Land and buildings: +€1.2m
- Cash +€225,511
up €225,511 (+320.1%), from €70,447 to €295,958
mainly Debts after one year (+€912,879) and Depreciation (+€819,400)
Equity and liabilities
- Debts after one year +€912,879
up €912,879 (+5.7%), from €16.0m to €16.9m
Income statement
- Turnover +€1.7m
new in 2025: €1.7m
- Purchases and services +€319,059
new in 2025: €319,059
- Gross operating margin +€229,223
up €229,223 (+14.5%), from €1.6m to €1.8m
- Depreciation +€44,576
up €44,576 (+5.8%), from €774,824 to €819,400
- Financial charges +€18,874
up €18,874 (+2.6%), from €720,039 to €738,913
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
€47,179
Gross operating margin
+€229,223
Depreciation
-€44,576
Other operating charges
-€449
Other operating items
-€142,025
Financial income
+€4,106
Financial charges
-€18,874
Taxes
+€11,572
Result 31-12-2025
€86,157
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€879,908
Investment
-€1.6m
Financing
+€994,196
Cash 31-12-2024
€70,447
From operations (derived)
+€879,908
Net result for the year
+€86,157
Depreciation
+€819,400
Receivables within one year
-€28,497
Trade debts
-€16,998
Smaller working-capital items
+€947
Accrued charges and deferred income
+€18,899
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€994,196
Debts after one year
+€912,879
Current portion of long-term debt
+€81,317
Cash 31-12-2025
€295,958
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,463,847 | €22,547,049 | +€1.1m | +5.0% |
| Fixed assets | 21/28 | €21,209,293 | €22,038,486 | +€829,194 | +3.9% |
| Tangible fixed assets | 22/27 | €21,209,293 | €22,038,486 | +€829,194 | +3.9% |
| Land and buildings | 22 | €20,432,150 | €21,618,649 | +€1.2m | +5.8% |
| Assets under construction and advance payments | 27 | €777,143 | €419,837 | -€357,306 | -46.0% |
| Current assets | 29/58 | €254,554 | €508,562 | +€254,008 | +99.8% |
| Amounts receivable within one year | 40/41 | €184,107 | €212,604 | +€28,497 | +15.5% |
| Trade receivables | 40 | €143,404 | €188,151 | +€44,747 | +31.2% |
| Other amounts receivable | 41 | €40,703 | €24,454 | -€16,250 | -39.9% |
| Cash at bank and in hand | 54/58 | €70,447 | €295,958 | +€225,511 | +320.1% |
| Total equity and liabilities | 10/49 | €21,463,847 | €22,547,049 | +€1.1m | +5.0% |
| Equity | 10/15 | €4,369,070 | €4,455,227 | +€86,157 | +2.0% |
| Contributions | 10/11 | €2,498,427 | €2,498,427 | = | 0.0% |
| Reserves | 13 | €1,250 | €1,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,250 | €1,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,250 | €1,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,869,393 | €1,955,550 | +€86,157 | +4.6% |
| Amounts payable | 17/49 | €17,094,777 | €18,091,822 | +€997,045 | +5.8% |
| Amounts payable after more than one year | 17 | €16,026,500 | €16,939,380 | +€912,879 | +5.7% |
| Financial debts | 170/4 | €16,026,500 | €16,939,380 | +€912,879 | +5.7% |
| Amounts payable within one year | 42/48 | €927,725 | €992,991 | +€65,266 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €804,655 | €885,972 | +€81,317 | +10.1% |
| Trade debts | 44 | €20,825 | €3,828 | -€16,998 | -81.6% |
| Suppliers | 440/4 | €20,825 | €3,828 | -€16,998 | -81.6% |
| Taxes, remuneration and social security | 45 | €102,139 | €103,192 | +€1,053 | +1.0% |
| Taxes | 450/3 | €102,139 | €103,192 | +€1,053 | +1.0% |
| Other amounts payable | 47/48 | €106 | - | -€106 | |
| Accrued charges and deferred income | 492/3 | €140,552 | €159,451 | +€18,899 | +13.4% |
| Turnover | 70 | - | €1,693,257 | +€1.7m | |
| Non-recurring operating income | 76A | - | €173,675 | +€173,675 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €319,059 | +€319,059 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €774,824 | €819,400 | +€44,576 | +5.8% |
| Other operating charges | 640/8 | €923 | €1,372 | +€449 | +48.7% |
| Non-recurring operating charges | 66A | - | €142,025 | +€142,025 | |
| Gross operating margin | 9900 | €1,576,579 | €1,805,801 | +€229,223 | +14.5% |
| Operating profit (loss) | 9901 | €800,832 | €843,005 | +€42,173 | +5.3% |
| Financial income | 75/76B | €2,126 | €6,232 | +€4,106 | +193.2% |
| Recurring financial income | 75 | €2,126 | €6,232 | +€4,106 | +193.2% |
| Financial charges | 65/66B | €720,039 | €738,913 | +€18,874 | +2.6% |
| Recurring financial charges | 65 | €720,039 | €738,913 | +€18,874 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €82,918 | €110,324 | +€27,406 | +33.1% |
| Income taxes | 67/77 | €35,739 | €24,167 | -€11,572 | -32.4% |
| Profit (loss) for the period | 9904 | €47,179 | €86,157 | +€38,978 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,179 | €86,157 | +€38,978 | +82.6% |
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 6 October 2026 via checked.be.