VMT: 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.
VMT
Largest movements
- Receivables within one year -€51,636
down €51,636 (-13.8%), from €373,903 to €322,267
of which Trade receivables: -€49,918
- Tangible fixed assets -€15,498
down €15,498 (-39.9%), from €38,861 to €23,362
of which Leasing and similar rights: -€12,725
- Stocks and contracts -€12,069
down €12,069 (-13.2%), from €91,760 to €79,691
- Cash -€10,950
down €10,950 (-38.1%), from €28,739 to €17,789
mainly Trade debts (-€66,554) and Net result for the year (-€12,446)
- Trade debts -€66,554
down €66,554 (-18.7%), from €356,373 to €289,819
- Reserves -€12,446
down €12,446 (-77.8%), from €16,006 to €3,560
- Debts after one year -€11,350
down €11,350 (-64.7%), from €17,529 to €6,179
- Staff costs -€58,545
down €58,545 (-23.7%), from €246,585 to €188,039
- Gross operating margin -€56,368
down €56,368 (-18.1%), from €311,493 to €255,125
- Other operating charges +€17,239
up €17,239 (+107.9%), from €15,973 to €33,212
- Financial charges -€3,552
down €3,552 (-10.5%), from €33,796 to €30,243
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 | €541,873 | €452,538 | -€89,335 | -16.5% |
| Fixed assets | 21/28 | €42,175 | €25,695 | -€16,481 | -39.1% |
| Intangible fixed assets | 21 | €2,315 | €1,332 | -€983 | -42.4% |
| Tangible fixed assets | 22/27 | €38,861 | €23,362 | -€15,498 | -39.9% |
| Plant, machinery and equipment | 23 | €6,410 | €4,207 | -€2,203 | -34.4% |
| Furniture and vehicles | 24 | €1,540 | €970 | -€570 | -37.0% |
| Leasing and similar rights | 25 | €30,910 | €18,186 | -€12,725 | -41.2% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €499,698 | €426,843 | -€72,854 | -14.6% |
| Stocks and contracts in progress | 3 | €91,760 | €79,691 | -€12,069 | -13.2% |
| Stocks | 30/36 | €91,760 | €79,691 | -€12,069 | -13.2% |
| Amounts receivable within one year | 40/41 | €373,903 | €322,267 | -€51,636 | -13.8% |
| Trade receivables | 40 | €317,886 | €267,968 | -€49,918 | -15.7% |
| Other amounts receivable | 41 | €56,017 | €54,299 | -€1,718 | -3.1% |
| Cash at bank and in hand | 54/58 | €28,739 | €17,789 | -€10,950 | -38.1% |
| Deferred charges and accrued income | 490/1 | €5,296 | €7,097 | +€1,801 | +34.0% |
| Total equity and liabilities | 10/49 | €541,873 | €452,538 | -€89,335 | -16.5% |
| Equity | 10/15 | €36,006 | €23,560 | -€12,446 | -34.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €16,006 | €3,560 | -€12,446 | -77.8% |
| Distributable reserves | 133 | €16,006 | €3,560 | -€12,446 | -77.8% |
| Amounts payable | 17/49 | €505,867 | €428,978 | -€76,889 | -15.2% |
| Amounts payable after more than one year | 17 | €17,529 | €6,179 | -€11,350 | -64.7% |
| Financial debts | 170/4 | €17,529 | €6,179 | -€11,350 | -64.7% |
| Amounts payable within one year | 42/48 | €488,338 | €419,315 | -€69,023 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €112,470 | €111,350 | -€1,120 | -1.0% |
| Trade debts | 44 | €356,373 | €289,819 | -€66,554 | -18.7% |
| Suppliers | 440/4 | €356,373 | €289,819 | -€66,554 | -18.7% |
| Taxes, remuneration and social security | 45 | €14,696 | €12,747 | -€1,949 | -13.3% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €14,696 | €12,747 | -€1,949 | -13.3% |
| Other amounts payable | 47/48 | €4,800 | €5,399 | +€599 | +12.5% |
| Accrued charges and deferred income | 492/3 | - | €3,484 | +€3,484 | |
| Remuneration, social security and pensions | 62 | €246,585 | €188,039 | -€58,545 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,363 | €16,481 | +€117 | +0.7% |
| Other operating charges | 640/8 | €15,973 | €33,212 | +€17,239 | +107.9% |
| Non-recurring operating charges | 66A | €7,045 | €0 | -€7,045 | -100.0% |
| Gross operating margin | 9900 | €311,493 | €255,125 | -€56,368 | -18.1% |
| Operating profit (loss) | 9901 | €25,528 | €17,393 | -€8,134 | -31.9% |
| Financial income | 75/76B | €99 | €404 | +€305 | +309.0% |
| Recurring financial income | 75 | €99 | €404 | +€305 | +309.0% |
| Financial charges | 65/66B | €33,796 | €30,243 | -€3,552 | -10.5% |
| Recurring financial charges | 65 | €33,796 | €30,243 | -€3,552 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,169 | -€12,446 | -€4,277 | -52.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€8,169 | -€12,446 | -€4,277 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,169 | -€12,446 | -€4,277 | -52.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.