VR.M: 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.
VR.M
Largest movements
- Cash +€50,688
up €50,688 (+84.1%), from €60,280 to €110,968
mainly Net result for the year (+€36,013) and Other debts (+€21,922)
- Receivables within one year +€24,403
up €24,403 (+252%), from €9,685 to €34,088
of which Trade receivables: +€19,919
- Stocks and contracts +€8,869
up €8,869 (+4.5%), from €199,227 to €208,096
- Tangible fixed assets -€7,100
down €7,100 (-14.9%), from €47,679 to €40,579
of which Land and buildings: -€5,001
- Reserves +€36,013
up €36,013 (+14.8%), from €243,697 to €279,710
- Other debts +€21,922
up €21,922 (+69.7%), from €31,470 to €53,392
- Trade debts +€18,556
up €18,556 (+250%), from €7,428 to €25,985
- Gross operating margin +€9,541
up €9,541 (+17.9%), from €53,254 to €62,795
- Taxes +€6,379
up €6,379 (+46.9%), from €13,605 to €19,984
- Other operating charges +€892
up €892 (+82.6%), from €1,080 to €1,973
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.
Derived cash bridge
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 | €317,924 | €395,165 | +€77,241 | +24.3% |
| Fixed assets | 21/28 | €47,679 | €40,579 | -€7,100 | -14.9% |
| Tangible fixed assets | 22/27 | €47,679 | €40,579 | -€7,100 | -14.9% |
| Land and buildings | 22 | €39,593 | €34,591 | -€5,001 | -12.6% |
| Plant, machinery and equipment | 23 | €8,086 | €5,987 | -€2,099 | -26.0% |
| Current assets | 29/58 | €270,245 | €354,586 | +€84,341 | +31.2% |
| Stocks and contracts in progress | 3 | €199,227 | €208,096 | +€8,869 | +4.5% |
| Stocks | 30/36 | €199,227 | €208,096 | +€8,869 | +4.5% |
| Amounts receivable within one year | 40/41 | €9,685 | €34,088 | +€24,403 | +252% |
| Trade receivables | 40 | €9,685 | €29,604 | +€19,919 | +206% |
| Other amounts receivable | 41 | - | €4,484 | +€4,484 | |
| Cash at bank and in hand | 54/58 | €60,280 | €110,968 | +€50,688 | +84.1% |
| Deferred charges and accrued income | 490/1 | €1,054 | €1,434 | +€380 | +36.1% |
| Total equity and liabilities | 10/49 | €317,924 | €395,165 | +€77,241 | +24.3% |
| Equity | 10/15 | €262,247 | €298,260 | +€36,013 | +13.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €243,697 | €279,710 | +€36,013 | +14.8% |
| Distributable reserves | 133 | €243,697 | €279,710 | +€36,013 | +14.8% |
| Amounts payable | 17/49 | €55,677 | €96,905 | +€41,228 | +74.0% |
| Amounts payable within one year | 42/48 | €54,348 | €95,860 | +€41,513 | +76.4% |
| Trade debts | 44 | €7,428 | €25,985 | +€18,556 | +250% |
| Suppliers | 440/4 | €7,428 | €25,985 | +€18,556 | +250% |
| Taxes, remuneration and social security | 45 | €15,449 | €16,484 | +€1,034 | +6.7% |
| Taxes | 450/3 | €15,449 | €16,484 | +€1,034 | +6.7% |
| Other amounts payable | 47/48 | €31,470 | €53,392 | +€21,922 | +69.7% |
| Accrued charges and deferred income | 492/3 | €1,329 | €1,045 | -€285 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,100 | €7,100 | = | 0.0% |
| Other operating charges | 640/8 | €1,080 | €1,973 | +€892 | +82.6% |
| Gross operating margin | 9900 | €53,254 | €62,795 | +€9,541 | +17.9% |
| Operating profit (loss) | 9901 | €45,074 | €53,722 | +€8,649 | +19.2% |
| Financial income | 75/76B | €3,796 | €4,303 | +€507 | +13.4% |
| Recurring financial income | 75 | €3,796 | €4,303 | +€507 | +13.4% |
| Financial charges | 65/66B | €1,803 | €2,028 | +€225 | +12.5% |
| Recurring financial charges | 65 | €1,803 | €2,028 | +€225 | +12.5% |
| Profit (loss) for the period before taxes | 9903 | €47,067 | €55,997 | +€8,930 | +19.0% |
| Income taxes | 67/77 | €13,605 | €19,984 | +€6,379 | +46.9% |
| Profit (loss) for the period | 9904 | €33,462 | €36,013 | +€2,552 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,462 | €36,013 | +€2,552 | +7.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.