VRM: 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.
VRM
Largest movements
- Stocks and contracts +€145,126
up €145,126 (+38.5%), from €377,425 to €522,551
- Cash +€100,439
up €100,439 (+1413.1%), from €7,108 to €107,547
mainly Net result for the year (+€126,604) and Depreciation (+€47,334)
- Tangible fixed assets -€45,334
down €45,334 (-33.2%), from €136,516 to €91,183
of which Furniture and vehicles: -€46,993
- Receivables within one year -€14,843
down €14,843 (-90.0%), from €16,491 to €1,648
of which Other amounts receivable: -€14,367
- Profit (loss) carried forward +€78,639
no longer reported in 2025 (was -€78,639)
- Reserves +€47,964
up €47,964 (+33.6%), from €142,687 to €190,651
- Other debts +€38,203
up €38,203 (+8.4%), from €452,821 to €491,024
- Tax, wage and social debts +€22,944
up €22,944 (+2010.6%), from €1,141 to €24,085
- Gross operating margin +€169,432
up €169,432 (+551.8%), from €30,707 to €200,139
- Taxes +€21,717
up €21,717 (+3946.5%), from €550 to €22,267
- Depreciation +€9,793
up €9,793 (+26.1%), from €37,541 to €47,334
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 | €542,277 | €726,953 | +€184,676 | +34.1% |
| Fixed assets | 21/28 | €136,556 | €91,223 | -€45,334 | -33.2% |
| Tangible fixed assets | 22/27 | €136,516 | €91,183 | -€45,334 | -33.2% |
| Plant, machinery and equipment | 23 | - | €1,659 | +€1,659 | |
| Furniture and vehicles | 24 | €136,516 | €89,524 | -€46,993 | -34.4% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €405,721 | €635,730 | +€230,009 | +56.7% |
| Stocks and contracts in progress | 3 | €377,425 | €522,551 | +€145,126 | +38.5% |
| Stocks | 30/36 | €377,425 | €522,551 | +€145,126 | +38.5% |
| Amounts receivable within one year | 40/41 | €16,491 | €1,648 | -€14,843 | -90.0% |
| Trade receivables | 40 | €2,124 | €1,648 | -€476 | -22.4% |
| Other amounts receivable | 41 | €14,367 | - | -€14,367 | |
| Cash at bank and in hand | 54/58 | €7,108 | €107,547 | +€100,439 | +1413.1% |
| Deferred charges and accrued income | 490/1 | €4,697 | €3,983 | -€713 | -15.2% |
| Total equity and liabilities | 10/49 | €542,277 | €726,953 | +€184,676 | +34.1% |
| Equity | 10/15 | €82,639 | €209,243 | +€126,604 | +153.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €142,687 | €190,651 | +€47,964 | +33.6% |
| Distributable reserves | 133 | €142,687 | €190,651 | +€47,964 | +33.6% |
| Profit (loss) carried forward | 14 | -€78,639 | - | +€78,639 | |
| Amounts payable | 17/49 | €459,638 | €517,710 | +€58,072 | +12.6% |
| Amounts payable within one year | 42/48 | €458,038 | €516,110 | +€58,072 | +12.7% |
| Trade debts | 44 | €4,076 | €1,000 | -€3,075 | -75.5% |
| Suppliers | 440/4 | €4,076 | €1,000 | -€3,075 | -75.5% |
| Taxes, remuneration and social security | 45 | €1,141 | €24,085 | +€22,944 | +2010.6% |
| Taxes | 450/3 | €1,141 | €24,085 | +€22,944 | +2010.6% |
| Other amounts payable | 47/48 | €452,821 | €491,024 | +€38,203 | +8.4% |
| Accrued charges and deferred income | 492/3 | €1,600 | €1,600 | = | 0.0% |
| Non-recurring operating income | 76A | €9,291 | - | -€9,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,541 | €47,334 | +€9,793 | +26.1% |
| Other operating charges | 640/8 | €1,594 | €3,354 | +€1,760 | +110.4% |
| Gross operating margin | 9900 | €30,707 | €200,139 | +€169,432 | +551.8% |
| Operating profit (loss) | 9901 | -€8,427 | €149,452 | +€157,879 | |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €700 | €581 | -€119 | -17.0% |
| Recurring financial charges | 65 | €700 | €581 | -€119 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | -€9,118 | €148,871 | +€157,989 | |
| Income taxes | 67/77 | €550 | €22,267 | +€21,717 | +3946.5% |
| Profit (loss) for the period | 9904 | -€9,668 | €126,604 | +€136,272 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,668 | €126,604 | +€136,272 |
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 28 September 2026 via checked.be.