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
- Receivables within one year +€78,313
up €78,313 (+424.0%), from €18,469 to €96,782
of which Trade receivables: +€72,259
- Tangible fixed assets +€31,812
up €31,812 (+27.8%), from €114,382 to €146,195
of which Furniture and vehicles: +€40,875
- Cash -€21,810
down €21,810 (-38.8%), from €56,173 to €34,363
mainly Receivables within one year (-€78,313) and Investment in fixed assets (net) (-€75,426)
- Stocks and contracts -€11,104
down €11,104 (-59.7%), from €18,604 to €7,500
of which Contracts in progress: -€11,104
- Trade debts +€51,278
up €51,278 (+365.4%), from €14,033 to €65,311
- Debts after one year +€17,052
up €17,052 (+20.2%), from €84,295 to €101,346
- Current portion of long-term debt +€12,598
up €12,598 (+59.9%), from €21,020 to €33,618
- Profit (loss) carried forward +€11,127
up €11,127 (+30.1%), from €36,961 to €48,088
- Other debts -€9,475
down €9,475 (-61.6%), from €15,370 to €5,895
- Gross operating margin +€66,989
up €66,989 (+64.6%), from €103,725 to €170,715
- Staff costs +€42,210
up €42,210 (+70.7%), from €59,727 to €101,937
- Depreciation +€11,717
up €11,717 (+36.7%), from €31,896 to €43,613
- Taxes +€2,056
up €2,056 (+111.8%), from €1,839 to €3,895
- Financial charges +€2,020
up €2,020 (+39.9%), from €5,056 to €7,075
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 | €209,652 | €287,879 | +€78,228 | +37.3% |
| Fixed assets | 21/28 | €114,382 | €146,195 | +€31,812 | +27.8% |
| Tangible fixed assets | 22/27 | €114,382 | €146,195 | +€31,812 | +27.8% |
| Plant, machinery and equipment | 23 | €98,173 | €89,767 | -€8,406 | -8.6% |
| Furniture and vehicles | 24 | €10,388 | €51,262 | +€40,875 | +393.5% |
| Other tangible fixed assets | 26 | €5,822 | €5,165 | -€657 | -11.3% |
| Current assets | 29/58 | €95,269 | €141,685 | +€46,415 | +48.7% |
| Stocks and contracts in progress | 3 | €18,604 | €7,500 | -€11,104 | -59.7% |
| Stocks | 30/36 | €7,500 | €7,500 | = | 0.0% |
| Contracts in progress | 37 | €11,104 | - | -€11,104 | |
| Amounts receivable within one year | 40/41 | €18,469 | €96,782 | +€78,313 | +424.0% |
| Trade receivables | 40 | €13,014 | €85,273 | +€72,259 | +555.2% |
| Other amounts receivable | 41 | €5,455 | €11,509 | +€6,054 | +111.0% |
| Cash at bank and in hand | 54/58 | €56,173 | €34,363 | -€21,810 | -38.8% |
| Deferred charges and accrued income | 490/1 | €2,024 | €3,040 | +€1,016 | +50.2% |
| Total equity and liabilities | 10/49 | €209,652 | €287,879 | +€78,228 | +37.3% |
| Equity | 10/15 | €67,767 | €78,894 | +€11,127 | +16.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €10,346 | €10,346 | = | 0.0% |
| Distributable reserves | 133 | €10,346 | €10,346 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,961 | €48,088 | +€11,127 | +30.1% |
| Amounts payable | 17/49 | €141,885 | €208,986 | +€67,101 | +47.3% |
| Amounts payable after more than one year | 17 | €84,295 | €101,346 | +€17,052 | +20.2% |
| Financial debts | 170/4 | €84,295 | €101,346 | +€17,052 | +20.2% |
| Amounts payable within one year | 42/48 | €57,590 | €107,639 | +€50,049 | +86.9% |
| Current portion of amounts payable after more than one year | 42 | €21,020 | €33,618 | +€12,598 | +59.9% |
| Trade debts | 44 | €14,033 | €65,311 | +€51,278 | +365.4% |
| Suppliers | 440/4 | €14,033 | €65,311 | +€51,278 | +365.4% |
| Taxes, remuneration and social security | 45 | €7,167 | €2,815 | -€4,351 | -60.7% |
| Taxes | 450/3 | €3,701 | €1,991 | -€1,710 | -46.2% |
| Remuneration and social security | 454/9 | €3,465 | €824 | -€2,641 | -76.2% |
| Other amounts payable | 47/48 | €15,370 | €5,895 | -€9,475 | -61.6% |
| Non-recurring operating income | 76A | - | €9,917 | +€9,917 | |
| Remuneration, social security and pensions | 62 | €59,727 | €101,937 | +€42,210 | +70.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,896 | €43,613 | +€11,717 | +36.7% |
| Other operating charges | 640/8 | €3,023 | €3,512 | +€489 | +16.2% |
| Gross operating margin | 9900 | €103,725 | €170,715 | +€66,989 | +64.6% |
| Operating profit (loss) | 9901 | €9,080 | €21,653 | +€12,573 | +138.5% |
| Financial income | 75/76B | €69 | €445 | +€376 | +543.7% |
| Recurring financial income | 75 | €69 | €445 | +€376 | +543.7% |
| Financial charges | 65/66B | €5,056 | €7,075 | +€2,020 | +39.9% |
| Recurring financial charges | 65 | €5,056 | €7,075 | +€2,020 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €4,093 | €15,022 | +€10,929 | +267.0% |
| Income taxes | 67/77 | €1,839 | €3,895 | +€2,056 | +111.8% |
| Profit (loss) for the period | 9904 | €2,254 | €11,127 | +€8,873 | +393.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,254 | €11,127 | +€8,873 | +393.7% |
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.