VRM Group: 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.
VRM Group
Largest movements
- Tangible fixed assets +€246,635
up €246,635 (+3,270%), from €7,543 to €254,178
of which Land and buildings: +€232,204
- Cash +€25,392
up €25,392 (+29.7%), from €85,556 to €110,948
mainly Debts after one year (+€159,752) and Net result for the year (+€56,194)
- Receivables within one year -€17,003
down €17,003 (-59.9%), from €28,380 to €11,376
of which Trade receivables: -€14,302
- Debts after one year +€159,752
new in 2025: €159,752
- Reserves +€56,194
up €56,194 (+36.4%), from €154,455 to €210,649
- Current portion of long-term debt +€23,252
new in 2025: €23,252
- Tax, wage and social debts +€11,991
up €11,991 (+83.3%), from €14,394 to €26,385
of which Taxes: +€9,056
- Gross operating margin +€60,468
up €60,468 (+148%), from €40,905 to €101,373
- Depreciation +€13,865
up €13,865 (+421%), from €3,293 to €17,158
- Taxes +€12,786
up €12,786 (+126%), from €10,145 to €22,931
- Financial charges +€2,118
up €2,118 (+82.8%), from €2,558 to €4,677
- Other operating charges -€1,291
down €1,291 (-75.6%), from €1,708 to €417
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 | €215,742 | €466,491 | +€250,749 | +116% |
| Fixed assets | 21/28 | €95,043 | €341,678 | +€246,635 | +260% |
| Tangible fixed assets | 22/27 | €7,543 | €254,178 | +€246,635 | +3,270% |
| Land and buildings | 22 | - | €232,204 | +€232,204 | |
| Plant, machinery and equipment | 23 | €6,974 | €5,389 | -€1,585 | -22.7% |
| Furniture and vehicles | 24 | €569 | €16,585 | +€16,016 | +2,815% |
| Financial fixed assets | 28 | €87,500 | €87,500 | = | 0.0% |
| Current assets | 29/58 | €120,699 | €124,813 | +€4,114 | +3.4% |
| Amounts receivable within one year | 40/41 | €28,380 | €11,376 | -€17,003 | -59.9% |
| Trade receivables | 40 | €22,990 | €8,688 | -€14,302 | -62.2% |
| Other amounts receivable | 41 | €5,390 | €2,688 | -€2,701 | -50.1% |
| Cash at bank and in hand | 54/58 | €85,556 | €110,948 | +€25,392 | +29.7% |
| Deferred charges and accrued income | 490/1 | €6,763 | €2,489 | -€4,275 | -63.2% |
| Total equity and liabilities | 10/49 | €215,742 | €466,491 | +€250,749 | +116% |
| Equity | 10/15 | €194,455 | €250,649 | +€56,194 | +28.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €154,455 | €210,649 | +€56,194 | +36.4% |
| Distributable reserves | 133 | €154,455 | €210,649 | +€56,194 | +36.4% |
| Amounts payable | 17/49 | €21,286 | €215,842 | +€194,555 | +914% |
| Amounts payable after more than one year | 17 | - | €159,752 | +€159,752 | |
| Financial debts | 170/4 | - | €159,752 | +€159,752 | |
| Amounts payable within one year | 42/48 | €21,286 | €53,234 | +€31,948 | +150% |
| Current portion of amounts payable after more than one year | 42 | - | €23,252 | +€23,252 | |
| Trade debts | 44 | €4,806 | €1,441 | -€3,365 | -70.0% |
| Suppliers | 440/4 | €4,806 | €1,441 | -€3,365 | -70.0% |
| Taxes, remuneration and social security | 45 | €14,394 | €26,385 | +€11,991 | +83.3% |
| Taxes | 450/3 | €14,394 | €23,450 | +€9,056 | +62.9% |
| Remuneration and social security | 454/9 | - | €2,935 | +€2,935 | |
| Other amounts payable | 47/48 | €2,086 | €2,155 | +€69 | +3.3% |
| Accrued charges and deferred income | 492/3 | - | €2,856 | +€2,856 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,293 | €17,158 | +€13,865 | +421% |
| Other operating charges | 640/8 | €1,708 | €417 | -€1,291 | -75.6% |
| Gross operating margin | 9900 | €40,905 | €101,373 | +€60,468 | +148% |
| Operating profit (loss) | 9901 | €35,903 | €83,797 | +€47,894 | +133% |
| Financial income | 75/76B | €4 | €4 | +€0 | +1.9% |
| Recurring financial income | 75 | €4 | €4 | +€0 | +1.9% |
| Financial charges | 65/66B | €2,558 | €4,677 | +€2,118 | +82.8% |
| Recurring financial charges | 65 | €2,558 | €4,677 | +€2,118 | +82.8% |
| Profit (loss) for the period before taxes | 9903 | €33,349 | €79,125 | +€45,776 | +137% |
| Income taxes | 67/77 | €10,145 | €22,931 | +€12,786 | +126% |
| Profit (loss) for the period | 9904 | €23,204 | €56,194 | +€32,989 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €23,204 | €56,194 | +€32,989 | +142% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.