vrm invest: 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 invest
Largest movements
- Tangible fixed assets +€1.8m
up €1.8m (+94.7%), from €1.9m to €3.8m
of which Assets under construction and advance payments: +€1.8m
- Receivables within one year +€907,093
new in 2025: €907,093
- Cash -€83,866
down €83,866 (-86.5%), from €96,992 to €13,126
mainly Investment in fixed assets (net) (-€1.8m) and Receivables within one year (-€907,093)
- Debts after one year +€1.6m
up €1.6m (+77.8%), from €2.1m to €3.7m
of which Financial debts: +€1.2m
- Trade debts +€1.0m
up €1.0m (+143,631%), from €702 to €1.0m
- Current portion of long-term debt +€66,328
new in 2025: €66,328
- Profit (loss) carried forward -€53,272
down €53,272 (-29.8%), from -€178,802 to -€232,075
- Financial charges +€25,949
up €25,949 (+123%), from €21,081 to €47,030
- Gross operating margin +€1,917
up €1,917 (+28.1%), from -€6,814 to -€4,897
- Other operating charges +€611
up €611 (+156%), from €391 to €1,002
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 | €2,045,486 | €4,709,399 | +€2.7m | +130% |
| Formation expenses | 20 | €963 | €619 | -€344 | -35.7% |
| Fixed assets | 21/28 | €1,945,298 | €3,787,311 | +€1.8m | +94.7% |
| Tangible fixed assets | 22/27 | €1,945,298 | €3,787,311 | +€1.8m | +94.7% |
| Land and buildings | 22 | €1,000,000 | €1,000,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €945,298 | €2,787,311 | +€1.8m | +195% |
| Current assets | 29/58 | €99,225 | €921,468 | +€822,244 | +829% |
| Amounts receivable within one year | 40/41 | - | €907,093 | +€907,093 | |
| Trade receivables | 40 | - | €907,093 | +€907,093 | |
| Cash at bank and in hand | 54/58 | €96,992 | €13,126 | -€83,866 | -86.5% |
| Deferred charges and accrued income | 490/1 | €2,233 | €1,249 | -€984 | -44.1% |
| Total equity and liabilities | 10/49 | €2,045,486 | €4,709,399 | +€2.7m | +130% |
| Equity | 10/15 | -€78,802 | -€132,075 | -€53,272 | -67.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,802 | -€232,075 | -€53,272 | -29.8% |
| Amounts payable | 17/49 | €2,124,288 | €4,841,473 | +€2.7m | +128% |
| Amounts payable after more than one year | 17 | €2,089,820 | €3,715,680 | +€1.6m | +77.8% |
| Financial debts | 170/4 | - | €1,240,860 | +€1.2m | |
| Other amounts payable | 178/9 | €2,089,820 | €2,474,820 | +€385,000 | +18.4% |
| Amounts payable within one year | 42/48 | €34,468 | €1,122,324 | +€1.1m | +3,156% |
| Current portion of amounts payable after more than one year | 42 | - | €66,328 | +€66,328 | |
| Trade debts | 44 | €702 | €1,008,456 | +€1.0m | +143,631% |
| Suppliers | 440/4 | €702 | €1,008,456 | +€1.0m | +143,631% |
| Taxes, remuneration and social security | 45 | €33,408 | €47,405 | +€13,998 | +41.9% |
| Taxes | 450/3 | €33,408 | €47,405 | +€13,998 | +41.9% |
| Other amounts payable | 47/48 | €359 | €134 | -€225 | -62.7% |
| Accrued charges and deferred income | 492/3 | - | €3,470 | +€3,470 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344 | €344 | = | 0.0% |
| Other operating charges | 640/8 | €391 | €1,002 | +€611 | +156% |
| Gross operating margin | 9900 | -€6,814 | -€4,897 | +€1,917 | +28.1% |
| Operating profit (loss) | 9901 | -€7,548 | -€6,243 | +€1,306 | +17.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €21,081 | €47,030 | +€25,949 | +123% |
| Recurring financial charges | 65 | €21,081 | €47,030 | +€25,949 | +123% |
| Profit (loss) for the period before taxes | 9903 | -€28,629 | -€53,272 | -€24,644 | -86.1% |
| Profit (loss) for the period | 9904 | -€28,629 | -€53,272 | -€24,644 | -86.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,629 | -€53,272 | -€24,644 | -86.1% |
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 27 October 2026 via checked.be.