VRM Projects: 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 Projects
Largest movements
- Cash +€15,547
up €15,547 (+207.2%), from €7,504 to €23,051
mainly Net result for the year (+€18,490) and Trade debts (+€1,161)
- Receivables within one year -€953
down €953 (-3.1%), from €30,612 to €29,659
of which Trade receivables: -€13,785
- Profit (loss) carried forward +€18,490
up €18,490 (+84.3%), from €21,933 to €40,422
- Other debts -€4,670
no longer reported in 2025 (was €4,670)
- Trade debts +€1,161
new in 2025: €1,161
- Gross operating margin -€5,312
down €5,312 (-18.0%), from €29,474 to €24,162
- Taxes -€885
down €885 (-15.3%), from €5,788 to €4,903
- Financial charges -€436
down €436 (-74.4%), from €586 to €150
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 | €38,556 | €53,457 | +€14,901 | +38.6% |
| Fixed assets | 21/28 | €277 | €582 | +€306 | +110.5% |
| Tangible fixed assets | 22/27 | €277 | €582 | +€306 | +110.5% |
| Furniture and vehicles | 24 | €277 | €582 | +€306 | +110.5% |
| Current assets | 29/58 | €38,279 | €52,875 | +€14,596 | +38.1% |
| Amounts receivable within one year | 40/41 | €30,612 | €29,659 | -€953 | -3.1% |
| Trade receivables | 40 | €30,050 | €16,265 | -€13,785 | -45.9% |
| Other amounts receivable | 41 | €562 | €13,394 | +€12,832 | +2283.1% |
| Cash at bank and in hand | 54/58 | €7,504 | €23,051 | +€15,547 | +207.2% |
| Deferred charges and accrued income | 490/1 | €163 | €165 | +€2 | +1.3% |
| Total equity and liabilities | 10/49 | €38,556 | €53,457 | +€14,901 | +38.6% |
| Equity | 10/15 | €25,933 | €44,422 | +€18,490 | +71.3% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,933 | €40,422 | +€18,490 | +84.3% |
| Amounts payable | 17/49 | €12,623 | €9,035 | -€3,588 | -28.4% |
| Amounts payable within one year | 42/48 | €12,623 | €8,914 | -€3,709 | -29.4% |
| Trade debts | 44 | - | €1,161 | +€1,161 | |
| Suppliers | 440/4 | - | €1,161 | +€1,161 | |
| Taxes, remuneration and social security | 45 | €7,953 | €7,753 | -€200 | -2.5% |
| Taxes | 450/3 | €6,782 | €7,753 | +€971 | +14.3% |
| Remuneration and social security | 454/9 | €1,171 | - | -€1,171 | |
| Other amounts payable | 47/48 | €4,670 | - | -€4,670 | |
| Accrued charges and deferred income | 492/3 | - | €121 | +€121 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €461 | €272 | -€189 | -41.0% |
| Other operating charges | 640/8 | €705 | €452 | -€253 | -35.9% |
| Gross operating margin | 9900 | €29,474 | €24,162 | -€5,312 | -18.0% |
| Operating profit (loss) | 9901 | €28,307 | €23,437 | -€4,870 | -17.2% |
| Financial income | 75/76B | - | €105 | +€105 | |
| Recurring financial income | 75 | - | €105 | +€105 | |
| Financial charges | 65/66B | €586 | €150 | -€436 | -74.4% |
| Recurring financial charges | 65 | €586 | €150 | -€436 | -74.4% |
| Profit (loss) for the period before taxes | 9903 | €27,721 | €23,393 | -€4,328 | -15.6% |
| Income taxes | 67/77 | €5,788 | €4,903 | -€885 | -15.3% |
| Profit (loss) for the period | 9904 | €21,933 | €18,490 | -€3,443 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,933 | €18,490 | -€3,443 | -15.7% |
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 9 October 2026 via checked.be.