VVM Management: 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.
VVM Management
Largest movements
- Tangible fixed assets -€30,517
down €30,517 (-2.2%), from €1.4m to €1.4m
of which Land and buildings: -€27,013
- Cash +€28,083
up €28,083 (+364%), from €7,720 to €35,803
mainly Debts after one year (+€64,989) and Depreciation (+€58,905)
- Debts after one year +€64,989
up €64,989 (+5.2%), from €1.2m to €1.3m
- Profit (loss) carried forward -€36,324
down €36,324 (-12.2%), from -€296,993 to -€333,317
- Reserves -€17,952
down €17,952 (-5.6%), from €318,817 to €300,864
of which Tax-exempt reserves: -€17,952
- Gross operating margin +€52,740
up €52,740, from -€24,370 to €28,370
- Depreciation +€10,282
up €10,282 (+21.1%), from €48,622 to €58,905
- Financial charges +€3,799
up €3,799 (+17.6%), from €21,570 to €25,369
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 | €1,392,713 | €1,393,510 | +€797 | +0.1% |
| Fixed assets | 21/28 | €1,384,768 | €1,354,252 | -€30,517 | -2.2% |
| Tangible fixed assets | 22/27 | €1,384,768 | €1,354,252 | -€30,517 | -2.2% |
| Land and buildings | 22 | €1,346,395 | €1,319,382 | -€27,013 | -2.0% |
| Plant, machinery and equipment | 23 | €2,106 | €1,600 | -€506 | -24.0% |
| Furniture and vehicles | 24 | €36,268 | €33,270 | -€2,997 | -8.3% |
| Current assets | 29/58 | €7,945 | €39,259 | +€31,314 | +394% |
| Amounts receivable within one year | 40/41 | €0 | €3,213 | +€3,213 | |
| Trade receivables | 40 | €0 | €3,213 | +€3,213 | |
| Cash at bank and in hand | 54/58 | €7,720 | €35,803 | +€28,083 | +364% |
| Deferred charges and accrued income | 490/1 | €225 | €243 | +€18 | +8.1% |
| Total equity and liabilities | 10/49 | €1,392,713 | €1,393,510 | +€797 | +0.1% |
| Equity | 10/15 | €40,424 | -€13,853 | -€54,277 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €318,817 | €300,864 | -€17,952 | -5.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €298,957 | €281,004 | -€17,952 | -6.0% |
| Distributable reserves | 133 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€296,993 | -€333,317 | -€36,324 | -12.2% |
| Provisions and deferred taxes | 16 | €99,652 | €93,668 | -€5,984 | -6.0% |
| Deferred taxes | 168 | €99,652 | €93,668 | -€5,984 | -6.0% |
| Amounts payable | 17/49 | €1,252,637 | €1,313,695 | +€61,058 | +4.9% |
| Amounts payable after more than one year | 17 | €1,246,610 | €1,311,598 | +€64,989 | +5.2% |
| Other amounts payable | 178/9 | €1,246,610 | €1,311,598 | +€64,989 | +5.2% |
| Amounts payable within one year | 42/48 | €4,440 | €508 | -€3,932 | -88.6% |
| Trade debts | 44 | €4,106 | €0 | -€4,106 | -100% |
| Suppliers | 440/4 | €4,106 | €0 | -€4,106 | -100% |
| Taxes, remuneration and social security | 45 | €277 | €0 | -€277 | -100% |
| Taxes | 450/3 | €277 | €0 | -€277 | -100% |
| Other amounts payable | 47/48 | €57 | €508 | +€451 | +790% |
| Accrued charges and deferred income | 492/3 | €1,588 | €1,589 | +€2 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,622 | €58,905 | +€10,282 | +21.1% |
| Other operating charges | 640/8 | €4,241 | €4,358 | +€116 | +2.7% |
| Non-recurring operating charges | 66A | €69,915 | €0 | -€69,915 | -100% |
| Gross operating margin | 9900 | -€24,370 | €28,370 | +€52,740 | |
| Operating profit (loss) | 9901 | -€147,148 | -€34,892 | +€112,257 | +76.3% |
| Financial charges | 65/66B | €21,570 | €25,369 | +€3,799 | +17.6% |
| Recurring financial charges | 65 | €21,570 | €25,369 | +€3,799 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | -€168,719 | -€60,261 | +€108,458 | +64.3% |
| Transfer from deferred taxes | 780 | €5,984 | €5,984 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€162,735 | -€54,277 | +€108,458 | +66.6% |
| Transfer from tax-exempt reserves | 789 | €17,952 | €17,952 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€144,782 | -€36,324 | +€108,458 | +74.9% |
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 14 October 2026 via checked.be.