VVM Master: what changed
VVM Master
Largest movements
- Financial fixed assets +€275,439
up €275,439 (+17.9%), from €1.5m to €1.8m
- Receivables within one year -€100,153
down €100,153 (-29.6%), from €338,845 to €238,693
of which Trade receivables: -€75,694
- Cash -€36,656
down €36,656 (-37.0%), from €99,016 to €62,360
mainly Investment in fixed assets (net) (-€321,972) and Trade debts (-€54,453)
- Tangible fixed assets -€35,864
down €35,864 (-30.0%), from €119,521 to €83,657
of which Furniture and vehicles: -€21,399
- Intangible fixed assets +€25,019
up €25,019 (+236%), from €10,590 to €35,609
- Debts after one year +€112,880
up €112,880 (+6.3%), from €1.8m to €1.9m
of which Other amounts payable: +€59,842
- Other debts +€62,224
new in 2025: €62,224
- Trade debts -€54,453
down €54,453 (-47.9%), from €113,706 to €59,252
- Current portion of long-term debt +€24,583
up €24,583 (+26.3%), from €93,348 to €117,930
- Tax, wage and social debts -€23,601
down €23,601 (-32.4%), from €72,889 to €49,287
of which Taxes: -€12,442
- Gross operating margin +€21,209
up €21,209 (+6.6%), from €321,621 to €342,831
- Staff costs +€9,619
up €9,619 (+4.6%), from €207,989 to €217,608
- Financial charges +€7,932
up €7,932 (+11.6%), from €68,136 to €76,068
- Depreciation +€5,078
up €5,078 (+9.7%), from €52,301 to €57,379
- Taxes -€5,007
down €5,007 (-67.1%), from €7,466 to €2,459
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,119,192 | €2,243,405 | +€124,212 | +5.9% |
| Fixed assets | 21/28 | €1,665,811 | €1,930,405 | +€264,593 | +15.9% |
| Intangible fixed assets | 21 | €10,590 | €35,609 | +€25,019 | +236% |
| Tangible fixed assets | 22/27 | €119,521 | €83,657 | -€35,864 | -30.0% |
| Plant, machinery and equipment | 23 | €27,319 | €19,025 | -€8,295 | -30.4% |
| Furniture and vehicles | 24 | €84,586 | €63,188 | -€21,399 | -25.3% |
| Leasing and similar rights | 25 | €6,003 | €1,123 | -€4,879 | -81.3% |
| Other tangible fixed assets | 26 | €1,613 | €321 | -€1,291 | -80.1% |
| Financial fixed assets | 28 | €1,535,701 | €1,811,139 | +€275,439 | +17.9% |
| Current assets | 29/58 | €453,381 | €313,000 | -€140,381 | -31.0% |
| Amounts receivable within one year | 40/41 | €338,845 | €238,693 | -€100,153 | -29.6% |
| Trade receivables | 40 | €313,845 | €238,152 | -€75,694 | -24.1% |
| Other amounts receivable | 41 | €25,000 | €541 | -€24,459 | -97.8% |
| Cash at bank and in hand | 54/58 | €99,016 | €62,360 | -€36,656 | -37.0% |
| Deferred charges and accrued income | 490/1 | €15,520 | €11,947 | -€3,572 | -23.0% |
| Total equity and liabilities | 10/49 | €2,119,192 | €2,243,405 | +€124,212 | +5.9% |
| Equity | 10/15 | €43,433 | €45,624 | +€2,191 | +5.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,433 | €15,624 | +€2,191 | +16.3% |
| Amounts payable | 17/49 | €2,075,760 | €2,197,781 | +€122,021 | +5.9% |
| Amounts payable after more than one year | 17 | €1,795,751 | €1,908,631 | +€112,880 | +6.3% |
| Financial debts | 170/4 | €321,945 | €374,982 | +€53,037 | +16.5% |
| Other amounts payable | 178/9 | €1,473,807 | €1,533,649 | +€59,842 | +4.1% |
| Amounts payable within one year | 42/48 | €279,942 | €288,694 | +€8,751 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €93,348 | €117,930 | +€24,583 | +26.3% |
| Trade debts | 44 | €113,706 | €59,252 | -€54,453 | -47.9% |
| Suppliers | 440/4 | €113,706 | €59,252 | -€54,453 | -47.9% |
| Taxes, remuneration and social security | 45 | €72,889 | €49,287 | -€23,601 | -32.4% |
| Taxes | 450/3 | €39,782 | €27,340 | -€12,442 | -31.3% |
| Remuneration and social security | 454/9 | €33,106 | €21,947 | -€11,160 | -33.7% |
| Other amounts payable | 47/48 | - | €62,224 | +€62,224 | |
| Accrued charges and deferred income | 492/3 | €66 | €456 | +€390 | +589% |
| Non-recurring operating income | 76A | €5,000 | €7,305 | +€2,305 | +46.1% |
| Remuneration, social security and pensions | 62 | €207,989 | €217,608 | +€9,619 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,301 | €57,379 | +€5,078 | +9.7% |
| Other operating charges | 640/8 | €2,370 | €3,142 | +€772 | +32.6% |
| Non-recurring operating charges | 66A | - | €9,742 | +€9,742 | |
| Gross operating margin | 9900 | €321,621 | €342,831 | +€21,209 | +6.6% |
| Operating profit (loss) | 9901 | €58,961 | €54,960 | -€4,001 | -6.8% |
| Financial income | 75/76B | €24,886 | €25,758 | +€873 | +3.5% |
| Recurring financial income | 75 | €24,886 | €25,758 | +€873 | +3.5% |
| Financial charges | 65/66B | €68,136 | €76,068 | +€7,932 | +11.6% |
| Recurring financial charges | 65 | €68,136 | €76,068 | +€7,932 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €15,711 | €4,650 | -€11,060 | -70.4% |
| Income taxes | 67/77 | €7,466 | €2,459 | -€5,007 | -67.1% |
| Profit (loss) for the period | 9904 | €8,245 | €2,191 | -€6,053 | -73.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,245 | €2,191 | -€6,053 | -73.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.