VVM TIELT: 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 TIELT
Largest movements
- Cash -€53,024
down €53,024 (-32.6%), from €162,583 to €109,560
mainly Trade debts (-€56,158) and Other debts (-€47,323)
- Receivables within one year -€33,716
down €33,716 (-11.1%), from €303,526 to €269,810
of which Trade receivables: -€33,716
- Trade debts -€56,158
down €56,158 (-52.2%), from €107,510 to €51,352
- Other debts -€47,323
down €47,323 (-46.1%), from €102,554 to €55,232
- Profit (loss) carried forward +€10,001
up €10,001 (+37.3%), from -€26,824 to -€16,823
- Debts after one year +€6,298
up €6,298 (+4.8%), from €132,395 to €138,693
of which Other amounts payable: +€6,298
- Gross operating margin -€74,077
down €74,077 (-34.7%), from €213,637 to €139,560
- Staff costs +€5,333
up €5,333 (+5.5%), from €97,502 to €102,835
- Depreciation -€3,161
down €3,161 (-34.3%), from €9,205 to €6,044
- Financial charges -€2,332
down €2,332 (-14.3%), from €16,274 to €13,942
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 | €483,777 | €398,721 | -€85,056 | -17.6% |
| Fixed assets | 21/28 | €15,468 | €16,714 | +€1,246 | +8.1% |
| Tangible fixed assets | 22/27 | €12,468 | €13,714 | +€1,246 | +10.0% |
| Plant, machinery and equipment | 23 | €2,826 | €394 | -€2,432 | -86.1% |
| Furniture and vehicles | 24 | €3,469 | €2,685 | -€784 | -22.6% |
| Other tangible fixed assets | 26 | €6,173 | €10,635 | +€4,462 | +72.3% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €468,308 | €382,007 | -€86,301 | -18.4% |
| Amounts receivable within one year | 40/41 | €303,526 | €269,810 | -€33,716 | -11.1% |
| Trade receivables | 40 | €303,526 | €269,810 | -€33,716 | -11.1% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €162,583 | €109,560 | -€53,024 | -32.6% |
| Deferred charges and accrued income | 490/1 | €2,198 | €2,637 | +€439 | +20.0% |
| Total equity and liabilities | 10/49 | €483,777 | €398,721 | -€85,056 | -17.6% |
| Equity | 10/15 | -€6,824 | €3,177 | +€10,001 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,824 | -€16,823 | +€10,001 | +37.3% |
| Amounts payable | 17/49 | €490,601 | €395,544 | -€95,057 | -19.4% |
| Amounts payable after more than one year | 17 | €132,395 | €138,693 | +€6,298 | +4.8% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €132,395 | €138,693 | +€6,298 | +4.8% |
| Amounts payable within one year | 42/48 | €355,874 | €255,997 | -€99,878 | -28.1% |
| Current portion of amounts payable after more than one year | 42 | €223 | €0 | -€223 | -100% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €107,510 | €51,352 | -€56,158 | -52.2% |
| Suppliers | 440/4 | €107,510 | €51,352 | -€56,158 | -52.2% |
| Taxes, remuneration and social security | 45 | €45,587 | €49,413 | +€3,825 | +8.4% |
| Taxes | 450/3 | €33,008 | €34,262 | +€1,254 | +3.8% |
| Remuneration and social security | 454/9 | €12,579 | €15,151 | +€2,572 | +20.4% |
| Other amounts payable | 47/48 | €102,554 | €55,232 | -€47,323 | -46.1% |
| Accrued charges and deferred income | 492/3 | €2,331 | €854 | -€1,477 | -63.4% |
| Non-recurring operating income | 76A | - | €6,575 | +€6,575 | |
| Remuneration, social security and pensions | 62 | €97,502 | €102,835 | +€5,333 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,205 | €6,044 | -€3,161 | -34.3% |
| Other operating charges | 640/8 | €4,225 | €4,154 | -€71 | -1.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €213,637 | €139,560 | -€74,077 | -34.7% |
| Operating profit (loss) | 9901 | €102,705 | €26,527 | -€76,178 | -74.2% |
| Financial charges | 65/66B | €16,274 | €13,942 | -€2,332 | -14.3% |
| Recurring financial charges | 65 | €16,274 | €13,942 | -€2,332 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €86,430 | €12,584 | -€73,846 | -85.4% |
| Income taxes | 67/77 | €682 | €2,583 | +€1,901 | +279% |
| Profit (loss) for the period | 9904 | €85,749 | €10,001 | -€75,747 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,749 | €10,001 | -€75,747 | -88.3% |
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 28 October 2026 via checked.be.