VWMC: what changed
Two fiscal 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.
VWMC
Largest movements
- Receivables within one year +€104,313
up €104,313 (+86.6%), from €120,464 to €224,777
of which Trade receivables: +€118,344
- Tangible fixed assets +€97,984
up €97,984 (+12.6%), from €777,316 to €875,299
of which Land and buildings: +€103,306
- Cash -€58,957
down €58,957 (-95.1%), from €61,970 to €3,014
mainly Investment in fixed assets (net) (-€134,523) and Receivables within one year (-€104,313)
- Debts after one year +€80,423
up €80,423 (+12.3%), from €653,256 to €733,680
- Short-term financial debts +€43,468
new in 2025: €43,468
- Trade debts +€19,908
up €19,908 (+47.9%), from €41,589 to €61,497
- Other operating charges -€124,074
down €124,074 (-98.4%), from €126,040 to €1,967
- Taxes +€64,877
up €64,877 (+706.0%), from €9,189 to €74,066
- Depreciation +€26,127
up €26,127 (+250.9%), from €10,412 to €36,539
- Financial charges +€24,666
up €24,666 (+301.6%), from €8,179 to €32,845
- Gross operating margin -€4,936
down €4,936 (-3.1%), from €157,765 to €152,829
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 | €1,090,756 | €1,241,012 | +€150,256 | +13.8% |
| Fixed assets | 21/28 | €777,316 | €875,299 | +€97,984 | +12.6% |
| Tangible fixed assets | 22/27 | €777,316 | €875,299 | +€97,984 | +12.6% |
| Land and buildings | 22 | €745,180 | €848,486 | +€103,306 | +13.9% |
| Plant, machinery and equipment | 23 | €5,503 | €3,850 | -€1,653 | -30.0% |
| Furniture and vehicles | 24 | €25,902 | €22,442 | -€3,460 | -13.4% |
| Other tangible fixed assets | 26 | €731 | €522 | -€209 | -28.6% |
| Current assets | 29/58 | €313,440 | €365,712 | +€52,272 | +16.7% |
| Amounts receivable after more than one year | 29 | €122,500 | €130,425 | +€7,925 | +6.5% |
| Other amounts receivable | 291 | €122,500 | €130,425 | +€7,925 | +6.5% |
| Amounts receivable within one year | 40/41 | €120,464 | €224,777 | +€104,313 | +86.6% |
| Trade receivables | 40 | €71,424 | €189,768 | +€118,344 | +165.7% |
| Other amounts receivable | 41 | €49,040 | €35,009 | -€14,031 | -28.6% |
| Cash at bank and in hand | 54/58 | €61,970 | €3,014 | -€58,957 | -95.1% |
| Deferred charges and accrued income | 490/1 | €8,505 | €7,496 | -€1,009 | -11.9% |
| Total equity and liabilities | 10/49 | €1,090,756 | €1,241,012 | +€150,256 | +13.8% |
| Equity | 10/15 | €201,100 | €209,209 | +€8,109 | +4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €177,543 | €185,652 | +€8,109 | +4.6% |
| 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 | €16,161 | €16,161 | = | 0.0% |
| Distributable reserves | 133 | €159,522 | €167,631 | +€8,109 | +5.1% |
| Profit (loss) carried forward | 14 | €11,157 | €11,157 | = | 0.0% |
| Amounts payable | 17/49 | €889,656 | €1,031,803 | +€142,147 | +16.0% |
| Amounts payable after more than one year | 17 | €653,256 | €733,680 | +€80,423 | +12.3% |
| Financial debts | 170/4 | €653,256 | €733,680 | +€80,423 | +12.3% |
| Amounts payable within one year | 42/48 | €236,399 | €298,123 | +€61,724 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €45,502 | €44,981 | -€521 | -1.1% |
| Financial debts | 43 | - | €43,468 | +€43,468 | |
| Credit institutions | 430/8 | - | €43,468 | +€43,468 | |
| Trade debts | 44 | €41,589 | €61,497 | +€19,908 | +47.9% |
| Suppliers | 440/4 | €41,589 | €61,497 | +€19,908 | +47.9% |
| Taxes, remuneration and social security | 45 | €37,762 | €43,144 | +€5,383 | +14.3% |
| Taxes | 450/3 | €32,887 | €40,369 | +€7,483 | +22.8% |
| Remuneration and social security | 454/9 | €4,875 | €2,775 | -€2,100 | -43.1% |
| Other amounts payable | 47/48 | €111,546 | €105,033 | -€6,513 | -5.8% |
| Non-recurring operating income | 76A | €8,086 | €0 | -€8,086 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,412 | €36,539 | +€26,127 | +250.9% |
| Other operating charges | 640/8 | €126,040 | €1,967 | -€124,074 | -98.4% |
| Non-recurring operating charges | 66A | €433 | €0 | -€433 | -100.0% |
| Gross operating margin | 9900 | €157,765 | €152,829 | -€4,936 | -3.1% |
| Operating profit (loss) | 9901 | €20,879 | €114,323 | +€93,444 | +447.5% |
| Financial income | 75/76B | €511 | €697 | +€185 | +36.3% |
| Recurring financial income | 75 | €511 | €697 | +€185 | +36.3% |
| Financial charges | 65/66B | €8,179 | €32,845 | +€24,666 | +301.6% |
| Recurring financial charges | 65 | €8,179 | €32,845 | +€24,666 | +301.6% |
| Profit (loss) for the period before taxes | 9903 | €13,212 | €82,175 | +€68,963 | +522.0% |
| Income taxes | 67/77 | €9,189 | €74,066 | +€64,877 | +706.0% |
| Profit (loss) for the period | 9904 | €4,023 | €8,109 | +€4,086 | +101.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,023 | €8,109 | +€4,086 | +101.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.