VM: what changed
VM
Largest movements
- Current investments -€602,914
down €602,914 (-49.9%), from €1.2m to €606,166
- Cash +€543,965
up €543,965 (+92.2%), from €589,787 to €1.1m
mainly Current investments (+€602,914) and Investment in fixed assets (net) (+€252,514)
- Receivables after one year +€255,000
new in 2025: €255,000
- Financial fixed assets -€252,500
down €252,500 (-100%), from €252,500 to €0
- Tangible fixed assets -€91,726
down €91,726 (-18.6%), from €493,785 to €402,058
of which Land and buildings: -€77,495
- Other debts -€170,030
down €170,030 (-92.9%), from €182,937 to €12,907
- Debts after one year +€149,879
new in 2025: €149,879
- Trade debts -€77,396
down €77,396 (-60.8%), from €127,318 to €49,922
- Gross operating margin -€108,549
down €108,549 (-62.7%), from €173,217 to €64,668
- Taxes -€20,990
down €20,990 (-98.8%), from €21,235 to €244
- Financial income +€19,405
up €19,405 (+69.1%), from €28,073 to €47,478
- Depreciation +€3,547
up €3,547 (+4.0%), from €88,165 to €91,712
- Financial charges +€3,079
up €3,079 (+23.5%), from €13,121 to €16,199
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 | €2,573,053 | €2,473,543 | -€99,511 | -3.9% |
| Fixed assets | 21/28 | €746,285 | €402,058 | -€344,226 | -46.1% |
| Tangible fixed assets | 22/27 | €493,785 | €402,058 | -€91,726 | -18.6% |
| Land and buildings | 22 | €436,965 | €359,470 | -€77,495 | -17.7% |
| Furniture and vehicles | 24 | €55,228 | €42,199 | -€13,028 | -23.6% |
| Other tangible fixed assets | 26 | €1,592 | €389 | -€1,203 | -75.5% |
| Financial fixed assets | 28 | €252,500 | €0 | -€252,500 | -100% |
| Current assets | 29/58 | €1,826,769 | €2,071,484 | +€244,715 | +13.4% |
| Amounts receivable after more than one year | 29 | - | €255,000 | +€255,000 | |
| Other amounts receivable | 291 | - | €255,000 | +€255,000 | |
| Amounts receivable within one year | 40/41 | €25,198 | €72,598 | +€47,400 | +188% |
| Trade receivables | 40 | €3,025 | €39,659 | +€36,634 | +1,211% |
| Other amounts receivable | 41 | €22,173 | €32,939 | +€10,766 | +48.6% |
| Current investments | 50/53 | €1,209,080 | €606,166 | -€602,914 | -49.9% |
| Cash at bank and in hand | 54/58 | €589,787 | €1,133,753 | +€543,965 | +92.2% |
| Deferred charges and accrued income | 490/1 | €2,704 | €3,968 | +€1,264 | +46.7% |
| Total equity and liabilities | 10/49 | €2,573,053 | €2,473,543 | -€99,511 | -3.9% |
| Equity | 10/15 | €2,262,799 | €2,260,835 | -€1,964 | -0.1% |
| Contributions | 10/11 | €33,141 | €33,141 | = | 0.0% |
| Reserves | 13 | €2,155,407 | €2,155,407 | = | 0.0% |
| Distributable reserves | 133 | €2,155,407 | €2,155,407 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,251 | €72,287 | -€1,964 | -2.6% |
| Amounts payable | 17/49 | €310,254 | €212,708 | -€97,547 | -31.4% |
| Amounts payable after more than one year | 17 | - | €149,879 | +€149,879 | |
| Other amounts payable | 178/9 | - | €149,879 | +€149,879 | |
| Amounts payable within one year | 42/48 | €310,254 | €62,828 | -€247,426 | -79.7% |
| Trade debts | 44 | €127,318 | €49,922 | -€77,396 | -60.8% |
| Suppliers | 440/4 | €127,318 | €49,922 | -€77,396 | -60.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €182,937 | €12,907 | -€170,030 | -92.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,165 | €91,712 | +€3,547 | +4.0% |
| Other operating charges | 640/8 | €4,520 | €5,955 | +€1,435 | +31.7% |
| Gross operating margin | 9900 | €173,217 | €64,668 | -€108,549 | -62.7% |
| Operating profit (loss) | 9901 | €80,533 | -€32,999 | -€113,531 | |
| Financial income | 75/76B | €28,073 | €47,478 | +€19,405 | +69.1% |
| Recurring financial income | 75 | €28,073 | €47,478 | +€19,405 | +69.1% |
| Financial charges | 65/66B | €13,121 | €16,199 | +€3,079 | +23.5% |
| Recurring financial charges | 65 | €13,121 | €16,199 | +€3,079 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €95,486 | -€1,720 | -€97,205 | |
| Income taxes | 67/77 | €21,235 | €244 | -€20,990 | -98.8% |
| Profit (loss) for the period | 9904 | €74,251 | -€1,964 | -€76,215 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,251 | -€1,964 | -€76,215 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.