VMV 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.
VMV Management
Largest movements
- Stocks and contracts +€206,196
up €206,196 (+13.0%), from €1.6m to €1.8m
- Tangible fixed assets -€90,002
down €90,002 (-5.0%), from €1.8m to €1.7m
- Cash -€88,226
down €88,226 (-51.5%), from €171,244 to €83,018
mainly Stocks and contracts (-€206,196) and Debts after one year (-€104,953)
- Receivables within one year +€79,630
up €79,630 (+24.5%), from €325,387 to €405,017
of which Trade receivables: +€67,297
- Reserves +€246,694
up €246,694 (+34.5%), from €715,999 to €962,693
- Debts after one year -€104,953
down €104,953 (-16.9%), from €622,053 to €517,100
- Other debts +€101,110
up €101,110 (+11.6%), from €868,233 to €969,343
- Tax, wage and social debts -€91,871
down €91,871 (-53.1%), from €173,037 to €81,166
of which Taxes: -€89,176
- Current portion of long-term debt -€61,455
down €61,455 (-36.9%), from €166,408 to €104,953
- Financial charges -€27,847
down €27,847 (-33.5%), from €83,225 to €55,378
- Gross operating margin +€21,301
up €21,301 (+3.9%), from €552,194 to €573,495
- Depreciation +€12,764
up €12,764 (+8.0%), from €159,390 to €172,154
- Taxes +€7,620
up €7,620 (+10.1%), from €75,638 to €83,258
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 | €3,945,299 | €4,032,091 | +€86,792 | +2.2% |
| Fixed assets | 21/28 | €1,796,106 | €1,706,104 | -€90,002 | -5.0% |
| Tangible fixed assets | 22/27 | €1,796,106 | €1,706,104 | -€90,002 | -5.0% |
| Land and buildings | 22 | €1,379,105 | €1,340,899 | -€38,206 | -2.8% |
| Plant, machinery and equipment | 23 | €161,948 | €170,472 | +€8,524 | +5.3% |
| Furniture and vehicles | 24 | €136,636 | €105,316 | -€31,320 | -22.9% |
| Leasing and similar rights | 25 | €118,417 | €89,417 | -€29,000 | -24.5% |
| Current assets | 29/58 | €2,149,193 | €2,325,987 | +€176,794 | +8.2% |
| Stocks and contracts in progress | 3 | €1,583,456 | €1,789,652 | +€206,196 | +13.0% |
| Stocks | 30/36 | €1,583,456 | €1,789,652 | +€206,196 | +13.0% |
| Amounts receivable within one year | 40/41 | €325,387 | €405,017 | +€79,630 | +24.5% |
| Trade receivables | 40 | €70,979 | €138,276 | +€67,297 | +94.8% |
| Other amounts receivable | 41 | €254,408 | €266,741 | +€12,333 | +4.8% |
| Cash at bank and in hand | 54/58 | €171,244 | €83,018 | -€88,226 | -51.5% |
| Deferred charges and accrued income | 490/1 | €69,106 | €48,300 | -€20,806 | -30.1% |
| Total equity and liabilities | 10/49 | €3,945,299 | €4,032,091 | +€86,792 | +2.2% |
| Equity | 10/15 | €725,999 | €972,693 | +€246,694 | +34.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €715,999 | €962,693 | +€246,694 | +34.5% |
| Distributable reserves | 133 | €715,999 | €962,693 | +€246,694 | +34.5% |
| Amounts payable | 17/49 | €3,219,300 | €3,059,398 | -€159,902 | -5.0% |
| Amounts payable after more than one year | 17 | €622,053 | €517,100 | -€104,953 | -16.9% |
| Financial debts | 170/4 | €622,053 | €517,100 | -€104,953 | -16.9% |
| Amounts payable within one year | 42/48 | €2,594,847 | €2,542,298 | -€52,549 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €166,408 | €104,953 | -€61,455 | -36.9% |
| Financial debts | 43 | €1,385,000 | €1,385,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,385,000 | €1,385,000 | = | 0.0% |
| Trade debts | 44 | €2,169 | €1,836 | -€333 | -15.4% |
| Suppliers | 440/4 | €2,169 | €1,836 | -€333 | -15.4% |
| Taxes, remuneration and social security | 45 | €173,037 | €81,166 | -€91,871 | -53.1% |
| Taxes | 450/3 | €170,342 | €81,166 | -€89,176 | -52.4% |
| Remuneration and social security | 454/9 | €2,695 | - | -€2,695 | |
| Other amounts payable | 47/48 | €868,233 | €969,343 | +€101,110 | +11.6% |
| Accrued charges and deferred income | 492/3 | €2,400 | - | -€2,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,390 | €172,154 | +€12,764 | +8.0% |
| Other operating charges | 640/8 | €14,123 | €16,012 | +€1,889 | +13.4% |
| Gross operating margin | 9900 | €552,194 | €573,495 | +€21,301 | +3.9% |
| Operating profit (loss) | 9901 | €378,681 | €385,329 | +€6,648 | +1.8% |
| Financial income | 75/76B | €8 | €1 | -€7 | -87.5% |
| Recurring financial income | 75 | €8 | €1 | -€7 | -87.5% |
| Financial charges | 65/66B | €83,225 | €55,378 | -€27,847 | -33.5% |
| Recurring financial charges | 65 | €83,225 | €55,378 | -€27,847 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €295,464 | €329,952 | +€34,488 | +11.7% |
| Income taxes | 67/77 | €75,638 | €83,258 | +€7,620 | +10.1% |
| Profit (loss) for the period | 9904 | €219,826 | €246,694 | +€26,868 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €219,826 | €246,694 | +€26,868 | +12.2% |
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 25 October 2026 via checked.be.