VM VALUE: 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.
VM VALUE
Largest movements
- Receivables within one year +€429,196
up €429,196 (+1,927%), from €22,272 to €451,468
of which Other amounts receivable: +€429,568
- Cash +€46,566
up €46,566 (+15.6%), from €298,500 to €345,067
mainly Net result for the year (+€627,901) and Current portion of long-term debt (+€100,000)
- Receivables after one year -€42,665
down €42,665 (-100%), from €42,665 to €0
- Profit (loss) carried forward +€627,901
up €627,901 (+92.9%), from €675,690 to €1.3m
- Debts after one year -€221,429
down €221,429 (-16.9%), from €1.3m to €1.1m
of which Other amounts payable: -€150,000
- Current portion of long-term debt +€100,000
up €100,000 (+82.4%), from €121,429 to €221,429
- Other debts -€58,009
down €58,009 (-100%), from €58,009 to €0
- Financial income +€263,706
up €263,706 (+87.6%), from €300,889 to €564,595
- Gross operating margin +€26,131
up €26,131 (+30.4%), from €86,045 to €112,176
- Taxes +€8,448
up €8,448 (+64.5%), from €13,107 to €21,555
- Financial charges -€1,431
down €1,431 (-5.3%), from €26,823 to €25,392
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 | €2,284,395 | €2,725,596 | +€441,201 | +19.3% |
| Fixed assets | 21/28 | €1,919,378 | €1,920,260 | +€882 | 0.0% |
| Tangible fixed assets | 22/27 | €624 | €1,507 | +€882 | +141% |
| Furniture and vehicles | 24 | €624 | €1,507 | +€882 | +141% |
| Financial fixed assets | 28 | €1,918,754 | €1,918,754 | = | 0.0% |
| Current assets | 29/58 | €365,017 | €805,336 | +€440,318 | +121% |
| Amounts receivable after more than one year | 29 | €42,665 | €0 | -€42,665 | -100% |
| Other amounts receivable | 291 | €42,665 | €0 | -€42,665 | -100% |
| Amounts receivable within one year | 40/41 | €22,272 | €451,468 | +€429,196 | +1,927% |
| Trade receivables | 40 | €372 | €0 | -€372 | -100% |
| Other amounts receivable | 41 | €21,900 | €451,468 | +€429,568 | +1,961% |
| Cash at bank and in hand | 54/58 | €298,500 | €345,067 | +€46,566 | +15.6% |
| Deferred charges and accrued income | 490/1 | €1,580 | €8,801 | +€7,221 | +457% |
| Total equity and liabilities | 10/49 | €2,284,395 | €2,725,596 | +€441,201 | +19.3% |
| Equity | 10/15 | €757,530 | €1,385,431 | +€627,901 | +82.9% |
| Contributions | 10/11 | €74,400 | €74,400 | = | 0.0% |
| Reserves | 13 | €7,440 | €7,440 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €7,440 | €7,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | €675,690 | €1,303,591 | +€627,901 | +92.9% |
| Amounts payable | 17/49 | €1,526,865 | €1,340,165 | -€186,700 | -12.2% |
| Amounts payable after more than one year | 17 | €1,307,143 | €1,085,714 | -€221,429 | -16.9% |
| Financial debts | 170/4 | €357,143 | €285,714 | -€71,429 | -20.0% |
| Other amounts payable | 178/9 | €950,000 | €800,000 | -€150,000 | -15.8% |
| Amounts payable within one year | 42/48 | €217,214 | €254,432 | +€37,218 | +17.1% |
| Current portion of amounts payable after more than one year | 42 | €121,429 | €221,429 | +€100,000 | +82.4% |
| Financial debts | 43 | €11,889 | €6,746 | -€5,143 | -43.3% |
| Credit institutions | 430/8 | €11,889 | €6,746 | -€5,143 | -43.3% |
| Trade debts | 44 | €1,023 | €1,764 | +€741 | +72.5% |
| Suppliers | 440/4 | €1,023 | €1,764 | +€741 | +72.5% |
| Taxes, remuneration and social security | 45 | €24,866 | €24,494 | -€372 | -1.5% |
| Taxes | 450/3 | €24,866 | €19,894 | -€4,972 | -20.0% |
| Remuneration and social security | 454/9 | €0 | €4,600 | +€4,600 | |
| Other amounts payable | 47/48 | €58,009 | €0 | -€58,009 | -100% |
| Accrued charges and deferred income | 492/3 | €2,508 | €18 | -€2,490 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €482 | €356 | -€125 | -26.0% |
| Other operating charges | 640/8 | €1,097 | €1,566 | +€469 | +42.8% |
| Gross operating margin | 9900 | €86,045 | €112,176 | +€26,131 | +30.4% |
| Operating profit (loss) | 9901 | €84,466 | €110,253 | +€25,787 | +30.5% |
| Financial income | 75/76B | €300,889 | €564,595 | +€263,706 | +87.6% |
| Recurring financial income | 75 | €300,889 | €564,595 | +€263,706 | +87.6% |
| Financial charges | 65/66B | €26,823 | €25,392 | -€1,431 | -5.3% |
| Recurring financial charges | 65 | €26,823 | €25,392 | -€1,431 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €358,533 | €649,456 | +€290,923 | +81.1% |
| Income taxes | 67/77 | €13,107 | €21,555 | +€8,448 | +64.5% |
| Profit (loss) for the period | 9904 | €345,425 | €627,901 | +€282,475 | +81.8% |
| Profit (loss) for the period to be appropriated | 9905 | €345,425 | €627,901 | +€282,475 | +81.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.