VRMS: 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.
VRMS
Largest movements
- Current investments +€121,114
up €121,114 (+101%), from €120,109 to €241,223
- Cash -€57,167
down €57,167 (-29.5%), from €193,934 to €136,766
mainly Current investments (-€121,114) and Tax, wage and social debts (-€19,142)
- Tangible fixed assets -€10,854
down €10,854 (-14.4%), from €75,267 to €64,413
of which Leasing and similar rights: -€9,255
- Reserves +€90,000
up €90,000 (+54.2%), from €165,931 to €255,931
of which Distributable reserves: +€90,000
- Tax, wage and social debts -€19,142
down €19,142 (-66.2%), from €28,923 to €9,781
- Trade debts -€11,386
down €11,386 (-65.3%), from €17,434 to €6,048
- Debts after one year -€8,884
down €8,884 (-24.2%), from €36,648 to €27,764
- Profit (loss) carried forward +€7,307
up €7,307 (+4.6%), from €159,789 to €167,095
- Gross operating margin +€36,203
up €36,203 (+28.8%), from €125,738 to €161,940
- Taxes +€13,918
up €13,918 (+40.0%), from €34,759 to €48,677
- Depreciation +€9,448
up €9,448 (+125%), from €7,587 to €17,036
- Financial income +€2,547
up €2,547 (+433%), from €588 to €3,135
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 | €424,693 | €482,576 | +€57,883 | +13.6% |
| Fixed assets | 21/28 | €75,357 | €64,503 | -€10,854 | -14.4% |
| Tangible fixed assets | 22/27 | €75,267 | €64,413 | -€10,854 | -14.4% |
| Land and buildings | 22 | €650 | €650 | = | 0.0% |
| Plant, machinery and equipment | 23 | €18,116 | €16,475 | -€1,641 | -9.1% |
| Furniture and vehicles | 24 | €11,417 | €11,459 | +€41 | +0.4% |
| Leasing and similar rights | 25 | €45,084 | €35,830 | -€9,255 | -20.5% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €349,336 | €418,073 | +€68,737 | +19.7% |
| Amounts receivable within one year | 40/41 | €30,263 | €31,605 | +€1,343 | +4.4% |
| Trade receivables | 40 | €30,263 | €31,605 | +€1,343 | +4.4% |
| Current investments | 50/53 | €120,109 | €241,223 | +€121,114 | +101% |
| Cash at bank and in hand | 54/58 | €193,934 | €136,766 | -€57,167 | -29.5% |
| Deferred charges and accrued income | 490/1 | €5,031 | €8,478 | +€3,447 | +68.5% |
| Total equity and liabilities | 10/49 | €424,693 | €482,576 | +€57,883 | +13.6% |
| Equity | 10/15 | €331,920 | €429,227 | +€97,307 | +29.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,931 | €255,931 | +€90,000 | +54.2% |
| Tax-exempt reserves | 132 | €4,071 | €4,071 | = | 0.0% |
| Distributable reserves | 133 | €161,860 | €251,860 | +€90,000 | +55.6% |
| Profit (loss) carried forward | 14 | €159,789 | €167,095 | +€7,307 | +4.6% |
| Amounts payable | 17/49 | €92,773 | €53,349 | -€39,424 | -42.5% |
| Amounts payable after more than one year | 17 | €36,648 | €27,764 | -€8,884 | -24.2% |
| Financial debts | 170/4 | €36,648 | €27,764 | -€8,884 | -24.2% |
| Amounts payable within one year | 42/48 | €56,125 | €25,586 | -€30,539 | -54.4% |
| Current portion of amounts payable after more than one year | 42 | €8,144 | €8,144 | = | 0.0% |
| Trade debts | 44 | €17,434 | €6,048 | -€11,386 | -65.3% |
| Suppliers | 440/4 | €17,434 | €6,048 | -€11,386 | -65.3% |
| Taxes, remuneration and social security | 45 | €28,923 | €9,781 | -€19,142 | -66.2% |
| Taxes | 450/3 | €28,923 | €9,781 | -€19,142 | -66.2% |
| Other amounts payable | 47/48 | €1,625 | €1,613 | -€12 | -0.7% |
| Non-recurring operating income | 76A | €3,854 | - | -€3,854 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,587 | €17,036 | +€9,448 | +125% |
| Other operating charges | 640/8 | €2,710 | €1,706 | -€1,004 | -37.1% |
| Non-recurring operating charges | 66A | €243 | - | -€243 | |
| Gross operating margin | 9900 | €125,738 | €161,940 | +€36,203 | +28.8% |
| Operating profit (loss) | 9901 | €115,197 | €143,199 | +€28,002 | +24.3% |
| Financial income | 75/76B | €588 | €3,135 | +€2,547 | +433% |
| Recurring financial income | 75 | €588 | €3,135 | +€2,547 | +433% |
| Financial charges | 65/66B | €369 | €351 | -€18 | -4.9% |
| Recurring financial charges | 65 | €369 | €351 | -€18 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €115,417 | €145,984 | +€30,567 | +26.5% |
| Income taxes | 67/77 | €34,759 | €48,677 | +€13,918 | +40.0% |
| Profit (loss) for the period | 9904 | €80,658 | €97,307 | +€16,648 | +20.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,658 | €97,307 | +€16,648 | +20.6% |
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 14 October 2026 via checked.be.