T VENTIEL: 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.
T VENTIEL
Largest movements
- Stocks and contracts -€81,615
down €81,615 (-8.1%), from €1.0m to €921,263
- Receivables within one year +€66,425
up €66,425 (+139%), from €47,762 to €114,187
of which Trade receivables: +€50,034
- Cash +€21,336
up €21,336 (+50.9%), from €41,907 to €63,243
mainly Stocks and contracts (+€81,615) and Net result for the year (+€70,182)
- Tangible fixed assets -€18,314
down €18,314 (-15.5%), from €117,863 to €99,549
- Tax, wage and social debts -€47,393
down €47,393 (-50.3%), from €94,231 to €46,838
of which Remuneration and social security: -€26,580
- Trade debts +€29,752
up €29,752 (+121%), from €24,499 to €54,251
- Reserves +€23,123
up €23,123 (+2.6%), from €894,421 to €917,544
of which Distributable reserves: +€23,123
- Debts after one year -€16,816
down €16,816 (-9.6%), from €174,653 to €157,837
- Gross operating margin -€74,161
down €74,161 (-15.1%), from €490,618 to €416,456
- Taxes -€17,822
down €17,822 (-48.9%), from €36,452 to €18,631
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 | €1,222,979 | €1,211,886 | -€11,093 | -0.9% |
| Fixed assets | 21/28 | €120,778 | €101,852 | -€18,926 | -15.7% |
| Intangible fixed assets | 21 | €1,228 | €616 | -€612 | -49.9% |
| Tangible fixed assets | 22/27 | €117,863 | €99,549 | -€18,314 | -15.5% |
| Land and buildings | 22 | €77,858 | €68,948 | -€8,910 | -11.4% |
| Plant, machinery and equipment | 23 | €17,886 | €14,599 | -€3,287 | -18.4% |
| Furniture and vehicles | 24 | €22,119 | €16,002 | -€6,117 | -27.7% |
| Financial fixed assets | 28 | €1,688 | €1,688 | = | 0.0% |
| Current assets | 29/58 | €1,102,201 | €1,110,033 | +€7,833 | +0.7% |
| Stocks and contracts in progress | 3 | €1,002,878 | €921,263 | -€81,615 | -8.1% |
| Stocks | 30/36 | €1,002,878 | €921,263 | -€81,615 | -8.1% |
| Amounts receivable within one year | 40/41 | €47,762 | €114,187 | +€66,425 | +139% |
| Trade receivables | 40 | €33,815 | €83,849 | +€50,034 | +148% |
| Other amounts receivable | 41 | €13,947 | €30,338 | +€16,391 | +118% |
| Cash at bank and in hand | 54/58 | €41,907 | €63,243 | +€21,336 | +50.9% |
| Deferred charges and accrued income | 490/1 | €9,653 | €11,340 | +€1,687 | +17.5% |
| Total equity and liabilities | 10/49 | €1,222,979 | €1,211,886 | -€11,093 | -0.9% |
| Equity | 10/15 | €913,021 | €936,144 | +€23,123 | +2.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €894,421 | €917,544 | +€23,123 | +2.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €892,561 | €915,684 | +€23,123 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €309,958 | €275,742 | -€34,217 | -11.0% |
| Amounts payable after more than one year | 17 | €174,653 | €157,837 | -€16,816 | -9.6% |
| Financial debts | 170/4 | €174,653 | €157,837 | -€16,816 | -9.6% |
| Amounts payable within one year | 42/48 | €135,305 | €117,904 | -€17,401 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €16,575 | €16,816 | +€241 | +1.5% |
| Trade debts | 44 | €24,499 | €54,251 | +€29,752 | +121% |
| Suppliers | 440/4 | €24,499 | €54,251 | +€29,752 | +121% |
| Taxes, remuneration and social security | 45 | €94,231 | €46,838 | -€47,393 | -50.3% |
| Taxes | 450/3 | €48,659 | €27,846 | -€20,813 | -42.8% |
| Remuneration and social security | 454/9 | €45,572 | €18,992 | -€26,580 | -58.3% |
| Remuneration, social security and pensions | 62 | €297,776 | €293,565 | -€4,210 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,755 | €24,471 | -€283 | -1.1% |
| Other operating charges | 640/8 | €7,440 | €7,589 | +€148 | +2.0% |
| Gross operating margin | 9900 | €490,618 | €416,456 | -€74,161 | -15.1% |
| Operating profit (loss) | 9901 | €160,647 | €90,831 | -€69,816 | -43.5% |
| Financial income | 75/76B | €8,359 | €8,530 | +€171 | +2.0% |
| Recurring financial income | 75 | €8,359 | €8,530 | +€171 | +2.0% |
| Financial charges | 65/66B | €13,900 | €10,548 | -€3,351 | -24.1% |
| Recurring financial charges | 65 | €13,900 | €10,548 | -€3,351 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €155,106 | €88,813 | -€66,293 | -42.7% |
| Income taxes | 67/77 | €36,452 | €18,631 | -€17,822 | -48.9% |
| Profit (loss) for the period | 9904 | €118,654 | €70,182 | -€48,471 | -40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,654 | €70,182 | -€48,471 | -40.9% |
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.