V.B.T.: 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.
V.B.T.
Largest movements
- Receivables within one year -€102,605
down €102,605 (-40.7%), from €251,913 to €149,308
of which Trade receivables: -€102,548
- Cash +€88,168
up €88,168 (+274%), from €32,136 to €120,303
mainly Receivables within one year (+€102,605) and Depreciation (+€13,306)
- Tangible fixed assets -€13,306
down €13,306 (-92.2%), from €14,437 to €1,132
of which Leasing and similar rights: -€11,541
- Receivables after one year +€4,900
up €4,900 (+81.7%), from €6,000 to €10,900
- Current portion of long-term debt -€14,745
down €14,745 (-100%), from €14,745 to €0
- Trade debts -€10,024
down €10,024 (-14.8%), from €67,857 to €57,833
- Reserves +€5,407
up €5,407 (+2.6%), from €209,228 to €214,635
- Gross operating margin -€31,010
down €31,010 (-54.9%), from €56,456 to €25,446
- Depreciation -€7,264
down €7,264 (-35.3%), from €20,570 to €13,306
- Taxes -€5,903
down €5,903 (-64.5%), from €9,146 to €3,243
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 | €304,486 | €281,643 | -€22,843 | -7.5% |
| Fixed assets | 21/28 | €14,437 | €1,132 | -€13,306 | -92.2% |
| Tangible fixed assets | 22/27 | €14,437 | €1,132 | -€13,306 | -92.2% |
| Furniture and vehicles | 24 | €2,897 | €1,132 | -€1,765 | -60.9% |
| Leasing and similar rights | 25 | €11,541 | €0 | -€11,541 | -100% |
| Current assets | 29/58 | €290,049 | €280,511 | -€9,537 | -3.3% |
| Amounts receivable after more than one year | 29 | €6,000 | €10,900 | +€4,900 | +81.7% |
| Other amounts receivable | 291 | €6,000 | €10,900 | +€4,900 | +81.7% |
| Amounts receivable within one year | 40/41 | €251,913 | €149,308 | -€102,605 | -40.7% |
| Trade receivables | 40 | €251,855 | €149,308 | -€102,548 | -40.7% |
| Other amounts receivable | 41 | €57 | €0 | -€57 | -100% |
| Cash at bank and in hand | 54/58 | €32,136 | €120,303 | +€88,168 | +274% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €304,486 | €281,643 | -€22,843 | -7.5% |
| Equity | 10/15 | €209,229 | €214,636 | +€5,407 | +2.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €209,228 | €214,635 | +€5,407 | +2.6% |
| Distributable reserves | 133 | €209,228 | €214,635 | +€5,407 | +2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,257 | €67,006 | -€28,250 | -29.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €95,257 | €67,006 | -€28,250 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €14,745 | €0 | -€14,745 | -100% |
| Trade debts | 44 | €67,857 | €57,833 | -€10,024 | -14.8% |
| Suppliers | 440/4 | €67,857 | €57,833 | -€10,024 | -14.8% |
| Taxes, remuneration and social security | 45 | €9,824 | €8,279 | -€1,545 | -15.7% |
| Taxes | 450/3 | €9,824 | €8,279 | -€1,545 | -15.7% |
| Other amounts payable | 47/48 | €2,831 | €894 | -€1,936 | -68.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,570 | €13,306 | -€7,264 | -35.3% |
| Other operating charges | 640/8 | €2,074 | €2,180 | +€106 | +5.1% |
| Gross operating margin | 9900 | €56,456 | €25,446 | -€31,010 | -54.9% |
| Operating profit (loss) | 9901 | €33,811 | €9,960 | -€23,851 | -70.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,829 | €1,310 | -€519 | -28.4% |
| Recurring financial charges | 65 | €1,829 | €1,310 | -€519 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €31,982 | €8,650 | -€23,332 | -73.0% |
| Income taxes | 67/77 | €9,146 | €3,243 | -€5,903 | -64.5% |
| Profit (loss) for the period | 9904 | €22,836 | €5,407 | -€17,429 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €22,836 | €5,407 | -€17,429 | -76.3% |
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 13 October 2026 via checked.be.