V.B.T.C.: 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.C.
Largest movements
- Cash -€10,636
down €10,636 (-7.5%), from €141,155 to €130,519
mainly Contributions, distributions and other (-€20,000) and Tax, wage and social debts (-€14,601)
- Stocks and contracts +€6,421
up €6,421 (+38.8%), from €16,557 to €22,979
- Receivables within one year -€5,020
down €5,020 (-25.0%), from €20,050 to €15,030
of which Other amounts receivable: -€4,217
- Tangible fixed assets +€2,089
up €2,089 (+120%), from €1,743 to €3,831
- Other debts +€20,000
new in 2025: €20,000
- Tax, wage and social debts -€14,601
down €14,601 (-64.5%), from €22,624 to €8,023
of which Taxes: -€8,173
- Reserves -€12,500
down €12,500 (-31.3%), from €40,000 to €27,500
- Gross operating margin +€29,574
up €29,574 (+38.6%), from €76,606 to €106,180
- Taxes +€17,496
up €17,496, from -€3,845 to €13,651
- Financial income +€1,426
up €1,426 (+2,835%), from €50 to €1,476
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 | €186,932 | €179,624 | -€7,308 | -3.9% |
| Fixed assets | 21/28 | €6,810 | €8,898 | +€2,089 | +30.7% |
| Tangible fixed assets | 22/27 | €1,743 | €3,831 | +€2,089 | +120% |
| Plant, machinery and equipment | 23 | €1,743 | €3,831 | +€2,089 | +120% |
| Financial fixed assets | 28 | €5,067 | €5,067 | = | 0.0% |
| Current assets | 29/58 | €180,122 | €170,726 | -€9,396 | -5.2% |
| Stocks and contracts in progress | 3 | €16,557 | €22,979 | +€6,421 | +38.8% |
| Stocks | 30/36 | €16,557 | €22,979 | +€6,421 | +38.8% |
| Amounts receivable within one year | 40/41 | €20,050 | €15,030 | -€5,020 | -25.0% |
| Trade receivables | 40 | €4,025 | €3,222 | -€802 | -19.9% |
| Other amounts receivable | 41 | €16,025 | €11,807 | -€4,217 | -26.3% |
| Cash at bank and in hand | 54/58 | €141,155 | €130,519 | -€10,636 | -7.5% |
| Deferred charges and accrued income | 490/1 | €2,360 | €2,198 | -€162 | -6.9% |
| Total equity and liabilities | 10/49 | €186,932 | €179,624 | -€7,308 | -3.9% |
| Equity | 10/15 | €154,759 | €142,348 | -€12,412 | -8.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €40,000 | €27,500 | -€12,500 | -31.3% |
| Tax-exempt reserves | 132 | €40,000 | €27,500 | -€12,500 | -31.3% |
| Profit (loss) carried forward | 14 | €96,167 | €96,256 | +€88 | +0.1% |
| Amounts payable | 17/49 | €32,172 | €37,276 | +€5,104 | +15.9% |
| Amounts payable within one year | 42/48 | €32,172 | €37,276 | +€5,104 | +15.9% |
| Trade debts | 44 | €9,549 | €9,253 | -€295 | -3.1% |
| Suppliers | 440/4 | €9,549 | €9,253 | -€295 | -3.1% |
| Taxes, remuneration and social security | 45 | €22,624 | €8,023 | -€14,601 | -64.5% |
| Taxes | 450/3 | €8,173 | - | -€8,173 | |
| Remuneration and social security | 454/9 | €14,451 | €8,023 | -€6,428 | -44.5% |
| Other amounts payable | 47/48 | - | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €77,178 | €76,816 | -€362 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122 | €411 | +€289 | +236% |
| Other operating charges | 640/8 | €5,532 | €5,125 | -€407 | -7.4% |
| Gross operating margin | 9900 | €76,606 | €106,180 | +€29,574 | +38.6% |
| Operating profit (loss) | 9901 | -€6,226 | €23,828 | +€30,054 | |
| Financial income | 75/76B | €50 | €1,476 | +€1,426 | +2,835% |
| Recurring financial income | 75 | €50 | €1,476 | +€1,426 | +2,835% |
| Financial charges | 65/66B | €4,264 | €4,064 | -€199 | -4.7% |
| Recurring financial charges | 65 | €4,264 | €4,064 | -€199 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,440 | €21,240 | +€31,679 | |
| Income taxes | 67/77 | -€3,845 | €13,651 | +€17,496 | |
| Profit (loss) for the period | 9904 | -€6,594 | €7,588 | +€14,183 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,594 | €7,588 | +€14,183 |
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 28 October 2026 via checked.be.