V.C.E.: what changed
Two fiscal 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.C.E.
Largest movements
- Receivables within one year +€122,904
up €122,904 (+27.8%), from €441,410 to €564,314
of which Other amounts receivable: +€143,507
- Stocks and contracts +€40,196
up €40,196 (+23.6%), from €170,114 to €210,310
- Other debts +€248,468
up €248,468 (+9687.7%), from €2,565 to €251,033
- Profit (loss) carried forward -€93,146
down €93,146, from €5,872 to -€87,273
- Financial charges +€103,258
up €103,258 (+235.2%), from €43,907 to €147,165
of which Non-recurring financial charges: +€104,329
- Gross operating margin +€10,923
up €10,923 (+17.1%), from €63,929 to €74,852
- Other operating charges +€1,858
up €1,858 (+13.6%), from €13,630 to €15,489
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.
Cash bridge derived
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 | €652,708 | €810,236 | +€157,528 | +24.1% |
| Fixed assets | 21/28 | €32,772 | €27,428 | -€5,344 | -16.3% |
| Tangible fixed assets | 22/27 | €32,772 | €27,428 | -€5,344 | -16.3% |
| Land and buildings | 22 | €32,772 | €27,428 | -€5,344 | -16.3% |
| Current assets | 29/58 | €619,936 | €782,808 | +€162,872 | +26.3% |
| Stocks and contracts in progress | 3 | €170,114 | €210,310 | +€40,196 | +23.6% |
| Stocks | 30/36 | €170,114 | €210,310 | +€40,196 | +23.6% |
| Amounts receivable within one year | 40/41 | €441,410 | €564,314 | +€122,904 | +27.8% |
| Trade receivables | 40 | €308,546 | €287,942 | -€20,604 | -6.7% |
| Other amounts receivable | 41 | €132,864 | €276,371 | +€143,507 | +108.0% |
| Cash at bank and in hand | 54/58 | €8,413 | €7,801 | -€612 | -7.3% |
| Deferred charges and accrued income | 490/1 | - | €384 | +€384 | |
| Total equity and liabilities | 10/49 | €652,708 | €810,236 | +€157,528 | +24.1% |
| Equity | 10/15 | €140,324 | €47,178 | -€93,146 | -66.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €115,859 | €115,859 | = | 0.0% |
| Distributable reserves | 133 | €115,859 | €115,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,872 | -€87,273 | -€93,146 | |
| Amounts payable | 17/49 | €512,385 | €763,058 | +€250,673 | +48.9% |
| Amounts payable within one year | 42/48 | €512,385 | €763,058 | +€250,673 | +48.9% |
| Financial debts | 43 | €497,957 | €495,957 | -€2,000 | -0.4% |
| Credit institutions | 430/8 | €497,957 | €495,957 | -€2,000 | -0.4% |
| Trade debts | 44 | €5,857 | €13,063 | +€7,205 | +123.0% |
| Suppliers | 440/4 | €5,857 | €13,063 | +€7,205 | +123.0% |
| Taxes, remuneration and social security | 45 | €6,006 | €3,006 | -€3,000 | -50.0% |
| Taxes | 450/3 | €3,006 | €3,006 | = | 0.0% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €2,565 | €251,033 | +€248,468 | +9687.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,344 | €5,344 | = | 0.0% |
| Other operating charges | 640/8 | €13,630 | €15,489 | +€1,858 | +13.6% |
| Gross operating margin | 9900 | €63,929 | €74,852 | +€10,923 | +17.1% |
| Operating profit (loss) | 9901 | €44,955 | €54,020 | +€9,065 | +20.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €43,907 | €147,165 | +€103,258 | +235.2% |
| Recurring financial charges | 65 | €43,907 | €42,836 | -€1,072 | -2.4% |
| Non-recurring financial charges | 66B | - | €104,329 | +€104,329 | |
| Profit (loss) for the period before taxes | 9903 | €1,048 | -€93,146 | -€94,193 | |
| Income taxes | 67/77 | €739 | - | -€739 | |
| Profit (loss) for the period | 9904 | €309 | -€93,146 | -€93,454 | |
| Profit (loss) for the period to be appropriated | 9905 | €309 | -€93,146 | -€93,454 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.