V.C.I.: 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.C.I.
Largest movements
- Cash -€261,671
down €261,671 (-54.3%), from €482,179 to €220,508
mainly Other debts (-€749,447) and Current portion of long-term debt (-€55,119)
- Tangible fixed assets -€92,047
down €92,047 (-73.6%), from €125,121 to €33,074
of which Furniture and vehicles: -€83,475
- Other debts -€749,447
down €749,447 (-85.0%), from €882,146 to €132,699
- Profit (loss) carried forward +€442,671
up €442,671, from -€105,941 to €336,730
- Provisions +€73,165
new in 2025: €73,165
- Current portion of long-term debt -€55,119
no longer reported in 2025 (was €55,119)
- Gross operating margin +€496,179
up €496,179 (+303%), from €163,545 to €659,724
- Provisions +€73,165
new in 2025: €73,165
- Taxes +€65,228
new in 2025: €65,228
- Depreciation -€19,256
down €19,256 (-17.3%), from €111,305 to €92,049
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 | €3,197,369 | €2,878,232 | -€319,137 | -10.0% |
| Fixed assets | 21/28 | €2,374,328 | €2,282,282 | -€92,047 | -3.9% |
| Tangible fixed assets | 22/27 | €125,121 | €33,074 | -€92,047 | -73.6% |
| Plant, machinery and equipment | 23 | €23,711 | €15,139 | -€8,572 | -36.2% |
| Furniture and vehicles | 24 | €101,410 | €17,935 | -€83,475 | -82.3% |
| Financial fixed assets | 28 | €2,249,207 | €2,249,207 | = | 0.0% |
| Current assets | 29/58 | €823,041 | €595,950 | -€227,090 | -27.6% |
| Stocks and contracts in progress | 3 | €68,972 | €97,551 | +€28,579 | +41.4% |
| Stocks | 30/36 | €68,972 | €97,551 | +€28,579 | +41.4% |
| Amounts receivable within one year | 40/41 | €271,890 | €277,892 | +€6,002 | +2.2% |
| Trade receivables | 40 | €102,607 | €245,128 | +€142,522 | +139% |
| Other amounts receivable | 41 | €169,283 | €32,764 | -€136,520 | -80.6% |
| Cash at bank and in hand | 54/58 | €482,179 | €220,508 | -€261,671 | -54.3% |
| Total equity and liabilities | 10/49 | €3,197,369 | €2,878,232 | -€319,137 | -10.0% |
| Equity | 10/15 | €2,209,025 | €2,651,695 | +€442,671 | +20.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,252,966 | €2,252,966 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €2,246,766 | €2,246,766 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,941 | €336,730 | +€442,671 | |
| Provisions and deferred taxes | 16 | - | €73,165 | +€73,165 | |
| Provisions for liabilities and charges | 160/5 | - | €73,165 | +€73,165 | |
| Other liabilities and charges | 164/5 | - | €73,165 | +€73,165 | |
| Amounts payable | 17/49 | €988,344 | €153,372 | -€834,972 | -84.5% |
| Amounts payable within one year | 42/48 | €988,344 | €153,372 | -€834,972 | -84.5% |
| Current portion of amounts payable after more than one year | 42 | €55,119 | - | -€55,119 | |
| Trade debts | 44 | €51,080 | €20,342 | -€30,738 | -60.2% |
| Suppliers | 440/4 | €51,080 | €20,342 | -€30,738 | -60.2% |
| Taxes, remuneration and social security | 45 | - | €331 | +€331 | |
| Taxes | 450/3 | - | €331 | +€331 | |
| Other amounts payable | 47/48 | €882,146 | €132,699 | -€749,447 | -85.0% |
| Non-recurring operating income | 76A | - | €2,784 | +€2,784 | |
| Remuneration, social security and pensions | 62 | - | €998 | +€998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,305 | €92,049 | -€19,256 | -17.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €73,165 | +€73,165 | |
| Other operating charges | 640/8 | €2,146 | €1,409 | -€737 | -34.3% |
| Gross operating margin | 9900 | €163,545 | €659,724 | +€496,179 | +303% |
| Operating profit (loss) | 9901 | €50,095 | €492,103 | +€442,009 | +882% |
| Financial income | 75/76B | €16,408 | €17,383 | +€974 | +5.9% |
| Recurring financial income | 75 | €16,408 | €17,381 | +€972 | +5.9% |
| Non-recurring financial income | 76B | - | €2 | +€2 | |
| Financial charges | 65/66B | €2,418 | €1,588 | -€830 | -34.3% |
| Recurring financial charges | 65 | €2,418 | €1,588 | -€830 | -34.3% |
| Profit (loss) for the period before taxes | 9903 | €64,085 | €507,898 | +€443,813 | +693% |
| Income taxes | 67/77 | - | €65,228 | +€65,228 | |
| Profit (loss) for the period | 9904 | €64,085 | €442,671 | +€378,585 | +591% |
| Profit (loss) for the period to be appropriated | 9905 | €64,085 | €442,671 | +€378,585 | +591% |
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.