V.C. MANAGEMENT: 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. MANAGEMENT
Largest movements
- Receivables within one year +€29,173
up €29,173 (+198%), from €14,699 to €43,872
of which Other amounts receivable: +€24,466
- Deferred charges and accrued income +€9,579
up €9,579 (+5,513%), from €174 to €9,753
- Cash +€7,245
up €7,245 (+13.0%), from €55,857 to €63,102
mainly Other debts (+€59,333) and Net result for the year (+€27,029)
- Tangible fixed assets +€4,897
up €4,897 (+80.3%), from €6,099 to €10,996
of which Furniture and vehicles: +€4,148
- Other debts +€59,333
up €59,333 (+422%), from €14,067 to €73,400
- Reserves -€33,971
down €33,971 (-94.5%), from €35,966 to €1,996
- Trade debts +€18,389
up €18,389 (+1,038%), from €1,771 to €20,161
- Tax, wage and social debts +€6,630
up €6,630 (+103%), from €6,424 to €13,054
of which Taxes: +€4,830
- Gross operating margin -€6,568
down €6,568 (-12.0%), from €54,510 to €47,942
- Financial charges +€2,538
up €2,538 (+586%), from €434 to €2,972
- Depreciation +€2,383
up €2,383 (+169%), from €1,413 to €3,795
- Other operating charges +€1,538
up €1,538 (+266%), from €579 to €2,118
- Financial income -€1,148
down €1,148 (-99.5%), from €1,153 to €5
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 | €76,829 | €127,723 | +€50,894 | +66.2% |
| Fixed assets | 21/28 | €6,099 | €10,996 | +€4,897 | +80.3% |
| Tangible fixed assets | 22/27 | €6,099 | €10,996 | +€4,897 | +80.3% |
| Plant, machinery and equipment | 23 | - | €749 | +€749 | |
| Furniture and vehicles | 24 | €6,099 | €10,247 | +€4,148 | +68.0% |
| Current assets | 29/58 | €70,730 | €116,727 | +€45,997 | +65.0% |
| Amounts receivable within one year | 40/41 | €14,699 | €43,872 | +€29,173 | +198% |
| Trade receivables | 40 | €14,699 | €19,406 | +€4,707 | +32.0% |
| Other amounts receivable | 41 | €0 | €24,466 | +€24,466 | |
| Cash at bank and in hand | 54/58 | €55,857 | €63,102 | +€7,245 | +13.0% |
| Deferred charges and accrued income | 490/1 | €174 | €9,753 | +€9,579 | +5,513% |
| Total equity and liabilities | 10/49 | €76,829 | €127,723 | +€50,894 | +66.2% |
| Equity | 10/15 | €54,566 | €20,596 | -€33,971 | -62.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,966 | €1,996 | -€33,971 | -94.5% |
| Distributable reserves | 133 | €35,966 | €1,996 | -€33,971 | -94.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €22,263 | €107,127 | +€84,864 | +381% |
| Amounts payable within one year | 42/48 | €22,263 | €106,614 | +€84,352 | +379% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,771 | €20,161 | +€18,389 | +1,038% |
| Suppliers | 440/4 | €1,771 | €20,161 | +€18,389 | +1,038% |
| Taxes, remuneration and social security | 45 | €6,424 | €13,054 | +€6,630 | +103% |
| Taxes | 450/3 | €6,424 | €11,254 | +€4,830 | +75.2% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €14,067 | €73,400 | +€59,333 | +422% |
| Accrued charges and deferred income | 492/3 | - | €513 | +€513 | |
| Non-recurring operating income | 76A | €10,867 | €0 | -€10,867 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,413 | €3,795 | +€2,383 | +169% |
| Other operating charges | 640/8 | €579 | €2,118 | +€1,538 | +266% |
| Gross operating margin | 9900 | €54,510 | €47,942 | -€6,568 | -12.0% |
| Operating profit (loss) | 9901 | €52,518 | €42,029 | -€10,489 | -20.0% |
| Financial income | 75/76B | €1,153 | €5 | -€1,148 | -99.5% |
| Recurring financial income | 75 | €1,153 | €5 | -€1,148 | -99.5% |
| Financial charges | 65/66B | €434 | €2,972 | +€2,538 | +586% |
| Recurring financial charges | 65 | €434 | €2,972 | +€2,538 | +586% |
| Profit (loss) for the period before taxes | 9903 | €53,238 | €39,062 | -€14,176 | -26.6% |
| Income taxes | 67/77 | €11,142 | €12,033 | +€891 | +8.0% |
| Profit (loss) for the period | 9904 | €42,096 | €27,029 | -€15,067 | -35.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,096 | €27,029 | -€15,067 | -35.8% |
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 31 October 2026 via checked.be.