V.T.S. BORINGEN: 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.T.S. BORINGEN
Largest movements
- Receivables within one year -€67,149
down €67,149 (-53.2%), from €126,219 to €59,070
of which Trade receivables: -€67,711
- Cash +€65,617
up €65,617 (+109%), from €59,960 to €125,577
mainly Receivables within one year (+€67,149) and Stocks and contracts (+€47,903)
- Stocks and contracts -€47,903
down €47,903 (-79.8%), from €60,029 to €12,127
of which Contracts in progress: -€45,208
- Tangible fixed assets -€8,552
down €8,552 (-2.6%), from €334,378 to €325,827
of which Furniture and vehicles: -€9,490
- Deferred charges and accrued income -€7,371
down €7,371 (-62.8%), from €11,741 to €4,369
- Profit (loss) carried forward -€62,335
down €62,335 (-69.9%), from €89,162 to €26,827
- Trade debts +€25,111
up €25,111 (+155%), from €16,204 to €41,315
- Debts after one year -€13,344
down €13,344 (-51.7%), from €25,797 to €12,453
- Tax, wage and social debts -€10,243
down €10,243 (-62.9%), from €16,289 to €6,046
of which Taxes: -€11,236
- Gross operating margin -€39,216
down €39,216 (-23.5%), from €166,584 to €127,367
- Staff costs +€30,712
up €30,712 (+29.3%), from €104,923 to €135,635
- Write-downs +€24,891
new in 2025: €24,891
- Depreciation -€8,468
down €8,468 (-33.3%), from €25,427 to €16,959
- Other operating charges -€4,075
down €4,075 (-25.8%), from €15,779 to €11,704
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 | €592,487 | €526,970 | -€65,517 | -11.1% |
| Fixed assets | 21/28 | €334,538 | €325,827 | -€8,711 | -2.6% |
| Tangible fixed assets | 22/27 | €334,378 | €325,827 | -€8,552 | -2.6% |
| Land and buildings | 22 | €310,500 | €312,378 | +€1,878 | +0.6% |
| Plant, machinery and equipment | 23 | €7,087 | €6,147 | -€939 | -13.3% |
| Furniture and vehicles | 24 | €16,792 | €7,302 | -€9,490 | -56.5% |
| Financial fixed assets | 28 | €160 | - | -€160 | |
| Current assets | 29/58 | €257,949 | €201,143 | -€56,805 | -22.0% |
| Stocks and contracts in progress | 3 | €60,029 | €12,127 | -€47,903 | -79.8% |
| Stocks | 30/36 | €11,020 | €8,325 | -€2,695 | -24.5% |
| Contracts in progress | 37 | €49,009 | €3,802 | -€45,208 | -92.2% |
| Amounts receivable within one year | 40/41 | €126,219 | €59,070 | -€67,149 | -53.2% |
| Trade receivables | 40 | €125,844 | €58,133 | -€67,711 | -53.8% |
| Other amounts receivable | 41 | €375 | €937 | +€563 | +150% |
| Cash at bank and in hand | 54/58 | €59,960 | €125,577 | +€65,617 | +109% |
| Deferred charges and accrued income | 490/1 | €11,741 | €4,369 | -€7,371 | -62.8% |
| Total equity and liabilities | 10/49 | €592,487 | €526,970 | -€65,517 | -11.1% |
| Equity | 10/15 | €456,998 | €394,663 | -€62,335 | -13.6% |
| Contributions | 10/11 | €356,836 | €356,836 | = | 0.0% |
| Reserves | 13 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,162 | €26,827 | -€62,335 | -69.9% |
| Amounts payable | 17/49 | €135,489 | €132,307 | -€3,181 | -2.3% |
| Amounts payable after more than one year | 17 | €25,797 | €12,453 | -€13,344 | -51.7% |
| Financial debts | 170/4 | €25,797 | €12,453 | -€13,344 | -51.7% |
| Amounts payable within one year | 42/48 | €109,692 | €119,855 | +€10,163 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €15,377 | €13,344 | -€2,033 | -13.2% |
| Trade debts | 44 | €16,204 | €41,315 | +€25,111 | +155% |
| Suppliers | 440/4 | €16,204 | €41,315 | +€25,111 | +155% |
| Taxes, remuneration and social security | 45 | €16,289 | €6,046 | -€10,243 | -62.9% |
| Taxes | 450/3 | €11,680 | €444 | -€11,236 | -96.2% |
| Remuneration and social security | 454/9 | €4,609 | €5,601 | +€993 | +21.5% |
| Other amounts payable | 47/48 | €61,822 | €59,150 | -€2,672 | -4.3% |
| Non-recurring operating income | 76A | €0 | €432 | +€432 | |
| Remuneration, social security and pensions | 62 | €104,923 | €135,635 | +€30,712 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,427 | €16,959 | -€8,468 | -33.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €24,891 | +€24,891 | |
| Other operating charges | 640/8 | €15,779 | €11,704 | -€4,075 | -25.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €166,584 | €127,367 | -€39,216 | -23.5% |
| Operating profit (loss) | 9901 | €20,455 | -€61,821 | -€82,276 | |
| Financial income | 75/76B | €166 | €1,200 | +€1,034 | +624% |
| Recurring financial income | 75 | €166 | €1,200 | +€1,034 | +624% |
| Financial charges | 65/66B | €1,140 | €766 | -€374 | -32.8% |
| Recurring financial charges | 65 | €1,140 | €766 | -€374 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €19,481 | -€61,387 | -€80,868 | |
| Income taxes | 67/77 | €372 | €949 | +€577 | +155% |
| Profit (loss) for the period | 9904 | €19,109 | -€62,335 | -€81,444 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,109 | -€62,335 | -€81,444 |
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 30 October 2026 via checked.be.