V-tec: what changed
V-tec
Largest movements
- Cash +€40,159
up €40,159 (+44.3%), from €90,712 to €130,871
mainly Net result for the year (+€185,538) and Depreciation (+€52,611)
- Current investments +€36,000
up €36,000 (+120%), from €30,000 to €66,000
- Tangible fixed assets +€21,299
up €21,299 (+5.9%), from €359,313 to €380,612
of which Furniture and vehicles: +€52,041
- Receivables within one year -€14,128
down €14,128 (-8.4%), from €168,534 to €154,407
of which Trade receivables: -€26,352
- Reserves +€185,538
up €185,538 (+87.1%), from €212,990 to €398,528
- Other debts -€147,149
down €147,149 (-98.4%), from €149,594 to €2,445
- Debts after one year +€28,809
up €28,809 (+12.2%), from €236,806 to €265,615
- Current portion of long-term debt +€15,420
up €15,420 (+78.6%), from €19,617 to €35,037
- Gross operating margin +€65,793
up €65,793 (+27.0%), from €243,513 to €309,306
- Taxes +€14,951
up €14,951 (+34.9%), from €42,825 to €57,776
- Depreciation +€8,452
up €8,452 (+19.1%), from €44,160 to €52,611
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €656,742 | €738,482 | +€81,740 | +12.4% |
| Fixed assets | 21/28 | €359,313 | €380,612 | +€21,299 | +5.9% |
| Tangible fixed assets | 22/27 | €359,313 | €380,612 | +€21,299 | +5.9% |
| Land and buildings | 22 | €312,265 | €291,872 | -€20,393 | -6.5% |
| Plant, machinery and equipment | 23 | €23,755 | €13,406 | -€10,349 | -43.6% |
| Furniture and vehicles | 24 | €23,293 | €75,334 | +€52,041 | +223% |
| Current assets | 29/58 | €297,429 | €357,870 | +€60,441 | +20.3% |
| Amounts receivable within one year | 40/41 | €168,534 | €154,407 | -€14,128 | -8.4% |
| Trade receivables | 40 | €128,534 | €102,182 | -€26,352 | -20.5% |
| Other amounts receivable | 41 | €40,000 | €52,224 | +€12,224 | +30.6% |
| Current investments | 50/53 | €30,000 | €66,000 | +€36,000 | +120% |
| Cash at bank and in hand | 54/58 | €90,712 | €130,871 | +€40,159 | +44.3% |
| Deferred charges and accrued income | 490/1 | €8,183 | €6,592 | -€1,591 | -19.4% |
| Total equity and liabilities | 10/49 | €656,742 | €738,482 | +€81,740 | +12.4% |
| Equity | 10/15 | €217,990 | €403,528 | +€185,538 | +85.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €212,990 | €398,528 | +€185,538 | +87.1% |
| Distributable reserves | 133 | €212,990 | €398,528 | +€185,538 | +87.1% |
| Amounts payable | 17/49 | €438,752 | €334,954 | -€103,798 | -23.7% |
| Amounts payable after more than one year | 17 | €236,806 | €265,615 | +€28,809 | +12.2% |
| Financial debts | 170/4 | €236,806 | €265,615 | +€28,809 | +12.2% |
| Amounts payable within one year | 42/48 | €201,317 | €68,818 | -€132,499 | -65.8% |
| Current portion of amounts payable after more than one year | 42 | €19,617 | €35,037 | +€15,420 | +78.6% |
| Financial debts | 43 | €8,454 | €9,616 | +€1,162 | +13.7% |
| Credit institutions | 430/8 | €8,454 | €9,616 | +€1,162 | +13.7% |
| Trade debts | 44 | €12,395 | €13,524 | +€1,130 | +9.1% |
| Suppliers | 440/4 | €12,395 | €13,524 | +€1,130 | +9.1% |
| Taxes, remuneration and social security | 45 | €11,258 | €8,196 | -€3,062 | -27.2% |
| Taxes | 450/3 | €11,258 | €8,196 | -€3,062 | -27.2% |
| Other amounts payable | 47/48 | €149,594 | €2,445 | -€147,149 | -98.4% |
| Accrued charges and deferred income | 492/3 | €629 | €521 | -€108 | -17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,160 | €52,611 | +€8,452 | +19.1% |
| Other operating charges | 640/8 | €4,016 | €4,242 | +€226 | +5.6% |
| Gross operating margin | 9900 | €243,513 | €309,306 | +€65,793 | +27.0% |
| Operating profit (loss) | 9901 | €195,337 | €252,453 | +€57,116 | +29.2% |
| Financial income | 75/76B | €182 | €2,200 | +€2,017 | +1,106% |
| Recurring financial income | 75 | €182 | €2,200 | +€2,017 | +1,106% |
| Financial charges | 65/66B | €10,263 | €11,339 | +€1,076 | +10.5% |
| Recurring financial charges | 65 | €10,263 | €11,339 | +€1,076 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €185,257 | €243,313 | +€58,057 | +31.3% |
| Income taxes | 67/77 | €42,825 | €57,776 | +€14,951 | +34.9% |
| Profit (loss) for the period | 9904 | €142,432 | €185,538 | +€43,106 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €142,432 | €185,538 | +€43,106 | +30.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.