V-TRA: 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-TRA
Largest movements
- Cash +€166,574
up €166,574 (+37.6%), from €443,189 to €609,764
mainly Net result for the year (+€117,531) and Depreciation (+€90,673)
- Tangible fixed assets -€83,417
down €83,417 (-24.1%), from €346,637 to €263,220
of which Leasing and similar rights: -€76,239
- Deferred charges and accrued income -€45,846
down €45,846 (-93.2%), from €49,172 to €3,326
- Receivables within one year -€33,170
down €33,170 (-11.2%), from €296,665 to €263,495
of which Trade receivables: -€26,866
- Reserves +€107,281
up €107,281 (+18.6%), from €578,023 to €685,304
of which Distributable reserves: +€79,281
- Debts after one year -€69,697
down €69,697 (-30.4%), from €229,172 to €159,475
- Other debts -€47,507
down €47,507 (-82.3%), from €57,757 to €10,250
- Gross operating margin -€114,641
down €114,641 (-16.0%), from €716,115 to €601,474
- Staff costs -€41,789
down €41,789 (-11.8%), from €353,565 to €311,776
- Other operating charges -€15,344
down €15,344 (-26.7%), from €57,428 to €42,084
- Taxes -€12,417
down €12,417 (-25.6%), from €48,452 to €36,035
- Financial income +€7,332
up €7,332 (+487.8%), from €1,503 to €8,836
of which Financial income: +€4,121
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 | €1,137,148 | €1,141,290 | +€4,142 | +0.4% |
| Fixed assets | 21/28 | €348,122 | €264,705 | -€83,417 | -24.0% |
| Tangible fixed assets | 22/27 | €346,637 | €263,220 | -€83,417 | -24.1% |
| Plant, machinery and equipment | 23 | €2,484 | €1,187 | -€1,297 | -52.2% |
| Furniture and vehicles | 24 | €43,929 | €38,048 | -€5,881 | -13.4% |
| Leasing and similar rights | 25 | €300,224 | €223,985 | -€76,239 | -25.4% |
| Financial fixed assets | 28 | €1,485 | €1,485 | = | 0.0% |
| Current assets | 29/58 | €789,026 | €876,585 | +€87,558 | +11.1% |
| Amounts receivable within one year | 40/41 | €296,665 | €263,495 | -€33,170 | -11.2% |
| Trade receivables | 40 | €275,025 | €248,158 | -€26,866 | -9.8% |
| Other amounts receivable | 41 | €21,640 | €15,337 | -€6,303 | -29.1% |
| Cash at bank and in hand | 54/58 | €443,189 | €609,764 | +€166,574 | +37.6% |
| Deferred charges and accrued income | 490/1 | €49,172 | €3,326 | -€45,846 | -93.2% |
| Total equity and liabilities | 10/49 | €1,137,148 | €1,141,290 | +€4,142 | +0.4% |
| Equity | 10/15 | €673,600 | €780,881 | +€107,281 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €578,023 | €685,304 | +€107,281 | +18.6% |
| Tax-exempt reserves | 132 | €103,596 | €131,596 | +€28,000 | +27.0% |
| Distributable reserves | 133 | €474,427 | €553,709 | +€79,281 | +16.7% |
| Profit (loss) carried forward | 14 | €76,977 | €76,977 | = | 0.0% |
| Amounts payable | 17/49 | €463,548 | €360,409 | -€103,140 | -22.2% |
| Amounts payable after more than one year | 17 | €229,172 | €159,475 | -€69,697 | -30.4% |
| Financial debts | 170/4 | €229,172 | €159,475 | -€69,697 | -30.4% |
| Amounts payable within one year | 42/48 | €230,539 | €197,096 | -€33,443 | -14.5% |
| Current portion of amounts payable after more than one year | 42 | €66,819 | €69,697 | +€2,878 | +4.3% |
| Trade debts | 44 | €63,141 | €73,246 | +€10,105 | +16.0% |
| Suppliers | 440/4 | €63,141 | €73,246 | +€10,105 | +16.0% |
| Taxes, remuneration and social security | 45 | €42,822 | €43,903 | +€1,081 | +2.5% |
| Taxes | 450/3 | €1,001 | €7,064 | +€6,063 | +605.8% |
| Remuneration and social security | 454/9 | €41,822 | €36,839 | -€4,982 | -11.9% |
| Other amounts payable | 47/48 | €57,757 | €10,250 | -€47,507 | -82.3% |
| Accrued charges and deferred income | 492/3 | €3,838 | €3,838 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €353,565 | €311,776 | -€41,789 | -11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,829 | €90,673 | -€7,156 | -7.3% |
| Other operating charges | 640/8 | €57,428 | €42,084 | -€15,344 | -26.7% |
| Gross operating margin | 9900 | €716,115 | €601,474 | -€114,641 | -16.0% |
| Operating profit (loss) | 9901 | €207,293 | €156,942 | -€50,351 | -24.3% |
| Financial income | 75/76B | €1,503 | €8,836 | +€7,332 | +487.8% |
| Recurring financial income | 75 | €0 | €4,121 | +€4,121 | +13735166.7% |
| Non-recurring financial income | 76B | €1,503 | €4,715 | +€3,212 | +213.7% |
| Financial charges | 65/66B | €15,538 | €12,211 | -€3,327 | -21.4% |
| Recurring financial charges | 65 | €15,538 | €12,211 | -€3,327 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €193,258 | €153,566 | -€39,692 | -20.5% |
| Income taxes | 67/77 | €48,452 | €36,035 | -€12,417 | -25.6% |
| Profit (loss) for the period | 9904 | €144,806 | €117,531 | -€27,274 | -18.8% |
| Transfer to tax-exempt reserves | 689 | €12,000 | €28,000 | +€16,000 | +133.3% |
| Profit (loss) for the period to be appropriated | 9905 | €132,806 | €89,531 | -€43,274 | -32.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.