V.TS: 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.TS
Largest movements
- Cash +€426,555
up €426,555 (+62.8%), from €678,760 to €1.1m
mainly Other debts (+€410,053) and Receivables within one year (+€172,425)
- Receivables within one year -€172,425
down €172,425 (-28.5%), from €605,698 to €433,274
of which Trade receivables: -€111,701
- Stocks and contracts -€143,031
down €143,031 (-12.6%), from €1.1m to €991,991
of which Stocks: -€151,481
- Tangible fixed assets -€97,474
down €97,474 (-51.9%), from €187,733 to €90,259
of which Furniture and vehicles: -€102,560
- Profit (loss) carried forward -€410,053
down €410,053 (-53.5%), from €765,946 to €355,893
- Other debts +€410,053
new in 2025: €410,053
- Reserves +€159,259
up €159,259 (+549.3%), from €28,991 to €188,251
of which Distributable reserves: +€159,259
- Trade debts -€72,763
down €72,763 (-15.0%), from €484,601 to €411,837
- Debts after one year -€72,738
down €72,738 (-42.8%), from €169,829 to €97,091
- Gross operating margin +€282,751
up €282,751 (+17.7%), from €1.6m to €1.9m
- Staff costs +€86,364
up €86,364 (+6.3%), from €1.4m to €1.5m
- Taxes +€58,628
up €58,628 (+296.9%), from €19,746 to €78,374
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 | €2,666,703 | €2,687,533 | +€20,830 | +0.8% |
| Fixed assets | 21/28 | €243,937 | €153,503 | -€90,434 | -37.1% |
| Tangible fixed assets | 22/27 | €187,733 | €90,259 | -€97,474 | -51.9% |
| Plant, machinery and equipment | 23 | €2,114 | €7,200 | +€5,086 | +240.5% |
| Furniture and vehicles | 24 | €185,619 | €83,059 | -€102,560 | -55.3% |
| Financial fixed assets | 28 | €56,204 | €63,244 | +€7,040 | +12.5% |
| Current assets | 29/58 | €2,422,766 | €2,534,030 | +€111,263 | +4.6% |
| Stocks and contracts in progress | 3 | €1,135,021 | €991,991 | -€143,031 | -12.6% |
| Stocks | 30/36 | €602,231 | €450,750 | -€151,481 | -25.2% |
| Contracts in progress | 37 | €532,790 | €541,241 | +€8,451 | +1.6% |
| Amounts receivable within one year | 40/41 | €605,698 | €433,274 | -€172,425 | -28.5% |
| Trade receivables | 40 | €434,416 | €322,715 | -€111,701 | -25.7% |
| Other amounts receivable | 41 | €171,282 | €110,558 | -€60,724 | -35.5% |
| Cash at bank and in hand | 54/58 | €678,760 | €1,105,314 | +€426,555 | +62.8% |
| Deferred charges and accrued income | 490/1 | €3,287 | €3,451 | +€164 | +5.0% |
| Total equity and liabilities | 10/49 | €2,666,703 | €2,687,533 | +€20,830 | +0.8% |
| Equity | 10/15 | €906,937 | €656,144 | -€250,794 | -27.7% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €28,991 | €188,251 | +€159,259 | +549.3% |
| Non-distributable reserves | 130/1 | €11,200 | €11,200 | = | 0.0% |
| Legal reserve | 130 | €11,200 | €11,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,141 | €16,141 | = | 0.0% |
| Distributable reserves | 133 | €1,650 | €160,910 | +€159,259 | +9650.7% |
| Profit (loss) carried forward | 14 | €765,946 | €355,893 | -€410,053 | -53.5% |
| Amounts payable | 17/49 | €1,759,766 | €2,031,390 | +€271,623 | +15.4% |
| Amounts payable after more than one year | 17 | €169,829 | €97,091 | -€72,738 | -42.8% |
| Financial debts | 170/4 | €169,829 | €97,091 | -€72,738 | -42.8% |
| Amounts payable within one year | 42/48 | €1,589,937 | €1,934,298 | +€344,361 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €94,274 | €72,738 | -€21,536 | -22.8% |
| Financial debts | 43 | €971,172 | €968,592 | -€2,581 | -0.3% |
| Credit institutions | 430/8 | €971,172 | €968,592 | -€2,581 | -0.3% |
| Trade debts | 44 | €484,601 | €411,837 | -€72,763 | -15.0% |
| Suppliers | 440/4 | €484,601 | €411,837 | -€72,763 | -15.0% |
| Taxes, remuneration and social security | 45 | €39,890 | €71,079 | +€31,188 | +78.2% |
| Taxes | 450/3 | €943 | €30,275 | +€29,333 | +3112.2% |
| Remuneration and social security | 454/9 | €38,948 | €40,804 | +€1,856 | +4.8% |
| Other amounts payable | 47/48 | - | €410,053 | +€410,053 | |
| Remuneration, social security and pensions | 62 | €1,379,285 | €1,465,649 | +€86,364 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,217 | €103,352 | +€5,135 | +5.2% |
| Other operating charges | 640/8 | €18,130 | €14,972 | -€3,158 | -17.4% |
| Gross operating margin | 9900 | €1,599,252 | €1,882,003 | +€282,751 | +17.7% |
| Operating profit (loss) | 9901 | €103,620 | €298,031 | +€194,410 | +187.6% |
| Financial income | 75/76B | €2,640 | €1,738 | -€901 | -34.1% |
| Recurring financial income | 75 | €2,640 | €1,738 | -€901 | -34.1% |
| Financial charges | 65/66B | €61,254 | €62,136 | +€882 | +1.4% |
| Recurring financial charges | 65 | €61,254 | €62,136 | +€882 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €45,006 | €237,633 | +€192,627 | +428.0% |
| Income taxes | 67/77 | €19,746 | €78,374 | +€58,628 | +296.9% |
| Profit (loss) for the period | 9904 | €25,260 | €159,259 | +€133,999 | +530.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,260 | €159,259 | +€133,999 | +530.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.