VandT: 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.
VandT
Largest movements
- Receivables within one year +€55,288
up €55,288 (+161.5%), from €34,231 to €89,519
of which Trade receivables: +€43,220
- Cash -€13,792
down €13,792 (-51.0%), from €27,041 to €13,249
mainly Receivables within one year (-€55,288) and Investment in fixed assets (net) (-€30,675)
- Stocks and contracts -€4,726
down €4,726 (-20.0%), from €23,614 to €18,887
- Other debts +€14,386
new in 2025: €14,386
- Profit (loss) carried forward +€13,509
no longer reported in 2025 (was -€13,509)
- Reserves +€11,747
up €11,747 (+68.5%), from €17,143 to €28,890
- Debts after one year -€8,403
down €8,403 (-4.2%), from €199,901 to €191,497
- Trade debts -€8,325
down €8,325 (-26.4%), from €31,540 to €23,215
- Gross operating margin +€56,387
up €56,387 (+38.5%), from €146,282 to €202,669
- Taxes +€16,767
up €16,767 (+354.6%), from €4,729 to €21,496
- Depreciation +€6,908
up €6,908 (+25.3%), from €27,283 to €34,191
- Staff costs -€5,713
down €5,713 (-5.9%), from €96,916 to €91,203
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 | €327,815 | €359,591 | +€31,776 | +9.7% |
| Fixed assets | 21/28 | €234,203 | €230,687 | -€3,516 | -1.5% |
| Tangible fixed assets | 22/27 | €232,703 | €229,187 | -€3,516 | -1.5% |
| Land and buildings | 22 | €163,669 | €151,620 | -€12,049 | -7.4% |
| Plant, machinery and equipment | 23 | €2,165 | €2,548 | +€383 | +17.7% |
| Furniture and vehicles | 24 | €17,334 | €9,940 | -€7,394 | -42.7% |
| Other tangible fixed assets | 26 | €49,536 | €65,080 | +€15,544 | +31.4% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €93,611 | €128,904 | +€35,292 | +37.7% |
| Stocks and contracts in progress | 3 | €23,614 | €18,887 | -€4,726 | -20.0% |
| Stocks | 30/36 | €23,614 | €18,887 | -€4,726 | -20.0% |
| Amounts receivable within one year | 40/41 | €34,231 | €89,519 | +€55,288 | +161.5% |
| Trade receivables | 40 | €9,540 | €52,760 | +€43,220 | +453.1% |
| Other amounts receivable | 41 | €24,691 | €36,759 | +€12,068 | +48.9% |
| Cash at bank and in hand | 54/58 | €27,041 | €13,249 | -€13,792 | -51.0% |
| Deferred charges and accrued income | 490/1 | €8,727 | €7,249 | -€1,477 | -16.9% |
| Total equity and liabilities | 10/49 | €327,815 | €359,591 | +€31,776 | +9.7% |
| Equity | 10/15 | €18,094 | €43,350 | +€25,256 | +139.6% |
| Contributions | 10/11 | €14,460 | €14,460 | = | 0.0% |
| Reserves | 13 | €17,143 | €28,890 | +€11,747 | +68.5% |
| Distributable reserves | 133 | €17,143 | €28,890 | +€11,747 | +68.5% |
| Profit (loss) carried forward | 14 | -€13,509 | - | +€13,509 | |
| Amounts payable | 17/49 | €309,720 | €316,241 | +€6,520 | +2.1% |
| Amounts payable after more than one year | 17 | €199,901 | €191,497 | -€8,403 | -4.2% |
| Financial debts | 170/4 | €199,901 | €191,497 | -€8,403 | -4.2% |
| Amounts payable within one year | 42/48 | €108,666 | €123,993 | +€15,328 | +14.1% |
| Current portion of amounts payable after more than one year | 42 | €29,766 | €36,399 | +€6,632 | +22.3% |
| Financial debts | 43 | €5,000 | €5,297 | +€297 | +5.9% |
| Credit institutions | 430/8 | €5,000 | €5,297 | +€297 | +5.9% |
| Trade debts | 44 | €31,540 | €23,215 | -€8,325 | -26.4% |
| Suppliers | 440/4 | €31,540 | €23,215 | -€8,325 | -26.4% |
| Taxes, remuneration and social security | 45 | €42,359 | €44,697 | +€2,337 | +5.5% |
| Taxes | 450/3 | €27,595 | €39,113 | +€11,517 | +41.7% |
| Remuneration and social security | 454/9 | €14,764 | €5,584 | -€9,180 | -62.2% |
| Other amounts payable | 47/48 | - | €14,386 | +€14,386 | |
| Accrued charges and deferred income | 492/3 | €1,154 | €750 | -€404 | -35.0% |
| Remuneration, social security and pensions | 62 | €96,916 | €91,203 | -€5,713 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,283 | €34,191 | +€6,908 | +25.3% |
| Other operating charges | 640/8 | €4,224 | €4,635 | +€411 | +9.7% |
| Non-recurring operating charges | 66A | €295 | - | -€295 | |
| Gross operating margin | 9900 | €146,282 | €202,669 | +€56,387 | +38.5% |
| Operating profit (loss) | 9901 | €17,564 | €72,639 | +€55,075 | +313.6% |
| Financial income | 75/76B | €827 | €951 | +€124 | +15.0% |
| Recurring financial income | 75 | €827 | €951 | +€124 | +15.0% |
| Financial charges | 65/66B | €10,821 | €11,696 | +€875 | +8.1% |
| Recurring financial charges | 65 | €10,821 | €11,696 | +€875 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €7,570 | €61,895 | +€54,324 | +717.6% |
| Income taxes | 67/77 | €4,729 | €21,496 | +€16,767 | +354.6% |
| Profit (loss) for the period | 9904 | €2,842 | €40,399 | +€37,557 | +1321.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,842 | €40,399 | +€37,557 | +1321.7% |
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 10 October 2026 via checked.be.