VBTC: 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.
VBTC
Largest movements
- Cash +€63,074
up €63,074 (+313.2%), from €20,141 to €83,215
mainly Net result for the year (+€89,679) and Receivables within one year (+€7,955)
- Receivables within one year -€7,955
down €7,955 (-26.9%), from €29,573 to €21,617
of which Trade receivables: -€12,915
- Tangible fixed assets +€7,351
up €7,351 (+161.0%), from €4,565 to €11,917
of which Furniture and vehicles: +€7,833
- Reserves +€53,679
up €53,679 (+277.8%), from €19,323 to €73,002
- Other debts +€7,315
up €7,315 (+25.5%), from €28,685 to €36,000
- Trade debts +€2,127
up €2,127 (+600.9%), from €354 to €2,482
- Gross operating margin +€55,199
up €55,199 (+90.0%), from €61,319 to €116,518
- Taxes +€12,199
up €12,199 (+96.1%), from €12,699 to €24,897
- Depreciation +€1,262
up €1,262 (+500.5%), from €252 to €1,514
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 | €54,690 | €118,223 | +€63,532 | +116.2% |
| Fixed assets | 21/28 | €4,565 | €11,917 | +€7,351 | +161.0% |
| Tangible fixed assets | 22/27 | €4,565 | €11,917 | +€7,351 | +161.0% |
| Furniture and vehicles | 24 | - | €7,833 | +€7,833 | |
| Other tangible fixed assets | 26 | €4,565 | €4,083 | -€482 | -10.6% |
| Current assets | 29/58 | €50,125 | €106,306 | +€56,181 | +112.1% |
| Amounts receivable within one year | 40/41 | €29,573 | €21,617 | -€7,955 | -26.9% |
| Trade receivables | 40 | €29,215 | €16,299 | -€12,915 | -44.2% |
| Other amounts receivable | 41 | €358 | €5,318 | +€4,960 | +1385.5% |
| Cash at bank and in hand | 54/58 | €20,141 | €83,215 | +€63,074 | +313.2% |
| Deferred charges and accrued income | 490/1 | €411 | €1,474 | +€1,063 | +258.3% |
| Total equity and liabilities | 10/49 | €54,690 | €118,223 | +€63,532 | +116.2% |
| Equity | 10/15 | €24,323 | €78,002 | +€53,679 | +220.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €19,323 | €73,002 | +€53,679 | +277.8% |
| Distributable reserves | 133 | €19,323 | €73,002 | +€53,679 | +277.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,367 | €40,221 | +€9,854 | +32.4% |
| Amounts payable within one year | 42/48 | €30,033 | €40,077 | +€10,044 | +33.4% |
| Trade debts | 44 | €354 | €2,482 | +€2,127 | +600.9% |
| Suppliers | 440/4 | €354 | €2,482 | +€2,127 | +600.9% |
| Taxes, remuneration and social security | 45 | €994 | €1,596 | +€602 | +60.5% |
| Taxes | 450/3 | €994 | €1,596 | +€602 | +60.5% |
| Other amounts payable | 47/48 | €28,685 | €36,000 | +€7,315 | +25.5% |
| Accrued charges and deferred income | 492/3 | €335 | €144 | -€191 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252 | €1,514 | +€1,262 | +500.5% |
| Other operating charges | 640/8 | - | €97 | +€97 | |
| Gross operating margin | 9900 | €61,319 | €116,518 | +€55,199 | +90.0% |
| Operating profit (loss) | 9901 | €61,067 | €114,908 | +€53,840 | +88.2% |
| Financial income | 75/76B | €1 | €137 | +€137 | +27396.0% |
| Recurring financial income | 75 | €1 | €137 | +€137 | +27396.0% |
| Financial charges | 65/66B | €475 | €469 | -€6 | -1.3% |
| Recurring financial charges | 65 | €475 | €469 | -€6 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €60,593 | €114,576 | +€53,983 | +89.1% |
| Income taxes | 67/77 | €12,699 | €24,897 | +€12,199 | +96.1% |
| Profit (loss) for the period | 9904 | €47,894 | €89,679 | +€41,785 | +87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,894 | €89,679 | +€41,785 | +87.2% |
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.