VC ATELIER: 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.
VC ATELIER
Largest movements
- Tangible fixed assets -€52,018
down €52,018 (-7.9%), from €657,946 to €605,928
of which Plant, machinery and equipment: -€33,563
- Cash +€20,003
up €20,003 (+154.0%), from €12,990 to €32,993
mainly Depreciation (+€82,482) and Receivables within one year (+€14,134)
- Receivables within one year -€14,134
down €14,134 (-18.1%), from €78,083 to €63,949
of which Trade receivables: -€13,027
- Intangible fixed assets -€12,148
down €12,148 (-11.3%), from €107,694 to €95,546
- Debts after one year -€60,315
down €60,315 (-9.9%), from €611,700 to €551,384
- Gross operating margin +€197,669
up €197,669 (+86.6%), from €228,301 to €425,970
- Staff costs +€109,243
up €109,243 (+55.6%), from €196,399 to €305,642
- Depreciation +€55,335
up €55,335 (+203.8%), from €27,147 to €82,482
- Financial income -€17,604
down €17,604 (-98.7%), from €17,840 to €236
of which Non-recurring financial income: -€17,000
- Other operating charges -€12,988
down €12,988 (-46.9%), from €27,710 to €14,722
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 | €999,214 | €933,417 | -€65,797 | -6.6% |
| Fixed assets | 21/28 | €765,640 | €701,474 | -€64,166 | -8.4% |
| Intangible fixed assets | 21 | €107,694 | €95,546 | -€12,148 | -11.3% |
| Tangible fixed assets | 22/27 | €657,946 | €605,928 | -€52,018 | -7.9% |
| Land and buildings | 22 | €469,920 | €465,924 | -€3,996 | -0.9% |
| Plant, machinery and equipment | 23 | €154,585 | €121,022 | -€33,563 | -21.7% |
| Furniture and vehicles | 24 | €11,678 | €6,667 | -€5,012 | -42.9% |
| Other tangible fixed assets | 26 | €21,763 | €12,316 | -€9,447 | -43.4% |
| Current assets | 29/58 | €233,573 | €231,942 | -€1,631 | -0.7% |
| Stocks and contracts in progress | 3 | €142,500 | €135,000 | -€7,500 | -5.3% |
| Stocks | 30/36 | €142,500 | €135,000 | -€7,500 | -5.3% |
| Amounts receivable within one year | 40/41 | €78,083 | €63,949 | -€14,134 | -18.1% |
| Trade receivables | 40 | €55,607 | €42,580 | -€13,027 | -23.4% |
| Other amounts receivable | 41 | €22,476 | €21,370 | -€1,106 | -4.9% |
| Cash at bank and in hand | 54/58 | €12,990 | €32,993 | +€20,003 | +154.0% |
| Total equity and liabilities | 10/49 | €999,214 | €933,417 | -€65,797 | -6.6% |
| Equity | 10/15 | €59,972 | €58,838 | -€1,135 | -1.9% |
| Contributions | 10/11 | €9,865 | €9,865 | = | 0.0% |
| Reserves | 13 | €50,107 | €48,973 | -€1,135 | -2.3% |
| Tax-exempt reserves | 132 | €5,083 | €5,083 | = | 0.0% |
| Distributable reserves | 133 | €45,024 | €43,889 | -€1,135 | -2.5% |
| Amounts payable | 17/49 | €939,241 | €874,579 | -€64,662 | -6.9% |
| Amounts payable after more than one year | 17 | €611,700 | €551,384 | -€60,315 | -9.9% |
| Financial debts | 170/4 | €611,700 | €551,384 | -€60,315 | -9.9% |
| Amounts payable within one year | 42/48 | €327,542 | €323,195 | -€4,347 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €59,747 | €60,315 | +€569 | +1.0% |
| Trade debts | 44 | €125,540 | €126,499 | +€960 | +0.8% |
| Suppliers | 440/4 | €125,540 | €126,499 | +€960 | +0.8% |
| Taxes, remuneration and social security | 45 | €7,814 | €10,081 | +€2,267 | +29.0% |
| Taxes | 450/3 | €6,454 | €407 | -€6,047 | -93.7% |
| Remuneration and social security | 454/9 | €1,360 | €9,674 | +€8,314 | +611.4% |
| Other amounts payable | 47/48 | €134,441 | €126,299 | -€8,142 | -6.1% |
| Remuneration, social security and pensions | 62 | €196,399 | €305,642 | +€109,243 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,147 | €82,482 | +€55,335 | +203.8% |
| Other operating charges | 640/8 | €27,710 | €14,722 | -€12,988 | -46.9% |
| Gross operating margin | 9900 | €228,301 | €425,970 | +€197,669 | +86.6% |
| Operating profit (loss) | 9901 | -€22,954 | €23,124 | +€46,078 | |
| Financial income | 75/76B | €17,840 | €236 | -€17,604 | -98.7% |
| Recurring financial income | 75 | €840 | €236 | -€604 | -71.9% |
| Non-recurring financial income | 76B | €17,000 | - | -€17,000 | |
| Financial charges | 65/66B | €15,756 | €24,062 | +€8,306 | +52.7% |
| Recurring financial charges | 65 | €15,756 | €24,062 | +€8,306 | +52.7% |
| Profit (loss) for the period before taxes | 9903 | -€20,870 | -€701 | +€20,169 | +96.6% |
| Income taxes | 67/77 | €163 | €434 | +€270 | +165.7% |
| Profit (loss) for the period | 9904 | -€21,033 | -€1,135 | +€19,898 | +94.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,033 | -€1,135 | +€19,898 | +94.6% |
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 12 October 2026 via checked.be.