VC-Connect: 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-Connect
Largest movements
- Cash +€65,584
up €65,584 (+243.0%), from €26,993 to €92,577
mainly Net result for the year (+€48,340) and Receivables within one year (+€11,495)
- Receivables within one year -€11,495
down €11,495 (-43.2%), from €26,620 to €15,125
- Deferred charges and accrued income +€1,763
new in 2025: €1,763
- Reserves +€48,340
up €48,340 (+118.8%), from €40,706 to €89,046
- Tax, wage and social debts +€6,065
up €6,065 (+93.2%), from €6,506 to €12,571
- Other debts +€2,244
up €2,244 (+27.5%), from €8,164 to €10,408
- Gross operating margin +€12,243
up €12,243 (+20.4%), from €60,061 to €72,304
- Taxes +€3,276
up €3,276 (+21.2%), from €15,448 to €18,724
- Depreciation +€2,130
up €2,130 (+122.9%), from €1,734 to €3,864
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 | €63,534 | €119,869 | +€56,335 | +88.7% |
| Fixed assets | 21/28 | €9,922 | €10,404 | +€483 | +4.9% |
| Tangible fixed assets | 22/27 | €9,922 | €10,404 | +€483 | +4.9% |
| Furniture and vehicles | 24 | €9,922 | €7,578 | -€2,344 | -23.6% |
| Other tangible fixed assets | 26 | - | €2,826 | +€2,826 | |
| Current assets | 29/58 | €53,613 | €109,465 | +€55,852 | +104.2% |
| Amounts receivable within one year | 40/41 | €26,620 | €15,125 | -€11,495 | -43.2% |
| Trade receivables | 40 | €26,620 | €15,125 | -€11,495 | -43.2% |
| Cash at bank and in hand | 54/58 | €26,993 | €92,577 | +€65,584 | +243.0% |
| Deferred charges and accrued income | 490/1 | - | €1,763 | +€1,763 | |
| Total equity and liabilities | 10/49 | €63,534 | €119,869 | +€56,335 | +88.7% |
| Equity | 10/15 | €45,706 | €94,046 | +€48,340 | +105.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,706 | €89,046 | +€48,340 | +118.8% |
| Distributable reserves | 133 | €40,706 | €89,046 | +€48,340 | +118.8% |
| Amounts payable | 17/49 | €17,828 | €25,823 | +€7,995 | +44.8% |
| Amounts payable within one year | 42/48 | €17,828 | €25,165 | +€7,337 | +41.2% |
| Trade debts | 44 | €3,158 | €2,186 | -€972 | -30.8% |
| Suppliers | 440/4 | €3,158 | €2,186 | -€972 | -30.8% |
| Taxes, remuneration and social security | 45 | €6,506 | €12,571 | +€6,065 | +93.2% |
| Taxes | 450/3 | €6,506 | €12,571 | +€6,065 | +93.2% |
| Other amounts payable | 47/48 | €8,164 | €10,408 | +€2,244 | +27.5% |
| Accrued charges and deferred income | 492/3 | - | €657 | +€657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,734 | €3,864 | +€2,130 | +122.9% |
| Other operating charges | 640/8 | €447 | €128 | -€319 | -71.4% |
| Gross operating margin | 9900 | €60,061 | €72,304 | +€12,243 | +20.4% |
| Operating profit (loss) | 9901 | €57,880 | €68,312 | +€10,432 | +18.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,726 | €1,248 | -€478 | -27.7% |
| Recurring financial charges | 65 | €1,726 | €1,248 | -€478 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €56,154 | €67,064 | +€10,910 | +19.4% |
| Income taxes | 67/77 | €15,448 | €18,724 | +€3,276 | +21.2% |
| Profit (loss) for the period | 9904 | €40,706 | €48,340 | +€7,634 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,706 | €48,340 | +€7,634 | +18.8% |
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 9 October 2026 via checked.be.