VC-FINANCE: 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-FINANCE
Largest movements
- Tangible fixed assets -€36,250
down €36,250 (-7.4%), from €490,521 to €454,271
- Cash +€9,383
up €9,383 (+39,374%), from €24 to €9,407
mainly Depreciation (+€36,250) and Other debts (+€33,388)
- Other debts +€33,388
up €33,388 (+7.1%), from €472,067 to €505,455
- Debts after one year -€32,402
down €32,402 (-20.8%), from €155,838 to €123,435
- Accrued charges and deferred income -€27,900
down €27,900 (-96.5%), from €28,900 to €1,001
- Tax, wage and social debts +€11,504
new in 2025: €11,504
- Financial charges -€30,118
down €30,118 (-90.6%), from €33,231 to €3,114
- Gross operating margin +€18,879
up €18,879 (+92.5%), from €20,419 to €39,298
- Other operating charges -€775
down €775 (-16.9%), from €4,580 to €3,805
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.
Derived cash bridge
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 | €491,321 | €469,224 | -€22,097 | -4.5% |
| Fixed assets | 21/28 | €490,521 | €454,271 | -€36,250 | -7.4% |
| Tangible fixed assets | 22/27 | €490,521 | €454,271 | -€36,250 | -7.4% |
| Land and buildings | 22 | €490,521 | €454,271 | -€36,250 | -7.4% |
| Current assets | 29/58 | €800 | €14,953 | +€14,153 | +1,768% |
| Amounts receivable within one year | 40/41 | €94 | €4,840 | +€4,746 | +5,049% |
| Trade receivables | 40 | - | €4,840 | +€4,840 | |
| Other amounts receivable | 41 | €94 | - | -€94 | |
| Cash at bank and in hand | 54/58 | €24 | €9,407 | +€9,383 | +39,374% |
| Deferred charges and accrued income | 490/1 | €683 | €707 | +€24 | +3.5% |
| Total equity and liabilities | 10/49 | €491,321 | €469,224 | -€22,097 | -4.5% |
| Equity | 10/15 | -€201,449 | -€205,319 | -€3,870 | -1.9% |
| Contributions | 10/11 | €790,000 | €790,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€991,449 | -€995,319 | -€3,870 | -0.4% |
| Amounts payable | 17/49 | €692,770 | €674,543 | -€18,227 | -2.6% |
| Amounts payable after more than one year | 17 | €155,838 | €123,435 | -€32,402 | -20.8% |
| Financial debts | 170/4 | €155,838 | €123,435 | -€32,402 | -20.8% |
| Amounts payable within one year | 42/48 | €508,032 | €550,108 | +€42,075 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €34,511 | €32,402 | -€2,109 | -6.1% |
| Trade debts | 44 | €1,454 | €746 | -€708 | -48.7% |
| Suppliers | 440/4 | €1,454 | €746 | -€708 | -48.7% |
| Taxes, remuneration and social security | 45 | - | €11,504 | +€11,504 | |
| Taxes | 450/3 | - | €11,504 | +€11,504 | |
| Other amounts payable | 47/48 | €472,067 | €505,455 | +€33,388 | +7.1% |
| Accrued charges and deferred income | 492/3 | €28,900 | €1,001 | -€27,900 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,250 | €36,250 | = | 0.0% |
| Other operating charges | 640/8 | €4,580 | €3,805 | -€775 | -16.9% |
| Gross operating margin | 9900 | €20,419 | €39,298 | +€18,879 | +92.5% |
| Operating profit (loss) | 9901 | -€20,411 | -€757 | +€19,655 | +96.3% |
| Financial charges | 65/66B | €33,231 | €3,114 | -€30,118 | -90.6% |
| Recurring financial charges | 65 | €33,231 | €3,114 | -€30,118 | -90.6% |
| Profit (loss) for the period before taxes | 9903 | -€53,643 | -€3,870 | +€49,772 | +92.8% |
| Profit (loss) for the period | 9904 | -€53,643 | -€3,870 | +€49,772 | +92.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,643 | -€3,870 | +€49,772 | +92.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.