VC TECHNICS: 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 TECHNICS
Largest movements
- Receivables within one year +€18,769
up €18,769 (+67.6%), from €27,764 to €46,533
of which Trade receivables: +€23,960
- Tangible fixed assets -€13,833
down €13,833 (-21.7%), from €63,824 to €49,991
- Cash -€5,484
down €5,484 (-47.8%), from €11,474 to €5,990
mainly Receivables within one year (-€18,769) and Trade debts (-€9,601)
- Deferred charges and accrued income -€2,745
down €2,745 (-28.4%), from €9,662 to €6,917
- Trade debts -€9,601
down €9,601 (-31.9%), from €30,092 to €20,491
- Reserves +€8,170
up €8,170 (+16.5%), from €49,410 to €57,579
- Debts after one year -€5,547
down €5,547 (-23.4%), from €23,690 to €18,143
- Tax, wage and social debts +€4,008
up €4,008 (+184%), from €2,175 to €6,183
- Gross operating margin +€9,747
up €9,747 (+52.5%), from €18,564 to €28,311
- Taxes +€2,953
up €2,953 (+1,120%), from €264 to €3,217
- Financial charges -€365
down €365 (-15.2%), from €2,410 to €2,045
- Financial income -€352
down €352 (-99.2%), from €355 to €3
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 | €112,724 | €109,431 | -€3,293 | -2.9% |
| Fixed assets | 21/28 | €63,824 | €49,991 | -€13,833 | -21.7% |
| Tangible fixed assets | 22/27 | €63,824 | €49,991 | -€13,833 | -21.7% |
| Land and buildings | 22 | €40,000 | €35,500 | -€4,500 | -11.3% |
| Plant, machinery and equipment | 23 | €5,921 | €2,833 | -€3,088 | -52.2% |
| Furniture and vehicles | 24 | €8,588 | €5,330 | -€3,258 | -37.9% |
| Leasing and similar rights | 25 | €9,315 | €6,327 | -€2,988 | -32.1% |
| Current assets | 29/58 | €48,900 | €59,440 | +€10,541 | +21.6% |
| Amounts receivable within one year | 40/41 | €27,764 | €46,533 | +€18,769 | +67.6% |
| Trade receivables | 40 | €20,787 | €44,747 | +€23,960 | +115% |
| Other amounts receivable | 41 | €6,977 | €1,786 | -€5,190 | -74.4% |
| Cash at bank and in hand | 54/58 | €11,474 | €5,990 | -€5,484 | -47.8% |
| Deferred charges and accrued income | 490/1 | €9,662 | €6,917 | -€2,745 | -28.4% |
| Total equity and liabilities | 10/49 | €112,724 | €109,431 | -€3,293 | -2.9% |
| Equity | 10/15 | €50,410 | €58,579 | +€8,170 | +16.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €49,410 | €57,579 | +€8,170 | +16.5% |
| Distributable reserves | 133 | €49,410 | €57,579 | +€8,170 | +16.5% |
| Amounts payable | 17/49 | €62,314 | €50,851 | -€11,463 | -18.4% |
| Amounts payable after more than one year | 17 | €23,690 | €18,143 | -€5,547 | -23.4% |
| Financial debts | 170/4 | €23,690 | €18,143 | -€5,547 | -23.4% |
| Amounts payable within one year | 42/48 | €38,624 | €32,708 | -€5,916 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €5,773 | €5,547 | -€227 | -3.9% |
| Trade debts | 44 | €30,092 | €20,491 | -€9,601 | -31.9% |
| Suppliers | 440/4 | €30,092 | €20,491 | -€9,601 | -31.9% |
| Taxes, remuneration and social security | 45 | €2,175 | €6,183 | +€4,008 | +184% |
| Taxes | 450/3 | €2,175 | €6,183 | +€4,008 | +184% |
| Other amounts payable | 47/48 | €584 | €488 | -€97 | -16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,833 | €13,833 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,273 | €1,049 | -€224 | -17.6% |
| Gross operating margin | 9900 | €18,564 | €28,311 | +€9,747 | +52.5% |
| Operating profit (loss) | 9901 | €3,457 | €13,429 | +€9,971 | +288% |
| Financial income | 75/76B | €355 | €3 | -€352 | -99.2% |
| Recurring financial income | 75 | €355 | €3 | -€352 | -99.2% |
| Financial charges | 65/66B | €2,410 | €2,045 | -€365 | -15.2% |
| Recurring financial charges | 65 | €2,410 | €2,045 | -€365 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €1,402 | €11,387 | +€9,985 | +712% |
| Income taxes | 67/77 | €264 | €3,217 | +€2,953 | +1,120% |
| Profit (loss) for the period | 9904 | €1,139 | €8,170 | +€7,031 | +618% |
| Profit (loss) for the period to be appropriated | 9905 | €1,139 | €8,170 | +€7,031 | +618% |
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 14 October 2026 via checked.be.