VC19: what changed
Two fiscal 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.
VC19
Largest movements
- Current investments +€24,880
up €24,880 (+21.4%), from €116,096 to €140,976
- Cash +€8,091
up €8,091 (+8.8%), from €91,684 to €99,775
mainly Net result for the year (+€40,607) and Other debts (+€39,038)
- Receivables within one year -€3,702
down €3,702 (-22.3%), from €16,619 to €12,917
of which Other amounts receivable: -€2,206
- Other debts +€39,038
up €39,038 (+1478.7%), from €2,640 to €41,678
- Tax, wage and social debts -€9,522
down €9,522 (-55.2%), from €17,254 to €7,732
- Gross operating margin -€22,738
down €22,738 (-30.2%), from €75,356 to €52,618
- Taxes -€6,959
down €6,959 (-34.2%), from €20,372 to €13,413
- Financial income +€3,692
new in 2025: €3,692
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 | €228,136 | €257,722 | +€29,586 | +13.0% |
| Fixed assets | 21/28 | €3,685 | €2,849 | -€836 | -22.7% |
| Tangible fixed assets | 22/27 | €3,685 | €2,849 | -€836 | -22.7% |
| Furniture and vehicles | 24 | €3,685 | €2,849 | -€836 | -22.7% |
| Current assets | 29/58 | €224,451 | €254,873 | +€30,422 | +13.6% |
| Amounts receivable within one year | 40/41 | €16,619 | €12,917 | -€3,702 | -22.3% |
| Trade receivables | 40 | €11,718 | €10,222 | -€1,496 | -12.8% |
| Other amounts receivable | 41 | €4,901 | €2,695 | -€2,206 | -45.0% |
| Current investments | 50/53 | €116,096 | €140,976 | +€24,880 | +21.4% |
| Cash at bank and in hand | 54/58 | €91,684 | €99,775 | +€8,091 | +8.8% |
| Deferred charges and accrued income | 490/1 | €52 | €1,205 | +€1,153 | +2217.3% |
| Total equity and liabilities | 10/49 | €228,136 | €257,722 | +€29,586 | +13.0% |
| Equity | 10/15 | €206,617 | €206,617 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €204,117 | €204,117 | = | 0.0% |
| Distributable reserves | 133 | €204,117 | €204,117 | = | 0.0% |
| Amounts payable | 17/49 | €21,519 | €51,105 | +€29,586 | +137.5% |
| Amounts payable within one year | 42/48 | €21,519 | €50,922 | +€29,403 | +136.6% |
| Trade debts | 44 | €1,625 | €1,512 | -€113 | -7.0% |
| Suppliers | 440/4 | €1,625 | €1,512 | -€113 | -7.0% |
| Taxes, remuneration and social security | 45 | €17,254 | €7,732 | -€9,522 | -55.2% |
| Taxes | 450/3 | €17,254 | €7,732 | -€9,522 | -55.2% |
| Other amounts payable | 47/48 | €2,640 | €41,678 | +€39,038 | +1478.7% |
| Accrued charges and deferred income | 492/3 | - | €183 | +€183 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €971 | €836 | -€135 | -13.9% |
| Other operating charges | 640/8 | €608 | €710 | +€102 | +16.8% |
| Gross operating margin | 9900 | €75,356 | €52,618 | -€22,738 | -30.2% |
| Operating profit (loss) | 9901 | €73,777 | €51,072 | -€22,705 | -30.8% |
| Financial income | 75/76B | - | €3,692 | +€3,692 | |
| Recurring financial income | 75 | - | €3,692 | +€3,692 | |
| Financial charges | 65/66B | €677 | €744 | +€67 | +9.9% |
| Recurring financial charges | 65 | €677 | €744 | +€67 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €73,100 | €54,020 | -€19,080 | -26.1% |
| Income taxes | 67/77 | €20,372 | €13,413 | -€6,959 | -34.2% |
| Profit (loss) for the period | 9904 | €52,728 | €40,607 | -€12,121 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,728 | €40,607 | -€12,121 | -23.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.