VCAR ENGINEERING: 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.
VCAR ENGINEERING
Largest movements
- Cash +€207,669
up €207,669 (+93.7%), from €221,696 to €429,365
mainly Net result for the year (+€219,595) and Other debts (+€22,241)
- Profit (loss) carried forward +€219,595
up €219,595 (+27.6%), from €795,303 to €1.0m
- Debts after one year -€46,605
down €46,605 (-13.6%), from €343,668 to €297,064
of which Financial debts: -€46,605
- Other debts +€22,241
up €22,241 (+30.5%), from €73,009 to €95,250
- Gross operating margin +€10,468
up €10,468 (+3.3%), from €314,659 to €325,126
- Depreciation -€5,889
down €5,889 (-52.8%), from €11,153 to €5,264
- Write-downs +€3,800
new in 2025: €3,800
- Taxes +€3,260
up €3,260 (+4.6%), from €70,330 to €73,590
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 | €1,303,885 | €1,501,037 | +€197,152 | +15.1% |
| Fixed assets | 21/28 | €976,838 | €971,573 | -€5,264 | -0.5% |
| Tangible fixed assets | 22/27 | €5,553 | €288 | -€5,264 | -94.8% |
| Plant, machinery and equipment | 23 | €665 | €288 | -€377 | -56.7% |
| Furniture and vehicles | 24 | €4,887 | €0 | -€4,887 | -100.0% |
| Financial fixed assets | 28 | €971,285 | €971,285 | = | 0.0% |
| Current assets | 29/58 | €327,047 | €529,464 | +€202,416 | +61.9% |
| Stocks and contracts in progress | 3 | €38,950 | €35,150 | -€3,800 | -9.8% |
| Stocks | 30/36 | €38,950 | €35,150 | -€3,800 | -9.8% |
| Amounts receivable within one year | 40/41 | €46,323 | €48,503 | +€2,180 | +4.7% |
| Trade receivables | 40 | €39,654 | €40,423 | +€770 | +1.9% |
| Other amounts receivable | 41 | €6,669 | €8,079 | +€1,410 | +21.1% |
| Cash at bank and in hand | 54/58 | €221,696 | €429,365 | +€207,669 | +93.7% |
| Deferred charges and accrued income | 490/1 | €20,078 | €16,446 | -€3,632 | -18.1% |
| Total equity and liabilities | 10/49 | €1,303,885 | €1,501,037 | +€197,152 | +15.1% |
| Equity | 10/15 | €815,763 | €1,035,358 | +€219,595 | +26.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €795,303 | €1,014,898 | +€219,595 | +27.6% |
| Amounts payable | 17/49 | €488,121 | €465,678 | -€22,443 | -4.6% |
| Amounts payable after more than one year | 17 | €343,668 | €297,064 | -€46,605 | -13.6% |
| Financial debts | 170/4 | €193,668 | €147,064 | -€46,605 | -24.1% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €144,453 | €168,615 | +€24,162 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €44,778 | €46,605 | +€1,827 | +4.1% |
| Trade debts | 44 | €1,242 | €1,031 | -€211 | -17.0% |
| Suppliers | 440/4 | €1,242 | €1,031 | -€211 | -17.0% |
| Taxes, remuneration and social security | 45 | €25,424 | €25,728 | +€304 | +1.2% |
| Taxes | 450/3 | €25,424 | €25,728 | +€304 | +1.2% |
| Other amounts payable | 47/48 | €73,009 | €95,250 | +€22,241 | +30.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,153 | €5,264 | -€5,889 | -52.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,800 | +€3,800 | |
| Other operating charges | 640/8 | €430 | €448 | +€17 | +4.0% |
| Gross operating margin | 9900 | €314,659 | €325,126 | +€10,468 | +3.3% |
| Operating profit (loss) | 9901 | €303,075 | €315,614 | +€12,539 | +4.1% |
| Financial income | 75/76B | €1 | €3,129 | +€3,128 | +225031.7% |
| Recurring financial income | 75 | €1 | €3,129 | +€3,128 | +225031.7% |
| Financial charges | 65/66B | €27,703 | €25,559 | -€2,144 | -7.7% |
| Recurring financial charges | 65 | €27,703 | €25,559 | -€2,144 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | €275,373 | €293,185 | +€17,811 | +6.5% |
| Income taxes | 67/77 | €70,330 | €73,590 | +€3,260 | +4.6% |
| Profit (loss) for the period | 9904 | €205,044 | €219,595 | +€14,551 | +7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €205,044 | €219,595 | +€14,551 | +7.1% |
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 2 October 2026 via checked.be.