VCE2: 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.
VCE2
Largest movements
- Receivables within one year -€219,025
down €219,025 (-40.9%), from €535,636 to €316,611
of which Trade receivables: -€246,373
- Tangible fixed assets -€13,798
down €13,798 (-5.6%), from €245,151 to €231,353
of which Land and buildings: -€12,003
- Other debts -€195,035
no longer reported in 2025 (was €195,035)
- Trade debts -€38,430
down €38,430 (-15.8%), from €243,451 to €205,021
- Profit (loss) carried forward +€19,729
up €19,729, from -€11,386 to €8,343
- Tax, wage and social debts +€19,128
up €19,128 (+15.6%), from €122,248 to €141,376
of which Taxes: +€17,538
- Advances received -€15,526
no longer reported in 2025 (was €15,526)
- Staff costs -€27,469
down €27,469 (-59.1%), from €46,516 to €19,047
- Financial charges +€18,085
up €18,085 (+576.8%), from €3,135 to €21,221
- Gross operating margin -€1,378
down €1,378 (-1.7%), from €81,921 to €80,544
- Taxes +€1,367
up €1,367 (+27.1%), from €5,043 to €6,410
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 | €781,474 | €554,562 | -€226,912 | -29.0% |
| Fixed assets | 21/28 | €245,151 | €231,353 | -€13,798 | -5.6% |
| Tangible fixed assets | 22/27 | €245,151 | €231,353 | -€13,798 | -5.6% |
| Land and buildings | 22 | €242,518 | €230,516 | -€12,003 | -4.9% |
| Plant, machinery and equipment | 23 | €946 | €685 | -€260 | -27.5% |
| Furniture and vehicles | 24 | €1,687 | €152 | -€1,535 | -91.0% |
| Current assets | 29/58 | €536,323 | €323,209 | -€213,114 | -39.7% |
| Amounts receivable within one year | 40/41 | €535,636 | €316,611 | -€219,025 | -40.9% |
| Trade receivables | 40 | €533,827 | €287,454 | -€246,373 | -46.2% |
| Other amounts receivable | 41 | €1,809 | €29,157 | +€27,348 | +1511.8% |
| Cash at bank and in hand | 54/58 | €495 | €2,957 | +€2,462 | +497.0% |
| Deferred charges and accrued income | 490/1 | €192 | €3,641 | +€3,449 | +1794.7% |
| Total equity and liabilities | 10/49 | €781,474 | €554,562 | -€226,912 | -29.0% |
| Equity | 10/15 | €93,016 | €112,745 | +€19,729 | +21.2% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Reserves | 13 | €86,202 | €86,202 | = | 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% |
| Tax-exempt reserves | 132 | €4,760 | €4,760 | = | 0.0% |
| Distributable reserves | 133 | €79,582 | €79,582 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,386 | €8,343 | +€19,729 | |
| Amounts payable | 17/49 | €688,458 | €441,817 | -€246,641 | -35.8% |
| Amounts payable after more than one year | 17 | €35,870 | €26,008 | -€9,862 | -27.5% |
| Financial debts | 170/4 | €35,870 | €26,008 | -€9,862 | -27.5% |
| Amounts payable within one year | 42/48 | €652,588 | €415,809 | -€236,779 | -36.3% |
| Current portion of amounts payable after more than one year | 42 | €40,519 | €36,020 | -€4,499 | -11.1% |
| Financial debts | 43 | €35,809 | €33,392 | -€2,417 | -6.7% |
| Credit institutions | 430/8 | €35,809 | €33,392 | -€2,417 | -6.7% |
| Trade debts | 44 | €243,451 | €205,021 | -€38,430 | -15.8% |
| Suppliers | 440/4 | €243,451 | €205,021 | -€38,430 | -15.8% |
| Advances received on contracts in progress | 46 | €15,526 | - | -€15,526 | |
| Taxes, remuneration and social security | 45 | €122,248 | €141,376 | +€19,128 | +15.6% |
| Taxes | 450/3 | €88,100 | €105,638 | +€17,538 | +19.9% |
| Remuneration and social security | 454/9 | €34,148 | €35,738 | +€1,590 | +4.7% |
| Other amounts payable | 47/48 | €195,035 | - | -€195,035 | |
| Remuneration, social security and pensions | 62 | €46,516 | €19,047 | -€27,469 | -59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,204 | €13,798 | -€406 | -2.9% |
| Other operating charges | 640/8 | €279 | €1,033 | +€754 | +270.3% |
| Gross operating margin | 9900 | €81,921 | €80,544 | -€1,378 | -1.7% |
| Operating profit (loss) | 9901 | €20,922 | €46,666 | +€25,743 | +123.0% |
| Financial income | 75/76B | - | €694 | +€694 | |
| Recurring financial income | 75 | - | €694 | +€694 | |
| Financial charges | 65/66B | €3,135 | €21,221 | +€18,085 | +576.8% |
| Recurring financial charges | 65 | €3,135 | €21,221 | +€18,085 | +576.8% |
| Profit (loss) for the period before taxes | 9903 | €17,787 | €26,139 | +€8,352 | +47.0% |
| Income taxes | 67/77 | €5,043 | €6,410 | +€1,367 | +27.1% |
| Profit (loss) for the period | 9904 | €12,743 | €19,729 | +€6,986 | +54.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,743 | €19,729 | +€6,986 | +54.8% |
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 11 October 2026 via checked.be.