VCENERGY: 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.
VCENERGY
Largest movements
- Tangible fixed assets -€2.1m
down €2.1m (-73.1%), from €2.8m to €764,646
of which Land and buildings: -€1.6m
- Receivables within one year -€87,731
down €87,731 (-86.6%), from €101,272 to €13,541
of which Trade receivables: -€81,716
- Other debts -€2.0m
down €2.0m (-23.4%), from €8.4m to €6.4m
- Profit (loss) carried forward -€249,476
down €249,476 (-3.5%), from -€7.1m to -€7.3m
- Accrued charges and deferred income +€60,006
new in 2025: €60,006
- Depreciation -€732,910
down €732,910 (-59.4%), from €1.2m to €501,800
- Gross operating margin +€305,413
up €305,413 (+668.9%), from €45,660 to €351,073
- Other operating charges -€110,488
down €110,488 (-86.7%), from €127,415 to €16,926
- Financial income -€85,531
down €85,531 (-100.0%), from €85,531 to €0
- Financial charges +€80,550
up €80,550 (+6327.5%), from €1,273 to €81,823
of which Non-recurring financial charges: +€80,771
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 | €2,949,085 | €779,408 | -€2.2m | -73.6% |
| Fixed assets | 21/28 | €2,847,582 | €764,646 | -€2.1m | -73.1% |
| Tangible fixed assets | 22/27 | €2,847,580 | €764,646 | -€2.1m | -73.1% |
| Land and buildings | 22 | €1,566,747 | €0 | -€1.6m | -100.0% |
| Plant, machinery and equipment | 23 | €1,276,895 | €763,279 | -€513,616 | -40.2% |
| Furniture and vehicles | 24 | €3,938 | €1,367 | -€2,571 | -65.3% |
| Financial fixed assets | 28 | €2 | €0 | -€2 | -100.0% |
| Current assets | 29/58 | €101,504 | €14,762 | -€86,742 | -85.5% |
| Amounts receivable within one year | 40/41 | €101,272 | €13,541 | -€87,731 | -86.6% |
| Trade receivables | 40 | €94,947 | €13,231 | -€81,716 | -86.1% |
| Other amounts receivable | 41 | €6,325 | €309 | -€6,015 | -95.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €232 | €318 | +€86 | +37.2% |
| Deferred charges and accrued income | 490/1 | €0 | €903 | +€903 | |
| Total equity and liabilities | 10/49 | €2,949,085 | €779,408 | -€2.2m | -73.6% |
| Equity | 10/15 | -€6,415,287 | -€6,664,763 | -€249,476 | -3.9% |
| Contributions | 10/11 | €660,000 | €660,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,075,287 | -€7,324,763 | -€249,476 | -3.5% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €9,364,372 | €7,444,171 | -€1.9m | -20.5% |
| Amounts payable after more than one year | 17 | €945,000 | €945,000 | = | 0.0% |
| Financial debts | 170/4 | €945,000 | €945,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,419,372 | €6,439,165 | -€2.0m | -23.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €37,434 | €20,161 | -€17,274 | -46.1% |
| Suppliers | 440/4 | €37,434 | €20,161 | -€17,274 | -46.1% |
| Taxes, remuneration and social security | 45 | €0 | €1,578 | +€1,578 | |
| Taxes | 450/3 | €0 | €1,578 | +€1,578 | |
| Other amounts payable | 47/48 | €8,381,938 | €6,417,427 | -€2.0m | -23.4% |
| Accrued charges and deferred income | 492/3 | - | €60,006 | +€60,006 | |
| Non-recurring operating income | 76A | €0 | €320,735 | +€320,735 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,234,710 | €501,800 | -€732,910 | -59.4% |
| Other operating charges | 640/8 | €127,415 | €16,926 | -€110,488 | -86.7% |
| Non-recurring operating charges | 66A | €6,629 | €0 | -€6,629 | -100.0% |
| Gross operating margin | 9900 | €45,660 | €351,073 | +€305,413 | +668.9% |
| Operating profit (loss) | 9901 | -€1,323,093 | -€167,653 | +€1.2m | +87.3% |
| Financial income | 75/76B | €85,531 | €0 | -€85,531 | -100.0% |
| Recurring financial income | 75 | €85,531 | €0 | -€85,531 | -100.0% |
| Financial charges | 65/66B | €1,273 | €81,823 | +€80,550 | +6327.5% |
| Recurring financial charges | 65 | €1,273 | €1,053 | -€220 | -17.3% |
| Non-recurring financial charges | 66B | - | €80,771 | +€80,771 | |
| Profit (loss) for the period before taxes | 9903 | -€1,238,835 | -€249,476 | +€989,359 | +79.9% |
| Profit (loss) for the period | 9904 | -€1,238,835 | -€249,476 | +€989,359 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,238,835 | -€249,476 | +€989,359 | +79.9% |
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 8 October 2026 via checked.be.