VCO Management: 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.
VCO Management
Largest movements
- Receivables within one year -€121,620
down €121,620 (-64.4%), from €188,785 to €67,165
of which Other amounts receivable: -€76,836
- Cash +€37,832
up €37,832 (+405%), from €9,350 to €47,182
mainly Receivables within one year (+€121,620) and Net result for the year (+€109,122)
- Tangible fixed assets -€2,774
down €2,774 (-19.3%), from €14,348 to €11,574
of which Furniture and vehicles: -€1,767
- Current portion of long-term debt -€76,266
no longer reported in 2025 (was €76,266)
- Other debts -€10,217
down €10,217 (-8.8%), from €116,591 to €106,375
- Tax, wage and social debts -€4,125
down €4,125 (-31.1%), from €13,252 to €9,126
of which Taxes: -€3,645
- Reserves +€4,122
new in 2025: €4,122
- Gross operating margin -€8,941
down €8,941 (-5.8%), from €153,743 to €144,801
- Taxes -€1,883
down €1,883 (-5.6%), from €33,777 to €31,894
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 | €212,605 | €126,127 | -€86,478 | -40.7% |
| Fixed assets | 21/28 | €14,348 | €11,574 | -€2,774 | -19.3% |
| Tangible fixed assets | 22/27 | €14,348 | €11,574 | -€2,774 | -19.3% |
| Furniture and vehicles | 24 | €7,571 | €5,804 | -€1,767 | -23.3% |
| Other tangible fixed assets | 26 | €6,777 | €5,770 | -€1,006 | -14.9% |
| Current assets | 29/58 | €198,257 | €114,553 | -€83,704 | -42.2% |
| Amounts receivable within one year | 40/41 | €188,785 | €67,165 | -€121,620 | -64.4% |
| Trade receivables | 40 | €103,843 | €59,059 | -€44,784 | -43.1% |
| Other amounts receivable | 41 | €84,942 | €8,106 | -€76,836 | -90.5% |
| Cash at bank and in hand | 54/58 | €9,350 | €47,182 | +€37,832 | +405% |
| Deferred charges and accrued income | 490/1 | €122 | €206 | +€84 | +68.4% |
| Total equity and liabilities | 10/49 | €212,605 | €126,127 | -€86,478 | -40.7% |
| Equity | 10/15 | €6,000 | €10,122 | +€4,122 | +68.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | - | €4,122 | +€4,122 | |
| Distributable reserves | 133 | - | €4,122 | +€4,122 | |
| Amounts payable | 17/49 | €206,605 | €116,006 | -€90,599 | -43.9% |
| Amounts payable within one year | 42/48 | €206,605 | €116,006 | -€90,599 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €76,266 | - | -€76,266 | |
| Financial debts | 43 | - | €52 | +€52 | |
| Credit institutions | 430/8 | - | €52 | +€52 | |
| Trade debts | 44 | €496 | €453 | -€44 | -8.8% |
| Suppliers | 440/4 | €496 | €453 | -€44 | -8.8% |
| Taxes, remuneration and social security | 45 | €13,252 | €9,126 | -€4,125 | -31.1% |
| Taxes | 450/3 | €12,772 | €9,126 | -€3,645 | -28.5% |
| Remuneration and social security | 454/9 | €480 | - | -€480 | |
| Other amounts payable | 47/48 | €116,591 | €106,375 | -€10,217 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,868 | €2,774 | -€94 | -3.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €153,743 | €144,801 | -€8,941 | -5.8% |
| Operating profit (loss) | 9901 | €150,487 | €141,628 | -€8,859 | -5.9% |
| Financial charges | 65/66B | €118 | €613 | +€494 | +417% |
| Recurring financial charges | 65 | €118 | €613 | +€494 | +417% |
| Profit (loss) for the period before taxes | 9903 | €150,369 | €141,016 | -€9,353 | -6.2% |
| Income taxes | 67/77 | €33,777 | €31,894 | -€1,883 | -5.6% |
| Profit (loss) for the period | 9904 | €116,591 | €109,122 | -€7,470 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €116,591 | €109,122 | -€7,470 | -6.4% |
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.