VCsyndic: 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.
VCsyndic
Largest movements
- Current investments +€300,000
up €300,000, from €0 to €300,000
- Receivables within one year +€55,881
up €55,881 (+41.4%), from €135,106 to €190,986
of which Trade receivables: +€36,035
- Cash -€10,823
down €10,823 (-3.3%), from €329,381 to €318,558
mainly Current investments (-€300,000) and Receivables within one year (-€55,881)
- Reserves +€152,927
up €152,927 (+471.3%), from €32,446 to €185,373
- Profit (loss) carried forward +€101,298
up €101,298 (+35.4%), from €286,282 to €387,580
- Accrued charges and deferred income +€70,734
new in 2025: €70,734
- Trade debts -€41,348
down €41,348 (-88.5%), from €46,729 to €5,381
- Tax, wage and social debts +€20,442
up €20,442 (+67.6%), from €30,245 to €50,687
of which Remuneration and social security: +€18,919
- Staff costs +€164,015
up €164,015 (+63.0%), from €260,186 to €424,202
- Gross operating margin +€108,283
up €108,283 (+20.6%), from €525,317 to €633,600
- Taxes -€19,852
down €19,852 (-35.0%), from €56,652 to €36,800
- Other operating charges +€9,569
up €9,569 (+65.5%), from €14,615 to €24,184
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 | €471,495 | €815,613 | +€344,118 | +73.0% |
| Fixed assets | 21/28 | €6,410 | €4,805 | -€1,605 | -25.0% |
| Tangible fixed assets | 22/27 | €6,285 | €4,680 | -€1,605 | -25.5% |
| Furniture and vehicles | 24 | €6,285 | €4,680 | -€1,605 | -25.5% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €465,085 | €810,808 | +€345,723 | +74.3% |
| Amounts receivable within one year | 40/41 | €135,106 | €190,986 | +€55,881 | +41.4% |
| Trade receivables | 40 | €85,389 | €121,424 | +€36,035 | +42.2% |
| Other amounts receivable | 41 | €49,717 | €69,562 | +€19,846 | +39.9% |
| Current investments | 50/53 | €0 | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €329,381 | €318,558 | -€10,823 | -3.3% |
| Deferred charges and accrued income | 490/1 | €599 | €1,264 | +€665 | +111.1% |
| Total equity and liabilities | 10/49 | €471,495 | €815,613 | +€344,118 | +73.0% |
| Equity | 10/15 | €337,477 | €610,303 | +€272,825 | +80.8% |
| Contributions | 10/11 | €18,750 | €37,350 | +€18,600 | +99.2% |
| Reserves | 13 | €32,446 | €185,373 | +€152,927 | +471.3% |
| Distributable reserves | 133 | €32,446 | €185,373 | +€152,927 | +471.3% |
| Profit (loss) carried forward | 14 | €286,282 | €387,580 | +€101,298 | +35.4% |
| Amounts payable | 17/49 | €134,018 | €205,310 | +€71,292 | +53.2% |
| Amounts payable after more than one year | 17 | €0 | €205 | +€205 | |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | - | €205 | +€205 | |
| Amounts payable within one year | 42/48 | €134,018 | €134,371 | +€354 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €3,402 | €0 | -€3,402 | -100.0% |
| Financial debts | 43 | €23,642 | €23,723 | +€81 | +0.3% |
| Credit institutions | 430/8 | €23,642 | €23,723 | +€81 | +0.3% |
| Trade debts | 44 | €46,729 | €5,381 | -€41,348 | -88.5% |
| Suppliers | 440/4 | €46,729 | €5,381 | -€41,348 | -88.5% |
| Advances received on contracts in progress | 46 | - | €14,580 | +€14,580 | |
| Taxes, remuneration and social security | 45 | €30,245 | €50,687 | +€20,442 | +67.6% |
| Taxes | 450/3 | €0 | €1,523 | +€1,523 | |
| Remuneration and social security | 454/9 | €30,245 | €49,164 | +€18,919 | +62.6% |
| Other amounts payable | 47/48 | €30,000 | €40,000 | +€10,000 | +33.3% |
| Accrued charges and deferred income | 492/3 | - | €70,734 | +€70,734 | |
| Non-recurring operating income | 76A | €0 | €620 | +€620 | |
| Remuneration, social security and pensions | 62 | €260,186 | €424,202 | +€164,015 | +63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,539 | €4,296 | -€2,244 | -34.3% |
| Other operating charges | 640/8 | €14,615 | €24,184 | +€9,569 | +65.5% |
| Non-recurring operating charges | 66A | - | €389 | +€389 | |
| Gross operating margin | 9900 | €525,317 | €633,600 | +€108,283 | +20.6% |
| Operating profit (loss) | 9901 | €243,977 | €180,529 | -€63,447 | -26.0% |
| Financial income | 75/76B | €6,919 | €2,498 | -€4,421 | -63.9% |
| Recurring financial income | 75 | €6,919 | €2,498 | -€4,421 | -63.9% |
| Financial charges | 65/66B | €4,568 | €4,928 | +€360 | +7.9% |
| Recurring financial charges | 65 | €4,568 | €4,928 | +€360 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €246,327 | €178,099 | -€68,228 | -27.7% |
| Income taxes | 67/77 | €56,652 | €36,800 | -€19,852 | -35.0% |
| Profit (loss) for the period | 9904 | €189,675 | €141,298 | -€48,377 | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €189,675 | €141,298 | -€48,377 | -25.5% |
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.