VCT: 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.
VCT
Largest movements
- Cash -€39,824
down €39,824 (-45.6%), from €87,384 to €47,560
mainly Investment in fixed assets (net) (-€160,000) and Accrued charges and deferred income (-€49,654)
- Tangible fixed assets +€24,907
up €24,907 (+8.4%), from €297,188 to €322,096
- Trade debts +€49,932
up €49,932 (+173.3%), from €28,819 to €78,752
- Accrued charges and deferred income -€49,654
down €49,654 (-96.9%), from €51,254 to €1,600
- Tax, wage and social debts -€29,719
down €29,719 (-39.0%), from €76,247 to €46,528
of which Remuneration and social security: -€20,155
- Profit (loss) carried forward +€12,198
up €12,198 (+7.7%), from €159,106 to €171,304
- Gross operating margin -€138,259
down €138,259 (-19.2%), from €718,295 to €580,036
- Staff costs -€31,748
down €31,748 (-6.9%), from €460,079 to €428,331
- Taxes -€20,425
down €20,425 (-95.5%), from €21,397 to €972
- Depreciation -€17,779
down €17,779 (-11.6%), from €152,871 to €135,093
- Purchases and services +€15,906
up €15,906 (+1.9%), from €853,296 to €869,202
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 | €538,727 | €521,484 | -€17,243 | -3.2% |
| Fixed assets | 21/28 | €297,438 | €322,346 | +€24,907 | +8.4% |
| Tangible fixed assets | 22/27 | €297,188 | €322,096 | +€24,907 | +8.4% |
| Furniture and vehicles | 24 | €297,188 | €322,096 | +€24,907 | +8.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €241,289 | €199,138 | -€42,151 | -17.5% |
| Amounts receivable within one year | 40/41 | €153,905 | €151,579 | -€2,326 | -1.5% |
| Trade receivables | 40 | €146,405 | €119,070 | -€27,335 | -18.7% |
| Other amounts receivable | 41 | €7,500 | €32,508 | +€25,008 | +333.4% |
| Cash at bank and in hand | 54/58 | €87,384 | €47,560 | -€39,824 | -45.6% |
| Total equity and liabilities | 10/49 | €538,727 | €521,484 | -€17,243 | -3.2% |
| Equity | 10/15 | €382,406 | €394,604 | +€12,198 | +3.2% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €216,300 | €216,300 | = | 0.0% |
| Non-distributable reserves | 130/1 | €700 | €700 | = | 0.0% |
| Reserves not available under the articles | 1311 | €700 | €700 | = | 0.0% |
| Tax-exempt reserves | 132 | €51,100 | €51,100 | = | 0.0% |
| Distributable reserves | 133 | €164,500 | €164,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,106 | €171,304 | +€12,198 | +7.7% |
| Amounts payable | 17/49 | €156,321 | €126,880 | -€29,441 | -18.8% |
| Amounts payable within one year | 42/48 | €105,066 | €125,280 | +€20,213 | +19.2% |
| Trade debts | 44 | €28,819 | €78,752 | +€49,932 | +173.3% |
| Suppliers | 440/4 | €28,819 | €78,752 | +€49,932 | +173.3% |
| Taxes, remuneration and social security | 45 | €76,247 | €46,528 | -€29,719 | -39.0% |
| Taxes | 450/3 | €13,811 | €4,247 | -€9,564 | -69.2% |
| Remuneration and social security | 454/9 | €62,436 | €42,281 | -€20,155 | -32.3% |
| Accrued charges and deferred income | 492/3 | €51,254 | €1,600 | -€49,654 | -96.9% |
| Non-recurring operating income | 76A | - | €5,000 | +€5,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €853,296 | €869,202 | +€15,906 | +1.9% |
| Remuneration, social security and pensions | 62 | €460,079 | €428,331 | -€31,748 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,871 | €135,093 | -€17,779 | -11.6% |
| Other operating charges | 640/8 | €5,357 | €4,840 | -€517 | -9.7% |
| Non-recurring operating charges | 66A | €1,750 | - | -€1,750 | |
| Gross operating margin | 9900 | €718,295 | €580,036 | -€138,259 | -19.2% |
| Operating profit (loss) | 9901 | €98,238 | €11,772 | -€86,465 | -88.0% |
| Financial income | 75/76B | - | €1,495 | +€1,495 | |
| Recurring financial income | 75 | - | €1,495 | +€1,495 | |
| Financial charges | 65/66B | €316 | €97 | -€219 | -69.2% |
| Recurring financial charges | 65 | €316 | €97 | -€219 | -69.2% |
| Profit (loss) for the period before taxes | 9903 | €97,922 | €13,170 | -€84,752 | -86.6% |
| Income taxes | 67/77 | €21,397 | €972 | -€20,425 | -95.5% |
| Profit (loss) for the period | 9904 | €76,525 | €12,198 | -€64,327 | -84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,525 | €12,198 | -€64,327 | -84.1% |
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 12 October 2026 via checked.be.