VCT Construct: 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 Construct
Largest movements
- Cash -€37,198
down €37,198 (-55.2%), from €67,423 to €30,225
mainly Contributions, distributions and other (-€120,000) and Debts after one year (-€100,000)
- Tangible fixed assets -€14,323
down €14,323 (-87.1%), from €16,447 to €2,125
of which Furniture and vehicles: -€14,323
- Other debts +€117,356
up €117,356 (+1283.2%), from €9,145 to €126,502
- Debts after one year -€100,000
down €100,000 (-48.0%), from €208,450 to €108,450
- Reserves -€75,399
down €75,399 (-41.2%), from €183,161 to €107,762
- Tax, wage and social debts +€5,020
up €5,020 (+50.3%), from €9,978 to €14,997
- Financial income -€48,222
down €48,222 (-71.4%), from €67,500 to €19,278
- Gross operating margin -€8,143
down €8,143 (-10.5%), from €77,304 to €69,161
- Taxes +€2,449
up €2,449 (+15.9%), from €15,450 to €17,899
- Depreciation -€1,089
down €1,089 (-7.9%), from €13,696 to €12,607
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 | €459,447 | €408,931 | -€50,515 | -11.0% |
| Fixed assets | 21/28 | €380,587 | €366,265 | -€14,323 | -3.8% |
| Tangible fixed assets | 22/27 | €16,447 | €2,125 | -€14,323 | -87.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €16,447 | €2,125 | -€14,323 | -87.1% |
| Financial fixed assets | 28 | €364,140 | €364,140 | = | 0.0% |
| Current assets | 29/58 | €78,859 | €42,666 | -€36,193 | -45.9% |
| Amounts receivable within one year | 40/41 | €10,588 | €11,502 | +€915 | +8.6% |
| Trade receivables | 40 | €10,588 | €9,697 | -€890 | -8.4% |
| Other amounts receivable | 41 | - | €1,805 | +€1,805 | |
| Cash at bank and in hand | 54/58 | €67,423 | €30,225 | -€37,198 | -55.2% |
| Deferred charges and accrued income | 490/1 | €849 | €939 | +€90 | +10.6% |
| Total equity and liabilities | 10/49 | €459,447 | €408,931 | -€50,515 | -11.0% |
| Equity | 10/15 | €201,761 | €126,362 | -€75,399 | -37.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,161 | €107,762 | -€75,399 | -41.2% |
| Distributable reserves | 133 | €183,161 | €107,762 | -€75,399 | -41.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €257,685 | €282,569 | +€24,884 | +9.7% |
| Amounts payable after more than one year | 17 | €208,450 | €108,450 | -€100,000 | -48.0% |
| Financial debts | 170/4 | €208,450 | €108,450 | -€100,000 | -48.0% |
| Amounts payable within one year | 42/48 | €47,313 | €168,705 | +€121,392 | +256.6% |
| Current portion of amounts payable after more than one year | 42 | €25,690 | €25,690 | = | 0.0% |
| Trade debts | 44 | €2,500 | €1,516 | -€984 | -39.4% |
| Suppliers | 440/4 | €2,500 | €1,516 | -€984 | -39.4% |
| Taxes, remuneration and social security | 45 | €9,978 | €14,997 | +€5,020 | +50.3% |
| Taxes | 450/3 | €9,978 | €14,997 | +€5,020 | +50.3% |
| Other amounts payable | 47/48 | €9,145 | €126,502 | +€117,356 | +1283.2% |
| Accrued charges and deferred income | 492/3 | €1,922 | €5,414 | +€3,491 | +181.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,696 | €12,607 | -€1,089 | -7.9% |
| Other operating charges | 640/8 | €1,979 | €1,682 | -€297 | -15.0% |
| Non-recurring operating charges | 66A | - | €1,715 | +€1,715 | |
| Gross operating margin | 9900 | €77,304 | €69,161 | -€8,143 | -10.5% |
| Operating profit (loss) | 9901 | €61,629 | €53,157 | -€8,472 | -13.7% |
| Financial income | 75/76B | €67,500 | €19,278 | -€48,222 | -71.4% |
| Recurring financial income | 75 | €67,500 | €19,278 | -€48,222 | -71.4% |
| Financial charges | 65/66B | €9,348 | €9,935 | +€587 | +6.3% |
| Recurring financial charges | 65 | €9,348 | €9,935 | +€587 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €119,781 | €62,500 | -€57,281 | -47.8% |
| Income taxes | 67/77 | €15,450 | €17,899 | +€2,449 | +15.9% |
| Profit (loss) for the period | 9904 | €104,331 | €44,601 | -€59,730 | -57.3% |
| Profit (loss) for the period to be appropriated | 9905 | €104,331 | €44,601 | -€59,730 | -57.3% |
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.