VCTech: 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.
VCTech
Largest movements
- Cash +€56,905
up €56,905 (+132.8%), from €42,834 to €99,739
mainly Net result for the year (+€56,049) and Other debts (+€41,176)
- Receivables within one year +€5,197
up €5,197 (+41.6%), from €12,495 to €17,691
of which Other amounts receivable: +€5,096
- Tangible fixed assets -€2,375
down €2,375 (-19.8%), from €11,973 to €9,597
of which Furniture and vehicles: -€2,815
- Reserves +€58,824
up €58,824 (+314.6%), from €18,700 to €77,524
- Profit (loss) carried forward -€43,951
down €43,951 (-97.3%), from €45,188 to €1,236
- Other debts +€41,176
new in 2025: €41,176
- Tax, wage and social debts +€4,693
up €4,693 (+157.8%), from €2,974 to €7,667
- Gross operating margin +€15,104
up €15,104 (+25.3%), from €59,816 to €74,919
- Taxes +€3,718
up €3,718 (+31.1%), from €11,974 to €15,693
- Depreciation +€1,498
up €1,498 (+62.7%), from €2,390 to €3,888
- Other operating charges -€977
no longer reported in 2025 (was €977)
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 | €68,121 | €128,733 | +€60,612 | +89.0% |
| Fixed assets | 21/28 | €12,793 | €10,417 | -€2,375 | -18.6% |
| Tangible fixed assets | 22/27 | €11,973 | €9,597 | -€2,375 | -19.8% |
| Furniture and vehicles | 24 | €10,365 | €7,549 | -€2,815 | -27.2% |
| Other tangible fixed assets | 26 | €1,608 | €2,048 | +€440 | +27.3% |
| Financial fixed assets | 28 | €820 | €820 | = | 0.0% |
| Current assets | 29/58 | €55,329 | €118,316 | +€62,987 | +113.8% |
| Amounts receivable within one year | 40/41 | €12,495 | €17,691 | +€5,197 | +41.6% |
| Trade receivables | 40 | - | €101 | +€101 | |
| Other amounts receivable | 41 | €12,495 | €17,591 | +€5,096 | +40.8% |
| Cash at bank and in hand | 54/58 | €42,834 | €99,739 | +€56,905 | +132.8% |
| Deferred charges and accrued income | 490/1 | - | €886 | +€886 | |
| Total equity and liabilities | 10/49 | €68,121 | €128,733 | +€60,612 | +89.0% |
| Equity | 10/15 | €64,888 | €79,760 | +€14,872 | +22.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €18,700 | €77,524 | +€58,824 | +314.6% |
| Distributable reserves | 133 | €18,700 | €77,524 | +€58,824 | +314.6% |
| Profit (loss) carried forward | 14 | €45,188 | €1,236 | -€43,951 | -97.3% |
| Amounts payable | 17/49 | €3,234 | €48,974 | +€45,740 | +1414.5% |
| Amounts payable within one year | 42/48 | €3,234 | €48,974 | +€45,740 | +1414.5% |
| Trade debts | 44 | €259 | €130 | -€129 | -49.8% |
| Suppliers | 440/4 | €259 | €130 | -€129 | -49.8% |
| Taxes, remuneration and social security | 45 | €2,974 | €7,667 | +€4,693 | +157.8% |
| Taxes | 450/3 | €2,974 | €7,667 | +€4,693 | +157.8% |
| Other amounts payable | 47/48 | - | €41,176 | +€41,176 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,390 | €3,888 | +€1,498 | +62.7% |
| Other operating charges | 640/8 | €977 | - | -€977 | |
| Gross operating margin | 9900 | €59,816 | €74,919 | +€15,104 | +25.3% |
| Operating profit (loss) | 9901 | €56,448 | €71,031 | +€14,583 | +25.8% |
| Financial income | 75/76B | €627 | €781 | +€154 | +24.6% |
| Recurring financial income | 75 | €627 | €781 | +€154 | +24.6% |
| Financial charges | 65/66B | €316 | €71 | -€245 | -77.5% |
| Recurring financial charges | 65 | €316 | €71 | -€245 | -77.5% |
| Profit (loss) for the period before taxes | 9903 | €56,759 | €71,741 | +€14,983 | +26.4% |
| Income taxes | 67/77 | €11,974 | €15,693 | +€3,718 | +31.1% |
| Profit (loss) for the period | 9904 | €44,784 | €56,049 | +€11,265 | +25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,784 | €56,049 | +€11,265 | +25.2% |
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.