VCTO: 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.
VCTO
Largest movements
- Receivables within one year -€14,238
down €14,238 (-38.6%), from €36,875 to €22,637
of which Trade receivables: -€14,912
- Tangible fixed assets -€2,044
down €2,044 (-41.0%), from €4,980 to €2,936
of which Plant, machinery and equipment: -€1,782
- Stocks and contracts -€581
down €581 (-12.4%), from €4,699 to €4,118
- Short-term financial debts -€16,542
down €16,542 (-45.1%), from €36,711 to €20,168
- Trade debts -€11,292
down €11,292 (-28.0%), from €40,356 to €29,063
- Profit (loss) carried forward +€8,641
up €8,641 (+16.1%), from -€53,627 to -€44,986
- Tax, wage and social debts +€2,350
up €2,350 (+66.3%), from €3,546 to €5,896
of which Taxes: +€2,350
- Gross operating margin +€34,945
up €34,945, from -€18,163 to €16,782
- Other operating charges -€4,112
down €4,112 (-79.1%), from €5,199 to €1,087
- Financial charges +€606
up €606 (+14.6%), from €4,163 to €4,769
- Financial income +€373
up €373 (+93.2%), from €400 to €772
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €47,446 | €30,602 | -€16,844 | -35.5% |
| Fixed assets | 21/28 | €4,980 | €2,936 | -€2,044 | -41.0% |
| Tangible fixed assets | 22/27 | €4,980 | €2,936 | -€2,044 | -41.0% |
| Plant, machinery and equipment | 23 | €3,501 | €1,719 | -€1,782 | -50.9% |
| Furniture and vehicles | 24 | €1,479 | €1,217 | -€262 | -17.7% |
| Current assets | 29/58 | €42,466 | €27,666 | -€14,800 | -34.9% |
| Stocks and contracts in progress | 3 | €4,699 | €4,118 | -€581 | -12.4% |
| Stocks | 30/36 | €4,699 | €4,118 | -€581 | -12.4% |
| Amounts receivable within one year | 40/41 | €36,875 | €22,637 | -€14,238 | -38.6% |
| Trade receivables | 40 | €23,893 | €8,980 | -€14,912 | -62.4% |
| Other amounts receivable | 41 | €12,983 | €13,657 | +€674 | +5.2% |
| Deferred charges and accrued income | 490/1 | €892 | €911 | +€19 | +2.2% |
| Total equity and liabilities | 10/49 | €47,446 | €30,602 | -€16,844 | -35.5% |
| Equity | 10/15 | -€33,167 | -€24,526 | +€8,641 | +26.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,627 | -€44,986 | +€8,641 | +16.1% |
| Amounts payable | 17/49 | €80,613 | €55,128 | -€25,485 | -31.6% |
| Amounts payable within one year | 42/48 | €80,613 | €55,128 | -€25,485 | -31.6% |
| Financial debts | 43 | €36,711 | €20,168 | -€16,542 | -45.1% |
| Credit institutions | 430/8 | €36,711 | €20,168 | -€16,542 | -45.1% |
| Trade debts | 44 | €40,356 | €29,063 | -€11,292 | -28.0% |
| Suppliers | 440/4 | €40,356 | €29,063 | -€11,292 | -28.0% |
| Taxes, remuneration and social security | 45 | €3,546 | €5,896 | +€2,350 | +66.3% |
| Taxes | 450/3 | €1,246 | €3,596 | +€2,350 | +188.6% |
| Remuneration and social security | 454/9 | €2,300 | €2,300 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,824 | €2,810 | -€15 | -0.5% |
| Other operating charges | 640/8 | €5,199 | €1,087 | -€4,112 | -79.1% |
| Non-recurring operating charges | 66A | €158 | - | -€158 | |
| Gross operating margin | 9900 | -€18,163 | €16,782 | +€34,945 | |
| Operating profit (loss) | 9901 | -€26,344 | €12,886 | +€39,229 | |
| Financial income | 75/76B | €400 | €772 | +€373 | +93.2% |
| Recurring financial income | 75 | €400 | €772 | +€373 | +93.2% |
| Financial charges | 65/66B | €4,163 | €4,769 | +€606 | +14.6% |
| Recurring financial charges | 65 | €4,163 | €4,769 | +€606 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | -€30,108 | €8,888 | +€38,996 | |
| Income taxes | 67/77 | €241 | €247 | +€7 | +2.8% |
| Profit (loss) for the period | 9904 | -€30,348 | €8,641 | +€38,989 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,348 | €8,641 | +€38,989 |
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 9 October 2026 via checked.be.