VCTR: 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.
VCTR
Largest movements
- Receivables within one year +€156,284
up €156,284 (+34.6%), from €451,060 to €607,343
of which Trade receivables: +€162,188
- Current investments -€63,991
down €63,991 (-27.7%), from €230,628 to €166,637
- Cash -€55,686
down €55,686 (-35.1%), from €158,560 to €102,874
mainly Receivables within one year (-€156,284) and Deferred charges and accrued income (-€9,214)
- Deferred charges and accrued income +€9,214
up €9,214 (+112.4%), from €8,197 to €17,410
- Tax, wage and social debts +€33,877
up €33,877 (+106.3%), from €31,867 to €65,744
of which Taxes: +€28,055
- Reserves +€12,664
up €12,664 (+1.9%), from €678,842 to €691,506
of which Distributable reserves: +€14,524
- Other operating charges +€217,418
up €217,418 (+20220.1%), from €1,075 to €218,494
- Gross operating margin +€81,957
up €81,957 (+37.6%), from €218,068 to €300,025
- Taxes -€36,616
down €36,616 (-86.9%), from €42,152 to €5,536
- Financial income +€35,233
up €35,233 (+1250.6%), from €2,817 to €38,050
- Staff costs +€27,137
up €27,137 (+38.7%), from €70,117 to €97,254
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 | €854,498 | €899,402 | +€44,904 | +5.3% |
| Fixed assets | 21/28 | €6,055 | €5,138 | -€917 | -15.1% |
| Tangible fixed assets | 22/27 | €6,055 | €5,138 | -€917 | -15.1% |
| Furniture and vehicles | 24 | €6,055 | €5,138 | -€917 | -15.1% |
| Current assets | 29/58 | €848,444 | €894,264 | +€45,821 | +5.4% |
| Amounts receivable within one year | 40/41 | €451,060 | €607,343 | +€156,284 | +34.6% |
| Trade receivables | 40 | €444,281 | €606,468 | +€162,188 | +36.5% |
| Other amounts receivable | 41 | €6,779 | €875 | -€5,904 | -87.1% |
| Current investments | 50/53 | €230,628 | €166,637 | -€63,991 | -27.7% |
| Cash at bank and in hand | 54/58 | €158,560 | €102,874 | -€55,686 | -35.1% |
| Deferred charges and accrued income | 490/1 | €8,197 | €17,410 | +€9,214 | +112.4% |
| Total equity and liabilities | 10/49 | €854,498 | €899,402 | +€44,904 | +5.3% |
| Equity | 10/15 | €699,077 | €711,741 | +€12,664 | +1.8% |
| Contributions | 10/11 | €10,200 | €10,200 | = | 0.0% |
| Reserves | 13 | €678,842 | €691,506 | +€12,664 | +1.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €676,982 | €691,506 | +€14,524 | +2.1% |
| Profit (loss) carried forward | 14 | €10,035 | €10,035 | = | 0.0% |
| Amounts payable | 17/49 | €155,421 | €187,661 | +€32,240 | +20.7% |
| Amounts payable within one year | 42/48 | €155,421 | €187,661 | +€32,240 | +20.7% |
| Trade debts | 44 | €123,554 | €121,738 | -€1,816 | -1.5% |
| Suppliers | 440/4 | €123,554 | €121,738 | -€1,816 | -1.5% |
| Taxes, remuneration and social security | 45 | €31,867 | €65,744 | +€33,877 | +106.3% |
| Taxes | 450/3 | €17,929 | €45,984 | +€28,055 | +156.5% |
| Remuneration and social security | 454/9 | €13,938 | €19,760 | +€5,821 | +41.8% |
| Other amounts payable | 47/48 | - | €179 | +€179 | |
| Remuneration, social security and pensions | 62 | €70,117 | €97,254 | +€27,137 | +38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,542 | €4,085 | +€543 | +15.3% |
| Other operating charges | 640/8 | €1,075 | €218,494 | +€217,418 | +20220.1% |
| Gross operating margin | 9900 | €218,068 | €300,025 | +€81,957 | +37.6% |
| Operating profit (loss) | 9901 | €143,333 | -€19,807 | -€163,140 | |
| Financial income | 75/76B | €2,817 | €38,050 | +€35,233 | +1250.6% |
| Recurring financial income | 75 | €2,817 | €38,050 | +€35,233 | +1250.6% |
| Financial charges | 65/66B | €43 | €43 | +€0 | +0.4% |
| Recurring financial charges | 65 | €43 | €43 | +€0 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €146,108 | €18,200 | -€127,908 | -87.5% |
| Income taxes | 67/77 | €42,152 | €5,536 | -€36,616 | -86.9% |
| Profit (loss) for the period | 9904 | €103,956 | €12,664 | -€91,292 | -87.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,956 | €12,664 | -€91,292 | -87.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.