VCTS: 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.
VCTS
Largest movements
- Current investments +€72,705
up €72,705 (+52.9%), from €137,555 to €210,260
- Cash -€57,042
down €57,042 (-58.0%), from €98,385 to €41,343
mainly Current investments (-€72,705) and Investment in fixed assets (net) (-€25,851)
- Receivables within one year -€14,786
down €14,786 (-52.3%), from €28,279 to €13,492
of which Trade receivables: -€21,550
- Tangible fixed assets +€11,857
up €11,857 (+20.5%), from €57,968 to €69,825
of which Furniture and vehicles: +€12,986
- Reserves +€27,298
up €27,298 (+9.6%), from €283,638 to €310,935
- Trade debts -€12,412
down €12,412 (-79.3%), from €15,655 to €3,242
- Gross operating margin -€12,913
down €12,913 (-18.7%), from €69,035 to €56,123
- Depreciation +€6,426
up €6,426 (+84.9%), from €7,568 to €13,995
- Taxes -€3,206
down €3,206 (-17.1%), from €18,772 to €15,566
- Financial income -€1,747
down €1,747 (-55.5%), from €3,145 to €1,398
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 | €322,618 | €335,343 | +€12,724 | +3.9% |
| Fixed assets | 21/28 | €57,968 | €69,825 | +€11,857 | +20.5% |
| Tangible fixed assets | 22/27 | €57,968 | €69,825 | +€11,857 | +20.5% |
| Plant, machinery and equipment | 23 | €3,976 | €3,096 | -€879 | -22.1% |
| Furniture and vehicles | 24 | €7,186 | €20,172 | +€12,986 | +180.7% |
| Other tangible fixed assets | 26 | €46,806 | €46,557 | -€250 | -0.5% |
| Current assets | 29/58 | €264,651 | €265,518 | +€867 | +0.3% |
| Amounts receivable within one year | 40/41 | €28,279 | €13,492 | -€14,786 | -52.3% |
| Trade receivables | 40 | €25,289 | €3,739 | -€21,550 | -85.2% |
| Other amounts receivable | 41 | €2,990 | €9,754 | +€6,764 | +226.2% |
| Current investments | 50/53 | €137,555 | €210,260 | +€72,705 | +52.9% |
| Cash at bank and in hand | 54/58 | €98,385 | €41,343 | -€57,042 | -58.0% |
| Deferred charges and accrued income | 490/1 | €432 | €423 | -€9 | -2.1% |
| Total equity and liabilities | 10/49 | €322,618 | €335,343 | +€12,724 | +3.9% |
| Equity | 10/15 | €296,038 | €323,335 | +€27,298 | +9.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €283,638 | €310,935 | +€27,298 | +9.6% |
| Distributable reserves | 133 | €283,638 | €310,935 | +€27,298 | +9.6% |
| Amounts payable | 17/49 | €26,581 | €12,007 | -€14,574 | -54.8% |
| Amounts payable within one year | 42/48 | €26,581 | €12,007 | -€14,574 | -54.8% |
| Trade debts | 44 | €15,655 | €3,242 | -€12,412 | -79.3% |
| Suppliers | 440/4 | €15,655 | €3,242 | -€12,412 | -79.3% |
| Taxes, remuneration and social security | 45 | €9,692 | €8,644 | -€1,048 | -10.8% |
| Taxes | 450/3 | €9,692 | €8,644 | -€1,048 | -10.8% |
| Other amounts payable | 47/48 | €1,234 | €121 | -€1,113 | -90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,568 | €13,995 | +€6,426 | +84.9% |
| Other operating charges | 640/8 | €188 | €198 | +€10 | +5.6% |
| Gross operating margin | 9900 | €69,035 | €56,123 | -€12,913 | -18.7% |
| Operating profit (loss) | 9901 | €61,279 | €41,930 | -€19,350 | -31.6% |
| Financial income | 75/76B | €3,145 | €1,398 | -€1,747 | -55.5% |
| Recurring financial income | 75 | €3,145 | €1,398 | -€1,747 | -55.5% |
| Financial charges | 65/66B | €406 | €464 | +€58 | +14.3% |
| Recurring financial charges | 65 | €406 | €464 | +€58 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €64,018 | €42,864 | -€21,155 | -33.0% |
| Income taxes | 67/77 | €18,772 | €15,566 | -€3,206 | -17.1% |
| Profit (loss) for the period | 9904 | €45,246 | €27,298 | -€17,948 | -39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,246 | €27,298 | -€17,948 | -39.7% |
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 5 October 2026 via checked.be.