VIRTUTES: 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.
VIRTUTES
Largest movements
- Tangible fixed assets -€776,451
down €776,451 (-100.0%), from €776,451 to €0
of which Land and buildings: -€739,883
- Receivables within one year +€226,977
up €226,977 (+160.7%), from €141,264 to €368,241
of which Trade receivables: +€229,841
- Stocks and contracts -€57,500
down €57,500 (-100.0%), from €57,500 to €0
- Debts after one year -€258,682
down €258,682 (-100.0%), from €258,682 to €0
- Profit (loss) carried forward -€200,486
new in 2025: -€200,486
- Other debts -€124,983
down €124,983 (-18.8%), from €664,705 to €539,722
- Trade debts -€16,416
down €16,416 (-62.2%), from €26,407 to €9,991
- Gross operating margin -€95,197
down €95,197, from €81,096 to -€14,101
- Depreciation -€36,670
down €36,670 (-100.0%), from €36,670 to €0
- Financial charges -€19,395
down €19,395 (-80.3%), from €24,162 to €4,766
- Other operating charges +€5,846
up €5,846 (+172.3%), from €3,394 to €9,240
- Financial income -€1,207
down €1,207 (-100.0%), from €1,207 to €0
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 | €981,200 | €369,839 | -€611,361 | -62.3% |
| Fixed assets | 21/28 | €777,651 | €0 | -€777,651 | -100.0% |
| Tangible fixed assets | 22/27 | €776,451 | €0 | -€776,451 | -100.0% |
| Land and buildings | 22 | €739,883 | €0 | -€739,883 | -100.0% |
| Plant, machinery and equipment | 23 | €33,207 | €0 | -€33,207 | -100.0% |
| Furniture and vehicles | 24 | €3,360 | €0 | -€3,360 | -100.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,200 | €0 | -€1,200 | -100.0% |
| Current assets | 29/58 | €203,549 | €369,839 | +€166,290 | +81.7% |
| Stocks and contracts in progress | 3 | €57,500 | €0 | -€57,500 | -100.0% |
| Stocks | 30/36 | €57,500 | €0 | -€57,500 | -100.0% |
| Amounts receivable within one year | 40/41 | €141,264 | €368,241 | +€226,977 | +160.7% |
| Trade receivables | 40 | €136,253 | €366,094 | +€229,841 | +168.7% |
| Other amounts receivable | 41 | €5,011 | €2,147 | -€2,864 | -57.2% |
| Cash at bank and in hand | 54/58 | €2,206 | €774 | -€1,432 | -64.9% |
| Deferred charges and accrued income | 490/1 | €2,580 | €824 | -€1,755 | -68.0% |
| Total equity and liabilities | 10/49 | €981,200 | €369,839 | -€611,361 | -62.3% |
| Equity | 10/15 | €28,237 | -€180,015 | -€208,252 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,237 | €471 | -€7,766 | -94.3% |
| Non-distributable reserves | 130/1 | €471 | €471 | = | 0.0% |
| Reserves not available under the articles | 1311 | €471 | €471 | = | 0.0% |
| Distributable reserves | 133 | €7,766 | €0 | -€7,766 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€200,486 | -€200,486 | |
| Amounts payable | 17/49 | €952,963 | €549,854 | -€403,109 | -42.3% |
| Amounts payable after more than one year | 17 | €258,682 | €0 | -€258,682 | -100.0% |
| Financial debts | 170/4 | €258,682 | €0 | -€258,682 | -100.0% |
| Amounts payable within one year | 42/48 | €694,281 | €549,854 | -€144,427 | -20.8% |
| Financial debts | 43 | €69 | €0 | -€69 | -100.0% |
| Credit institutions | 430/8 | €69 | €0 | -€69 | -100.0% |
| Trade debts | 44 | €26,407 | €9,991 | -€16,416 | -62.2% |
| Suppliers | 440/4 | €26,407 | €9,991 | -€16,416 | -62.2% |
| Taxes, remuneration and social security | 45 | €3,100 | €141 | -€2,959 | -95.5% |
| Taxes | 450/3 | €3,100 | €141 | -€2,959 | -95.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €664,705 | €539,722 | -€124,983 | -18.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,670 | €0 | -€36,670 | -100.0% |
| Other operating charges | 640/8 | €3,394 | €9,240 | +€5,846 | +172.3% |
| Non-recurring operating charges | 66A | €27,525 | €180,004 | +€152,479 | +554.0% |
| Gross operating margin | 9900 | €81,096 | -€14,101 | -€95,197 | |
| Operating profit (loss) | 9901 | €13,507 | -€203,344 | -€216,852 | |
| Financial income | 75/76B | €1,207 | €0 | -€1,207 | -100.0% |
| Recurring financial income | 75 | €1,207 | €0 | -€1,207 | -100.0% |
| Financial charges | 65/66B | €24,162 | €4,766 | -€19,395 | -80.3% |
| Recurring financial charges | 65 | €24,162 | €4,766 | -€19,395 | -80.3% |
| Profit (loss) for the period before taxes | 9903 | -€9,447 | -€208,111 | -€198,664 | -2102.9% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€9,586 | -€208,252 | -€198,665 | -2072.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,586 | -€208,252 | -€198,665 | -2072.4% |
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 8 October 2026 via checked.be.