VITIELLO: 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.
VITIELLO
Largest movements
- Receivables within one year -€222,006
down €222,006 (-53.6%), from €414,289 to €192,283
of which Other amounts receivable: -€141,845
- Cash +€220,368
up €220,368 (+48.0%), from €459,032 to €679,400
mainly Receivables within one year (+€222,006) and Depreciation (+€142,031)
- Tangible fixed assets -€100,649
down €100,649 (-23.0%), from €437,010 to €336,361
of which Land and buildings: -€74,365
- Stocks and contracts +€66,343
up €66,343 (+607.6%), from €10,919 to €77,262
of which Contracts in progress: +€66,220
- Advances received +€106,502
new in 2025: €106,502
- Other debts -€72,566
down €72,566 (-22.3%), from €325,439 to €252,873
- Revaluation surpluses -€37,275
down €37,275 (-50.0%), from €74,550 to €37,275
- Reserves +€37,275
up €37,275 (+8.0%), from €464,411 to €501,686
of which Distributable reserves: +€37,275
- Current portion of long-term debt -€24,769
down €24,769 (-53.7%), from €46,112 to €21,343
- Gross operating margin +€75,468
up €75,468 (+9.8%), from €771,895 to €847,363
- Staff costs +€69,429
up €69,429 (+14.6%), from €474,134 to €543,563
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 | €1,330,108 | €1,301,926 | -€28,181 | -2.1% |
| Fixed assets | 21/28 | €438,259 | €337,610 | -€100,649 | -23.0% |
| Tangible fixed assets | 22/27 | €437,010 | €336,361 | -€100,649 | -23.0% |
| Land and buildings | 22 | €331,070 | €256,705 | -€74,365 | -22.5% |
| Plant, machinery and equipment | 23 | €26,846 | €41,929 | +€15,083 | +56.2% |
| Furniture and vehicles | 24 | €15,655 | €17,214 | +€1,559 | +10.0% |
| Leasing and similar rights | 25 | €63,439 | €20,512 | -€42,927 | -67.7% |
| Financial fixed assets | 28 | €1,249 | €1,249 | = | 0.0% |
| Current assets | 29/58 | €891,849 | €964,316 | +€72,467 | +8.1% |
| Stocks and contracts in progress | 3 | €10,919 | €77,262 | +€66,343 | +607.6% |
| Stocks | 30/36 | €10,919 | €11,042 | +€123 | +1.1% |
| Contracts in progress | 37 | - | €66,220 | +€66,220 | |
| Amounts receivable within one year | 40/41 | €414,289 | €192,283 | -€222,006 | -53.6% |
| Trade receivables | 40 | €221,350 | €141,189 | -€80,161 | -36.2% |
| Other amounts receivable | 41 | €192,939 | €51,094 | -€141,845 | -73.5% |
| Cash at bank and in hand | 54/58 | €459,032 | €679,400 | +€220,368 | +48.0% |
| Deferred charges and accrued income | 490/1 | €7,608 | €15,370 | +€7,762 | +102.0% |
| Total equity and liabilities | 10/49 | €1,330,108 | €1,301,926 | -€28,181 | -2.1% |
| Equity | 10/15 | €728,318 | €728,827 | +€509 | +0.1% |
| Contributions | 10/11 | €154,933 | €154,933 | = | 0.0% |
| Capital | 10 | €130,194 | €130,194 | = | 0.0% |
| Issued capital | 100 | €130,194 | €130,194 | = | 0.0% |
| Contributions outside capital | 11 | €24,740 | €24,740 | = | 0.0% |
| Share premium | 1100/10 | €24,740 | €24,740 | = | 0.0% |
| Revaluation surpluses | 12 | €74,550 | €37,275 | -€37,275 | -50.0% |
| Reserves | 13 | €464,411 | €501,686 | +€37,275 | +8.0% |
| Non-distributable reserves | 130/1 | €13,019 | €13,019 | = | 0.0% |
| Legal reserve | 130 | €13,019 | €13,019 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,741 | €2,741 | = | 0.0% |
| Distributable reserves | 133 | €448,650 | €485,925 | +€37,275 | +8.3% |
| Profit (loss) carried forward | 14 | €32,024 | €32,141 | +€117 | +0.4% |
| Investment grants | 15 | €2,400 | €2,792 | +€392 | +16.3% |
| Amounts payable | 17/49 | €601,789 | €573,099 | -€28,691 | -4.8% |
| Amounts payable after more than one year | 17 | €18,914 | - | -€18,914 | |
| Financial debts | 170/4 | €18,914 | - | -€18,914 | |
| Amounts payable within one year | 42/48 | €570,000 | €571,824 | +€1,824 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €46,112 | €21,343 | -€24,769 | -53.7% |
| Trade debts | 44 | €122,533 | €102,922 | -€19,611 | -16.0% |
| Suppliers | 440/4 | €122,533 | €102,922 | -€19,611 | -16.0% |
| Advances received on contracts in progress | 46 | - | €106,502 | +€106,502 | |
| Taxes, remuneration and social security | 45 | €75,916 | €88,185 | +€12,269 | +16.2% |
| Taxes | 450/3 | €19,879 | €17,672 | -€2,206 | -11.1% |
| Remuneration and social security | 454/9 | €56,038 | €70,513 | +€14,475 | +25.8% |
| Other amounts payable | 47/48 | €325,439 | €252,873 | -€72,566 | -22.3% |
| Accrued charges and deferred income | 492/3 | €12,876 | €1,275 | -€11,601 | -90.1% |
| Remuneration, social security and pensions | 62 | €474,134 | €543,563 | +€69,429 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,136 | €142,031 | -€105 | -0.1% |
| Other operating charges | 640/8 | €23,395 | €26,058 | +€2,663 | +11.4% |
| Non-recurring operating charges | 66A | - | €1,043 | +€1,043 | |
| Gross operating margin | 9900 | €771,895 | €847,363 | +€75,468 | +9.8% |
| Operating profit (loss) | 9901 | €132,230 | €134,668 | +€2,438 | +1.8% |
| Financial income | 75/76B | €23,254 | €22,003 | -€1,251 | -5.4% |
| Recurring financial income | 75 | €23,254 | €22,003 | -€1,251 | -5.4% |
| Financial charges | 65/66B | €4,620 | €5,524 | +€904 | +19.6% |
| Recurring financial charges | 65 | €4,620 | €5,524 | +€904 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €150,864 | €151,147 | +€283 | +0.2% |
| Income taxes | 67/77 | €18,642 | €16,030 | -€2,612 | -14.0% |
| Profit (loss) for the period | 9904 | €132,221 | €135,117 | +€2,895 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €132,221 | €135,117 | +€2,895 | +2.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.