VNC: 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.
VNC
Largest movements
- Receivables within one year -€6,217
down €6,217 (-12.5%), from €49,748 to €43,532
of which Trade receivables: -€10,855
- Cash -€3,784
down €3,784 (-67.0%), from €5,646 to €1,861
mainly Accrued charges and deferred income (-€9,270) and Debts after one year (-€2,698)
- Stocks and contracts +€933
up €933 (+479%), from €195 to €1,128
- Accrued charges and deferred income -€9,270
no longer reported in 2025 (was €9,270)
- Reserves +€4,421
up €4,421 (+19.8%), from €22,277 to €26,699
- Debts after one year -€2,698
down €2,698 (-32.4%), from €8,317 to €5,619
- Tax, wage and social debts -€1,714
down €1,714 (-18.1%), from €9,465 to €7,752
- Trade debts +€589
up €589 (+41.0%), from €1,439 to €2,028
- Gross operating margin -€18,277
down €18,277 (-61.3%), from €29,820 to €11,543
- Taxes -€5,008
down €5,008 (-65.4%), from €7,657 to €2,649
- Financial charges +€1,815
up €1,815 (+379%), from €478 to €2,293
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.
Derived cash bridge
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 | €55,895 | €47,296 | -€8,599 | -15.4% |
| Current assets | 29/58 | €55,895 | €47,296 | -€8,599 | -15.4% |
| Stocks and contracts in progress | 3 | €195 | €1,128 | +€933 | +479% |
| Stocks | 30/36 | €195 | €1,128 | +€933 | +479% |
| Amounts receivable within one year | 40/41 | €49,748 | €43,532 | -€6,217 | -12.5% |
| Trade receivables | 40 | €20,171 | €9,316 | -€10,855 | -53.8% |
| Other amounts receivable | 41 | €29,578 | €34,215 | +€4,638 | +15.7% |
| Cash at bank and in hand | 54/58 | €5,646 | €1,861 | -€3,784 | -67.0% |
| Deferred charges and accrued income | 490/1 | €306 | €775 | +€469 | +154% |
| Total equity and liabilities | 10/49 | €55,895 | €47,296 | -€8,599 | -15.4% |
| Equity | 10/15 | €24,777 | €29,199 | +€4,421 | +17.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €22,277 | €26,699 | +€4,421 | +19.8% |
| Distributable reserves | 133 | €22,277 | €26,699 | +€4,421 | +19.8% |
| Amounts payable | 17/49 | €31,118 | €18,097 | -€13,020 | -41.8% |
| Amounts payable after more than one year | 17 | €8,317 | €5,619 | -€2,698 | -32.4% |
| Financial debts | 170/4 | €8,317 | €5,619 | -€2,698 | -32.4% |
| Amounts payable within one year | 42/48 | €13,530 | €12,478 | -€1,052 | -7.8% |
| Financial debts | 43 | €2,626 | €2,698 | +€72 | +2.7% |
| Credit institutions | 430/8 | €2,626 | - | -€2,626 | |
| Other loans | 439 | - | €2,698 | +€2,698 | |
| Trade debts | 44 | €1,439 | €2,028 | +€589 | +41.0% |
| Suppliers | 440/4 | €1,439 | €2,028 | +€589 | +41.0% |
| Taxes, remuneration and social security | 45 | €9,465 | €7,752 | -€1,714 | -18.1% |
| Taxes | 450/3 | €9,465 | €7,752 | -€1,714 | -18.1% |
| Accrued charges and deferred income | 492/3 | €9,270 | - | -€9,270 | |
| Other operating charges | 640/8 | €2,384 | €2,186 | -€198 | -8.3% |
| Gross operating margin | 9900 | €29,820 | €11,543 | -€18,277 | -61.3% |
| Operating profit (loss) | 9901 | €27,436 | €9,357 | -€18,079 | -65.9% |
| Financial income | 75/76B | €30 | €6 | -€24 | -78.8% |
| Recurring financial income | 75 | €30 | €6 | -€24 | -78.8% |
| Financial charges | 65/66B | €478 | €2,293 | +€1,815 | +379% |
| Recurring financial charges | 65 | €478 | €2,293 | +€1,815 | +379% |
| Profit (loss) for the period before taxes | 9903 | €26,988 | €7,070 | -€19,917 | -73.8% |
| Income taxes | 67/77 | €7,657 | €2,649 | -€5,008 | -65.4% |
| Profit (loss) for the period | 9904 | €19,331 | €4,421 | -€14,909 | -77.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,331 | €4,421 | -€14,909 | -77.1% |
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 15 October 2026 via checked.be.