VRTS: 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.
VRTS
Largest movements
- Intangible fixed assets +€74,009
up €74,009 (+41.5%), from €178,383 to €252,392
- Tangible fixed assets +€36,147
up €36,147 (+1,327%), from €2,725 to €38,872
- Cash +€28,635
up €28,635 (+169%), from €16,920 to €45,555
mainly Net result for the year (+€96,324) and Depreciation (+€39,355)
- Receivables within one year -€24,463
down €24,463 (-36.2%), from €67,641 to €43,178
of which Trade receivables: -€22,040
- Profit (loss) carried forward +€96,324
up €96,324 (+28.9%), from -€333,183 to -€236,859
- Other debts +€20,154
up €20,154 (+8.0%), from €252,749 to €272,903
- Tax, wage and social debts -€10,585
down €10,585 (-96.0%), from €11,022 to €437
- Trade debts +€6,713
up €6,713 (+212%), from €3,162 to €9,875
- Gross operating margin +€188,214
up €188,214, from -€51,300 to €136,913
- Depreciation +€6,719
up €6,719 (+20.6%), from €32,636 to €39,355
- Financial charges -€6,624
down €6,624 (-90.0%), from €7,358 to €734
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 | €266,150 | €381,756 | +€115,606 | +43.4% |
| Fixed assets | 21/28 | €181,108 | €291,264 | +€110,156 | +60.8% |
| Intangible fixed assets | 21 | €178,383 | €252,392 | +€74,009 | +41.5% |
| Tangible fixed assets | 22/27 | €2,725 | €38,872 | +€36,147 | +1,327% |
| Furniture and vehicles | 24 | €2,725 | €38,872 | +€36,147 | +1,327% |
| Current assets | 29/58 | €85,043 | €90,492 | +€5,450 | +6.4% |
| Amounts receivable within one year | 40/41 | €67,641 | €43,178 | -€24,463 | -36.2% |
| Trade receivables | 40 | €62,005 | €39,965 | -€22,040 | -35.5% |
| Other amounts receivable | 41 | €5,636 | €3,213 | -€2,423 | -43.0% |
| Cash at bank and in hand | 54/58 | €16,920 | €45,555 | +€28,635 | +169% |
| Deferred charges and accrued income | 490/1 | €482 | €1,760 | +€1,277 | +265% |
| Total equity and liabilities | 10/49 | €266,150 | €381,756 | +€115,606 | +43.4% |
| Equity | 10/15 | -€783 | €95,541 | +€96,324 | |
| Contributions | 10/11 | €332,400 | €332,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€333,183 | -€236,859 | +€96,324 | +28.9% |
| Amounts payable | 17/49 | €266,933 | €286,215 | +€19,282 | +7.2% |
| Amounts payable within one year | 42/48 | €266,933 | €286,215 | +€19,282 | +7.2% |
| Trade debts | 44 | €3,162 | €9,875 | +€6,713 | +212% |
| Suppliers | 440/4 | €3,162 | €9,875 | +€6,713 | +212% |
| Advances received on contracts in progress | 46 | - | €3,000 | +€3,000 | |
| Taxes, remuneration and social security | 45 | €11,022 | €437 | -€10,585 | -96.0% |
| Taxes | 450/3 | €11,022 | €437 | -€10,585 | -96.0% |
| Other amounts payable | 47/48 | €252,749 | €272,903 | +€20,154 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,636 | €39,355 | +€6,719 | +20.6% |
| Other operating charges | 640/8 | €729 | €63 | -€665 | -91.3% |
| Gross operating margin | 9900 | -€51,300 | €136,913 | +€188,214 | |
| Operating profit (loss) | 9901 | -€84,664 | €97,495 | +€182,160 | |
| Financial charges | 65/66B | €7,358 | €734 | -€6,624 | -90.0% |
| Recurring financial charges | 65 | €7,358 | €734 | -€6,624 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | -€92,022 | €96,761 | +€188,784 | |
| Income taxes | 67/77 | €453 | €437 | -€16 | -3.5% |
| Profit (loss) for the period | 9904 | -€92,475 | €96,324 | +€188,800 | |
| Profit (loss) for the period to be appropriated | 9905 | -€92,475 | €96,324 | +€188,800 |
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 16 October 2026 via checked.be.