VT-INDUSTRIAL: 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.
VT-INDUSTRIAL
Largest movements
- Current investments -€3.0m
down €3.0m (-100%), from €3.0m to €0
- Financial fixed assets +€903,721
up €903,721 (+4.3%), from €21.2m to €22.1m
- Cash -€328,363
down €328,363 (-78.5%), from €418,297 to €89,934
mainly Contributions, distributions and other (-€12.0m) and Investment in fixed assets (net) (-€903,721)
- Contributions -€12.0m
down €12.0m (-54.5%), from €22.0m to €10.0m
- Debts after one year +€4.9m
up €4.9m (+6,290%), from €78,167 to €5.0m
of which Financial debts: +€4.9m
- Reserves +€2.7m
up €2.7m (+111%), from €2.5m to €5.2m
of which Distributable reserves: +€2.7m
- Current portion of long-term debt +€1.3m
new in 2025: €1.3m
- Other debts +€564,307
up €564,307 (+273%), from €207,000 to €771,307
- Financial income +€304,318
up €304,318 (+12.1%), from €2.5m to €2.8m
of which Financial income: +€304,422
- Financial charges +€72,137
up €72,137 (+744%), from €9,694 to €81,831
of which Financial charges: +€77,738
- Turnover +€50,983
up €50,983 (+10.9%), from €468,537 to €519,520
- Services and other goods +€17,169
up €17,169 (+3.4%), from €508,882 to €526,050
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 | €24,812,638 | €22,283,202 | -€2.5m | -10.2% |
| Fixed assets | 21/28 | €21,235,232 | €22,138,953 | +€903,721 | +4.3% |
| Financial fixed assets | 28 | €21,235,232 | €22,138,953 | +€903,721 | +4.3% |
| Affiliated companies | 280/1 | €21,235,232 | €22,138,953 | +€903,721 | +4.3% |
| Participating interests | 280 | €21,019,884 | €21,914,991 | +€895,107 | +4.3% |
| Amounts receivable | 281 | €215,348 | €223,962 | +€8,614 | +4.0% |
| Current assets | 29/58 | €3,577,406 | €144,248 | -€3.4m | -96.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €159,109 | €54,315 | -€104,794 | -65.9% |
| Trade receivables | 40 | €137,336 | €42,869 | -€94,467 | -68.8% |
| Other amounts receivable | 41 | €21,773 | €11,446 | -€10,327 | -47.4% |
| Current investments | 50/53 | €3,000,000 | €0 | -€3.0m | -100% |
| Other investments | 51/53 | €3,000,000 | €0 | -€3.0m | -100% |
| Cash at bank and in hand | 54/58 | €418,297 | €89,934 | -€328,363 | -78.5% |
| Total equity and liabilities | 10/49 | €24,812,638 | €22,283,202 | -€2.5m | -10.2% |
| Equity | 10/15 | €24,426,670 | €15,177,449 | -€9.2m | -37.9% |
| Contributions | 10/11 | €21,971,110 | €10,000,000 | -€12.0m | -54.5% |
| Capital | 10 | €21,971,110 | €10,000,000 | -€12.0m | -54.5% |
| Issued capital | 100 | €21,971,110 | €10,000,000 | -€12.0m | -54.5% |
| Reserves | 13 | €2,455,000 | €5,176,500 | +€2.7m | +111% |
| Non-distributable reserves | 130/1 | €1,000,000 | €1,000,000 | = | 0.0% |
| Legal reserve | 130 | €1,000,000 | €1,000,000 | = | 0.0% |
| Distributable reserves | 133 | €1,455,000 | €4,176,500 | +€2.7m | +187% |
| Profit (loss) carried forward | 14 | €560 | €949 | +€389 | +69.5% |
| Amounts payable | 17/49 | €385,968 | €7,105,753 | +€6.7m | +1,741% |
| Amounts payable after more than one year | 17 | €78,167 | €4,994,725 | +€4.9m | +6,290% |
| Financial debts | 170/4 | - | €4,875,000 | +€4.9m | |
| Credit institutions | 173 | - | €4,875,000 | +€4.9m | |
| Other amounts payable | 178/9 | €78,167 | €119,725 | +€41,558 | +53.2% |
| Amounts payable within one year | 42/48 | €307,801 | €2,111,028 | +€1.8m | +586% |
| Current portion of amounts payable after more than one year | 42 | - | €1,300,000 | +€1.3m | |
| Trade debts | 44 | €100,801 | €39,722 | -€61,080 | -60.6% |
| Suppliers | 440/4 | €100,801 | €39,722 | -€61,080 | -60.6% |
| Other amounts payable | 47/48 | €207,000 | €771,307 | +€564,307 | +273% |
| Operating income | 70/76A | €468,537 | €519,520 | +€50,983 | +10.9% |
| Turnover | 70 | €468,537 | €519,520 | +€50,983 | +10.9% |
| Operating charges | 60/66A | €509,759 | €526,594 | +€16,835 | +3.3% |
| Services and other goods | 61 | €508,882 | €526,050 | +€17,169 | +3.4% |
| Other operating charges | 640/8 | €877 | €544 | -€333 | -38.0% |
| Operating profit (loss) | 9901 | -€41,222 | -€7,074 | +€34,148 | +82.8% |
| Financial income | 75/76B | €2,506,476 | €2,810,794 | +€304,318 | +12.1% |
| Recurring financial income | 75 | €2,506,373 | €2,810,794 | +€304,422 | +12.1% |
| Income from financial fixed assets | 750 | €2,481,108 | €2,798,894 | +€317,786 | +12.8% |
| Income from current assets | 751 | €25,265 | €11,900 | -€13,365 | -52.9% |
| Non-recurring financial income | 76B | €103 | €0 | -€103 | -100% |
| Financial charges | 65/66B | €9,694 | €81,831 | +€72,137 | +744% |
| Recurring financial charges | 65 | €4,093 | €81,831 | +€77,738 | +1,899% |
| Debt charges | 650 | €3,835 | €76,629 | +€72,793 | +1,898% |
| Other financial charges | 652/9 | €258 | €5,203 | +€4,945 | +1,918% |
| Non-recurring financial charges | 66B | €5,601 | €0 | -€5,601 | -100% |
| Profit (loss) for the period before taxes | 9903 | €2,455,560 | €2,721,889 | +€266,329 | +10.8% |
| Profit (loss) for the period | 9904 | €2,455,560 | €2,721,889 | +€266,329 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,455,560 | €2,721,889 | +€266,329 | +10.8% |
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.