VT MANAGEMENT: 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.
VT MANAGEMENT
Largest movements
- Tangible fixed assets -€9,403
down €9,403 (-12.4%), from €75,610 to €66,207
of which Land and buildings: -€13,631
- Receivables within one year +€8,126
up €8,126 (+44.6%), from €18,235 to €26,362
of which Trade receivables: +€6,023
- Cash +€2,332
up €2,332 (+23.1%), from €10,090 to €12,421
mainly Net result for the year (+€18,464) and Depreciation (+€16,142)
- Other debts -€14,806
down €14,806 (-71.0%), from €20,852 to €6,045
- Reserves +€12,419
up €12,419 (+19.9%), from €62,501 to €74,920
- Debts after one year +€1,611
up €1,611 (+15.4%), from €10,431 to €12,042
- Tax, wage and social debts +€1,377
up €1,377 (+33.7%), from €4,092 to €5,469
of which Taxes: +€1,377
- Trade debts -€1,255
down €1,255 (-39.6%), from €3,169 to €1,914
- Gross operating margin -€1,734
down €1,734 (-3.5%), from €49,212 to €47,478
- Financial charges -€743
down €743 (-32.6%), from €2,283 to €1,540
- Depreciation +€623
up €623 (+4.0%), from €15,519 to €16,142
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 | €122,751 | €122,741 | -€10 | 0.0% |
| Fixed assets | 21/28 | €75,610 | €66,207 | -€9,403 | -12.4% |
| Tangible fixed assets | 22/27 | €75,610 | €66,207 | -€9,403 | -12.4% |
| Land and buildings | 22 | €70,155 | €56,524 | -€13,631 | -19.4% |
| Furniture and vehicles | 24 | €5,455 | €9,683 | +€4,228 | +77.5% |
| Current assets | 29/58 | €47,141 | €56,534 | +€9,393 | +19.9% |
| Amounts receivable after more than one year | 29 | €13,500 | €13,500 | = | 0.0% |
| Other amounts receivable | 291 | €13,500 | €13,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,235 | €26,362 | +€8,126 | +44.6% |
| Trade receivables | 40 | €12,406 | €18,429 | +€6,023 | +48.5% |
| Other amounts receivable | 41 | €5,829 | €7,933 | +€2,103 | +36.1% |
| Cash at bank and in hand | 54/58 | €10,090 | €12,421 | +€2,332 | +23.1% |
| Deferred charges and accrued income | 490/1 | €5,316 | €4,251 | -€1,065 | -20.0% |
| Total equity and liabilities | 10/49 | €122,751 | €122,741 | -€10 | 0.0% |
| Equity | 10/15 | €74,901 | €87,320 | +€12,419 | +16.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €62,501 | €74,920 | +€12,419 | +19.9% |
| Distributable reserves | 133 | €62,501 | €74,920 | +€12,419 | +19.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €47,850 | €35,421 | -€12,428 | -26.0% |
| Amounts payable after more than one year | 17 | €10,431 | €12,042 | +€1,611 | +15.4% |
| Financial debts | 170/4 | €10,431 | €12,042 | +€1,611 | +15.4% |
| Amounts payable within one year | 42/48 | €35,319 | €20,896 | -€14,423 | -40.8% |
| Current portion of amounts payable after more than one year | 42 | €4,357 | €4,209 | -€148 | -3.4% |
| Financial debts | 43 | €2,850 | €3,258 | +€409 | +14.3% |
| Credit institutions | 430/8 | €2,850 | €3,258 | +€409 | +14.3% |
| Trade debts | 44 | €3,169 | €1,914 | -€1,255 | -39.6% |
| Suppliers | 440/4 | €3,169 | €1,914 | -€1,255 | -39.6% |
| Taxes, remuneration and social security | 45 | €4,092 | €5,469 | +€1,377 | +33.7% |
| Taxes | 450/3 | €4,092 | €5,469 | +€1,377 | +33.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €20,852 | €6,045 | -€14,806 | -71.0% |
| Accrued charges and deferred income | 492/3 | €2,100 | €2,483 | +€384 | +18.3% |
| Non-recurring operating income | 76A | - | €198 | +€198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,519 | €16,142 | +€623 | +4.0% |
| Other operating charges | 640/8 | €2,713 | €3,169 | +€456 | +16.8% |
| Gross operating margin | 9900 | €49,212 | €47,478 | -€1,734 | -3.5% |
| Operating profit (loss) | 9901 | €30,980 | €28,167 | -€2,813 | -9.1% |
| Financial income | 75/76B | €543 | €601 | +€58 | +10.7% |
| Recurring financial income | 75 | €543 | €601 | +€58 | +10.7% |
| Financial charges | 65/66B | €2,283 | €1,540 | -€743 | -32.6% |
| Recurring financial charges | 65 | €2,283 | €1,540 | -€743 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €29,240 | €27,229 | -€2,012 | -6.9% |
| Income taxes | 67/77 | €9,075 | €8,765 | -€311 | -3.4% |
| Profit (loss) for the period | 9904 | €20,165 | €18,464 | -€1,701 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,165 | €18,464 | -€1,701 | -8.4% |
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 4 October 2026 via checked.be.