VT-Systems: 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-Systems
Largest movements
- Deferred charges and accrued income +€30,036
up €30,036 (+328.2%), from €9,152 to €39,188
- Receivables within one year +€24,042
up €24,042 (+21.8%), from €110,094 to €134,136
of which Other amounts receivable: +€14,516
- Tangible fixed assets -€16,459
down €16,459 (-6.2%), from €265,106 to €248,647
of which Land and buildings: -€10,843
- Cash +€10,111
up €10,111 (+32.2%), from €31,380 to €41,491
mainly Trade debts (+€40,745) and Depreciation (+€22,671)
- Trade debts +€40,745
up €40,745 (+132.3%), from €30,787 to €71,532
- Reserves +€21,012
up €21,012 (+9.2%), from €227,421 to €248,432
- Debts after one year -€11,620
down €11,620 (-5.7%), from €204,976 to €193,356
- Gross operating margin +€18,243
up €18,243 (+39.6%), from €46,070 to €64,313
- Taxes +€3,911
up €3,911 (+74.3%), from €5,266 to €9,177
- Depreciation +€3,000
up €3,000 (+15.3%), from €19,671 to €22,671
- Financial charges +€2,805
up €2,805 (+45.6%), from €6,152 to €8,957
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 | €485,861 | €533,591 | +€47,730 | +9.8% |
| Fixed assets | 21/28 | €265,106 | €248,647 | -€16,459 | -6.2% |
| Tangible fixed assets | 22/27 | €265,106 | €248,647 | -€16,459 | -6.2% |
| Land and buildings | 22 | €231,739 | €220,896 | -€10,843 | -4.7% |
| Plant, machinery and equipment | 23 | €13,155 | €6,844 | -€6,311 | -48.0% |
| Furniture and vehicles | 24 | €20,212 | €20,907 | +€695 | +3.4% |
| Current assets | 29/58 | €220,755 | €284,944 | +€64,189 | +29.1% |
| Stocks and contracts in progress | 3 | €70,129 | €70,129 | = | 0.0% |
| Stocks | 30/36 | €70,129 | €70,129 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €110,094 | €134,136 | +€24,042 | +21.8% |
| Trade receivables | 40 | €68,424 | €77,951 | +€9,527 | +13.9% |
| Other amounts receivable | 41 | €41,670 | €56,185 | +€14,516 | +34.8% |
| Cash at bank and in hand | 54/58 | €31,380 | €41,491 | +€10,111 | +32.2% |
| Deferred charges and accrued income | 490/1 | €9,152 | €39,188 | +€30,036 | +328.2% |
| Total equity and liabilities | 10/49 | €485,861 | €533,591 | +€47,730 | +9.8% |
| Equity | 10/15 | €233,621 | €254,632 | +€21,012 | +9.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €227,421 | €248,432 | +€21,012 | +9.2% |
| Distributable reserves | 133 | €227,421 | €248,432 | +€21,012 | +9.2% |
| Amounts payable | 17/49 | €252,240 | €278,959 | +€26,719 | +10.6% |
| Amounts payable after more than one year | 17 | €204,976 | €193,356 | -€11,620 | -5.7% |
| Financial debts | 170/4 | €204,976 | €193,356 | -€11,620 | -5.7% |
| Amounts payable within one year | 42/48 | €47,264 | €85,603 | +€38,339 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €11,473 | €11,620 | +€148 | +1.3% |
| Trade debts | 44 | €30,787 | €71,532 | +€40,745 | +132.3% |
| Suppliers | 440/4 | €30,787 | €71,532 | +€40,745 | +132.3% |
| Taxes, remuneration and social security | 45 | €1,504 | €238 | -€1,266 | -84.2% |
| Taxes | 450/3 | €1,504 | €238 | -€1,266 | -84.2% |
| Other amounts payable | 47/48 | €3,501 | €2,212 | -€1,288 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,671 | €22,671 | +€3,000 | +15.3% |
| Other operating charges | 640/8 | €2,550 | €2,496 | -€55 | -2.1% |
| Gross operating margin | 9900 | €46,070 | €64,313 | +€18,243 | +39.6% |
| Operating profit (loss) | 9901 | €23,848 | €39,145 | +€15,297 | +64.1% |
| Financial income | 75/76B | €82 | €0 | -€82 | -99.7% |
| Recurring financial income | 75 | €82 | €0 | -€82 | -99.7% |
| Financial charges | 65/66B | €6,152 | €8,957 | +€2,805 | +45.6% |
| Recurring financial charges | 65 | €6,152 | €8,957 | +€2,805 | +45.6% |
| Profit (loss) for the period before taxes | 9903 | €17,779 | €30,188 | +€12,410 | +69.8% |
| Income taxes | 67/77 | €5,266 | €9,177 | +€3,911 | +74.3% |
| Profit (loss) for the period | 9904 | €12,513 | €21,012 | +€8,499 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,513 | €21,012 | +€8,499 | +67.9% |
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 10 October 2026 via checked.be.