VTB: 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.
VTB
Largest movements
- Tangible fixed assets +€41,383
up €41,383 (+21.8%), from €189,697 to €231,080
of which Leasing and similar rights: +€51,546
- Receivables within one year -€24,259
down €24,259 (-43.0%), from €56,408 to €32,149
of which Trade receivables: -€22,937
- Cash -€19,143
down €19,143 (-99.5%), from €19,248 to €105
mainly Investment in fixed assets (net) (-€88,239) and Trade debts (-€31,836)
- Trade debts -€31,836
down €31,836 (-73.5%), from €43,303 to €11,467
- Debts after one year +€18,255
up €18,255 (+15.1%), from €120,839 to €139,094
- Profit (loss) carried forward -€12,347
new in 2025: -€12,347
- Current portion of long-term debt +€10,640
up €10,640 (+33.4%), from €31,829 to €42,469
- Other debts +€8,652
up €8,652 (+282.1%), from €3,067 to €11,719
- Gross operating margin -€18,283
down €18,283 (-28.7%), from €63,734 to €45,451
- Depreciation +€5,458
up €5,458 (+13.2%), from €41,397 to €46,856
- Taxes -€4,412
down €4,412 (-93.1%), from €4,742 to €329
- Financial charges +€672
up €672 (+8.3%), from €8,112 to €8,784
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 | €282,444 | €281,148 | -€1,296 | -0.5% |
| Fixed assets | 21/28 | €189,697 | €231,080 | +€41,383 | +21.8% |
| Tangible fixed assets | 22/27 | €189,697 | €231,080 | +€41,383 | +21.8% |
| Land and buildings | 22 | €95,357 | €88,375 | -€6,982 | -7.3% |
| Plant, machinery and equipment | 23 | €12,741 | €8,486 | -€4,255 | -33.4% |
| Furniture and vehicles | 24 | €408 | €1,482 | +€1,074 | +263.4% |
| Leasing and similar rights | 25 | €81,191 | €132,737 | +€51,546 | +63.5% |
| Current assets | 29/58 | €92,747 | €50,068 | -€42,679 | -46.0% |
| Stocks and contracts in progress | 3 | €15,280 | €16,218 | +€938 | +6.1% |
| Stocks | 30/36 | €12,700 | €15,120 | +€2,420 | +19.1% |
| Contracts in progress | 37 | €2,580 | €1,098 | -€1,482 | -57.4% |
| Amounts receivable within one year | 40/41 | €56,408 | €32,149 | -€24,259 | -43.0% |
| Trade receivables | 40 | €55,086 | €32,149 | -€22,937 | -41.6% |
| Other amounts receivable | 41 | €1,322 | €0 | -€1,322 | -100.0% |
| Cash at bank and in hand | 54/58 | €19,248 | €105 | -€19,143 | -99.5% |
| Deferred charges and accrued income | 490/1 | €1,811 | €1,596 | -€215 | -11.9% |
| Total equity and liabilities | 10/49 | €282,444 | €281,148 | -€1,296 | -0.5% |
| Equity | 10/15 | €74,955 | €62,608 | -€12,347 | -16.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €62,555 | €62,555 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €60,695 | €60,695 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,347 | -€12,347 | |
| Amounts payable | 17/49 | €207,489 | €218,540 | +€11,051 | +5.3% |
| Amounts payable after more than one year | 17 | €120,839 | €139,094 | +€18,255 | +15.1% |
| Financial debts | 170/4 | €120,839 | €139,094 | +€18,255 | +15.1% |
| Amounts payable within one year | 42/48 | €86,650 | €79,446 | -€7,204 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €31,829 | €42,469 | +€10,640 | +33.4% |
| Financial debts | 43 | - | €4,952 | +€4,952 | |
| Credit institutions | 430/8 | - | €4,952 | +€4,952 | |
| Trade debts | 44 | €43,303 | €11,467 | -€31,836 | -73.5% |
| Suppliers | 440/4 | €43,303 | €11,467 | -€31,836 | -73.5% |
| Taxes, remuneration and social security | 45 | €8,451 | €8,840 | +€389 | +4.6% |
| Taxes | 450/3 | €8,451 | €8,840 | +€389 | +4.6% |
| Other amounts payable | 47/48 | €3,067 | €11,719 | +€8,652 | +282.1% |
| Non-recurring operating income | 76A | €1,450 | €0 | -€1,450 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | €447 | +€447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,397 | €46,856 | +€5,458 | +13.2% |
| Other operating charges | 640/8 | €2,074 | €1,656 | -€418 | -20.1% |
| Gross operating margin | 9900 | €63,734 | €45,451 | -€18,283 | -28.7% |
| Operating profit (loss) | 9901 | €20,263 | -€3,508 | -€23,770 | |
| Financial income | 75/76B | €93 | €274 | +€181 | +194.7% |
| Recurring financial income | 75 | €93 | €274 | +€181 | +194.7% |
| Financial charges | 65/66B | €8,112 | €8,784 | +€672 | +8.3% |
| Recurring financial charges | 65 | €8,112 | €8,784 | +€672 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €12,243 | -€12,017 | -€24,261 | |
| Income taxes | 67/77 | €4,742 | €329 | -€4,412 | -93.1% |
| Profit (loss) for the period | 9904 | €7,502 | -€12,347 | -€19,848 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,502 | -€12,347 | -€19,848 |
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 12 October 2026 via checked.be.