VTB-GROUP: 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-GROUP
Largest movements
- Receivables within one year +€116,907
up €116,907 (+47.5%), from €246,295 to €363,202
of which Trade receivables: +€131,531
- Cash +€59,979
up €59,979 (+85.1%), from €70,472 to €130,451
mainly Depreciation (+€302,810) and Net result for the year (+€135,385)
- Tangible fixed assets +€24,182
up €24,182 (+1.9%), from €1.2m to €1.3m
of which Leasing and similar rights: +€140,045
- Reserves +€135,385
up €135,385 (+40.0%), from €338,467 to €473,851
- Current portion of long-term debt +€50,360
up €50,360 (+24.2%), from €208,431 to €258,791
- Tax, wage and social debts +€30,241
up €30,241 (+102%), from €29,791 to €60,031
of which Taxes: +€28,051
- Debts after one year +€20,710
up €20,710 (+2.5%), from €815,312 to €836,022
of which Financial debts: +€20,710
- Accrued charges and deferred income -€18,723
down €18,723 (-68.9%), from €27,192 to €8,469
- Gross operating margin +€201,978
up €201,978 (+28.2%), from €715,856 to €917,835
- Staff costs +€90,346
up €90,346 (+31.5%), from €286,899 to €377,245
- Depreciation +€89,970
up €89,970 (+42.3%), from €212,840 to €302,810
- Write-downs -€27,492
down €27,492 (-100%), from €27,492 to €0
- Taxes +€15,819
up €15,819 (+49.6%), from €31,890 to €47,709
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 | €1,609,289 | €1,819,131 | +€209,842 | +13.0% |
| Fixed assets | 21/28 | €1,244,266 | €1,266,599 | +€22,332 | +1.8% |
| Intangible fixed assets | 21 | €2,326 | €476 | -€1,850 | -79.5% |
| Tangible fixed assets | 22/27 | €1,241,170 | €1,265,352 | +€24,182 | +1.9% |
| Land and buildings | 22 | €386,484 | €363,383 | -€23,101 | -6.0% |
| Plant, machinery and equipment | 23 | €18,928 | €12,496 | -€6,431 | -34.0% |
| Furniture and vehicles | 24 | €346,747 | €260,417 | -€86,330 | -24.9% |
| Leasing and similar rights | 25 | €489,011 | €629,056 | +€140,045 | +28.6% |
| Financial fixed assets | 28 | €770 | €770 | = | 0.0% |
| Current assets | 29/58 | €365,023 | €552,532 | +€187,509 | +51.4% |
| Stocks and contracts in progress | 3 | €14,644 | €14,091 | -€553 | -3.8% |
| Stocks | 30/36 | €14,644 | €14,091 | -€553 | -3.8% |
| Amounts receivable within one year | 40/41 | €246,295 | €363,202 | +€116,907 | +47.5% |
| Trade receivables | 40 | €230,426 | €361,957 | +€131,531 | +57.1% |
| Other amounts receivable | 41 | €15,869 | €1,245 | -€14,624 | -92.2% |
| Cash at bank and in hand | 54/58 | €70,472 | €130,451 | +€59,979 | +85.1% |
| Deferred charges and accrued income | 490/1 | €33,611 | €44,788 | +€11,177 | +33.3% |
| Total equity and liabilities | 10/49 | €1,609,289 | €1,819,131 | +€209,842 | +13.0% |
| Equity | 10/15 | €358,467 | €493,851 | +€135,385 | +37.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €338,467 | €473,851 | +€135,385 | +40.0% |
| Distributable reserves | 133 | €338,467 | €473,851 | +€135,385 | +40.0% |
| Amounts payable | 17/49 | €1,250,823 | €1,325,280 | +€74,457 | +6.0% |
| Amounts payable after more than one year | 17 | €815,312 | €836,022 | +€20,710 | +2.5% |
| Financial debts | 170/4 | €795,312 | €816,022 | +€20,710 | +2.6% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €408,319 | €480,789 | +€72,470 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €208,431 | €258,791 | +€50,360 | +24.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €96,960 | €91,447 | -€5,513 | -5.7% |
| Suppliers | 440/4 | €96,960 | €91,447 | -€5,513 | -5.7% |
| Taxes, remuneration and social security | 45 | €29,791 | €60,031 | +€30,241 | +102% |
| Taxes | 450/3 | €16,565 | €44,617 | +€28,051 | +169% |
| Remuneration and social security | 454/9 | €13,225 | €15,414 | +€2,189 | +16.6% |
| Other amounts payable | 47/48 | €73,137 | €70,520 | -€2,617 | -3.6% |
| Accrued charges and deferred income | 492/3 | €27,192 | €8,469 | -€18,723 | -68.9% |
| Non-recurring operating income | 76A | €29,232 | €0 | -€29,232 | -100% |
| Remuneration, social security and pensions | 62 | €286,899 | €377,245 | +€90,346 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,840 | €302,810 | +€89,970 | +42.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,492 | €0 | -€27,492 | -100% |
| Other operating charges | 640/8 | €7,017 | €10,431 | +€3,415 | +48.7% |
| Non-recurring operating charges | 66A | €9,736 | €2,486 | -€7,250 | -74.5% |
| Gross operating margin | 9900 | €715,856 | €917,835 | +€201,978 | +28.2% |
| Operating profit (loss) | 9901 | €171,872 | €224,862 | +€52,990 | +30.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +167% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +167% |
| Financial charges | 65/66B | €31,756 | €41,769 | +€10,013 | +31.5% |
| Recurring financial charges | 65 | €31,756 | €41,769 | +€10,013 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | €140,116 | €183,093 | +€42,977 | +30.7% |
| Income taxes | 67/77 | €31,890 | €47,709 | +€15,819 | +49.6% |
| Profit (loss) for the period | 9904 | €108,227 | €135,385 | +€27,158 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,227 | €135,385 | +€27,158 | +25.1% |
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.