VTC-APVC: 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.
VTC-APVC
Largest movements
- Receivables within one year +€235,463
up €235,463 (+55.9%), from €420,870 to €656,333
of which Trade receivables: +€269,936
- Cash +€177,082
up €177,082 (+3,178%), from €5,572 to €182,654
mainly Other debts (+€260,026) and Net result for the year (+€229,910)
- Tangible fixed assets +€113,510
up €113,510 (+4.9%), from €2.3m to €2.4m
of which Land and buildings: +€124,772
- Other debts +€260,026
up €260,026 (+84.2%), from €308,832 to €568,858
- Reserves +€188,107
up €188,107 (+17.4%), from €1.1m to €1.3m
of which Distributable reserves: +€237,107
- Tax, wage and social debts +€102,518
up €102,518 (+313%), from €32,767 to €135,285
- Debts after one year -€79,569
down €79,569 (-11.5%), from €691,116 to €611,548
- Current portion of long-term debt +€35,488
up €35,488 (+37.5%), from €94,686 to €130,174
- Gross operating margin +€171,026
up €171,026 (+48.2%), from €355,135 to €526,160
- Taxes +€49,197
up €49,197 (+77.2%), from €63,710 to €112,907
- Depreciation +€34,168
up €34,168 (+29.4%), from €116,136 to €150,305
- Financial charges -€20,243
down €20,243 (-53.4%), from €37,930 to €17,687
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 | €2,745,146 | €3,273,655 | +€528,509 | +19.3% |
| Fixed assets | 21/28 | €2,318,704 | €2,432,215 | +€113,510 | +4.9% |
| Tangible fixed assets | 22/27 | €2,313,704 | €2,427,215 | +€113,510 | +4.9% |
| Land and buildings | 22 | €2,269,305 | €2,394,078 | +€124,772 | +5.5% |
| Furniture and vehicles | 24 | €44,399 | €33,137 | -€11,262 | -25.4% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €426,442 | €841,441 | +€414,999 | +97.3% |
| Amounts receivable within one year | 40/41 | €420,870 | €656,333 | +€235,463 | +55.9% |
| Trade receivables | 40 | €240,000 | €509,936 | +€269,936 | +112% |
| Other amounts receivable | 41 | €180,870 | €146,397 | -€34,472 | -19.1% |
| Cash at bank and in hand | 54/58 | €5,572 | €182,654 | +€177,082 | +3,178% |
| Deferred charges and accrued income | 490/1 | - | €2,454 | +€2,454 | |
| Total equity and liabilities | 10/49 | €2,745,146 | €3,273,655 | +€528,509 | +19.3% |
| Equity | 10/15 | €1,616,226 | €1,804,333 | +€188,107 | +11.6% |
| Contributions | 10/11 | €490,000 | €490,000 | = | 0.0% |
| Reserves | 13 | €1,081,145 | €1,269,252 | +€188,107 | +17.4% |
| Non-distributable reserves | 130/1 | €49,000 | - | -€49,000 | |
| Reserves not available under the articles | 1311 | €49,000 | - | -€49,000 | |
| Distributable reserves | 133 | €1,032,145 | €1,269,252 | +€237,107 | +23.0% |
| Profit (loss) carried forward | 14 | €45,081 | €45,081 | = | 0.0% |
| Amounts payable | 17/49 | €1,128,920 | €1,469,322 | +€340,402 | +30.2% |
| Amounts payable after more than one year | 17 | €691,116 | €611,548 | -€79,569 | -11.5% |
| Financial debts | 170/4 | €691,116 | €611,548 | -€79,569 | -11.5% |
| Amounts payable within one year | 42/48 | €437,804 | €857,775 | +€419,971 | +95.9% |
| Current portion of amounts payable after more than one year | 42 | €94,686 | €130,174 | +€35,488 | +37.5% |
| Trade debts | 44 | €1,519 | €23,458 | +€21,939 | +1,444% |
| Suppliers | 440/4 | €1,519 | €23,458 | +€21,939 | +1,444% |
| Taxes, remuneration and social security | 45 | €32,767 | €135,285 | +€102,518 | +313% |
| Taxes | 450/3 | €32,767 | €135,285 | +€102,518 | +313% |
| Other amounts payable | 47/48 | €308,832 | €568,858 | +€260,026 | +84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,136 | €150,305 | +€34,168 | +29.4% |
| Other operating charges | 640/8 | €11,942 | €13,465 | +€1,524 | +12.8% |
| Non-recurring operating charges | 66A | - | €1,887 | +€1,887 | |
| Gross operating margin | 9900 | €355,135 | €526,160 | +€171,026 | +48.2% |
| Operating profit (loss) | 9901 | €227,057 | €360,504 | +€133,447 | +58.8% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €37,930 | €17,687 | -€20,243 | -53.4% |
| Recurring financial charges | 65 | €37,930 | €17,687 | -€20,243 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | €189,127 | €342,817 | +€153,690 | +81.3% |
| Income taxes | 67/77 | €63,710 | €112,907 | +€49,197 | +77.2% |
| Profit (loss) for the period | 9904 | €125,417 | €229,910 | +€104,493 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €125,417 | €229,910 | +€104,493 | +83.3% |
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 27 October 2026 via checked.be.