VTC Projects: 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 Projects
Largest movements
- Cash +€114,716
up €114,716 (+89.5%), from €128,136 to €242,852
mainly Net result for the year (+€134,993) and Other debts (+€17,906)
- Reserves +€93,817
up €93,817 (+60.5%), from €155,018 to €248,835
- Other debts +€17,906
up €17,906 (+55.3%), from €32,387 to €50,293
- Tax, wage and social debts +€4,141
up €4,141 (+81.5%), from €5,083 to €9,225
- Gross operating margin +€70,759
up €70,759 (+67.5%), from €104,893 to €175,652
- Taxes +€17,980
up €17,980 (+85.5%), from €21,025 to €39,005
- Financial income +€2,292
up €2,292 (+387.0%), from €592 to €2,885
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 | €212,442 | €328,508 | +€116,067 | +54.6% |
| Fixed assets | 21/28 | €3,814 | €5,941 | +€2,126 | +55.8% |
| Tangible fixed assets | 22/27 | €3,814 | €5,941 | +€2,126 | +55.8% |
| Plant, machinery and equipment | 23 | €831 | €631 | -€201 | -24.1% |
| Furniture and vehicles | 24 | €2,983 | €5,310 | +€2,327 | +78.0% |
| Current assets | 29/58 | €208,627 | €322,568 | +€113,940 | +54.6% |
| Amounts receivable within one year | 40/41 | €32,166 | €29,341 | -€2,824 | -8.8% |
| Trade receivables | 40 | €26,843 | €29,341 | +€2,499 | +9.3% |
| Other amounts receivable | 41 | €5,323 | €0 | -€5,323 | -100.0% |
| Current investments | 50/53 | €47,979 | €47,957 | -€21 | 0.0% |
| Cash at bank and in hand | 54/58 | €128,136 | €242,852 | +€114,716 | +89.5% |
| Deferred charges and accrued income | 490/1 | €347 | €2,417 | +€2,070 | +595.9% |
| Total equity and liabilities | 10/49 | €212,442 | €328,508 | +€116,067 | +54.6% |
| Equity | 10/15 | €173,618 | €267,435 | +€93,817 | +54.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,018 | €248,835 | +€93,817 | +60.5% |
| Distributable reserves | 133 | €155,018 | €248,835 | +€93,817 | +60.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,823 | €61,073 | +€22,250 | +57.3% |
| Amounts payable within one year | 42/48 | €38,823 | €60,709 | +€21,886 | +56.4% |
| Trade debts | 44 | €1,352 | €1,191 | -€161 | -11.9% |
| Suppliers | 440/4 | €1,352 | €1,191 | -€161 | -11.9% |
| Taxes, remuneration and social security | 45 | €5,083 | €9,225 | +€4,141 | +81.5% |
| Taxes | 450/3 | €5,083 | €9,225 | +€4,141 | +81.5% |
| Other amounts payable | 47/48 | €32,387 | €50,293 | +€17,906 | +55.3% |
| Accrued charges and deferred income | 492/3 | - | €364 | +€364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,851 | €3,207 | +€356 | +12.5% |
| Other operating charges | 640/8 | €739 | €651 | -€89 | -12.0% |
| Gross operating margin | 9900 | €104,893 | €175,652 | +€70,759 | +67.5% |
| Operating profit (loss) | 9901 | €101,302 | €171,794 | +€70,492 | +69.6% |
| Financial income | 75/76B | €592 | €2,885 | +€2,292 | +387.0% |
| Recurring financial income | 75 | €592 | €2,885 | +€2,292 | +387.0% |
| Financial charges | 65/66B | €978 | €680 | -€298 | -30.5% |
| Recurring financial charges | 65 | €978 | €680 | -€298 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €100,916 | €173,998 | +€73,082 | +72.4% |
| Income taxes | 67/77 | €21,025 | €39,005 | +€17,980 | +85.5% |
| Profit (loss) for the period | 9904 | €79,890 | €134,993 | +€55,103 | +69.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,890 | €134,993 | +€55,103 | +69.0% |
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 11 October 2026 via checked.be.