VTCO: 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.
VTCO
Largest movements
- Tangible fixed assets +€158,992
new in 2025: €158,992
of which Other tangible fixed assets: +€156,818
- Receivables within one year +€111,871
up €111,871 (+148.9%), from €75,125 to €186,996
of which Other amounts receivable: +€106,849
- Debts after one year +€239,789
up €239,789 (+692.7%), from €34,618 to €274,407
- Trade debts +€41,529
up €41,529 (+1293.7%), from €3,210 to €44,739
- Other debts -€17,973
down €17,973 (-39.0%), from €46,069 to €28,096
- Reserves +€13,778
up €13,778 (+53.4%), from €25,815 to €39,593
- Gross operating margin -€12,814
down €12,814 (-32.9%), from €38,897 to €26,083
- Taxes -€3,808
down €3,808 (-38.5%), from €9,879 to €6,071
- Financial charges +€2,925
up €2,925 (+123.7%), from €2,365 to €5,290
- Depreciation +€1,351
new in 2025: €1,351
- Financial income +€1,338
new in 2025: €1,338
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 | €129,600 | €402,003 | +€272,403 | +210.2% |
| Fixed assets | 21/28 | €50,000 | €208,992 | +€158,992 | +318.0% |
| Tangible fixed assets | 22/27 | - | €158,992 | +€158,992 | |
| Plant, machinery and equipment | 23 | - | €2,175 | +€2,175 | |
| Other tangible fixed assets | 26 | - | €156,818 | +€156,818 | |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €79,600 | €193,011 | +€113,411 | +142.5% |
| Amounts receivable within one year | 40/41 | €75,125 | €186,996 | +€111,871 | +148.9% |
| Trade receivables | 40 | €9,500 | €14,522 | +€5,022 | +52.9% |
| Other amounts receivable | 41 | €65,625 | €172,474 | +€106,849 | +162.8% |
| Cash at bank and in hand | 54/58 | €2,897 | €5,068 | +€2,172 | +75.0% |
| Deferred charges and accrued income | 490/1 | €1,578 | €947 | -€632 | -40.0% |
| Total equity and liabilities | 10/49 | €129,600 | €402,003 | +€272,403 | +210.2% |
| Equity | 10/15 | €28,815 | €42,593 | +€13,778 | +47.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,815 | €39,593 | +€13,778 | +53.4% |
| Distributable reserves | 133 | €25,815 | €39,593 | +€13,778 | +53.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €100,785 | €359,410 | +€258,625 | +256.6% |
| Amounts payable after more than one year | 17 | €34,618 | €274,407 | +€239,789 | +692.7% |
| Financial debts | 170/4 | €34,618 | €274,407 | +€239,789 | +692.7% |
| Amounts payable within one year | 42/48 | €66,167 | €85,002 | +€18,836 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €4,977 | €5,211 | +€234 | +4.7% |
| Financial debts | 43 | €2,765 | €0 | -€2,765 | -100.0% |
| Credit institutions | 430/8 | €2,765 | €0 | -€2,765 | -100.0% |
| Trade debts | 44 | €3,210 | €44,739 | +€41,529 | +1293.7% |
| Suppliers | 440/4 | €3,210 | €44,739 | +€41,529 | +1293.7% |
| Taxes, remuneration and social security | 45 | €9,145 | €6,957 | -€2,188 | -23.9% |
| Taxes | 450/3 | €7,495 | €3,657 | -€3,838 | -51.2% |
| Remuneration and social security | 454/9 | €1,650 | €3,300 | +€1,650 | +100.0% |
| Other amounts payable | 47/48 | €46,069 | €28,096 | -€17,973 | -39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,351 | +€1,351 | |
| Other operating charges | 640/8 | €902 | €931 | +€29 | +3.2% |
| Gross operating margin | 9900 | €38,897 | €26,083 | -€12,814 | -32.9% |
| Operating profit (loss) | 9901 | €37,995 | €23,801 | -€14,194 | -37.4% |
| Financial income | 75/76B | - | €1,338 | +€1,338 | |
| Recurring financial income | 75 | - | €1,338 | +€1,338 | |
| Financial charges | 65/66B | €2,365 | €5,290 | +€2,925 | +123.7% |
| Recurring financial charges | 65 | €2,365 | €5,290 | +€2,925 | +123.7% |
| Profit (loss) for the period before taxes | 9903 | €35,630 | €19,849 | -€15,781 | -44.3% |
| Income taxes | 67/77 | €9,879 | €6,071 | -€3,808 | -38.5% |
| Profit (loss) for the period | 9904 | €25,751 | €13,778 | -€11,973 | -46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,751 | €13,778 | -€11,973 | -46.5% |
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.