VTEG: what changed
Two fiscal 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.
VTEG
Largest movements
- Receivables within one year -€23,015
down €23,015 (-82.0%), from €28,076 to €5,061
of which Trade receivables: -€23,216
- Cash -€12,904
down €12,904 (-91.3%), from €14,128 to €1,224
mainly Other debts (-€27,884) and Debts after one year (-€20,885)
- Other debts -€27,884
down €27,884 (-30.8%), from €90,625 to €62,741
- Debts after one year -€20,885
down €20,885 (-11.4%), from €183,941 to €163,056
- Advances received +€7,918
new in 2025: €7,918
- Trade debts -€7,594
down €7,594 (-46.9%), from €16,188 to €8,594
- Tax, wage and social debts +€4,321
up €4,321 (+54.1%), from €7,985 to €12,306
- Gross operating margin -€7,174
down €7,174 (-33.1%), from €21,661 to €14,487
- Depreciation -€1,999
down €1,999 (-50.5%), from €3,962 to €1,963
- Taxes -€1,028
down €1,028 (-77.0%), from €1,335 to €307
- Financial charges -€381
down €381 (-3.4%), from €11,270 to €10,888
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 | €357,885 | €320,959 | -€36,926 | -10.3% |
| Fixed assets | 21/28 | €304,690 | €303,683 | -€1,007 | -0.3% |
| Tangible fixed assets | 22/27 | €3,116 | €2,109 | -€1,007 | -32.3% |
| Plant, machinery and equipment | 23 | €1,815 | €2,109 | +€294 | +16.2% |
| Furniture and vehicles | 24 | €1,301 | €0 | -€1,301 | -100.0% |
| Financial fixed assets | 28 | €301,574 | €301,574 | = | 0.0% |
| Current assets | 29/58 | €53,195 | €17,276 | -€35,919 | -67.5% |
| Stocks and contracts in progress | 3 | €10,991 | €10,991 | = | 0.0% |
| Stocks | 30/36 | €10,991 | €10,991 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,076 | €5,061 | -€23,015 | -82.0% |
| Trade receivables | 40 | €28,076 | €4,860 | -€23,216 | -82.7% |
| Other amounts receivable | 41 | - | €201 | +€201 | |
| Cash at bank and in hand | 54/58 | €14,128 | €1,224 | -€12,904 | -91.3% |
| Total equity and liabilities | 10/49 | €357,885 | €320,959 | -€36,926 | -10.3% |
| Equity | 10/15 | €42,916 | €43,237 | +€320 | +0.7% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €1,822 | €1,822 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,822 | €1,822 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,095 | €8,415 | +€320 | +4.0% |
| Amounts payable | 17/49 | €314,969 | €277,723 | -€37,246 | -11.8% |
| Amounts payable after more than one year | 17 | €183,941 | €163,056 | -€20,885 | -11.4% |
| Financial debts | 170/4 | €183,941 | €163,056 | -€20,885 | -11.4% |
| Amounts payable within one year | 42/48 | €131,028 | €113,117 | -€17,911 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €16,229 | €18,989 | +€2,759 | +17.0% |
| Financial debts | 43 | - | €2,569 | +€2,569 | |
| Credit institutions | 430/8 | - | €2,569 | +€2,569 | |
| Trade debts | 44 | €16,188 | €8,594 | -€7,594 | -46.9% |
| Suppliers | 440/4 | €16,188 | €8,594 | -€7,594 | -46.9% |
| Advances received on contracts in progress | 46 | - | €7,918 | +€7,918 | |
| Taxes, remuneration and social security | 45 | €7,985 | €12,306 | +€4,321 | +54.1% |
| Taxes | 450/3 | €7,985 | €12,306 | +€4,321 | +54.1% |
| Other amounts payable | 47/48 | €90,625 | €62,741 | -€27,884 | -30.8% |
| Accrued charges and deferred income | 492/3 | - | €1,550 | +€1,550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,962 | €1,963 | -€1,999 | -50.5% |
| Other operating charges | 640/8 | €1,028 | €1,013 | -€15 | -1.5% |
| Gross operating margin | 9900 | €21,661 | €14,487 | -€7,174 | -33.1% |
| Operating profit (loss) | 9901 | €16,671 | €11,511 | -€5,160 | -31.0% |
| Financial income | 75/76B | €89 | €4 | -€85 | -95.7% |
| Recurring financial income | 75 | €89 | €4 | -€85 | -95.7% |
| Financial charges | 65/66B | €11,270 | €10,888 | -€381 | -3.4% |
| Recurring financial charges | 65 | €11,270 | €10,888 | -€381 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €5,491 | €627 | -€4,864 | -88.6% |
| Income taxes | 67/77 | €1,335 | €307 | -€1,028 | -77.0% |
| Profit (loss) for the period | 9904 | €4,156 | €320 | -€3,836 | -92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,156 | €320 | -€3,836 | -92.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.