VTG: 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.
VTG
Largest movements
- Receivables within one year +€16,972
up €16,972 (+204.8%), from €8,287 to €25,259
of which Trade receivables: +€13,094
- Stocks and contracts -€15,650
down €15,650 (-100.0%), from €15,650 to €0
- Tangible fixed assets +€10,038
up €10,038 (+6316.4%), from €159 to €10,197
of which Furniture and vehicles: +€10,197
- Deferred charges and accrued income -€6,248
down €6,248 (-100.0%), from €6,248 to €0
- Tax, wage and social debts -€14,048
down €14,048 (-54.6%), from €25,722 to €11,673
- Other debts +€9,685
up €9,685 (+404.5%), from €2,394 to €12,079
- Profit (loss) carried forward +€5,754
up €5,754 (+14.2%), from -€40,488 to -€34,734
- Trade debts +€3,955
up €3,955 (+21.2%), from €18,621 to €22,576
- Write-downs -€62,367
down €62,367 (-100.0%), from €62,367 to €0
- Gross operating margin +€16,383
up €16,383 (+322.6%), from €5,079 to €21,462
- Financial charges +€5,411
up €5,411 (+330.7%), from €1,636 to €7,047
- Taxes -€3,154
down €3,154 (-57.2%), from €5,519 to €2,364
- Other operating charges +€2,617
up €2,617 (+295.8%), from €885 to €3,502
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 | €30,709 | €36,054 | +€5,346 | +17.4% |
| Fixed assets | 21/28 | €159 | €10,197 | +€10,038 | +6316.4% |
| Tangible fixed assets | 22/27 | €159 | €10,197 | +€10,038 | +6316.4% |
| Plant, machinery and equipment | 23 | €159 | €0 | -€159 | -100.0% |
| Furniture and vehicles | 24 | - | €10,197 | +€10,197 | |
| Current assets | 29/58 | €30,550 | €25,857 | -€4,693 | -15.4% |
| Stocks and contracts in progress | 3 | €15,650 | €0 | -€15,650 | -100.0% |
| Contracts in progress | 37 | €15,650 | €0 | -€15,650 | -100.0% |
| Amounts receivable within one year | 40/41 | €8,287 | €25,259 | +€16,972 | +204.8% |
| Trade receivables | 40 | €8,287 | €21,381 | +€13,094 | +158.0% |
| Other amounts receivable | 41 | €0 | €3,879 | +€3,879 | |
| Cash at bank and in hand | 54/58 | €364 | €598 | +€234 | +64.2% |
| Deferred charges and accrued income | 490/1 | €6,248 | €0 | -€6,248 | -100.0% |
| Total equity and liabilities | 10/49 | €30,709 | €36,054 | +€5,346 | +17.4% |
| Equity | 10/15 | -€16,028 | -€10,274 | +€5,754 | +35.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,860 | €5,860 | = | 0.0% |
| Distributable reserves | 133 | €5,860 | €5,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,488 | -€34,734 | +€5,754 | +14.2% |
| Amounts payable | 17/49 | €46,737 | €46,329 | -€408 | -0.9% |
| Amounts payable within one year | 42/48 | €46,737 | €46,329 | -€408 | -0.9% |
| Trade debts | 44 | €18,621 | €22,576 | +€3,955 | +21.2% |
| Suppliers | 440/4 | €18,621 | €22,576 | +€3,955 | +21.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €25,722 | €11,673 | -€14,048 | -54.6% |
| Taxes | 450/3 | €25,722 | €11,673 | -€14,048 | -54.6% |
| Other amounts payable | 47/48 | €2,394 | €12,079 | +€9,685 | +404.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €198 | €2,795 | +€2,598 | +1314.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €62,367 | €0 | -€62,367 | -100.0% |
| Other operating charges | 640/8 | €885 | €3,502 | +€2,617 | +295.8% |
| Gross operating margin | 9900 | €5,079 | €21,462 | +€16,383 | +322.6% |
| Operating profit (loss) | 9901 | -€58,370 | €15,165 | +€73,535 | |
| Financial income | 75/76B | €11 | €0 | -€11 | -100.0% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -100.0% |
| Financial charges | 65/66B | €1,636 | €7,047 | +€5,411 | +330.7% |
| Recurring financial charges | 65 | €1,636 | €7,047 | +€5,411 | +330.7% |
| Profit (loss) for the period before taxes | 9903 | -€59,995 | €8,118 | +€68,113 | |
| Income taxes | 67/77 | €5,519 | €2,364 | -€3,154 | -57.2% |
| Profit (loss) for the period | 9904 | -€65,514 | €5,754 | +€71,267 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,514 | €5,754 | +€71,267 |
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 6 October 2026 via checked.be.