VTH GROUP: 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.
VTH GROUP
Largest movements
- Receivables within one year +€53,178
up €53,178 (+56.6%), from €93,921 to €147,099
of which Trade receivables: +€36,313
- Cash +€22,588
up €22,588 (+115%), from €19,688 to €42,276
mainly Tax, wage and social debts (+€47,038) and Other debts (+€25,000)
- Tangible fixed assets -€5,146
down €5,146 (-19.2%), from €26,855 to €21,709
- Stocks and contracts +€2,960
up €2,960 (+40.9%), from €7,228 to €10,188
- Tax, wage and social debts +€47,038
up €47,038 (+163%), from €28,880 to €75,918
of which Remuneration and social security: +€41,163
- Other debts +€25,000
new in 2025: €25,000
- Debts after one year -€17,620
down €17,620 (-27.3%), from €64,601 to €46,981
- Trade debts +€15,019
up €15,019 (+84.2%), from €17,846 to €32,865
- Current portion of long-term debt +€7,151
up €7,151 (+33.5%), from €21,328 to €28,479
- Gross operating margin +€144,180
up €144,180 (+125%), from €115,014 to €259,195
- Staff costs +€103,638
up €103,638 (+93.7%), from €110,552 to €214,190
- Taxes +€8,396
up €8,396 (+4,592%), from €183 to €8,579
- Depreciation +€3,302
up €3,302 (+34.2%), from €9,653 to €12,955
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 | €194,730 | €265,872 | +€71,142 | +36.5% |
| Fixed assets | 21/28 | €27,455 | €22,309 | -€5,146 | -18.7% |
| Tangible fixed assets | 22/27 | €26,855 | €21,709 | -€5,146 | -19.2% |
| Furniture and vehicles | 24 | €26,855 | €21,709 | -€5,146 | -19.2% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €167,275 | €243,563 | +€76,288 | +45.6% |
| Amounts receivable after more than one year | 29 | €44,000 | €44,000 | = | 0.0% |
| Other amounts receivable | 291 | €44,000 | €44,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €7,228 | €10,188 | +€2,960 | +40.9% |
| Stocks | 30/36 | €7,228 | €10,188 | +€2,960 | +40.9% |
| Amounts receivable within one year | 40/41 | €93,921 | €147,099 | +€53,178 | +56.6% |
| Trade receivables | 40 | €45,599 | €81,912 | +€36,313 | +79.6% |
| Other amounts receivable | 41 | €48,322 | €65,187 | +€16,865 | +34.9% |
| Cash at bank and in hand | 54/58 | €19,688 | €42,276 | +€22,588 | +115% |
| Deferred charges and accrued income | 490/1 | €2,437 | €0 | -€2,437 | -100% |
| Total equity and liabilities | 10/49 | €194,730 | €265,872 | +€71,142 | +36.5% |
| Equity | 10/15 | €62,074 | €56,629 | -€5,446 | -8.8% |
| Contributions | 10/11 | €16,800 | €16,800 | = | 0.0% |
| Reserves | 13 | €1,680 | €1,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,680 | €1,680 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,680 | €1,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,594 | €38,149 | -€5,446 | -12.5% |
| Amounts payable | 17/49 | €132,656 | €209,244 | +€76,588 | +57.7% |
| Amounts payable after more than one year | 17 | €64,601 | €46,981 | -€17,620 | -27.3% |
| Financial debts | 170/4 | €64,601 | €46,981 | -€17,620 | -27.3% |
| Amounts payable within one year | 42/48 | €68,055 | €162,263 | +€94,208 | +138% |
| Current portion of amounts payable after more than one year | 42 | €21,328 | €28,479 | +€7,151 | +33.5% |
| Trade debts | 44 | €17,846 | €32,865 | +€15,019 | +84.2% |
| Suppliers | 440/4 | €17,846 | €32,865 | +€15,019 | +84.2% |
| Taxes, remuneration and social security | 45 | €28,880 | €75,918 | +€47,038 | +163% |
| Taxes | 450/3 | €6,979 | €12,855 | +€5,875 | +84.2% |
| Remuneration and social security | 454/9 | €21,901 | €63,063 | +€41,163 | +188% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Remuneration, social security and pensions | 62 | €110,552 | €214,190 | +€103,638 | +93.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,653 | €12,955 | +€3,302 | +34.2% |
| Other operating charges | 640/8 | €2,764 | €1,531 | -€1,233 | -44.6% |
| Gross operating margin | 9900 | €115,014 | €259,195 | +€144,180 | +125% |
| Operating profit (loss) | 9901 | -€7,954 | €30,519 | +€38,473 | |
| Financial income | 75/76B | €3,497 | €4,485 | +€987 | +28.2% |
| Recurring financial income | 75 | €3,497 | €4,485 | +€987 | +28.2% |
| Financial charges | 65/66B | €4,922 | €6,870 | +€1,948 | +39.6% |
| Recurring financial charges | 65 | €4,922 | €6,870 | +€1,948 | +39.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,379 | €28,134 | +€37,513 | |
| Income taxes | 67/77 | €183 | €8,579 | +€8,396 | +4,592% |
| Profit (loss) for the period | 9904 | -€9,562 | €19,554 | +€29,116 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,562 | €19,554 | +€29,116 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.