VTH PRODUCTION: 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 PRODUCTION
Largest movements
- Tangible fixed assets +€441,737
up €441,737 (+48.5%), from €911,256 to €1.4m
of which Other tangible fixed assets: +€566,153
- Cash -€83,899
down €83,899 (-83.2%), from €100,823 to €16,924
mainly Investment in fixed assets (net) (-€441,737) and Net result for the year (-€43,328)
- Debts after one year +€241,102
up €241,102 (+37.7%), from €640,000 to €881,102
- Trade debts +€76,078
up €76,078 (+63.6%), from €119,529 to €195,606
- Other debts +€55,893
up €55,893 (+13.8%), from €404,189 to €460,083
- Profit (loss) carried forward -€43,328
down €43,328 (-28.3%), from -€152,844 to -€196,172
- Current portion of long-term debt +€27,309
new in 2025: €27,309
- Gross operating margin -€4,501
down €4,501 (-22.6%), from -€19,936 to -€24,437
- Financial charges -€1,653
down €1,653 (-9.1%), from €18,225 to €16,572
- Other operating charges +€461
up €461 (+22.0%), from €2,098 to €2,559
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 | €1,018,934 | €1,375,988 | +€357,055 | +35.0% |
| Fixed assets | 21/28 | €917,256 | €1,358,992 | +€441,737 | +48.2% |
| Tangible fixed assets | 22/27 | €911,256 | €1,352,992 | +€441,737 | +48.5% |
| Land and buildings | 22 | €248,832 | €124,416 | -€124,416 | -50.0% |
| Other tangible fixed assets | 26 | €662,423 | €1,228,576 | +€566,153 | +85.5% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €101,678 | €16,996 | -€84,682 | -83.3% |
| Amounts receivable within one year | 40/41 | €855 | €72 | -€783 | -91.6% |
| Other amounts receivable | 41 | €855 | €72 | -€783 | -91.6% |
| Cash at bank and in hand | 54/58 | €100,823 | €16,924 | -€83,899 | -83.2% |
| Total equity and liabilities | 10/49 | €1,018,934 | €1,375,988 | +€357,055 | +35.0% |
| Equity | 10/15 | -€144,784 | -€188,112 | -€43,328 | -29.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€152,844 | -€196,172 | -€43,328 | -28.3% |
| Amounts payable | 17/49 | €1,163,718 | €1,564,101 | +€400,382 | +34.4% |
| Amounts payable after more than one year | 17 | €640,000 | €881,102 | +€241,102 | +37.7% |
| Financial debts | 170/4 | €640,000 | €881,102 | +€241,102 | +37.7% |
| Amounts payable within one year | 42/48 | €523,718 | €682,998 | +€159,280 | +30.4% |
| Current portion of amounts payable after more than one year | 42 | - | €27,309 | +€27,309 | |
| Trade debts | 44 | €119,529 | €195,606 | +€76,078 | +63.6% |
| Suppliers | 440/4 | €119,529 | €195,606 | +€76,078 | +63.6% |
| Other amounts payable | 47/48 | €404,189 | €460,083 | +€55,893 | +13.8% |
| Other operating charges | 640/8 | €2,098 | €2,559 | +€461 | +22.0% |
| Gross operating margin | 9900 | -€19,936 | -€24,437 | -€4,501 | -22.6% |
| Operating profit (loss) | 9901 | -€22,034 | -€26,996 | -€4,962 | -22.5% |
| Financial income | 75/76B | - | €240 | +€240 | |
| Recurring financial income | 75 | - | €240 | +€240 | |
| Financial charges | 65/66B | €18,225 | €16,572 | -€1,653 | -9.1% |
| Recurring financial charges | 65 | €18,225 | €16,572 | -€1,653 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | -€40,259 | -€43,328 | -€3,069 | -7.6% |
| Profit (loss) for the period | 9904 | -€40,259 | -€43,328 | -€3,069 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,259 | -€43,328 | -€3,069 | -7.6% |
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 14 October 2026 via checked.be.