Vtherm: 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.
Vtherm
Largest movements
- Receivables within one year -€41,723
down €41,723 (-21.8%), from €190,962 to €149,239
of which Trade receivables: -€71,392
- Cash -€9,443
down €9,443 (-62.2%), from €15,192 to €5,749
mainly Tax, wage and social debts (-€32,156) and Contributions, distributions and other (-€17,647)
- Tangible fixed assets -€5,085
down €5,085 (-27.1%), from €18,787 to €13,702
of which Furniture and vehicles: -€3,269
- Tax, wage and social debts -€32,156
down €32,156 (-88.7%), from €36,257 to €4,101
- Profit (loss) carried forward -€27,591
down €27,591 (-19.0%), from €144,987 to €117,396
- Other debts +€17,647
new in 2025: €17,647
- Debts after one year -€7,333
down €7,333 (-68.5%), from €10,699 to €3,366
- Trade debts -€5,522
down €5,522 (-22.9%), from €24,069 to €18,547
- Purchases and services -€173,698
down €173,698 (-45.2%), from €383,950 to €210,252
- Gross operating margin -€37,055
down €37,055 (-88.9%), from €41,674 to €4,619
- Depreciation -€6,009
down €6,009 (-30.2%), from €19,892 to €13,883
- Taxes -€4,147
no longer reported in 2025 (was €4,147)
- Financial income +€981
up €981 (+80.3%), from €1,222 to €2,203
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 | €225,986 | €171,390 | -€54,596 | -24.2% |
| Fixed assets | 21/28 | €18,887 | €13,802 | -€5,085 | -26.9% |
| Tangible fixed assets | 22/27 | €18,787 | €13,702 | -€5,085 | -27.1% |
| Plant, machinery and equipment | 23 | €10,062 | €8,246 | -€1,816 | -18.0% |
| Furniture and vehicles | 24 | €8,725 | €5,456 | -€3,269 | -37.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €207,099 | €157,588 | -€49,511 | -23.9% |
| Amounts receivable within one year | 40/41 | €190,962 | €149,239 | -€41,723 | -21.8% |
| Trade receivables | 40 | €163,254 | €91,862 | -€71,392 | -43.7% |
| Other amounts receivable | 41 | €27,708 | €57,377 | +€29,669 | +107% |
| Cash at bank and in hand | 54/58 | €15,192 | €5,749 | -€9,443 | -62.2% |
| Deferred charges and accrued income | 490/1 | €945 | €2,600 | +€1,655 | +175% |
| Total equity and liabilities | 10/49 | €225,986 | €171,390 | -€54,596 | -24.2% |
| Equity | 10/15 | €147,987 | €120,396 | -€27,591 | -18.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,987 | €117,396 | -€27,591 | -19.0% |
| Amounts payable | 17/49 | €77,999 | €50,994 | -€27,005 | -34.6% |
| Amounts payable after more than one year | 17 | €10,699 | €3,366 | -€7,333 | -68.5% |
| Financial debts | 170/4 | €10,699 | €3,366 | -€7,333 | -68.5% |
| Amounts payable within one year | 42/48 | €67,300 | €47,628 | -€19,672 | -29.2% |
| Current portion of amounts payable after more than one year | 42 | €6,974 | €7,333 | +€359 | +5.1% |
| Trade debts | 44 | €24,069 | €18,547 | -€5,522 | -22.9% |
| Suppliers | 440/4 | €24,069 | €18,547 | -€5,522 | -22.9% |
| Taxes, remuneration and social security | 45 | €36,257 | €4,101 | -€32,156 | -88.7% |
| Taxes | 450/3 | €36,257 | €4,101 | -€32,156 | -88.7% |
| Other amounts payable | 47/48 | - | €17,647 | +€17,647 | |
| Non-recurring operating income | 76A | - | €6,275 | +€6,275 | |
| Goods, raw materials, services and sundry goods | 60/61 | €383,950 | €210,252 | -€173,698 | -45.2% |
| Remuneration, social security and pensions | 62 | €1,295 | €454 | -€841 | -64.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,892 | €13,883 | -€6,009 | -30.2% |
| Other operating charges | 640/8 | €726 | €1,057 | +€331 | +45.6% |
| Gross operating margin | 9900 | €41,674 | €4,619 | -€37,055 | -88.9% |
| Operating profit (loss) | 9901 | €19,761 | -€10,775 | -€30,536 | |
| Financial income | 75/76B | €1,222 | €2,203 | +€981 | +80.3% |
| Recurring financial income | 75 | €1,222 | €2,203 | +€981 | +80.3% |
| Financial charges | 65/66B | €1,294 | €1,372 | +€78 | +6.0% |
| Recurring financial charges | 65 | €1,294 | €1,372 | +€78 | +6.0% |
| Profit (loss) for the period before taxes | 9903 | €19,689 | -€9,944 | -€29,633 | |
| Income taxes | 67/77 | €4,147 | - | -€4,147 | |
| Profit (loss) for the period | 9904 | €15,542 | -€9,944 | -€25,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,542 | -€9,944 | -€25,486 |
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 16 October 2026 via checked.be.