VTN: 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.
VTN
Largest movements
- Cash +€20,501
up €20,501 (+98.1%), from €20,903 to €41,404
mainly Net result for the year (+€21,795) and Receivables within one year (+€5,927)
- Receivables within one year -€5,927
down €5,927 (-61.4%), from €9,654 to €3,727
of which Trade receivables: -€4,515
- Tangible fixed assets +€4,139
up €4,139 (+242%), from €1,708 to €5,848
of which Plant, machinery and equipment: +€4,283
- Deferred charges and accrued income -€1,179
no longer reported in 2025 (was €1,179)
- Profit (loss) carried forward +€13,370
up €13,370 (+159%), from €8,425 to €21,795
- Tax, wage and social debts +€3,900
up €3,900 (+231%), from €1,692 to €5,592
of which Remuneration and social security: +€3,500
- Other debts +€1,136
new in 2025: €1,136
- Trade debts -€871
down €871 (-17.7%), from €4,918 to €4,047
- Gross operating margin +€21,252
up €21,252 (+154%), from €13,780 to €35,032
- Taxes +€4,216
up €4,216 (+94.2%), from €4,475 to €8,691
- Depreciation +€485
up €485 (+102%), from €477 to €962
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 | €33,634 | €51,170 | +€17,535 | +52.1% |
| Fixed assets | 21/28 | €1,900 | €6,039 | +€4,139 | +218% |
| Tangible fixed assets | 22/27 | €1,708 | €5,848 | +€4,139 | +242% |
| Plant, machinery and equipment | 23 | €1,540 | €5,823 | +€4,283 | +278% |
| Furniture and vehicles | 24 | €168 | €24 | -€144 | -85.6% |
| Financial fixed assets | 28 | €191 | €191 | = | 0.0% |
| Current assets | 29/58 | €31,735 | €45,131 | +€13,396 | +42.2% |
| Amounts receivable within one year | 40/41 | €9,654 | €3,727 | -€5,927 | -61.4% |
| Trade receivables | 40 | €8,242 | €3,727 | -€4,515 | -54.8% |
| Other amounts receivable | 41 | €1,412 | - | -€1,412 | |
| Cash at bank and in hand | 54/58 | €20,903 | €41,404 | +€20,501 | +98.1% |
| Deferred charges and accrued income | 490/1 | €1,179 | - | -€1,179 | |
| Total equity and liabilities | 10/49 | €33,634 | €51,170 | +€17,535 | +52.1% |
| Equity | 10/15 | €27,025 | €40,395 | +€13,370 | +49.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,425 | €21,795 | +€13,370 | +159% |
| Amounts payable | 17/49 | €6,610 | €10,775 | +€4,165 | +63.0% |
| Amounts payable within one year | 42/48 | €6,610 | €10,775 | +€4,165 | +63.0% |
| Trade debts | 44 | €4,918 | €4,047 | -€871 | -17.7% |
| Suppliers | 440/4 | €4,918 | €4,047 | -€871 | -17.7% |
| Taxes, remuneration and social security | 45 | €1,692 | €5,592 | +€3,900 | +231% |
| Taxes | 450/3 | €1,692 | €2,092 | +€400 | +23.7% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | - | €1,136 | +€1,136 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €477 | €962 | +€485 | +102% |
| Other operating charges | 640/8 | €553 | €528 | -€24 | -4.4% |
| Non-recurring operating charges | 66A | - | €2,962 | +€2,962 | |
| Gross operating margin | 9900 | €13,780 | €35,032 | +€21,252 | +154% |
| Operating profit (loss) | 9901 | €12,751 | €30,580 | +€17,829 | +140% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €92 | €95 | +€3 | +3.4% |
| Recurring financial charges | 65 | €92 | €95 | +€3 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €12,660 | €30,486 | +€17,826 | +141% |
| Income taxes | 67/77 | €4,475 | €8,691 | +€4,216 | +94.2% |
| Profit (loss) for the period | 9904 | €8,185 | €21,795 | +€13,610 | +166% |
| Profit (loss) for the period to be appropriated | 9905 | €8,185 | €21,795 | +€13,610 | +166% |
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 19 October 2026 via checked.be.