VTO.I: 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.
VTO.I
Largest movements
- Tangible fixed assets -€28,688
down €28,688 (-28.8%), from €99,673 to €70,985
of which Other tangible fixed assets: -€20,731
- Cash +€13,257
up €13,257 (+63.7%), from €20,819 to €34,076
mainly Depreciation (+€34,919) and Trade debts (+€25,702)
- Receivables within one year -€3,634
down €3,634 (-34.0%), from €10,682 to €7,048
- Current portion of long-term debt -€25,824
down €25,824 (-77.9%), from €33,164 to €7,340
- Trade debts +€25,702
up €25,702 (+174%), from €14,781 to €40,483
- Reserves -€22,593
down €22,593 (-26.0%), from €86,895 to €64,302
- Other debts +€8,387
new in 2025: €8,387
- Tax, wage and social debts -€4,952
down €4,952 (-12.5%), from €39,754 to €34,802
of which Remuneration and social security: -€4,677
- Staff costs +€28,081
up €28,081 (+15.7%), from €178,630 to €206,711
- Gross operating margin +€12,980
up €12,980 (+5.3%), from €243,513 to €256,493
- Taxes -€3,551
down €3,551 (-39.2%), from €9,051 to €5,500
- Depreciation -€2,652
down €2,652 (-7.1%), from €37,571 to €34,919
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 | €196,820 | €176,586 | -€20,234 | -10.3% |
| Formation expenses | 20 | €900 | €600 | -€300 | -33.3% |
| Fixed assets | 21/28 | €99,773 | €71,085 | -€28,688 | -28.8% |
| Tangible fixed assets | 22/27 | €99,673 | €70,985 | -€28,688 | -28.8% |
| Plant, machinery and equipment | 23 | €27,737 | €23,796 | -€3,941 | -14.2% |
| Furniture and vehicles | 24 | €10,198 | €6,182 | -€4,016 | -39.4% |
| Other tangible fixed assets | 26 | €61,738 | €41,007 | -€20,731 | -33.6% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €96,147 | €104,901 | +€8,754 | +9.1% |
| Stocks and contracts in progress | 3 | €59,424 | €59,927 | +€503 | +0.8% |
| Stocks | 30/36 | €59,424 | €59,927 | +€503 | +0.8% |
| Amounts receivable within one year | 40/41 | €10,682 | €7,048 | -€3,634 | -34.0% |
| Other amounts receivable | 41 | €10,682 | €7,048 | -€3,634 | -34.0% |
| Cash at bank and in hand | 54/58 | €20,819 | €34,076 | +€13,257 | +63.7% |
| Deferred charges and accrued income | 490/1 | €5,222 | €3,850 | -€1,372 | -26.3% |
| Total equity and liabilities | 10/49 | €196,820 | €176,586 | -€20,234 | -10.3% |
| Equity | 10/15 | €105,495 | €82,902 | -€22,593 | -21.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €86,895 | €64,302 | -€22,593 | -26.0% |
| Distributable reserves | 133 | €86,895 | €64,302 | -€22,593 | -26.0% |
| Amounts payable | 17/49 | €91,325 | €93,684 | +€2,359 | +2.6% |
| Amounts payable after more than one year | 17 | €2,782 | - | -€2,782 | |
| Financial debts | 170/4 | €2,782 | - | -€2,782 | |
| Amounts payable within one year | 42/48 | €88,543 | €93,684 | +€5,141 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €33,164 | €7,340 | -€25,824 | -77.9% |
| Financial debts | 43 | €844 | €2,672 | +€1,828 | +217% |
| Credit institutions | 430/8 | €844 | €2,672 | +€1,828 | +217% |
| Trade debts | 44 | €14,781 | €40,483 | +€25,702 | +174% |
| Suppliers | 440/4 | €14,781 | €40,483 | +€25,702 | +174% |
| Taxes, remuneration and social security | 45 | €39,754 | €34,802 | -€4,952 | -12.5% |
| Taxes | 450/3 | €23,080 | €22,805 | -€275 | -1.2% |
| Remuneration and social security | 454/9 | €16,674 | €11,997 | -€4,677 | -28.0% |
| Other amounts payable | 47/48 | - | €8,387 | +€8,387 | |
| Remuneration, social security and pensions | 62 | €178,630 | €206,711 | +€28,081 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,571 | €34,919 | -€2,652 | -7.1% |
| Other operating charges | 640/8 | €2,710 | €2,058 | -€652 | -24.1% |
| Gross operating margin | 9900 | €243,513 | €256,493 | +€12,980 | +5.3% |
| Operating profit (loss) | 9901 | €24,602 | €12,805 | -€11,797 | -48.0% |
| Financial income | 75/76B | €517 | €949 | +€432 | +83.6% |
| Recurring financial income | 75 | €517 | €949 | +€432 | +83.6% |
| Financial charges | 65/66B | €2,605 | €2,935 | +€330 | +12.7% |
| Recurring financial charges | 65 | €2,605 | €2,935 | +€330 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €22,514 | €10,819 | -€11,695 | -51.9% |
| Income taxes | 67/77 | €9,051 | €5,500 | -€3,551 | -39.2% |
| Profit (loss) for the period | 9904 | €13,463 | €5,319 | -€8,144 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,463 | €5,319 | -€8,144 | -60.5% |
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 26 October 2026 via checked.be.