VTP: what changed
VTP
Largest movements
- Cash -€23,531
no longer reported in 2025 (was €23,531)
mainly Trade debts (-€34,374) and Stocks and contracts (-€20,737)
- Stocks and contracts +€20,737
up €20,737 (+16.9%), from €122,876 to €143,613
- Current investments +€9,949
new in 2025: €9,949
- Receivables within one year +€6,402
up €6,402 (+49.3%), from €12,975 to €19,377
of which Trade receivables: +€9,428
- Tangible fixed assets +€3,757
up €3,757 (+26.2%), from €14,343 to €18,100
of which Furniture and vehicles: +€3,303
- Profit (loss) carried forward +€36,893
up €36,893 (+67.2%), from €54,872 to €91,765
- Trade debts -€34,374
down €34,374 (-67.7%), from €50,776 to €16,402
- Tax, wage and social debts +€12,536
up €12,536 (+112%), from €11,155 to €23,691
of which Taxes: +€9,993
- Other debts +€1,931
up €1,931 (+4.9%), from €39,795 to €41,726
- Gross operating margin +€47,107
up €47,107 (+69.3%), from €67,937 to €115,044
- Other operating charges +€16,979
up €16,979 (+1,187%), from €1,430 to €18,409
- Staff costs +€12,894
up €12,894 (+34.4%), from €37,466 to €50,360
- Financial income -€9,701
down €9,701 (-63.1%), from €15,383 to €5,682
of which Financial income: -€15,378
- Taxes +€6,957
up €6,957 (+183%), from €3,802 to €10,759
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,900 | €192,284 | +€18,384 | +10.6% |
| Fixed assets | 21/28 | €14,518 | €18,275 | +€3,757 | +25.9% |
| Tangible fixed assets | 22/27 | €14,343 | €18,100 | +€3,757 | +26.2% |
| Land and buildings | 22 | €10,602 | €9,801 | -€801 | -7.6% |
| Plant, machinery and equipment | 23 | €3,130 | €4,385 | +€1,255 | +40.1% |
| Furniture and vehicles | 24 | €611 | €3,914 | +€3,303 | +541% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €159,382 | €174,009 | +€14,627 | +9.2% |
| Stocks and contracts in progress | 3 | €122,876 | €143,613 | +€20,737 | +16.9% |
| Stocks | 30/36 | €122,876 | €143,613 | +€20,737 | +16.9% |
| Amounts receivable within one year | 40/41 | €12,975 | €19,377 | +€6,402 | +49.3% |
| Trade receivables | 40 | €8,420 | €17,848 | +€9,428 | +112% |
| Other amounts receivable | 41 | €4,555 | €1,529 | -€3,026 | -66.4% |
| Current investments | 50/53 | - | €9,949 | +€9,949 | |
| Cash at bank and in hand | 54/58 | €23,531 | - | -€23,531 | |
| Deferred charges and accrued income | 490/1 | - | €1,070 | +€1,070 | |
| Total equity and liabilities | 10/49 | €173,900 | €192,284 | +€18,384 | +10.6% |
| Equity | 10/15 | €72,092 | €108,985 | +€36,893 | +51.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €12,220 | €12,220 | = | 0.0% |
| Distributable reserves | 133 | €12,220 | €12,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,872 | €91,765 | +€36,893 | +67.2% |
| Amounts payable | 17/49 | €101,808 | €83,299 | -€18,509 | -18.2% |
| Amounts payable within one year | 42/48 | €101,726 | €81,819 | -€19,907 | -19.6% |
| Trade debts | 44 | €50,776 | €16,402 | -€34,374 | -67.7% |
| Suppliers | 440/4 | €50,776 | €16,402 | -€34,374 | -67.7% |
| Taxes, remuneration and social security | 45 | €11,155 | €23,691 | +€12,536 | +112% |
| Taxes | 450/3 | €5,576 | €15,569 | +€9,993 | +179% |
| Remuneration and social security | 454/9 | €5,579 | €8,122 | +€2,543 | +45.6% |
| Other amounts payable | 47/48 | €39,795 | €41,726 | +€1,931 | +4.9% |
| Accrued charges and deferred income | 492/3 | €82 | €1,480 | +€1,398 | +1,705% |
| Remuneration, social security and pensions | 62 | €37,466 | €50,360 | +€12,894 | +34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,242 | €3,167 | -€1,075 | -25.3% |
| Other operating charges | 640/8 | €1,430 | €18,409 | +€16,979 | +1,187% |
| Gross operating margin | 9900 | €67,937 | €115,044 | +€47,107 | +69.3% |
| Operating profit (loss) | 9901 | €24,799 | €43,108 | +€18,309 | +73.8% |
| Financial income | 75/76B | €15,383 | €5,682 | -€9,701 | -63.1% |
| Recurring financial income | 75 | €15,383 | €5 | -€15,378 | -100.0% |
| Non-recurring financial income | 76B | €15,383 | €5,677 | -€9,706 | -63.1% |
| Financial charges | 65/66B | €6,095 | €1,138 | -€4,957 | -81.3% |
| Recurring financial charges | 65 | €181 | €256 | +€75 | +41.4% |
| Non-recurring financial charges | 66B | €5,914 | €882 | -€5,032 | -85.1% |
| Profit (loss) for the period before taxes | 9903 | €34,087 | €47,652 | +€13,565 | +39.8% |
| Income taxes | 67/77 | €3,802 | €10,759 | +€6,957 | +183% |
| Profit (loss) for the period | 9904 | €30,285 | €36,893 | +€6,608 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €30,285 | €36,893 | +€6,608 | +21.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.