VTP: 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.
VTP
Largest movements
- Receivables within one year -€740,433
down €740,433 (-80.0%), from €925,419 to €184,986
of which Trade receivables: -€707,713
- Deferred charges and accrued income -€81,957
down €81,957 (-16.0%), from €510,685 to €428,728
- Cash -€73,627
down €73,627 (-80.0%), from €92,010 to €18,383
mainly Trade debts (-€659,067) and Tax, wage and social debts (-€125,620)
- Trade debts -€659,067
down €659,067 (-88.1%), from €747,869 to €88,802
- Tax, wage and social debts -€125,620
down €125,620 (-75.6%), from €166,155 to €40,535
- Other debts -€81,530
down €81,530 (-19.5%), from €417,725 to €336,195
- Reserves -€21,673
down €21,673 (-63.7%), from €34,028 to €12,355
- Gross operating margin -€124,395
down €124,395, from €112,802 to -€11,592
- Financial charges -€61,814
down €61,814 (-95.7%), from €64,594 to €2,780
- Taxes -€12,625
down €12,625 (-100.0%), from €12,625 to €0
- Depreciation +€4,948
up €4,948 (+297.9%), from €1,661 to €6,608
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.
Cash bridge derived
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 | €1,658,577 | €770,687 | -€887,890 | -53.5% |
| Fixed assets | 21/28 | €130,464 | €138,591 | +€8,127 | +6.2% |
| Tangible fixed assets | 22/27 | €130,464 | €138,591 | +€8,127 | +6.2% |
| Land and buildings | 22 | €130,464 | €138,591 | +€8,127 | +6.2% |
| Current assets | 29/58 | €1,528,113 | €632,096 | -€896,017 | -58.6% |
| Amounts receivable within one year | 40/41 | €925,419 | €184,986 | -€740,433 | -80.0% |
| Trade receivables | 40 | €880,368 | €172,655 | -€707,713 | -80.4% |
| Other amounts receivable | 41 | €45,051 | €12,330 | -€32,720 | -72.6% |
| Cash at bank and in hand | 54/58 | €92,010 | €18,383 | -€73,627 | -80.0% |
| Deferred charges and accrued income | 490/1 | €510,685 | €428,728 | -€81,957 | -16.0% |
| Total equity and liabilities | 10/49 | €1,658,577 | €770,687 | -€887,890 | -53.5% |
| Equity | 10/15 | €326,828 | €305,155 | -€21,673 | -6.6% |
| Contributions | 10/11 | €292,800 | €292,800 | = | 0.0% |
| Reserves | 13 | €34,028 | €12,355 | -€21,673 | -63.7% |
| Distributable reserves | 133 | €34,028 | €12,355 | -€21,673 | -63.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,331,749 | €465,533 | -€866,216 | -65.0% |
| Amounts payable within one year | 42/48 | €1,331,749 | €465,533 | -€866,216 | -65.0% |
| Trade debts | 44 | €747,869 | €88,802 | -€659,067 | -88.1% |
| Suppliers | 440/4 | €747,869 | €88,802 | -€659,067 | -88.1% |
| Taxes, remuneration and social security | 45 | €166,155 | €40,535 | -€125,620 | -75.6% |
| Taxes | 450/3 | €166,155 | €40,535 | -€125,620 | -75.6% |
| Other amounts payable | 47/48 | €417,725 | €336,195 | -€81,530 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,661 | €6,608 | +€4,948 | +297.9% |
| Other operating charges | 640/8 | €217 | €793 | +€576 | +265.4% |
| Gross operating margin | 9900 | €112,802 | -€11,592 | -€124,395 | |
| Operating profit (loss) | 9901 | €110,925 | -€18,994 | -€129,918 | |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €64,594 | €2,780 | -€61,814 | -95.7% |
| Recurring financial charges | 65 | €64,594 | €2,780 | -€61,814 | -95.7% |
| Profit (loss) for the period before taxes | 9903 | €46,331 | -€21,673 | -€68,004 | |
| Income taxes | 67/77 | €12,625 | €0 | -€12,625 | -100.0% |
| Profit (loss) for the period | 9904 | €33,706 | -€21,673 | -€55,379 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,706 | -€21,673 | -€55,379 |
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 9 October 2026 via checked.be.