VTProtec: 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.
VTProtec
Largest movements
- Receivables within one year +€27,306
up €27,306 (+44.7%), from €61,129 to €88,435
of which Trade receivables: +€27,362
- Tangible fixed assets +€20,561
up €20,561 (+14.7%), from €140,045 to €160,606
of which Furniture and vehicles: +€26,646
- Current investments +€17,450
up €17,450 (+99.2%), from €17,584 to €35,034
- Cash -€9,432
down €9,432 (-17.0%), from €55,482 to €46,049
mainly Investment in fixed assets (net) (-€35,819) and Receivables within one year (-€27,306)
- Deferred charges and accrued income -€7,715
down €7,715 (-49.7%), from €15,520 to €7,804
- Reserves +€41,773
up €41,773 (+34.0%), from €122,950 to €164,723
- Tax, wage and social debts +€19,652
up €19,652 (+157%), from €12,508 to €32,160
- Other debts -€9,907
down €9,907 (-13.0%), from €76,204 to €66,296
- Debts after one year -€7,250
down €7,250 (-9.4%), from €76,899 to €69,650
- Gross operating margin +€8,303
up €8,303 (+12.2%), from €68,054 to €76,357
- Depreciation +€3,040
up €3,040 (+24.9%), from €12,218 to €15,258
- Taxes +€2,661
up €2,661 (+18.5%), from €14,420 to €17,080
- Financial charges -€1,917
down €1,917 (-36.1%), from €5,304 to €3,387
- Financial income +€933
up €933 (+1,047%), from €89 to €1,022
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 | €312,957 | €361,126 | +€48,169 | +15.4% |
| Fixed assets | 21/28 | €161,045 | €181,606 | +€20,561 | +12.8% |
| Tangible fixed assets | 22/27 | €140,045 | €160,606 | +€20,561 | +14.7% |
| Land and buildings | 22 | €124,944 | €120,717 | -€4,226 | -3.4% |
| Plant, machinery and equipment | 23 | €11,757 | €9,898 | -€1,859 | -15.8% |
| Furniture and vehicles | 24 | €3,344 | €29,990 | +€26,646 | +797% |
| Financial fixed assets | 28 | €21,000 | €21,000 | = | 0.0% |
| Current assets | 29/58 | €151,912 | €179,520 | +€27,608 | +18.2% |
| Amounts receivable after more than one year | 29 | €2,198 | €2,198 | = | 0.0% |
| Other amounts receivable | 291 | €2,198 | €2,198 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €61,129 | €88,435 | +€27,306 | +44.7% |
| Trade receivables | 40 | €24,360 | €51,722 | +€27,362 | +112% |
| Other amounts receivable | 41 | €36,769 | €36,713 | -€56 | -0.2% |
| Current investments | 50/53 | €17,584 | €35,034 | +€17,450 | +99.2% |
| Cash at bank and in hand | 54/58 | €55,482 | €46,049 | -€9,432 | -17.0% |
| Deferred charges and accrued income | 490/1 | €15,520 | €7,804 | -€7,715 | -49.7% |
| Total equity and liabilities | 10/49 | €312,957 | €361,126 | +€48,169 | +15.4% |
| Equity | 10/15 | €136,176 | €177,123 | +€40,947 | +30.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €122,950 | €164,723 | +€41,773 | +34.0% |
| Distributable reserves | 133 | €122,950 | €164,723 | +€41,773 | +34.0% |
| Profit (loss) carried forward | 14 | €826 | €0 | -€826 | -100% |
| Amounts payable | 17/49 | €176,781 | €184,003 | +€7,222 | +4.1% |
| Amounts payable after more than one year | 17 | €76,899 | €69,650 | -€7,250 | -9.4% |
| Financial debts | 170/4 | €76,899 | €69,650 | -€7,250 | -9.4% |
| Amounts payable within one year | 42/48 | €96,032 | €108,489 | +€12,457 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €7,145 | €7,250 | +€104 | +1.5% |
| Trade debts | 44 | €174 | €2,782 | +€2,608 | +1,495% |
| Suppliers | 440/4 | €174 | €2,782 | +€2,608 | +1,495% |
| Taxes, remuneration and social security | 45 | €12,508 | €32,160 | +€19,652 | +157% |
| Taxes | 450/3 | €12,508 | €32,160 | +€19,652 | +157% |
| Other amounts payable | 47/48 | €76,204 | €66,296 | -€9,907 | -13.0% |
| Accrued charges and deferred income | 492/3 | €3,850 | €5,864 | +€2,015 | +52.3% |
| Non-recurring operating income | 76A | - | €6,198 | +€6,198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,218 | €15,258 | +€3,040 | +24.9% |
| Other operating charges | 640/8 | €628 | €707 | +€78 | +12.5% |
| Gross operating margin | 9900 | €68,054 | €76,357 | +€8,303 | +12.2% |
| Operating profit (loss) | 9901 | €55,208 | €60,392 | +€5,184 | +9.4% |
| Financial income | 75/76B | €89 | €1,022 | +€933 | +1,047% |
| Recurring financial income | 75 | €89 | €1,022 | +€933 | +1,047% |
| Financial charges | 65/66B | €5,304 | €3,387 | -€1,917 | -36.1% |
| Recurring financial charges | 65 | €5,304 | €3,387 | -€1,917 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | €49,993 | €58,028 | +€8,035 | +16.1% |
| Income taxes | 67/77 | €14,420 | €17,080 | +€2,661 | +18.5% |
| Profit (loss) for the period | 9904 | €35,573 | €40,947 | +€5,374 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,573 | €40,947 | +€5,374 | +15.1% |
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.