VTR Expertises & Conseils: 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.
VTR Expertises & Conseils
Largest movements
- Receivables within one year -€44,371
down €44,371 (-45.9%), from €96,630 to €52,258
of which Trade receivables: -€50,026
- Cash +€31,526
up €31,526 (+542%), from €5,818 to €37,344
mainly Receivables within one year (+€44,371) and Net result for the year (+€27,783)
- Deferred charges and accrued income -€9,996
down €9,996 (-32.9%), from €30,401 to €20,404
- Tangible fixed assets -€7,936
down €7,936 (-12.3%), from €64,279 to €56,344
of which Other tangible fixed assets: -€10,242
- Other debts -€26,699
down €26,699 (-42.1%), from €63,385 to €36,686
- Trade debts +€12,482
up €12,482 (+150%), from €8,300 to €20,782
- Debts after one year -€7,434
down €7,434 (-10.3%), from €71,922 to €64,489
- Accrued charges and deferred income -€5,400
down €5,400 (-100%), from €5,400 to €0
- Advances received -€5,000
down €5,000 (-71.4%), from €7,000 to €2,000
- Gross operating margin -€4,869
down €4,869 (-6.7%), from €72,868 to €67,999
- Financial charges +€4,250
up €4,250 (+125%), from €3,396 to €7,646
- Taxes -€3,460
down €3,460 (-28.9%), from €11,989 to €8,528
- Other operating charges +€2,295
up €2,295 (+124%), from €1,844 to €4,140
- Staff costs +€1,187
up €1,187 (+51.3%), from €2,311 to €3,498
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 | €197,127 | €166,350 | -€30,777 | -15.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €64,279 | €56,344 | -€7,936 | -12.3% |
| Tangible fixed assets | 22/27 | €64,279 | €56,344 | -€7,936 | -12.3% |
| Plant, machinery and equipment | 23 | €555 | €247 | -€308 | -55.5% |
| Furniture and vehicles | 24 | €6,528 | €9,142 | +€2,614 | +40.0% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €57,196 | €46,954 | -€10,242 | -17.9% |
| Current assets | 29/58 | €132,848 | €110,006 | -€22,841 | -17.2% |
| Amounts receivable within one year | 40/41 | €96,630 | €52,258 | -€44,371 | -45.9% |
| Trade receivables | 40 | €81,954 | €31,929 | -€50,026 | -61.0% |
| Other amounts receivable | 41 | €14,675 | €20,330 | +€5,655 | +38.5% |
| Cash at bank and in hand | 54/58 | €5,818 | €37,344 | +€31,526 | +542% |
| Deferred charges and accrued income | 490/1 | €30,401 | €20,404 | -€9,996 | -32.9% |
| Total equity and liabilities | 10/49 | €197,127 | €166,350 | -€30,777 | -15.6% |
| Equity | 10/15 | €19,564 | €18,847 | -€717 | -3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €964 | €247 | -€717 | -74.4% |
| Amounts payable | 17/49 | €177,563 | €147,503 | -€30,060 | -16.9% |
| Amounts payable after more than one year | 17 | €71,922 | €64,489 | -€7,434 | -10.3% |
| Financial debts | 170/4 | €71,922 | €64,489 | -€7,434 | -10.3% |
| Amounts payable within one year | 42/48 | €100,241 | €83,014 | -€17,226 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €11,392 | €11,253 | -€139 | -1.2% |
| Trade debts | 44 | €8,300 | €20,782 | +€12,482 | +150% |
| Suppliers | 440/4 | €8,300 | €20,782 | +€12,482 | +150% |
| Advances received on contracts in progress | 46 | €7,000 | €2,000 | -€5,000 | -71.4% |
| Taxes, remuneration and social security | 45 | €10,164 | €12,293 | +€2,130 | +21.0% |
| Taxes | 450/3 | €10,164 | €11,378 | +€1,215 | +11.9% |
| Remuneration and social security | 454/9 | €0 | €915 | +€915 | |
| Other amounts payable | 47/48 | €63,385 | €36,686 | -€26,699 | -42.1% |
| Accrued charges and deferred income | 492/3 | €5,400 | €0 | -€5,400 | -100% |
| Remuneration, social security and pensions | 62 | €2,311 | €3,498 | +€1,187 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,510 | €16,416 | -€94 | -0.6% |
| Other operating charges | 640/8 | €1,844 | €4,140 | +€2,295 | +124% |
| Gross operating margin | 9900 | €72,868 | €67,999 | -€4,869 | -6.7% |
| Operating profit (loss) | 9901 | €52,203 | €43,946 | -€8,257 | -15.8% |
| Financial income | 75/76B | €0 | €11 | +€11 | +4,492% |
| Recurring financial income | 75 | €0 | €11 | +€11 | +4,492% |
| Financial charges | 65/66B | €3,396 | €7,646 | +€4,250 | +125% |
| Recurring financial charges | 65 | €3,396 | €7,646 | +€4,250 | +125% |
| Profit (loss) for the period before taxes | 9903 | €48,807 | €36,311 | -€12,496 | -25.6% |
| Income taxes | 67/77 | €11,989 | €8,528 | -€3,460 | -28.9% |
| Profit (loss) for the period | 9904 | €36,819 | €27,783 | -€9,036 | -24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,819 | €27,783 | -€9,036 | -24.5% |
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 20 October 2026 via checked.be.