VTR GROUP: 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 GROUP
Largest movements
- Financial fixed assets -€712,641
down €712,641 (-41.9%), from €1.7m to €986,551
- Current investments -€400,000
down €400,000 (-100%), from €400,000 to €0
- Receivables within one year +€191,230
up €191,230 (+74.1%), from €258,059 to €449,289
of which Other amounts receivable: +€191,230
- Other debts -€1.2m
down €1.2m (-95.1%), from €1.2m to €58,999
- Profit (loss) carried forward +€237,077
up €237,077 (+12.1%), from -€2.0m to -€1.7m
- Financial income +€413,379
up €413,379 (+3,194%), from €12,944 to €426,323
of which Non-recurring financial income: +€424,359
- Gross operating margin -€55,436
down €55,436 (-43.5%), from -€127,431 to -€182,867
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 | €3,916,221 | €3,002,825 | -€913,396 | -23.3% |
| Fixed assets | 21/28 | €3,190,198 | €2,476,610 | -€713,588 | -22.4% |
| Tangible fixed assets | 22/27 | €1,491,006 | €1,490,059 | -€947 | -0.1% |
| Land and buildings | 22 | €1,491,006 | €1,490,059 | -€947 | -0.1% |
| Financial fixed assets | 28 | €1,699,192 | €986,551 | -€712,641 | -41.9% |
| Current assets | 29/58 | €726,023 | €526,215 | -€199,808 | -27.5% |
| Amounts receivable within one year | 40/41 | €258,059 | €449,289 | +€191,230 | +74.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €258,059 | €449,289 | +€191,230 | +74.1% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100% |
| Cash at bank and in hand | 54/58 | €67,964 | €76,925 | +€8,961 | +13.2% |
| Total equity and liabilities | 10/49 | €3,916,221 | €3,002,825 | -€913,396 | -23.3% |
| Equity | 10/15 | €2,096,238 | €2,333,315 | +€237,077 | +11.3% |
| Contributions | 10/11 | €650,800 | €650,800 | = | 0.0% |
| Revaluation surpluses | 12 | €1,371,898 | €1,371,898 | = | 0.0% |
| Reserves | 13 | €2,033,559 | €2,033,559 | = | 0.0% |
| Distributable reserves | 133 | €2,033,559 | €2,033,559 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,960,018 | -€1,722,941 | +€237,077 | +12.1% |
| Amounts payable | 17/49 | €1,819,983 | €669,509 | -€1.2m | -63.2% |
| Amounts payable after more than one year | 17 | €509,842 | €513,592 | +€3,750 | +0.7% |
| Financial debts | 170/4 | €509,842 | €513,592 | +€3,750 | +0.7% |
| Amounts payable within one year | 42/48 | €1,310,140 | €155,917 | -€1.2m | -88.1% |
| Trade debts | 44 | €96,918 | €96,918 | = | 0.0% |
| Suppliers | 440/4 | €96,918 | €96,918 | = | 0.0% |
| Other amounts payable | 47/48 | €1,213,222 | €58,999 | -€1.2m | -95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €947 | = | 0.0% |
| Other operating charges | 640/8 | €1,322 | €1,357 | +€35 | +2.6% |
| Gross operating margin | 9900 | -€127,431 | -€182,867 | -€55,436 | -43.5% |
| Operating profit (loss) | 9901 | -€129,700 | -€185,170 | -€55,471 | -42.8% |
| Financial income | 75/76B | €12,944 | €426,323 | +€413,379 | +3,194% |
| Recurring financial income | 75 | €12,944 | €1,964 | -€10,980 | -84.8% |
| Non-recurring financial income | 76B | - | €424,359 | +€424,359 | |
| Financial charges | 65/66B | €4,016 | €4,075 | +€59 | +1.5% |
| Recurring financial charges | 65 | €4,016 | €4,075 | +€59 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | -€120,772 | €237,077 | +€357,849 | |
| Profit (loss) for the period | 9904 | -€120,772 | €237,077 | +€357,849 | |
| Profit (loss) for the period to be appropriated | 9905 | -€120,772 | €237,077 | +€357,849 |
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 22 October 2026 via checked.be.