Vtrade: 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.
Vtrade
Largest movements
- Stocks and contracts -€484,906
no longer reported in 2025 (was €484,906)
- Receivables within one year +€361,684
up €361,684 (+251.8%), from €143,654 to €505,338
of which Other amounts receivable: +€315,561
- Cash +€45,392
up €45,392 (+326.3%), from €13,913 to €59,304
mainly Stocks and contracts (+€484,906) and Net result for the year (+€433,592)
- Profit (loss) carried forward -€284,799
no longer reported in 2025 (was €284,799)
- Tax, wage and social debts +€118,975
up €118,975 (+2800.8%), from €4,248 to €123,223
- Other debts +€81,851
up €81,851 (+27.7%), from €295,083 to €376,934
- Short-term financial debts +€46,203
up €46,203 (+876.1%), from €5,274 to €51,476
- Current portion of long-term debt -€30,000
no longer reported in 2025 (was €30,000)
- Financial charges -€510,043
down €510,043 (-61.3%), from €832,361 to €322,318
- Financial income -€380,956
down €380,956 (-54.0%), from €705,950 to €324,993
- Gross operating margin +€203,732
up €203,732 (+54.0%), from €377,301 to €581,034
- Taxes +€84,824
up €84,824 (+134.2%), from €63,209 to €148,033
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 | €648,367 | €569,030 | -€79,337 | -12.2% |
| Fixed assets | 21/28 | €5,894 | €4,388 | -€1,506 | -25.6% |
| Tangible fixed assets | 22/27 | €5,894 | €4,388 | -€1,506 | -25.6% |
| Furniture and vehicles | 24 | €5,894 | €4,388 | -€1,506 | -25.6% |
| Current assets | 29/58 | €642,473 | €564,642 | -€77,831 | -12.1% |
| Stocks and contracts in progress | 3 | €484,906 | - | -€484,906 | |
| Stocks | 30/36 | €484,906 | - | -€484,906 | |
| Amounts receivable within one year | 40/41 | €143,654 | €505,338 | +€361,684 | +251.8% |
| Trade receivables | 40 | €88 | €46,210 | +€46,122 | +52566.9% |
| Other amounts receivable | 41 | €143,566 | €459,128 | +€315,561 | +219.8% |
| Cash at bank and in hand | 54/58 | €13,913 | €59,304 | +€45,392 | +326.3% |
| Total equity and liabilities | 10/49 | €648,367 | €569,030 | -€79,337 | -12.2% |
| Equity | 10/15 | €309,235 | €15,992 | -€293,243 | -94.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €12,036 | €3,592 | -€8,444 | -70.2% |
| Distributable reserves | 133 | €12,036 | €3,592 | -€8,444 | -70.2% |
| Profit (loss) carried forward | 14 | €284,799 | - | -€284,799 | |
| Amounts payable | 17/49 | €339,132 | €553,038 | +€213,907 | +63.1% |
| Amounts payable within one year | 42/48 | €339,132 | €553,038 | +€213,907 | +63.1% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | - | -€30,000 | |
| Financial debts | 43 | €5,274 | €51,476 | +€46,203 | +876.1% |
| Credit institutions | 430/8 | €5,274 | €51,476 | +€46,203 | +876.1% |
| Trade debts | 44 | €4,527 | €1,405 | -€3,122 | -69.0% |
| Suppliers | 440/4 | €4,527 | €1,405 | -€3,122 | -69.0% |
| Taxes, remuneration and social security | 45 | €4,248 | €123,223 | +€118,975 | +2800.8% |
| Taxes | 450/3 | €4,248 | €123,223 | +€118,975 | +2800.8% |
| Other amounts payable | 47/48 | €295,083 | €376,934 | +€81,851 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,508 | €1,506 | -€1,002 | -40.0% |
| Other operating charges | 640/8 | €586 | €579 | -€7 | -1.2% |
| Gross operating margin | 9900 | €377,301 | €581,034 | +€203,732 | +54.0% |
| Operating profit (loss) | 9901 | €374,207 | €578,949 | +€204,742 | +54.7% |
| Financial income | 75/76B | €705,950 | €324,993 | -€380,956 | -54.0% |
| Recurring financial income | 75 | €705,950 | €324,993 | -€380,956 | -54.0% |
| Financial charges | 65/66B | €832,361 | €322,318 | -€510,043 | -61.3% |
| Recurring financial charges | 65 | €832,361 | €322,318 | -€510,043 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | €247,796 | €581,625 | +€333,829 | +134.7% |
| Income taxes | 67/77 | €63,209 | €148,033 | +€84,824 | +134.2% |
| Profit (loss) for the period | 9904 | €184,587 | €433,592 | +€249,005 | +134.9% |
| Profit (loss) for the period to be appropriated | 9905 | €184,587 | €433,592 | +€249,005 | +134.9% |
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 10 October 2026 via checked.be.