VTRS: 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.
VTRS
Largest movements
- Tangible fixed assets -€12,012
down €12,012 (-22.3%), from €53,957 to €41,945
of which Leasing and similar rights: -€16,328
- Cash -€6,314
down €6,314 (-94.4%), from €6,687 to €373
mainly Debts after one year (-€17,483) and Investment in fixed assets (net) (-€7,854)
- Receivables within one year +€3,060
up €3,060 (+4.0%), from €75,848 to €78,908
of which Other amounts receivable: +€2,275
- Deferred charges and accrued income +€2,373
up €2,373 (+53.7%), from €4,415 to €6,788
- Debts after one year -€17,483
no longer reported in 2025 (was €17,483)
- Reserves +€7,249
up €7,249 (+9.7%), from €74,574 to €81,823
- Current portion of long-term debt -€4,599
down €4,599 (-20.8%), from €22,083 to €17,483
- Tax, wage and social debts +€4,010
up €4,010 (+38.7%), from €10,355 to €14,365
- Other debts -€1,448
down €1,448 (-38.9%), from €3,722 to €2,274
- Gross operating margin -€85,296
down €85,296 (-68.2%), from €125,017 to €39,720
- Taxes -€16,957
down €16,957 (-72.8%), from €23,282 to €6,325
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 | €140,907 | €128,013 | -€12,894 | -9.2% |
| Fixed assets | 21/28 | €53,957 | €41,945 | -€12,012 | -22.3% |
| Tangible fixed assets | 22/27 | €53,957 | €41,945 | -€12,012 | -22.3% |
| Plant, machinery and equipment | 23 | €5,723 | €5,012 | -€711 | -12.4% |
| Furniture and vehicles | 24 | €2,290 | €4,704 | +€2,414 | +105% |
| Leasing and similar rights | 25 | €45,943 | €29,615 | -€16,328 | -35.5% |
| Other tangible fixed assets | 26 | - | €2,614 | +€2,614 | |
| Current assets | 29/58 | €86,950 | €86,068 | -€882 | -1.0% |
| Amounts receivable within one year | 40/41 | €75,848 | €78,908 | +€3,060 | +4.0% |
| Trade receivables | 40 | €75,848 | €76,633 | +€785 | +1.0% |
| Other amounts receivable | 41 | - | €2,275 | +€2,275 | |
| Cash at bank and in hand | 54/58 | €6,687 | €373 | -€6,314 | -94.4% |
| Deferred charges and accrued income | 490/1 | €4,415 | €6,788 | +€2,373 | +53.7% |
| Total equity and liabilities | 10/49 | €140,907 | €128,013 | -€12,894 | -9.2% |
| Equity | 10/15 | €75,574 | €82,823 | +€7,249 | +9.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €74,574 | €81,823 | +€7,249 | +9.7% |
| Distributable reserves | 133 | €74,574 | €81,823 | +€7,249 | +9.7% |
| Amounts payable | 17/49 | €65,333 | €45,190 | -€20,143 | -30.8% |
| Amounts payable after more than one year | 17 | €17,483 | - | -€17,483 | |
| Financial debts | 170/4 | €17,483 | - | -€17,483 | |
| Amounts payable within one year | 42/48 | €47,850 | €45,190 | -€2,659 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €22,083 | €17,483 | -€4,599 | -20.8% |
| Financial debts | 43 | €1,239 | €723 | -€516 | -41.7% |
| Credit institutions | 430/8 | €1,239 | €723 | -€516 | -41.7% |
| Trade debts | 44 | €10,450 | €10,345 | -€105 | -1.0% |
| Suppliers | 440/4 | €10,450 | €10,345 | -€105 | -1.0% |
| Taxes, remuneration and social security | 45 | €10,355 | €14,365 | +€4,010 | +38.7% |
| Taxes | 450/3 | €10,355 | €14,365 | +€4,010 | +38.7% |
| Other amounts payable | 47/48 | €3,722 | €2,274 | -€1,448 | -38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,159 | €19,866 | -€294 | -1.5% |
| Other operating charges | 640/8 | €772 | €1,322 | +€550 | +71.3% |
| Gross operating margin | 9900 | €125,017 | €39,720 | -€85,296 | -68.2% |
| Operating profit (loss) | 9901 | €104,086 | €18,533 | -€85,553 | -82.2% |
| Financial income | 75/76B | €5 | €3 | -€2 | -42.6% |
| Recurring financial income | 75 | €5 | €3 | -€2 | -42.6% |
| Financial charges | 65/66B | €4,517 | €3,296 | -€1,220 | -27.0% |
| Recurring financial charges | 65 | €4,517 | €3,296 | -€1,220 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €99,574 | €15,240 | -€84,334 | -84.7% |
| Income taxes | 67/77 | €23,282 | €6,325 | -€16,957 | -72.8% |
| Profit (loss) for the period | 9904 | €76,292 | €8,915 | -€67,377 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,292 | €8,915 | -€67,377 | -88.3% |
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 18 October 2026 via checked.be.