VTS: 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.
VTS
Largest movements
- Receivables within one year -€31,705
down €31,705 (-54.7%), from €57,955 to €26,250
of which Trade receivables: -€36,181
- Tangible fixed assets -€26,924
down €26,924 (-27.3%), from €98,803 to €71,879
of which Furniture and vehicles: -€20,415
- Cash -€10,679
down €10,679 (-76.3%), from €13,999 to €3,320
mainly Trade debts (-€39,896) and Debts after one year (-€20,327)
- Trade debts -€39,896
down €39,896 (-79.3%), from €50,312 to €10,415
- Debts after one year -€20,327
down €20,327 (-40.2%), from €50,584 to €30,257
- Other debts -€11,392
down €11,392 (-58.2%), from €19,588 to €8,196
- Accrued charges and deferred income +€2,397
up €2,397 (+2482.4%), from €97 to €2,494
- Gross operating margin -€8,659
down €8,659 (-18.7%), from €46,288 to €37,630
- Depreciation +€3,926
up €3,926 (+15.2%), from €25,873 to €29,799
- Taxes -€2,316
down €2,316 (-47.4%), from €4,887 to €2,572
- Financial charges +€935
up €935 (+25.7%), from €3,631 to €4,565
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 | €173,683 | €103,599 | -€70,085 | -40.4% |
| Fixed assets | 21/28 | €98,803 | €71,879 | -€26,924 | -27.3% |
| Tangible fixed assets | 22/27 | €98,803 | €71,879 | -€26,924 | -27.3% |
| Plant, machinery and equipment | 23 | €29,979 | €23,470 | -€6,509 | -21.7% |
| Furniture and vehicles | 24 | €68,823 | €48,408 | -€20,415 | -29.7% |
| Current assets | 29/58 | €74,881 | €31,720 | -€43,161 | -57.6% |
| Amounts receivable within one year | 40/41 | €57,955 | €26,250 | -€31,705 | -54.7% |
| Trade receivables | 40 | €52,795 | €16,614 | -€36,181 | -68.5% |
| Other amounts receivable | 41 | €5,161 | €9,636 | +€4,476 | +86.7% |
| Cash at bank and in hand | 54/58 | €13,999 | €3,320 | -€10,679 | -76.3% |
| Deferred charges and accrued income | 490/1 | €2,926 | €2,149 | -€777 | -26.5% |
| Total equity and liabilities | 10/49 | €173,683 | €103,599 | -€70,085 | -40.4% |
| Equity | 10/15 | €26,075 | €25,652 | -€423 | -1.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,950 | €13,950 | = | 0.0% |
| Distributable reserves | 133 | €13,950 | €13,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,125 | €8,702 | -€423 | -4.6% |
| Amounts payable | 17/49 | €147,608 | €77,947 | -€69,661 | -47.2% |
| Amounts payable after more than one year | 17 | €50,584 | €30,257 | -€20,327 | -40.2% |
| Financial debts | 170/4 | €50,584 | €30,257 | -€20,327 | -40.2% |
| Amounts payable within one year | 42/48 | €96,927 | €45,196 | -€51,732 | -53.4% |
| Current portion of amounts payable after more than one year | 42 | €22,141 | €21,697 | -€444 | -2.0% |
| Financial debts | 43 | €4,000 | €4,000 | = | 0.0% |
| Other loans | 439 | €4,000 | €4,000 | = | 0.0% |
| Trade debts | 44 | €50,312 | €10,415 | -€39,896 | -79.3% |
| Suppliers | 440/4 | €50,312 | €10,415 | -€39,896 | -79.3% |
| Taxes, remuneration and social security | 45 | €887 | €887 | = | 0.0% |
| Taxes | 450/3 | €887 | €887 | = | 0.0% |
| Other amounts payable | 47/48 | €19,588 | €8,196 | -€11,392 | -58.2% |
| Accrued charges and deferred income | 492/3 | €97 | €2,494 | +€2,397 | +2482.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,873 | €29,799 | +€3,926 | +15.2% |
| Other operating charges | 640/8 | €1,370 | €1,536 | +€166 | +12.1% |
| Gross operating margin | 9900 | €46,288 | €37,630 | -€8,659 | -18.7% |
| Operating profit (loss) | 9901 | €19,045 | €6,294 | -€12,751 | -67.0% |
| Financial income | 75/76B | €63 | €420 | +€357 | +570.5% |
| Recurring financial income | 75 | €63 | €420 | +€357 | +570.5% |
| Financial charges | 65/66B | €3,631 | €4,565 | +€935 | +25.7% |
| Recurring financial charges | 65 | €3,631 | €4,565 | +€935 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €15,477 | €2,148 | -€13,328 | -86.1% |
| Income taxes | 67/77 | €4,887 | €2,572 | -€2,316 | -47.4% |
| Profit (loss) for the period | 9904 | €10,589 | -€423 | -€11,012 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,589 | -€423 | -€11,012 |
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 9 October 2026 via checked.be.