VTS Work Project: what changed
Two fiscal 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 Work Project
Largest movements
- Cash -€26,550
down €26,550 (-99.6%), from €26,652 to €102
mainly Net result for the year (-€24,697) and Receivables within one year (-€14,316)
- Receivables within one year +€14,316
up €14,316 (+18.2%), from €78,617 to €92,932
of which Trade receivables: +€30,935
- Tangible fixed assets -€9,543
down €9,543 (-30.8%), from €30,985 to €21,442
- Financial fixed assets -€1,838
down €1,838 (-12.4%), from €14,812 to €12,974
- Profit (loss) carried forward -€24,697
down €24,697 (-29.4%), from €83,917 to €59,221
- Debts after one year -€6,855
down €6,855 (-56.3%), from €12,185 to €5,331
- Trade debts +€5,184
up €5,184 (+158.3%), from €3,275 to €8,460
- Tax, wage and social debts +€4,463
up €4,463 (+12.3%), from €36,370 to €40,834
of which Remuneration and social security: +€5,383
- Other debts -€1,988
no longer reported in 2025 (was €1,988)
- Gross operating margin -€29,445
down €29,445 (-16.0%), from €184,523 to €155,078
- Staff costs +€7,405
up €7,405 (+4.6%), from €161,629 to €169,034
- Other operating charges -€5,974
no longer reported in 2025 (was €5,974)
- Taxes -€2,175
no longer reported in 2025 (was €2,175)
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 | €151,213 | €127,599 | -€23,614 | -15.6% |
| Fixed assets | 21/28 | €45,797 | €34,416 | -€11,381 | -24.9% |
| Tangible fixed assets | 22/27 | €30,985 | €21,442 | -€9,543 | -30.8% |
| Furniture and vehicles | 24 | €30,985 | €21,442 | -€9,543 | -30.8% |
| Financial fixed assets | 28 | €14,812 | €12,974 | -€1,838 | -12.4% |
| Current assets | 29/58 | €105,416 | €93,183 | -€12,233 | -11.6% |
| Amounts receivable within one year | 40/41 | €78,617 | €92,932 | +€14,316 | +18.2% |
| Trade receivables | 40 | €49,025 | €79,960 | +€30,935 | +63.1% |
| Other amounts receivable | 41 | €29,592 | €12,972 | -€16,619 | -56.2% |
| Cash at bank and in hand | 54/58 | €26,652 | €102 | -€26,550 | -99.6% |
| Deferred charges and accrued income | 490/1 | €147 | €148 | +€1 | +0.7% |
| Total equity and liabilities | 10/49 | €151,213 | €127,599 | -€23,614 | -15.6% |
| Equity | 10/15 | €90,817 | €66,121 | -€24,697 | -27.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €3,900 | €3,900 | = | 0.0% |
| Distributable reserves | 133 | €3,900 | €3,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,917 | €59,221 | -€24,697 | -29.4% |
| Amounts payable | 17/49 | €60,396 | €61,479 | +€1,083 | +1.8% |
| Amounts payable after more than one year | 17 | €12,185 | €5,331 | -€6,855 | -56.3% |
| Financial debts | 170/4 | €12,185 | €5,331 | -€6,855 | -56.3% |
| Amounts payable within one year | 42/48 | €48,210 | €56,148 | +€7,938 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €6,577 | €6,855 | +€278 | +4.2% |
| Trade debts | 44 | €3,275 | €8,460 | +€5,184 | +158.3% |
| Suppliers | 440/4 | €3,275 | €8,460 | +€5,184 | +158.3% |
| Taxes, remuneration and social security | 45 | €36,370 | €40,834 | +€4,463 | +12.3% |
| Taxes | 450/3 | €8,267 | €7,348 | -€919 | -11.1% |
| Remuneration and social security | 454/9 | €28,103 | €33,486 | +€5,383 | +19.2% |
| Other amounts payable | 47/48 | €1,988 | - | -€1,988 | |
| Remuneration, social security and pensions | 62 | €161,629 | €169,034 | +€7,405 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,019 | €10,112 | +€1,092 | +12.1% |
| Other operating charges | 640/8 | €5,974 | - | -€5,974 | |
| Gross operating margin | 9900 | €184,523 | €155,078 | -€29,445 | -16.0% |
| Operating profit (loss) | 9901 | €7,901 | -€24,067 | -€31,968 | |
| Financial income | 75/76B | €548 | €604 | +€57 | +10.4% |
| Recurring financial income | 75 | €548 | €604 | +€57 | +10.4% |
| Financial charges | 65/66B | €1,505 | €1,234 | -€272 | -18.0% |
| Recurring financial charges | 65 | €1,505 | €1,234 | -€272 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €6,943 | -€24,697 | -€31,640 | |
| Income taxes | 67/77 | €2,175 | - | -€2,175 | |
| Profit (loss) for the period | 9904 | €4,768 | -€24,697 | -€29,465 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,768 | -€24,697 | -€29,465 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.