VTSB: 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.
VTSB
Largest movements
- Receivables within one year +€385,706
up €385,706 (+54.9%), from €702,759 to €1.1m
of which Trade receivables: +€236,252
- Cash -€166,295
down €166,295 (-66.6%), from €249,710 to €83,415
mainly Receivables within one year (-€385,706) and Current portion of long-term debt (-€24,409)
- Receivables after one year -€34,294
down €34,294 (-100.0%), from €34,294 to €0
- Tangible fixed assets -€22,704
down €22,704 (-33.7%), from €67,462 to €44,758
of which Leasing and similar rights: -€26,527
- Reserves +€136,527
up €136,527 (+30.6%), from €446,254 to €582,781
of which Distributable reserves: +€138,387
- Trade debts +€33,394
up €33,394 (+16.1%), from €207,501 to €240,894
- Current portion of long-term debt -€24,409
down €24,409 (-74.1%), from €32,947 to €8,537
- Tax, wage and social debts +€18,630
up €18,630 (+36.3%), from €51,346 to €69,977
of which Taxes: +€20,959
- Gross operating margin +€107,596
up €107,596 (+57.4%), from €187,359 to €294,956
- Taxes +€44,495
up €44,495 (+148.6%), from €29,944 to €74,438
- Write-downs -€25,000
down €25,000 (-100.0%), from €25,000 to €0
- Other operating charges +€15,487
up €15,487 (+150.6%), from €10,282 to €25,770
- Staff costs -€14,621
down €14,621 (-27.9%), from €52,353 to €37,732
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,077,702 | €1,233,985 | +€156,283 | +14.5% |
| Fixed assets | 21/28 | €84,810 | €62,106 | -€22,704 | -26.8% |
| Tangible fixed assets | 22/27 | €67,462 | €44,758 | -€22,704 | -33.7% |
| Land and buildings | 22 | €5,499 | €4,263 | -€1,236 | -22.5% |
| Plant, machinery and equipment | 23 | €2,626 | €8,241 | +€5,615 | +213.8% |
| Furniture and vehicles | 24 | €1,603 | €1,047 | -€556 | -34.7% |
| Leasing and similar rights | 25 | €57,734 | €31,207 | -€26,527 | -45.9% |
| Financial fixed assets | 28 | €17,348 | €17,348 | = | 0.0% |
| Current assets | 29/58 | €992,892 | €1,171,879 | +€178,987 | +18.0% |
| Amounts receivable after more than one year | 29 | €34,294 | €0 | -€34,294 | -100.0% |
| Trade receivables | 290 | €34,294 | €0 | -€34,294 | -100.0% |
| Amounts receivable within one year | 40/41 | €702,759 | €1,088,465 | +€385,706 | +54.9% |
| Trade receivables | 40 | €425,961 | €662,213 | +€236,252 | +55.5% |
| Other amounts receivable | 41 | €276,798 | €426,251 | +€149,453 | +54.0% |
| Cash at bank and in hand | 54/58 | €249,710 | €83,415 | -€166,295 | -66.6% |
| Deferred charges and accrued income | 490/1 | €6,130 | €0 | -€6,130 | -100.0% |
| Total equity and liabilities | 10/49 | €1,077,702 | €1,233,985 | +€156,283 | +14.5% |
| Equity | 10/15 | €778,050 | €914,577 | +€136,527 | +17.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €446,254 | €582,781 | +€136,527 | +30.6% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €444,394 | €582,781 | +€138,387 | +31.1% |
| Profit (loss) carried forward | 14 | €325,596 | €325,596 | = | 0.0% |
| Amounts payable | 17/49 | €299,652 | €319,408 | +€19,756 | +6.6% |
| Amounts payable after more than one year | 17 | €7,859 | €0 | -€7,859 | -100.0% |
| Financial debts | 170/4 | €7,859 | €0 | -€7,859 | -100.0% |
| Amounts payable within one year | 42/48 | €291,794 | €319,408 | +€27,614 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €32,947 | €8,537 | -€24,409 | -74.1% |
| Trade debts | 44 | €207,501 | €240,894 | +€33,394 | +16.1% |
| Suppliers | 440/4 | €207,501 | €240,894 | +€33,394 | +16.1% |
| Taxes, remuneration and social security | 45 | €51,346 | €69,977 | +€18,630 | +36.3% |
| Taxes | 450/3 | €46,698 | €67,657 | +€20,959 | +44.9% |
| Remuneration and social security | 454/9 | €4,649 | €2,320 | -€2,329 | -50.1% |
| Remuneration, social security and pensions | 62 | €52,353 | €37,732 | -€14,621 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,809 | €30,060 | +€1,252 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €25,000 | €0 | -€25,000 | -100.0% |
| Other operating charges | 640/8 | €10,282 | €25,770 | +€15,487 | +150.6% |
| Non-recurring operating charges | 66A | €5,469 | €0 | -€5,469 | -100.0% |
| Gross operating margin | 9900 | €187,359 | €294,956 | +€107,596 | +57.4% |
| Operating profit (loss) | 9901 | €65,447 | €201,393 | +€135,946 | +207.7% |
| Financial income | 75/76B | €28,947 | €18,276 | -€10,671 | -36.9% |
| Recurring financial income | 75 | €15,794 | €18,276 | +€2,482 | +15.7% |
| Non-recurring financial income | 76B | €13,153 | €0 | -€13,153 | -100.0% |
| Financial charges | 65/66B | €9,582 | €8,704 | -€878 | -9.2% |
| Recurring financial charges | 65 | €6,930 | €8,704 | +€1,774 | +25.6% |
| Non-recurring financial charges | 66B | €2,652 | €0 | -€2,652 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €84,812 | €210,965 | +€126,153 | +148.7% |
| Income taxes | 67/77 | €29,944 | €74,438 | +€44,495 | +148.6% |
| Profit (loss) for the period | 9904 | €54,869 | €136,527 | +€81,658 | +148.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,869 | €136,527 | +€81,658 | +148.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.