VCNOT: 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.
VCNOT
Largest movements
- Cash +€112,060
up €112,060 (+446%), from €25,124 to €137,185
mainly Other debts (+€372,686) and Net result for the year (+€81,733)
- Receivables within one year -€53,870
down €53,870 (-48.3%), from €111,534 to €57,664
of which Other amounts receivable: -€40,841
- Tangible fixed assets -€38,680
down €38,680 (-10.5%), from €369,784 to €331,104
of which Land and buildings: -€39,971
- Other debts +€372,686
up €372,686 (+47.2%), from €788,830 to €1.2m
- Reserves -€357,676
down €357,676 (-33.8%), from €1.1m to €699,492
of which Distributable reserves: -€357,676
- Gross operating margin -€69,938
down €69,938 (-45.8%), from €152,795 to €82,856
- Financial income -€69,462
down €69,462 (-22.2%), from €313,121 to €243,659
- Financial charges -€26,699
down €26,699 (-14.9%), from €179,353 to €152,654
- Taxes -€10,376
down €10,376 (-18.0%), from €57,541 to €47,165
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 | €3,042,408 | €3,070,752 | +€28,344 | +0.9% |
| Fixed assets | 21/28 | €369,784 | €331,104 | -€38,680 | -10.5% |
| Tangible fixed assets | 22/27 | €369,784 | €331,104 | -€38,680 | -10.5% |
| Land and buildings | 22 | €369,784 | €329,813 | -€39,971 | -10.8% |
| Furniture and vehicles | 24 | - | €1,291 | +€1,291 | |
| Current assets | 29/58 | €2,672,624 | €2,739,649 | +€67,025 | +2.5% |
| Amounts receivable after more than one year | 29 | €88,500 | €107,500 | +€19,000 | +21.5% |
| Other amounts receivable | 291 | €88,500 | €107,500 | +€19,000 | +21.5% |
| Amounts receivable within one year | 40/41 | €111,534 | €57,664 | -€53,870 | -48.3% |
| Trade receivables | 40 | €15,000 | €1,971 | -€13,029 | -86.9% |
| Other amounts receivable | 41 | €96,534 | €55,693 | -€40,841 | -42.3% |
| Current investments | 50/53 | €2,447,249 | €2,437,128 | -€10,122 | -0.4% |
| Cash at bank and in hand | 54/58 | €25,124 | €137,185 | +€112,060 | +446% |
| Deferred charges and accrued income | 490/1 | €217 | €172 | -€44 | -20.4% |
| Total equity and liabilities | 10/49 | €3,042,408 | €3,070,752 | +€28,344 | +0.9% |
| Equity | 10/15 | €2,053,168 | €1,695,492 | -€357,676 | -17.4% |
| Contributions | 10/11 | €996,000 | €996,000 | = | 0.0% |
| Reserves | 13 | €1,057,168 | €699,492 | -€357,676 | -33.8% |
| Non-distributable reserves | 130/1 | €19,009 | €19,009 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,009 | €19,009 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €1,032,160 | €674,484 | -€357,676 | -34.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €989,240 | €1,375,260 | +€386,020 | +39.0% |
| Amounts payable after more than one year | 17 | €88,500 | €88,500 | = | 0.0% |
| Financial debts | 170/4 | €88,500 | €88,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €818,910 | €1,200,095 | +€381,185 | +46.5% |
| Trade debts | 44 | €2,724 | €11,123 | +€8,399 | +308% |
| Suppliers | 440/4 | €2,724 | €11,123 | +€8,399 | +308% |
| Taxes, remuneration and social security | 45 | €27,356 | €27,457 | +€101 | +0.4% |
| Taxes | 450/3 | €27,356 | €27,457 | +€101 | +0.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €788,830 | €1,161,516 | +€372,686 | +47.2% |
| Accrued charges and deferred income | 492/3 | €81,829 | €86,665 | +€4,835 | +5.9% |
| Non-recurring operating income | 76A | - | €11,697 | +€11,697 | |
| Remuneration, social security and pensions | 62 | -€59 | €0 | +€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,971 | €40,054 | +€83 | +0.2% |
| Other operating charges | 640/8 | €4,709 | €4,909 | +€200 | +4.3% |
| Gross operating margin | 9900 | €152,795 | €82,856 | -€69,938 | -45.8% |
| Operating profit (loss) | 9901 | €108,173 | €37,893 | -€70,280 | -65.0% |
| Financial income | 75/76B | €313,121 | €243,659 | -€69,462 | -22.2% |
| Recurring financial income | 75 | €313,121 | €243,659 | -€69,462 | -22.2% |
| Financial charges | 65/66B | €179,353 | €152,654 | -€26,699 | -14.9% |
| Recurring financial charges | 65 | €179,353 | €152,654 | -€26,699 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €241,941 | €128,899 | -€113,043 | -46.7% |
| Income taxes | 67/77 | €57,541 | €47,165 | -€10,376 | -18.0% |
| Profit (loss) for the period | 9904 | €184,400 | €81,733 | -€102,667 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €184,400 | €81,733 | -€102,667 | -55.7% |
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 17 October 2026 via checked.be.