Vtrade: what changed
Vtrade
Largest movements
- Stocks and contracts -€484,906
no longer reported in 2025 (was €484,906)
- Receivables within one year +€361,684
up €361,684 (+252%), from €143,654 to €505,338
of which Other amounts receivable: +€315,561
- Cash +€45,392
up €45,392 (+326%), from €13,913 to €59,304
mainly Stocks and contracts (+€484,906) and Net result for the year (+€433,592)
- Profit (loss) carried forward -€284,799
no longer reported in 2025 (was €284,799)
- Tax, wage and social debts +€118,975
up €118,975 (+2,801%), from €4,248 to €123,223
- Other debts +€81,851
up €81,851 (+27.7%), from €295,083 to €376,934
- Short-term financial debts +€46,203
up €46,203 (+876%), from €5,274 to €51,476
- Current portion of long-term debt -€30,000
no longer reported in 2025 (was €30,000)
- Financial charges -€510,043
down €510,043 (-61.3%), from €832,361 to €322,318
- Financial income -€380,956
down €380,956 (-54.0%), from €705,950 to €324,993
- Gross operating margin +€203,732
up €203,732 (+54.0%), from €377,301 to €581,034
- Taxes +€84,824
up €84,824 (+134%), from €63,209 to €148,033
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €648,367 | €569,030 | -€79,337 | -12.2% |
| Fixed assets | 21/28 | €5,894 | €4,388 | -€1,506 | -25.6% |
| Tangible fixed assets | 22/27 | €5,894 | €4,388 | -€1,506 | -25.6% |
| Furniture and vehicles | 24 | €5,894 | €4,388 | -€1,506 | -25.6% |
| Current assets | 29/58 | €642,473 | €564,642 | -€77,831 | -12.1% |
| Stocks and contracts in progress | 3 | €484,906 | - | -€484,906 | |
| Stocks | 30/36 | €484,906 | - | -€484,906 | |
| Amounts receivable within one year | 40/41 | €143,654 | €505,338 | +€361,684 | +252% |
| Trade receivables | 40 | €88 | €46,210 | +€46,122 | +52,567% |
| Other amounts receivable | 41 | €143,566 | €459,128 | +€315,561 | +220% |
| Cash at bank and in hand | 54/58 | €13,913 | €59,304 | +€45,392 | +326% |
| Total equity and liabilities | 10/49 | €648,367 | €569,030 | -€79,337 | -12.2% |
| Equity | 10/15 | €309,235 | €15,992 | -€293,243 | -94.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €12,036 | €3,592 | -€8,444 | -70.2% |
| Distributable reserves | 133 | €12,036 | €3,592 | -€8,444 | -70.2% |
| Profit (loss) carried forward | 14 | €284,799 | - | -€284,799 | |
| Amounts payable | 17/49 | €339,132 | €553,038 | +€213,907 | +63.1% |
| Amounts payable within one year | 42/48 | €339,132 | €553,038 | +€213,907 | +63.1% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | - | -€30,000 | |
| Financial debts | 43 | €5,274 | €51,476 | +€46,203 | +876% |
| Credit institutions | 430/8 | €5,274 | €51,476 | +€46,203 | +876% |
| Trade debts | 44 | €4,527 | €1,405 | -€3,122 | -69.0% |
| Suppliers | 440/4 | €4,527 | €1,405 | -€3,122 | -69.0% |
| Taxes, remuneration and social security | 45 | €4,248 | €123,223 | +€118,975 | +2,801% |
| Taxes | 450/3 | €4,248 | €123,223 | +€118,975 | +2,801% |
| Other amounts payable | 47/48 | €295,083 | €376,934 | +€81,851 | +27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,508 | €1,506 | -€1,002 | -40.0% |
| Other operating charges | 640/8 | €586 | €579 | -€7 | -1.2% |
| Gross operating margin | 9900 | €377,301 | €581,034 | +€203,732 | +54.0% |
| Operating profit (loss) | 9901 | €374,207 | €578,949 | +€204,742 | +54.7% |
| Financial income | 75/76B | €705,950 | €324,993 | -€380,956 | -54.0% |
| Recurring financial income | 75 | €705,950 | €324,993 | -€380,956 | -54.0% |
| Financial charges | 65/66B | €832,361 | €322,318 | -€510,043 | -61.3% |
| Recurring financial charges | 65 | €832,361 | €322,318 | -€510,043 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | €247,796 | €581,625 | +€333,829 | +135% |
| Income taxes | 67/77 | €63,209 | €148,033 | +€84,824 | +134% |
| Profit (loss) for the period | 9904 | €184,587 | €433,592 | +€249,005 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €184,587 | €433,592 | +€249,005 | +135% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.