V-TECH: 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.
V-TECH
Largest movements
- Cash -€114,703
down €114,703 (-57.8%), from €198,508 to €83,805
mainly Trade debts (-€39,347) and Tax, wage and social debts (-€28,148)
- Receivables within one year +€17,576
up €17,576 (+26.6%), from €65,967 to €83,543
of which Other amounts receivable: +€14,489
- Tangible fixed assets -€11,487
down €11,487 (-7.8%), from €147,326 to €135,839
of which Land and buildings: -€5,909
- Stocks and contracts -€6,000
down €6,000 (-17.1%), from €35,000 to €29,000
- Trade debts -€39,347
down €39,347 (-51.3%), from €76,653 to €37,306
- Tax, wage and social debts -€28,148
down €28,148 (-69.7%), from €40,392 to €12,244
of which Taxes: -€18,238
- Other debts -€26,571
down €26,571 (-49.1%), from €54,077 to €27,506
- Profit (loss) carried forward -€18,526
down €18,526 (-11.9%), from €155,981 to €137,455
- Debts after one year -€10,592
down €10,592 (-13.6%), from €77,732 to €67,140
- Gross operating margin -€34,700
down €34,700 (-13.8%), from €251,009 to €216,309
- Staff costs -€21,410
down €21,410 (-10.3%), from €206,978 to €185,568
- Write-downs +€8,440
no longer reported in 2025 (was -€8,440)
- Taxes +€4,307
up €4,307 (+1,180%), from €365 to €4,672
- Other operating charges -€3,503
down €3,503 (-47.1%), from €7,430 to €3,927
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 | €451,647 | €335,779 | -€115,868 | -25.7% |
| Fixed assets | 21/28 | €147,326 | €135,839 | -€11,487 | -7.8% |
| Tangible fixed assets | 22/27 | €147,326 | €135,839 | -€11,487 | -7.8% |
| Land and buildings | 22 | €41,287 | €35,378 | -€5,909 | -14.3% |
| Furniture and vehicles | 24 | €106,039 | €100,461 | -€5,578 | -5.3% |
| Current assets | 29/58 | €304,321 | €199,940 | -€104,381 | -34.3% |
| Stocks and contracts in progress | 3 | €35,000 | €29,000 | -€6,000 | -17.1% |
| Contracts in progress | 37 | €35,000 | €29,000 | -€6,000 | -17.1% |
| Amounts receivable within one year | 40/41 | €65,967 | €83,543 | +€17,576 | +26.6% |
| Trade receivables | 40 | €53,305 | €56,392 | +€3,087 | +5.8% |
| Other amounts receivable | 41 | €12,662 | €27,151 | +€14,489 | +114% |
| Cash at bank and in hand | 54/58 | €198,508 | €83,805 | -€114,703 | -57.8% |
| Deferred charges and accrued income | 490/1 | €4,846 | €3,592 | -€1,254 | -25.9% |
| Total equity and liabilities | 10/49 | €451,647 | €335,779 | -€115,868 | -25.7% |
| Equity | 10/15 | €170,241 | €151,715 | -€18,526 | -10.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €155,981 | €137,455 | -€18,526 | -11.9% |
| Amounts payable | 17/49 | €281,406 | €184,064 | -€97,342 | -34.6% |
| Amounts payable after more than one year | 17 | €77,732 | €67,140 | -€10,592 | -13.6% |
| Financial debts | 170/4 | €77,732 | €67,140 | -€10,592 | -13.6% |
| Amounts payable within one year | 42/48 | €202,884 | €116,924 | -€85,960 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €17,978 | €27,584 | +€9,606 | +53.4% |
| Trade debts | 44 | €76,653 | €37,306 | -€39,347 | -51.3% |
| Suppliers | 440/4 | €76,653 | €37,306 | -€39,347 | -51.3% |
| Advances received on contracts in progress | 46 | €13,784 | €12,284 | -€1,500 | -10.9% |
| Taxes, remuneration and social security | 45 | €40,392 | €12,244 | -€28,148 | -69.7% |
| Taxes | 450/3 | €19,638 | €1,400 | -€18,238 | -92.9% |
| Remuneration and social security | 454/9 | €20,754 | €10,844 | -€9,910 | -47.7% |
| Other amounts payable | 47/48 | €54,077 | €27,506 | -€26,571 | -49.1% |
| Accrued charges and deferred income | 492/3 | €790 | - | -€790 | |
| Remuneration, social security and pensions | 62 | €206,978 | €185,568 | -€21,410 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,344 | €37,074 | +€1,730 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€8,440 | - | +€8,440 | |
| Other operating charges | 640/8 | €7,430 | €3,927 | -€3,503 | -47.1% |
| Non-recurring operating charges | 66A | - | €11 | +€11 | |
| Gross operating margin | 9900 | €251,009 | €216,309 | -€34,700 | -13.8% |
| Operating profit (loss) | 9901 | €9,697 | -€10,271 | -€19,968 | |
| Financial income | 75/76B | €6 | €929 | +€923 | +15,383% |
| Recurring financial income | 75 | €6 | €929 | +€923 | +15,383% |
| Financial charges | 65/66B | €4,668 | €4,512 | -€156 | -3.3% |
| Recurring financial charges | 65 | €4,668 | €4,512 | -€156 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €5,035 | -€13,854 | -€18,889 | |
| Income taxes | 67/77 | €365 | €4,672 | +€4,307 | +1,180% |
| Profit (loss) for the period | 9904 | €4,670 | -€18,526 | -€23,196 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,670 | -€18,526 | -€23,196 |
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 29 October 2026 via checked.be.