POG VvP2: 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.
POG VvP2
Largest movements
- Tangible fixed assets -€243,692
down €243,692 (-5.1%), from €4.8m to €4.6m
- Receivables within one year +€136,938
up €136,938 (+6.7%), from €2.0m to €2.2m
of which Other amounts receivable: +€138,966
- Current portion of long-term debt -€2.9m
down €2.9m (-97.1%), from €3.0m to €87,360
- Debts after one year +€2.8m
up €2.8m (+28.4%), from €9.9m to €12.7m
of which Financial debts: +€2.8m
- Other debts +€596,402
up €596,402 (+8.2%), from €7.2m to €7.8m
- Profit (loss) carried forward -€566,148
down €566,148 (-5.5%), from -€10.3m to -€10.8m
- Financial charges -€2.2m
down €2.2m (-76.7%), from €2.9m to €668,059
of which Non-recurring financial charges: -€2.0m
- Financial income -€206,631
down €206,631 (-65.5%), from €315,597 to €108,966
- Gross operating margin +€18,572
up €18,572 (+13.0%), from €142,793 to €161,365
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 | €12,723,807 | €12,636,127 | -€87,680 | -0.7% |
| Fixed assets | 21/28 | €10,568,711 | €10,325,019 | -€243,692 | -2.3% |
| Tangible fixed assets | 22/27 | €4,801,606 | €4,557,914 | -€243,692 | -5.1% |
| Land and buildings | 22 | €4,801,606 | €4,557,914 | -€243,692 | -5.1% |
| Financial fixed assets | 28 | €5,767,105 | €5,767,105 | = | 0.0% |
| Current assets | 29/58 | €2,155,096 | €2,311,107 | +€156,012 | +7.2% |
| Amounts receivable within one year | 40/41 | €2,049,175 | €2,186,113 | +€136,938 | +6.7% |
| Trade receivables | 40 | €2,029 | - | -€2,029 | |
| Other amounts receivable | 41 | €2,047,147 | €2,186,113 | +€138,966 | +6.8% |
| Cash at bank and in hand | 54/58 | €26,950 | €85,505 | +€58,555 | +217% |
| Deferred charges and accrued income | 490/1 | €78,970 | €39,489 | -€39,481 | -50.0% |
| Total equity and liabilities | 10/49 | €12,723,807 | €12,636,127 | -€87,680 | -0.7% |
| Equity | 10/15 | -€7,679,616 | -€8,313,808 | -€634,193 | -8.3% |
| Contributions | 10/11 | €1,652,607 | €1,652,607 | = | 0.0% |
| Capital | 10 | €1,652,607 | €1,652,607 | = | 0.0% |
| Issued capital | 100 | €1,652,607 | €1,652,607 | = | 0.0% |
| Reserves | 13 | €920,300 | €852,256 | -€68,044 | -7.4% |
| Tax-exempt reserves | 132 | €920,300 | €852,256 | -€68,044 | -7.4% |
| Profit (loss) carried forward | 14 | -€10,252,523 | -€10,818,671 | -€566,148 | -5.5% |
| Provisions and deferred taxes | 16 | €306,767 | €284,085 | -€22,681 | -7.4% |
| Deferred taxes | 168 | €306,767 | €284,085 | -€22,681 | -7.4% |
| Amounts payable | 17/49 | €20,096,656 | €20,665,850 | +€569,194 | +2.8% |
| Amounts payable after more than one year | 17 | €9,866,475 | €12,669,275 | +€2.8m | +28.4% |
| Financial debts | 170/4 | - | €2,802,800 | +€2.8m | |
| Other amounts payable | 178/9 | €9,866,475 | €9,866,475 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,226,780 | €7,992,817 | -€2.2m | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €2,983,000 | €87,360 | -€2.9m | -97.1% |
| Trade debts | 44 | €11,930 | €18,243 | +€6,313 | +52.9% |
| Suppliers | 440/4 | €11,930 | €18,243 | +€6,313 | +52.9% |
| Advances received on contracts in progress | 46 | - | €58,962 | +€58,962 | |
| Other amounts payable | 47/48 | €7,231,849 | €7,828,251 | +€596,402 | +8.2% |
| Accrued charges and deferred income | 492/3 | €3,401 | €3,757 | +€356 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €243,684 | €243,692 | +€8 | 0.0% |
| Other operating charges | 640/8 | €14,983 | €15,454 | +€471 | +3.1% |
| Gross operating margin | 9900 | €142,793 | €161,365 | +€18,572 | +13.0% |
| Operating profit (loss) | 9901 | -€115,874 | -€97,781 | +€18,093 | +15.6% |
| Financial income | 75/76B | €315,597 | €108,966 | -€206,631 | -65.5% |
| Recurring financial income | 75 | €315,597 | €108,966 | -€206,631 | -65.5% |
| Financial charges | 65/66B | €2,863,128 | €668,059 | -€2.2m | -76.7% |
| Recurring financial charges | 65 | €832,628 | €668,059 | -€164,568 | -19.8% |
| Non-recurring financial charges | 66B | €2,030,500 | €0 | -€2.0m | -100% |
| Profit (loss) for the period before taxes | 9903 | -€2,663,405 | -€656,874 | +€2.0m | +75.3% |
| Transfer from deferred taxes | 780 | €22,681 | €22,681 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€2,640,724 | -€634,193 | +€2.0m | +76.0% |
| Transfer from tax-exempt reserves | 789 | €68,044 | €68,044 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,572,679 | -€566,148 | +€2.0m | +78.0% |
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 23 October 2026 via checked.be.