V.P.E.: what changed
Two fiscal 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.P.E.
Largest movements
- Receivables within one year -€9,699
down €9,699 (-26.6%), from €36,460 to €26,761
of which Trade receivables: -€8,679
- Deferred charges and accrued income +€2,202
up €2,202 (+387.2%), from €569 to €2,771
- Stocks and contracts -€984
down €984 (-2.3%), from €43,020 to €42,036
- Tangible fixed assets -€869
down €869 (-28.6%), from €3,032 to €2,164
of which Furniture and vehicles: -€574
- Profit (loss) carried forward -€8,565
down €8,565 (-56.1%), from €15,259 to €6,694
- Other debts -€1,456
down €1,456 (-11.5%), from €12,616 to €11,159
- Short-term financial debts +€1,281
up €1,281 (+3.9%), from €32,528 to €33,809
- Write-downs +€15,856
up €15,856, from €0 to €15,856
- Gross operating margin +€12,803
up €12,803 (+1272.2%), from €1,006 to €13,809
- Financial charges -€499
down €499 (-9.8%), from €5,081 to €4,583
- Other operating charges -€384
down €384 (-23.5%), from €1,636 to €1,252
- Taxes -€346
down €346, from €205 to -€141
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.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €83,080 | €73,732 | -€9,349 | -11.3% |
| Fixed assets | 21/28 | €3,032 | €2,164 | -€869 | -28.6% |
| Tangible fixed assets | 22/27 | €3,032 | €2,164 | -€869 | -28.6% |
| Plant, machinery and equipment | 23 | €686 | €391 | -€295 | -43.0% |
| Furniture and vehicles | 24 | €2,346 | €1,772 | -€574 | -24.5% |
| Current assets | 29/58 | €80,048 | €71,568 | -€8,480 | -10.6% |
| Stocks and contracts in progress | 3 | €43,020 | €42,036 | -€984 | -2.3% |
| Stocks | 30/36 | €43,020 | €42,036 | -€984 | -2.3% |
| Amounts receivable within one year | 40/41 | €36,460 | €26,761 | -€9,699 | -26.6% |
| Trade receivables | 40 | €35,023 | €26,344 | -€8,679 | -24.8% |
| Other amounts receivable | 41 | €1,437 | €417 | -€1,020 | -71.0% |
| Deferred charges and accrued income | 490/1 | €569 | €2,771 | +€2,202 | +387.2% |
| Total equity and liabilities | 10/49 | €83,080 | €73,732 | -€9,349 | -11.3% |
| Equity | 10/15 | €35,719 | €27,154 | -€8,565 | -24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 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 | €15,259 | €6,694 | -€8,565 | -56.1% |
| Amounts payable | 17/49 | €47,362 | €46,578 | -€784 | -1.7% |
| Amounts payable within one year | 42/48 | €47,362 | €46,578 | -€784 | -1.7% |
| Financial debts | 43 | €32,528 | €33,809 | +€1,281 | +3.9% |
| Credit institutions | 430/8 | €32,528 | €33,809 | +€1,281 | +3.9% |
| Trade debts | 44 | €1,434 | €1,399 | -€35 | -2.4% |
| Suppliers | 440/4 | €1,434 | €1,399 | -€35 | -2.4% |
| Taxes, remuneration and social security | 45 | €784 | €210 | -€573 | -73.2% |
| Taxes | 450/3 | €784 | €210 | -€573 | -73.2% |
| Other amounts payable | 47/48 | €12,616 | €11,159 | -€1,456 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €722 | €869 | +€147 | +20.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €15,856 | +€15,856 | |
| Other operating charges | 640/8 | €1,636 | €1,252 | -€384 | -23.5% |
| Gross operating margin | 9900 | €1,006 | €13,809 | +€12,803 | +1272.2% |
| Operating profit (loss) | 9901 | -€1,351 | -€4,168 | -€2,816 | -208.4% |
| Financial income | 75/76B | €313 | €45 | -€268 | -85.8% |
| Recurring financial income | 75 | €313 | €45 | -€268 | -85.8% |
| Financial charges | 65/66B | €5,081 | €4,583 | -€499 | -9.8% |
| Recurring financial charges | 65 | €5,081 | €4,583 | -€499 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,120 | -€8,706 | -€2,586 | -42.3% |
| Income taxes | 67/77 | €205 | -€141 | -€346 | |
| Profit (loss) for the period | 9904 | -€6,325 | -€8,565 | -€2,240 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,325 | -€8,565 | -€2,240 | -35.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.