V.P.G.: 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.P.G.
Largest movements
- Cash -€2,867
down €2,867 (-49.8%), from €5,752 to €2,885
mainly Net result for the year (-€9,173) and Tax, wage and social debts (-€248)
- Deferred charges and accrued income -€1,542
down €1,542 (-72.3%), from €2,133 to €591
- Profit (loss) carried forward -€9,173
down €9,173 (-4.1%), from -€222,962 to -€232,135
- Trade debts +€4,934
up €4,934 (+73.7%), from €6,694 to €11,627
- Gross operating margin -€10,074
down €10,074, from €1,305 to -€8,769
- Financial income -€153
down €153 (-43.9%), from €349 to €196
- Other operating charges +€132
up €132 (+36.3%), from €365 to €497
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 | €82,509 | €78,022 | -€4,487 | -5.4% |
| Fixed assets | 21/28 | €63,806 | €63,806 | = | 0.0% |
| Tangible fixed assets | 22/27 | €63,806 | €63,806 | = | 0.0% |
| Plant, machinery and equipment | 23 | €51,565 | €51,565 | = | 0.0% |
| Furniture and vehicles | 24 | €12,241 | €12,241 | = | 0.0% |
| Current assets | 29/58 | €18,703 | €14,215 | -€4,487 | -24.0% |
| Stocks and contracts in progress | 3 | €2,327 | €2,327 | = | 0.0% |
| Stocks | 30/36 | €2,327 | €2,327 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,491 | €8,412 | -€78 | -0.9% |
| Other amounts receivable | 41 | €8,491 | €8,412 | -€78 | -0.9% |
| Cash at bank and in hand | 54/58 | €5,752 | €2,885 | -€2,867 | -49.8% |
| Deferred charges and accrued income | 490/1 | €2,133 | €591 | -€1,542 | -72.3% |
| Total equity and liabilities | 10/49 | €82,509 | €78,022 | -€4,487 | -5.4% |
| Equity | 10/15 | -€158,350 | -€167,523 | -€9,173 | -5.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,613 | €2,613 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,613 | €2,613 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,613 | €2,613 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€222,962 | -€232,135 | -€9,173 | -4.1% |
| Amounts payable | 17/49 | €240,858 | €245,544 | +€4,686 | +1.9% |
| Amounts payable within one year | 42/48 | €240,858 | €245,544 | +€4,686 | +1.9% |
| Trade debts | 44 | €6,694 | €11,627 | +€4,934 | +73.7% |
| Suppliers | 440/4 | €6,694 | €11,627 | +€4,934 | +73.7% |
| Taxes, remuneration and social security | 45 | €2,245 | €1,998 | -€248 | -11.0% |
| Taxes | 450/3 | €2,245 | €1,998 | -€248 | -11.0% |
| Other amounts payable | 47/48 | €231,919 | €231,919 | = | 0.0% |
| Other operating charges | 640/8 | €365 | €497 | +€132 | +36.3% |
| Gross operating margin | 9900 | €1,305 | -€8,769 | -€10,074 | |
| Operating profit (loss) | 9901 | €941 | -€9,266 | -€10,207 | |
| Financial income | 75/76B | €349 | €196 | -€153 | -43.9% |
| Recurring financial income | 75 | €349 | €196 | -€153 | -43.9% |
| Financial charges | 65/66B | €72 | €103 | +€31 | +42.9% |
| Recurring financial charges | 65 | €72 | €103 | +€31 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €1,218 | -€9,173 | -€10,391 | |
| Profit (loss) for the period | 9904 | €1,218 | -€9,173 | -€10,391 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,218 | -€9,173 | -€10,391 |
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 27 October 2026 via checked.be.