V.P.J.: 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.J.
Largest movements
- Receivables within one year +€70,383
up €70,383 (+199.1%), from €35,353 to €105,736
of which Trade receivables: +€48,401
- Cash -€30,584
down €30,584 (-34.9%), from €87,544 to €56,960
mainly Receivables within one year (-€70,383) and Debts after one year (-€23,425)
- Tangible fixed assets -€24,738
down €24,738 (-24.9%), from €99,165 to €74,427
of which Furniture and vehicles: -€17,052
- Stocks and contracts +€16,065
up €16,065 (+11.3%), from €142,276 to €158,341
- Reserves +€51,690
up €51,690 (+20.0%), from €258,321 to €310,011
of which Distributable reserves: +€51,690
- Debts after one year -€23,425
down €23,425 (-52.5%), from €44,593 to €21,168
- Trade debts +€5,757
up €5,757 (+25.9%), from €22,212 to €27,969
- Current portion of long-term debt -€4,368
down €4,368 (-15.7%), from €27,793 to €23,425
- Gross operating margin +€33,301
up €33,301 (+25.3%), from €131,557 to €164,858
- Staff costs +€25,936
up €25,936 (+111.5%), from €23,253 to €49,190
- Depreciation +€12,392
up €12,392 (+100.4%), from €12,347 to €24,738
- Write-downs +€6,377
new in 2025: €6,377
- Taxes -€3,235
down €3,235 (-13.2%), from €24,509 to €21,274
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
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 | €379,604 | €409,857 | +€30,253 | +8.0% |
| Fixed assets | 21/28 | €99,165 | €74,427 | -€24,738 | -24.9% |
| Tangible fixed assets | 22/27 | €99,165 | €74,427 | -€24,738 | -24.9% |
| Plant, machinery and equipment | 23 | €17,265 | €9,579 | -€7,687 | -44.5% |
| Furniture and vehicles | 24 | €81,900 | €64,848 | -€17,052 | -20.8% |
| Current assets | 29/58 | €280,439 | €335,430 | +€54,991 | +19.6% |
| Stocks and contracts in progress | 3 | €142,276 | €158,341 | +€16,065 | +11.3% |
| Stocks | 30/36 | €142,276 | €158,341 | +€16,065 | +11.3% |
| Amounts receivable within one year | 40/41 | €35,353 | €105,736 | +€70,383 | +199.1% |
| Trade receivables | 40 | €29,267 | €77,668 | +€48,401 | +165.4% |
| Other amounts receivable | 41 | €6,086 | €28,068 | +€21,982 | +361.2% |
| Cash at bank and in hand | 54/58 | €87,544 | €56,960 | -€30,584 | -34.9% |
| Deferred charges and accrued income | 490/1 | €15,266 | €14,392 | -€873 | -5.7% |
| Total equity and liabilities | 10/49 | €379,604 | €409,857 | +€30,253 | +8.0% |
| Equity | 10/15 | €276,921 | €328,611 | +€51,690 | +18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €258,321 | €310,011 | +€51,690 | +20.0% |
| Tax-exempt reserves | 132 | €2,680 | €2,680 | = | 0.0% |
| Distributable reserves | 133 | €255,641 | €307,331 | +€51,690 | +20.2% |
| Amounts payable | 17/49 | €102,683 | €81,247 | -€21,437 | -20.9% |
| Amounts payable after more than one year | 17 | €44,593 | €21,168 | -€23,425 | -52.5% |
| Financial debts | 170/4 | €44,593 | €21,168 | -€23,425 | -52.5% |
| Amounts payable within one year | 42/48 | €58,091 | €59,829 | +€1,739 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €27,793 | €23,425 | -€4,368 | -15.7% |
| Trade debts | 44 | €22,212 | €27,969 | +€5,757 | +25.9% |
| Suppliers | 440/4 | €22,212 | €27,969 | +€5,757 | +25.9% |
| Taxes, remuneration and social security | 45 | €8,085 | €8,435 | +€350 | +4.3% |
| Taxes | 450/3 | €6,944 | €5,543 | -€1,400 | -20.2% |
| Remuneration and social security | 454/9 | €1,142 | €2,892 | +€1,750 | +153.3% |
| Accrued charges and deferred income | 492/3 | - | €249 | +€249 | |
| Remuneration, social security and pensions | 62 | €23,253 | €49,190 | +€25,936 | +111.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,347 | €24,738 | +€12,392 | +100.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,377 | +€6,377 | |
| Other operating charges | 640/8 | €6,609 | €7,321 | +€713 | +10.8% |
| Gross operating margin | 9900 | €131,557 | €164,858 | +€33,301 | +25.3% |
| Operating profit (loss) | 9901 | €89,348 | €77,232 | -€12,116 | -13.6% |
| Financial income | 75/76B | €383 | €335 | -€48 | -12.5% |
| Recurring financial income | 75 | €383 | €335 | -€48 | -12.5% |
| Financial charges | 65/66B | €2,478 | €4,603 | +€2,125 | +85.7% |
| Recurring financial charges | 65 | €2,478 | €4,603 | +€2,125 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | €87,252 | €72,964 | -€14,288 | -16.4% |
| Income taxes | 67/77 | €24,509 | €21,274 | -€3,235 | -13.2% |
| Profit (loss) for the period | 9904 | €62,743 | €51,690 | -€11,053 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,743 | €51,690 | -€11,053 | -17.6% |
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 6 October 2026 via checked.be.