V.P.O.C.: 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.O.C.
Largest movements
- Cash +€107,881
up €107,881 (+74.0%), from €145,832 to €253,713
mainly Depreciation (+€63,764) and Receivables within one year (+€54,825)
- Tangible fixed assets -€63,764
down €63,764 (-15.3%), from €416,788 to €353,024
of which Plant, machinery and equipment: -€57,199
- Receivables within one year -€54,825
down €54,825 (-69.4%), from €78,987 to €24,162
of which Other amounts receivable: -€38,144
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Stocks and contracts +€24,623
up €24,623 (+16.2%), from €152,139 to €176,761
- Reserves -€73,544
down €73,544 (-14.7%), from €499,931 to €426,388
of which Distributable reserves: -€73,544
- Other debts +€28,196
up €28,196 (+12.2%), from €230,573 to €258,769
- Trade debts +€15,030
up €15,030 (+10.3%), from €145,834 to €160,864
- Tax, wage and social debts -€9,585
down €9,585 (-15.5%), from €61,777 to €52,191
of which Taxes: -€15,434
- Gross operating margin -€49,747
down €49,747 (-11.6%), from €427,440 to €377,693
- Taxes -€22,569
down €22,569 (-75.0%), from €30,107 to €7,538
- Financial charges +€14,794
up €14,794 (+130%), from €11,340 to €26,134
- Staff costs +€8,321
up €8,321 (+3.2%), from €258,560 to €266,880
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 | €956,946 | €919,312 | -€37,634 | -3.9% |
| Fixed assets | 21/28 | €418,593 | €354,829 | -€63,764 | -15.2% |
| Tangible fixed assets | 22/27 | €416,788 | €353,024 | -€63,764 | -15.3% |
| Plant, machinery and equipment | 23 | €409,568 | €352,369 | -€57,199 | -14.0% |
| Furniture and vehicles | 24 | €7,220 | €654 | -€6,566 | -90.9% |
| Financial fixed assets | 28 | €1,805 | €1,805 | = | 0.0% |
| Current assets | 29/58 | €538,353 | €564,483 | +€26,130 | +4.9% |
| Stocks and contracts in progress | 3 | €152,139 | €176,761 | +€24,623 | +16.2% |
| Stocks | 30/36 | €152,139 | €176,761 | +€24,623 | +16.2% |
| Amounts receivable within one year | 40/41 | €78,987 | €24,162 | -€54,825 | -69.4% |
| Trade receivables | 40 | €27,284 | €10,604 | -€16,681 | -61.1% |
| Other amounts receivable | 41 | €51,702 | €13,559 | -€38,144 | -73.8% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €145,832 | €253,713 | +€107,881 | +74.0% |
| Deferred charges and accrued income | 490/1 | €11,396 | €9,847 | -€1,549 | -13.6% |
| Total equity and liabilities | 10/49 | €956,946 | €919,312 | -€37,634 | -3.9% |
| Equity | 10/15 | €518,531 | €444,988 | -€73,544 | -14.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €499,931 | €426,388 | -€73,544 | -14.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €111 | €111 | = | 0.0% |
| Distributable reserves | 133 | €499,821 | €426,277 | -€73,544 | -14.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €438,415 | €474,324 | +€35,909 | +8.2% |
| Amounts payable within one year | 42/48 | €438,184 | €471,824 | +€33,640 | +7.7% |
| Trade debts | 44 | €145,834 | €160,864 | +€15,030 | +10.3% |
| Suppliers | 440/4 | €145,834 | €160,864 | +€15,030 | +10.3% |
| Taxes, remuneration and social security | 45 | €61,777 | €52,191 | -€9,585 | -15.5% |
| Taxes | 450/3 | €22,257 | €6,823 | -€15,434 | -69.3% |
| Remuneration and social security | 454/9 | €39,520 | €45,369 | +€5,848 | +14.8% |
| Other amounts payable | 47/48 | €230,573 | €258,769 | +€28,196 | +12.2% |
| Accrued charges and deferred income | 492/3 | €231 | €2,500 | +€2,269 | +981% |
| Remuneration, social security and pensions | 62 | €258,560 | €266,880 | +€8,321 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,149 | €63,764 | -€1,385 | -2.1% |
| Other operating charges | 640/8 | €1,708 | €3,158 | +€1,451 | +85.0% |
| Gross operating margin | 9900 | €427,440 | €377,693 | -€49,747 | -11.6% |
| Operating profit (loss) | 9901 | €102,024 | €43,890 | -€58,134 | -57.0% |
| Financial income | 75/76B | €3,996 | €4,677 | +€681 | +17.0% |
| Recurring financial income | 75 | €3,996 | €4,677 | +€681 | +17.0% |
| Financial charges | 65/66B | €11,340 | €26,134 | +€14,794 | +130% |
| Recurring financial charges | 65 | €11,340 | €26,134 | +€14,794 | +130% |
| Profit (loss) for the period before taxes | 9903 | €94,680 | €22,433 | -€72,247 | -76.3% |
| Income taxes | 67/77 | €30,107 | €7,538 | -€22,569 | -75.0% |
| Profit (loss) for the period | 9904 | €64,573 | €14,895 | -€49,678 | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,573 | €14,895 | -€49,678 | -76.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.