V-PAT: 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-PAT
Largest movements
- Tangible fixed assets -€159,785
down €159,785 (-4.2%), from €3.8m to €3.7m
of which Land and buildings: -€157,785
- Debts after one year -€223,881
down €223,881 (-6.3%), from €3.6m to €3.3m
- Trade debts +€61,408
up €61,408, from €0 to €61,408
- Gross operating margin -€46,595
down €46,595 (-15.3%), from €305,388 to €258,794
- Taxes -€11,502
down €11,502 (-64.4%), from €17,860 to €6,358
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 | €3,950,375 | €3,813,799 | -€136,576 | -3.5% |
| Fixed assets | 21/28 | €3,836,338 | €3,676,553 | -€159,785 | -4.2% |
| Tangible fixed assets | 22/27 | €3,836,338 | €3,676,553 | -€159,785 | -4.2% |
| Land and buildings | 22 | €3,832,393 | €3,674,608 | -€157,785 | -4.1% |
| Plant, machinery and equipment | 23 | €3,945 | €1,945 | -€2,000 | -50.7% |
| Current assets | 29/58 | €114,037 | €137,245 | +€23,209 | +20.4% |
| Amounts receivable within one year | 40/41 | €42,160 | €74,365 | +€32,206 | +76.4% |
| Trade receivables | 40 | €0 | €30,704 | +€30,704 | |
| Other amounts receivable | 41 | €42,160 | €43,662 | +€1,502 | +3.6% |
| Cash at bank and in hand | 54/58 | €71,877 | €62,880 | -€8,997 | -12.5% |
| Total equity and liabilities | 10/49 | €3,950,375 | €3,813,799 | -€136,576 | -3.5% |
| Equity | 10/15 | €138,507 | €157,582 | +€19,075 | +13.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,507 | €156,582 | +€19,075 | +13.9% |
| Amounts payable | 17/49 | €3,811,868 | €3,656,216 | -€155,651 | -4.1% |
| Amounts payable after more than one year | 17 | €3,572,100 | €3,348,219 | -€223,881 | -6.3% |
| Financial debts | 170/4 | €3,572,100 | €3,348,219 | -€223,881 | -6.3% |
| Amounts payable within one year | 42/48 | €239,768 | €307,997 | +€68,230 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €223,781 | €225,619 | +€1,838 | +0.8% |
| Trade debts | 44 | €0 | €61,408 | +€61,408 | |
| Suppliers | 440/4 | €0 | €61,408 | +€61,408 | |
| Taxes, remuneration and social security | 45 | €15,986 | €20,971 | +€4,985 | +31.2% |
| Taxes | 450/3 | €15,986 | €20,971 | +€4,985 | +31.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €159,785 | €159,785 | = | 0.0% |
| Other operating charges | 640/8 | €32,074 | €33,309 | +€1,235 | +3.9% |
| Gross operating margin | 9900 | €305,388 | €258,794 | -€46,595 | -15.3% |
| Operating profit (loss) | 9901 | €113,529 | €65,700 | -€47,830 | -42.1% |
| Financial charges | 65/66B | €42,088 | €40,266 | -€1,823 | -4.3% |
| Recurring financial charges | 65 | €42,088 | €40,266 | -€1,823 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €71,441 | €25,434 | -€46,007 | -64.4% |
| Income taxes | 67/77 | €17,860 | €6,358 | -€11,502 | -64.4% |
| Profit (loss) for the period | 9904 | €53,581 | €19,075 | -€34,505 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €53,581 | €19,075 | -€34,505 | -64.4% |
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 14 October 2026 via checked.be.