V-PELS Management: 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-PELS Management
Largest movements
- Cash +€158,713
up €158,713 (+500%), from €31,769 to €190,482
mainly Net result for the year (+€121,466) and Tax, wage and social debts (+€45,723)
- Tangible fixed assets -€18,597
down €18,597 (-26.3%), from €70,726 to €52,129
of which Furniture and vehicles: -€18,365
- Profit (loss) carried forward +€120,633
up €120,633 (+617%), from €19,536 to €140,169
- Tax, wage and social debts +€45,723
up €45,723 (+347%), from €13,173 to €58,896
- Debts after one year -€16,444
down €16,444 (-35.1%), from €46,800 to €30,356
- Other debts -€7,011
down €7,011 (-27.3%), from €25,658 to €18,647
- Trade debts -€3,895
down €3,895 (-67.4%), from €5,778 to €1,883
- Gross operating margin +€148,669
up €148,669 (+443%), from €33,525 to €182,195
- Taxes +€32,165
up €32,165 (+546%), from €5,886 to €38,051
- Depreciation +€14,703
up €14,703 (+378%), from €3,894 to €18,597
- Financial charges +€3,071
up €3,071 (+401%), from €766 to €3,837
- Other operating charges -€2,079
down €2,079 (-79.7%), from €2,610 to €531
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 | €129,265 | €270,358 | +€141,093 | +109% |
| Fixed assets | 21/28 | €70,726 | €52,129 | -€18,597 | -26.3% |
| Tangible fixed assets | 22/27 | €70,726 | €52,129 | -€18,597 | -26.3% |
| Furniture and vehicles | 24 | €69,568 | €51,203 | -€18,365 | -26.4% |
| Other tangible fixed assets | 26 | €1,158 | €926 | -€232 | -20.0% |
| Current assets | 29/58 | €58,539 | €218,229 | +€159,690 | +273% |
| Amounts receivable within one year | 40/41 | €24,200 | €24,700 | +€500 | +2.1% |
| Trade receivables | 40 | €24,200 | €24,700 | +€500 | +2.1% |
| Cash at bank and in hand | 54/58 | €31,769 | €190,482 | +€158,713 | +500% |
| Deferred charges and accrued income | 490/1 | €2,570 | €3,047 | +€477 | +18.5% |
| Total equity and liabilities | 10/49 | €129,265 | €270,358 | +€141,093 | +109% |
| Equity | 10/15 | €22,036 | €142,669 | +€120,633 | +547% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,536 | €140,169 | +€120,633 | +617% |
| Amounts payable | 17/49 | €107,229 | €127,689 | +€20,460 | +19.1% |
| Amounts payable after more than one year | 17 | €46,800 | €30,356 | -€16,444 | -35.1% |
| Financial debts | 170/4 | €46,800 | €30,356 | -€16,444 | -35.1% |
| Amounts payable within one year | 42/48 | €60,428 | €95,871 | +€35,442 | +58.7% |
| Current portion of amounts payable after more than one year | 42 | €15,820 | €16,444 | +€625 | +3.9% |
| Trade debts | 44 | €5,778 | €1,883 | -€3,895 | -67.4% |
| Suppliers | 440/4 | €5,778 | €1,883 | -€3,895 | -67.4% |
| Taxes, remuneration and social security | 45 | €13,173 | €58,896 | +€45,723 | +347% |
| Taxes | 450/3 | €13,173 | €58,896 | +€45,723 | +347% |
| Other amounts payable | 47/48 | €25,658 | €18,647 | -€7,011 | -27.3% |
| Accrued charges and deferred income | 492/3 | - | €1,462 | +€1,462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,894 | €18,597 | +€14,703 | +378% |
| Other operating charges | 640/8 | €2,610 | €531 | -€2,079 | -79.7% |
| Gross operating margin | 9900 | €33,525 | €182,195 | +€148,669 | +443% |
| Operating profit (loss) | 9901 | €27,021 | €163,067 | +€136,045 | +503% |
| Financial income | 75/76B | - | €287 | +€287 | |
| Recurring financial income | 75 | - | €287 | +€287 | |
| Financial charges | 65/66B | €766 | €3,837 | +€3,071 | +401% |
| Recurring financial charges | 65 | €766 | €3,837 | +€3,071 | +401% |
| Profit (loss) for the period before taxes | 9903 | €26,255 | €159,517 | +€133,261 | +508% |
| Income taxes | 67/77 | €5,886 | €38,051 | +€32,165 | +546% |
| Profit (loss) for the period | 9904 | €20,369 | €121,466 | +€101,097 | +496% |
| Profit (loss) for the period to be appropriated | 9905 | €20,369 | €121,466 | +€101,097 | +496% |
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.