V-PLEX: 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-PLEX
Largest movements
- Tangible fixed assets +€39,161
up €39,161 (+9.7%), from €402,393 to €441,553
of which Leasing and similar rights: +€79,562
- Receivables within one year +€15,410
up €15,410 (+57.3%), from €26,908 to €42,318
of which Trade receivables: +€15,410
- Stocks and contracts +€6,207
up €6,207 (+7.1%), from €87,635 to €93,842
- Debts after one year +€33,718
up €33,718 (+9.7%), from €346,671 to €380,389
- Reserves +€28,452
up €28,452 (+130%), from €21,900 to €50,352
- Other debts -€10,056
down €10,056 (-15.5%), from €64,811 to €54,755
- Staff costs -€13,820
down €13,820 (-69.7%), from €19,835 to €6,015
- Gross operating margin -€9,002
down €9,002 (-8.4%), from €107,441 to €98,439
- Financial charges +€2,278
up €2,278 (+34.8%), from €6,550 to €8,828
- Write-downs -€1,766
new in 2025: -€1,766
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 | €541,819 | €602,090 | +€60,271 | +11.1% |
| Fixed assets | 21/28 | €409,299 | €446,316 | +€37,017 | +9.0% |
| Intangible fixed assets | 21 | €6,906 | €4,763 | -€2,144 | -31.0% |
| Tangible fixed assets | 22/27 | €402,393 | €441,553 | +€39,161 | +9.7% |
| Land and buildings | 22 | €342,651 | €321,257 | -€21,395 | -6.2% |
| Plant, machinery and equipment | 23 | €48,328 | €32,259 | -€16,069 | -33.2% |
| Furniture and vehicles | 24 | €11,413 | €8,476 | -€2,938 | -25.7% |
| Leasing and similar rights | 25 | - | €79,562 | +€79,562 | |
| Current assets | 29/58 | €132,520 | €155,774 | +€23,254 | +17.5% |
| Stocks and contracts in progress | 3 | €87,635 | €93,842 | +€6,207 | +7.1% |
| Stocks | 30/36 | €87,635 | €93,842 | +€6,207 | +7.1% |
| Amounts receivable within one year | 40/41 | €26,908 | €42,318 | +€15,410 | +57.3% |
| Trade receivables | 40 | €25,842 | €41,252 | +€15,410 | +59.6% |
| Other amounts receivable | 41 | €1,066 | €1,066 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,348 | €18,140 | +€792 | +4.6% |
| Deferred charges and accrued income | 490/1 | €629 | €1,474 | +€845 | +134% |
| Total equity and liabilities | 10/49 | €541,819 | €602,090 | +€60,271 | +11.1% |
| Equity | 10/15 | €58,226 | €86,678 | +€28,452 | +48.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €21,900 | €50,352 | +€28,452 | +130% |
| Distributable reserves | 133 | €21,900 | €50,352 | +€28,452 | +130% |
| Profit (loss) carried forward | 14 | €11,326 | €11,326 | = | 0.0% |
| Amounts payable | 17/49 | €483,593 | €515,412 | +€31,819 | +6.6% |
| Amounts payable after more than one year | 17 | €346,671 | €380,389 | +€33,718 | +9.7% |
| Financial debts | 170/4 | €346,671 | €380,389 | +€33,718 | +9.7% |
| Amounts payable within one year | 42/48 | €136,922 | €135,023 | -€1,899 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €42,535 | €45,486 | +€2,950 | +6.9% |
| Trade debts | 44 | €22,714 | €24,440 | +€1,726 | +7.6% |
| Suppliers | 440/4 | €22,714 | €24,440 | +€1,726 | +7.6% |
| Taxes, remuneration and social security | 45 | €6,862 | €10,342 | +€3,480 | +50.7% |
| Taxes | 450/3 | €6,862 | €10,342 | +€3,480 | +50.7% |
| Other amounts payable | 47/48 | €64,811 | €54,755 | -€10,056 | -15.5% |
| Non-recurring operating income | 76A | €63 | - | -€63 | |
| Remuneration, social security and pensions | 62 | €19,835 | €6,015 | -€13,820 | -69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,318 | €48,589 | -€729 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,766 | -€1,766 | |
| Other operating charges | 640/8 | €5,867 | €5,708 | -€159 | -2.7% |
| Non-recurring operating charges | 66A | €1,679 | - | -€1,679 | |
| Gross operating margin | 9900 | €107,441 | €98,439 | -€9,002 | -8.4% |
| Operating profit (loss) | 9901 | €30,742 | €39,892 | +€9,150 | +29.8% |
| Financial income | 75/76B | €126 | €374 | +€248 | +196% |
| Recurring financial income | 75 | €126 | €374 | +€248 | +196% |
| Financial charges | 65/66B | €6,550 | €8,828 | +€2,278 | +34.8% |
| Recurring financial charges | 65 | €6,550 | €8,828 | +€2,278 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €24,319 | €31,438 | +€7,120 | +29.3% |
| Income taxes | 67/77 | €2,364 | €2,986 | +€622 | +26.3% |
| Profit (loss) for the period | 9904 | €21,954 | €28,452 | +€6,498 | +29.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,954 | €28,452 | +€6,498 | +29.6% |
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 17 October 2026 via checked.be.