V.T.P.S.: what changed
V.T.P.S.
Largest movements
- Cash -€18,976
down €18,976 (-29.1%), from €65,289 to €46,314
mainly Current portion of long-term debt (-€17,017) and Trade debts (-€16,972)
- Tangible fixed assets -€11,885
down €11,885 (-6.7%), from €176,434 to €164,549
of which Plant, machinery and equipment: -€8,702
- Stocks and contracts -€11,087
no longer reported in 2025 (was €11,087)
- Receivables within one year -€9,491
down €9,491 (-50.3%), from €18,867 to €9,376
of which Other amounts receivable: -€8,351
- Current portion of long-term debt -€17,017
down €17,017 (-62.9%), from €27,059 to €10,043
- Trade debts -€16,972
down €16,972 (-48.4%), from €35,031 to €18,059
- Tax, wage and social debts -€9,462
down €9,462 (-84.0%), from €11,262 to €1,800
- Reserves -€7,703
down €7,703 (-22.2%), from €34,718 to €27,015
- Debts after one year -€6,724
down €6,724 (-4.9%), from €138,248 to €131,523
- Gross operating margin -€46,149
down €46,149 (-65.6%), from €70,343 to €24,194
- Taxes -€9,521
down €9,521 (-84.4%), from €11,278 to €1,757
- Financial charges -€3,704
down €3,704 (-38.0%), from €9,751 to €6,047
- Depreciation -€3,498
down €3,498 (-20.5%), from €17,102 to €13,604
- Other operating charges -€1,728
down €1,728 (-53.4%), from €3,236 to €1,508
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €275,723 | €222,685 | -€53,038 | -19.2% |
| Fixed assets | 21/28 | €176,434 | €164,549 | -€11,885 | -6.7% |
| Tangible fixed assets | 22/27 | €176,434 | €164,549 | -€11,885 | -6.7% |
| Plant, machinery and equipment | 23 | €169,063 | €160,361 | -€8,702 | -5.1% |
| Furniture and vehicles | 24 | €7,371 | €4,188 | -€3,183 | -43.2% |
| Current assets | 29/58 | €99,289 | €58,136 | -€41,153 | -41.4% |
| Stocks and contracts in progress | 3 | €11,087 | - | -€11,087 | |
| Contracts in progress | 37 | €11,087 | - | -€11,087 | |
| Amounts receivable within one year | 40/41 | €18,867 | €9,376 | -€9,491 | -50.3% |
| Trade receivables | 40 | €4,859 | €3,718 | -€1,141 | -23.5% |
| Other amounts receivable | 41 | €14,008 | €5,657 | -€8,351 | -59.6% |
| Cash at bank and in hand | 54/58 | €65,289 | €46,314 | -€18,976 | -29.1% |
| Deferred charges and accrued income | 490/1 | €4,046 | €2,446 | -€1,599 | -39.5% |
| Total equity and liabilities | 10/49 | €275,723 | €222,685 | -€53,038 | -19.2% |
| Equity | 10/15 | €36,718 | €29,015 | -€7,703 | -21.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €34,718 | €27,015 | -€7,703 | -22.2% |
| Distributable reserves | 133 | €34,718 | €27,015 | -€7,703 | -22.2% |
| Amounts payable | 17/49 | €239,005 | €193,670 | -€45,335 | -19.0% |
| Amounts payable after more than one year | 17 | €138,248 | €131,523 | -€6,724 | -4.9% |
| Financial debts | 170/4 | €138,248 | €131,523 | -€6,724 | -4.9% |
| Amounts payable within one year | 42/48 | €100,175 | €61,664 | -€38,511 | -38.4% |
| Current portion of amounts payable after more than one year | 42 | €27,059 | €10,043 | -€17,017 | -62.9% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €35,031 | €18,059 | -€16,972 | -48.4% |
| Suppliers | 440/4 | €35,031 | €18,059 | -€16,972 | -48.4% |
| Taxes, remuneration and social security | 45 | €11,262 | €1,800 | -€9,462 | -84.0% |
| Taxes | 450/3 | €11,262 | €1,800 | -€9,462 | -84.0% |
| Other amounts payable | 47/48 | €1,823 | €6,762 | +€4,939 | +271% |
| Accrued charges and deferred income | 492/3 | €583 | €483 | -€100 | -17.1% |
| Non-recurring operating income | 76A | - | €7,822 | +€7,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,102 | €13,604 | -€3,498 | -20.5% |
| Other operating charges | 640/8 | €3,236 | €1,508 | -€1,728 | -53.4% |
| Gross operating margin | 9900 | €70,343 | €24,194 | -€46,149 | -65.6% |
| Operating profit (loss) | 9901 | €50,005 | €9,082 | -€40,923 | -81.8% |
| Financial income | 75/76B | €585 | €1,019 | +€434 | +74.2% |
| Recurring financial income | 75 | €585 | €1,019 | +€434 | +74.2% |
| Financial charges | 65/66B | €9,751 | €6,047 | -€3,704 | -38.0% |
| Recurring financial charges | 65 | €9,751 | €6,047 | -€3,704 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | €40,839 | €4,055 | -€36,785 | -90.1% |
| Income taxes | 67/77 | €11,278 | €1,757 | -€9,521 | -84.4% |
| Profit (loss) for the period | 9904 | €29,561 | €2,297 | -€27,264 | -92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €29,561 | €2,297 | -€27,264 | -92.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.