VA & PI: 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.
VA & PI
Largest movements
- Receivables within one year -€43,657
down €43,657 (-62.6%), from €69,772 to €26,115
of which Trade receivables: -€43,531
- Stocks and contracts -€26,155
no longer reported in 2025 (was €26,155)
- Deferred charges and accrued income +€10,157
new in 2025: €10,157
- Tangible fixed assets -€8,171
down €8,171 (-40.6%), from €20,130 to €11,959
of which Furniture and vehicles: -€6,290
- Cash -€7,358
down €7,358 (-49.3%), from €14,915 to €7,557
mainly Other debts (-€43,573) and Tax, wage and social debts (-€22,766)
- Other debts -€43,573
down €43,573 (-61.2%), from €71,203 to €27,631
- Profit (loss) carried forward +€24,227
up €24,227 (+18.9%), from -€127,963 to -€103,736
- Tax, wage and social debts -€22,766
down €22,766 (-52.3%), from €43,510 to €20,744
- Trade debts -€22,711
down €22,711 (-29.6%), from €76,685 to €53,975
- Debts after one year -€10,363
down €10,363 (-39.5%), from €26,233 to €15,870
- Gross operating margin +€53,497
up €53,497 (+91.9%), from €58,196 to €111,692
- Staff costs -€24,633
down €24,633 (-26.2%), from €94,048 to €69,415
- Other operating charges +€7,796
up €7,796 (+331.5%), from €2,352 to €10,147
- Financial income +€4,194
up €4,194 (+779.7%), from €538 to €4,732
- Depreciation -€3,828
down €3,828 (-30.6%), from €12,499 to €8,671
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.
Cash bridge derived
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 | €130,973 | €55,788 | -€75,185 | -57.4% |
| Fixed assets | 21/28 | €20,130 | €11,959 | -€8,171 | -40.6% |
| Tangible fixed assets | 22/27 | €20,130 | €11,959 | -€8,171 | -40.6% |
| Land and buildings | 22 | €4,987 | €4,603 | -€384 | -7.7% |
| Plant, machinery and equipment | 23 | €1,579 | €1,203 | -€376 | -23.8% |
| Furniture and vehicles | 24 | €8,829 | €2,539 | -€6,290 | -71.2% |
| Other tangible fixed assets | 26 | €4,736 | €3,614 | -€1,123 | -23.7% |
| Current assets | 29/58 | €110,842 | €43,829 | -€67,013 | -60.5% |
| Stocks and contracts in progress | 3 | €26,155 | - | -€26,155 | |
| Stocks | 30/36 | €26,155 | - | -€26,155 | |
| Amounts receivable within one year | 40/41 | €69,772 | €26,115 | -€43,657 | -62.6% |
| Trade receivables | 40 | €63,531 | €20,000 | -€43,531 | -68.5% |
| Other amounts receivable | 41 | €6,241 | €6,115 | -€125 | -2.0% |
| Cash at bank and in hand | 54/58 | €14,915 | €7,557 | -€7,358 | -49.3% |
| Deferred charges and accrued income | 490/1 | - | €10,157 | +€10,157 | |
| Total equity and liabilities | 10/49 | €130,973 | €55,788 | -€75,185 | -57.4% |
| Equity | 10/15 | -€86,659 | -€62,432 | +€24,227 | +28.0% |
| Contributions | 10/11 | €15,850 | €15,850 | = | 0.0% |
| Reserves | 13 | €25,454 | €25,454 | = | 0.0% |
| Non-distributable reserves | 130/1 | €454 | €454 | = | 0.0% |
| Reserves not available under the articles | 1311 | €454 | €454 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,963 | -€103,736 | +€24,227 | +18.9% |
| Amounts payable | 17/49 | €217,632 | €118,220 | -€99,412 | -45.7% |
| Amounts payable after more than one year | 17 | €26,233 | €15,870 | -€10,363 | -39.5% |
| Financial debts | 170/4 | €26,233 | €15,870 | -€10,363 | -39.5% |
| Amounts payable within one year | 42/48 | €191,399 | €102,350 | -€89,049 | -46.5% |
| Trade debts | 44 | €76,685 | €53,975 | -€22,711 | -29.6% |
| Suppliers | 440/4 | €76,685 | €53,975 | -€22,711 | -29.6% |
| Taxes, remuneration and social security | 45 | €43,510 | €20,744 | -€22,766 | -52.3% |
| Taxes | 450/3 | €43,510 | €20,744 | -€22,766 | -52.3% |
| Other amounts payable | 47/48 | €71,203 | €27,631 | -€43,573 | -61.2% |
| Remuneration, social security and pensions | 62 | €94,048 | €69,415 | -€24,633 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,499 | €8,671 | -€3,828 | -30.6% |
| Other operating charges | 640/8 | €2,352 | €10,147 | +€7,796 | +331.5% |
| Gross operating margin | 9900 | €58,196 | €111,692 | +€53,497 | +91.9% |
| Operating profit (loss) | 9901 | -€50,704 | €23,458 | +€74,162 | |
| Financial income | 75/76B | €538 | €4,732 | +€4,194 | +779.7% |
| Recurring financial income | 75 | €538 | €4,732 | +€4,194 | +779.7% |
| Financial charges | 65/66B | €5,210 | €3,963 | -€1,247 | -23.9% |
| Recurring financial charges | 65 | €5,210 | €3,963 | -€1,247 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | -€55,376 | €24,227 | +€79,603 | |
| Profit (loss) for the period | 9904 | -€55,376 | €24,227 | +€79,603 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,376 | €24,227 | +€79,603 |
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 11 October 2026 via checked.be.